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Introducing Web 3.0: How the Next Generation of the Internet Will Change Everything

The newest term dominating the Internet and venture capital industries is "Web 3." And if you've wondered what it signifies, you're not the only one.

Web 3.0 is the next or the 3rd-generation of the internet. It’s the evolution of how users can control and own their online content, online identities, digital assets, and more by themselves.

A fresh way of thinking about how to implement these technologies in a more democratic and distributed manner is represented by Web3. However, despite the billions of dollars venture capitalists have put into this idea, several computer experts are skeptical that Web3 will be able to grow internationally.

What makes Web 3.0 different from Web 2.0 and Web 1.0?

Long-time Internet users are undoubtedly familiar with the "old" Internet (Web 1.0), and since Web 2.0 is the default standard today, everyone has had some experience with it. Web 3.0 elements can be found here and there, but it has not yet been fully implemented.

The analogy is the most accurate way to compare Web 1.0 and Web 2.0. Assume you are given a book to read. You read it, but you can't change a single word. That's how Web 1.0 felt. On the other hand, if someone handed you a different book and a red editor's pencil and told you that you could not only read it but also change or add to it, that's Web 2.0.

As a result, Web 1.0 information cannot be altered, whereas the information of the Web 2.0 can. Also, Web 1.0 is a static Web with linear content, whereas Web 2.0 is a dynamic Web with non-linear content. Linear information is the text that must be read from beginning to end in the traditional straight-line format. Non-linear, and has no such constraints and can be read in any order desired by the reader.

Web 1.0 is a static version of the Internet, whereas Web 2.0 is a dynamic entity. Then we add Web 3.0 to the mix to see how it improves the user experience.

Pros of Web 3.0

Data Ownership
Tech behemoths control and profit from user-generated data in Web 2.0. Web3, powered by blockchain, will give people complete control over their data. You may decide what details you wish to sell to businesses and advertising agencies to profit from them.
Thanks to the decentralized web, users can trace their data and see the platform's source code. All parties involved will constantly be aware of the worth and business they are involved in. You won't need an intermediary to get access to this information.
Fewer intermediaries
Fewer intermediaries will be required thanks to the blockchain-based Web3. Only a few, if any, central authorities will partake in the profits from electronic transactions. While there will still be a need for sufficient laws and regulations to ensure justice, there will be a move away from centralized institutions and toward trustless and decentralized networks.

Cons of Web 3.0

Web3 is powered by several technologies, including blockchain, AI, and machine learning. In addition, it will employ 3D visuals, semantic data, and other technologies. Less sophisticated devices most likely won't be able to support Web3. To utilize Web3, users will require a device with higher-than-average specs.
Difficult to monitor and regulate: Some experts think that decentralization will make Web3 more difficult to monitor and control. As a result, cybercrimes may become more prevalent.

Real-life applications of Web 3.0

Blockchain Technology
Blockchain technology is the most obvious example because it is the technology that is highly inspired by the concept of Web3.

The blockchain is a transaction ledger or record and can be found in its entirety on multiple computers scattered across the internet. Whenever you add a new "block" of transactions to the chain, all database copies must agree and be modified. The public can see all the transactions.
ICOs - Initial Coin Offerings
Because the "coins" on offer are crypto, Initial Coin Offerings are related to cryptocurrencies. Therefore, you need seed money to start things when you create a new type of cryptocurrency (hopefully with an exciting innovation).

People who invest in an ICO buy your cryptocurrency when it is worth nothing, hoping that, like Ethereum and Bitcoin, the value of the cryptocurrency will skyrocket and bring a fortune overnight.

ICOs are often sold more like shares in an organization, even though buyers do not gain ownership. The value of these coins are then linked to the value of the company or its products. This is why ICOs have become so popular among startups seeking alternative funding sources other than banks, angel investors, and venture capital.

Cryptocurrency is digital cash not controlled by any government or central authority, such as a bank. Blockchain technology is used in cryptocurrency to record how much currency exists and who owns how much of it.

However, the cryptocurrency supply is increased through "mining," which exchanges computational power for the new currency to run the blockchain. At least, that's how "classic" cryptocurrencies like Bitcoin work.
You're using a centralized app when you use a cloud-based service like Google Docs. Google has control of all the information in your documents, including the ability to read and control it. The tradeoff is that we can easily store our data in the cloud, collaborate with others, and enjoy a slew of other cloud-app conveniences.

But what if you could take advantage of these cloud services without submitting to a centralized authority? This is where decentralized apps, or "dApps," come into play. Most dApps use the Ethereum blockchain to perform online computation, which is paid for with Ethereum "gas" fees.

The dApps, on the other hand, meet Web3 requirements for being public, open-source, and cryptographically secure. So dApp users have control over who sees their data while benefiting from cloud-based computing power to run whatever function a specific dApp is designed to perform.
NFTs - Non Fungible Tokens
You've probably heard of this, but NFTs are yet another pillar of Web3. NFTs are a type of cryptocurrency, but each NFT is distinct and cannot be exchanged for another. In the same way that a paper title deed for a house represents ownership, NFTs are linked to digital or physical assets.

One major caveat is that any legal authority may not recognize NFTs, so you're essentially buying control over letters as well as numbers at this point. That may change as NFT technology evolves and possible benefits from the legislation.

Web 3.0 and metaverse - the future

Surprisingly, Web 3.0 is the most ideal open as well as decentralized metaverse where no single entity can control a user’s assets and data. It seems distinct service providers own the majority of early-stage metaverses. To look deeper, the entry of Facebook into the metaverse is influxing the capital and talents to build the metaverse structure and bring the idea to the mainstream consciousness.

However, Facebook is a centralized identity provider; digital contents and identities are stored in a centralized server without user control. So, both Web 3.0 and metaverse support each other.

Metaverse is the digital space, while Web 3 is the decentralized web and serves as the basis for connectivity in the metaverse. As metaverse is all about merging between the real and virtual worlds, it’s important to have an open and interoperable source public chain, ensuring the virtual worlds interlink, bring assets from one to another, and overlap seamlessly.

The metaverse of web 3.0 will surely manifest the new era, the open and decentralized world appearing in virtuality.

FAQs of Web 3.0

What problem is web 3.0 solving?
The two problems that web 3.0 is solving is mostly personal privacy and asset. So now here is a small briefing about the same.
Will everything be Web 3.0?
There's a ton of hype around Web3 on things like Twitter, and the simple answer is not everything's going to be Web 3.0, and it shouldn't be Web3.0.
Will Web3.0 make me rich?
Web 3.0 is similar to the DotCom boom, where new technology is being established, and in a decade, it will change how the internet works.

Statistically speaking, it probably will not. However, suppose you're one of the very few developers who create something that serves many people and contributes to society. In that case, it will be very likely that you will be paid in proportion to the value you create for them.
How hard is it to be a Web 3.0 developer?
This isn't an easy or a hard question. This answer lies on a spectrum. It is hard to be in the top 1% of the best Web 3.0 developers, but it is fairly simple to be an average Web 3.0 developer. All you need to have is a background in programming. And the switch from regular programming to Web 3.0 programming isn't difficult.

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