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What Exactly Is Web 3.0?

If someone asked you, “What is web 3.0,” what would you say πŸ€”? Most folks don’t know what web 3.0 is or have never even heard of it in the first place. The truth is, web 3.0 is a broad term that encompasses everything from blockchain entities to mobile computing and application platforms. Read on to learn exactly what web 3.0 is and how you can use it 🧐!

So, What Is Web 3.0?

It all started with the creation of the World Wide Web (web) in 1989. The first iteration of the web is a basic building block πŸ—οΈ of the internet that offers website and application services as a single entity. 10 years later, web 2.0, with its emphasis on core layers of user-generated content and mobile internet access, emerged.

It’s best to simply think of web 3.0 a third generation of web technologies. This is because it’s pretty hard to formulate a single definition of web 3.0. Why πŸ€·β€β™€οΈ? Because it’s not any one single thing.

Web 3.0 encompasses three main areas:

  1. Decentralized applications that utilize blockchain-based technology
  2. Artificial intelligence (AI)
  3. Machine learning (yep, AI and machine learning are two different things)

These features are continuously evolving to create smarter, more adaptive applications and content creation. Let’s take a closer look 🧐 at this. 

How Web 3.0 Works

Web 1.0 and 2.0 technologies use the Hypertext Markup Language (HTML) standard to design and deliver webpages  πŸ‘©β€πŸ’». Web 3.0 changes that. This time, HTML relates differently to data sources, which are also located in new places. 

It Employs the Decentralized Blockchain Network

Web 2.0 utilizes a centralized database to deliver data and support functionality. The new-and-improved Web 3.0 employs a decentralized blockchain network instead. 

It’s impossible to avoid mentions of blockchain projects and the benefits of decentralization these days. We don’t want to get too far into that here, so just think of web 3.0 communities and technologies πŸ“± as an emerging form of self governance (DAO). These systems seek to move away from centralized control over platform operations, granting complete ownership to users. 

It Functions Fundamentally with Digital Assets

The web 3.0 decentralized state machine mainly focuses on cryptocurrencies and digital wallets, which are based on blockchain technology. This enables a decentralized form of payment πŸ’΅ and other financial systems throughout Web 3.0.

It Requires More Internet Addresses

Both web 1.0 and web 2.0 are based on something called internet protocol version 4 (IPv4), which performs many of the behind-the-scenes networking and routing chain transactions we rely on. With Web 3.0 and its powerful 🦾 computing resources, we may need more internet addresses than what IPv6 typically offers.

Artificial Intelligence and Web 3.0

Wondering what you can get out of this newfangled World Wide Web πŸ€”? One way is virtual assistants a la Siri and Alexa; they are already integrated into a smart device or through third-party apps. Then there’s the concept of AI on the internet itself.

AI websites use something called “edge computing” to sort through data and generate information that you as an internet user find useful. You can access accurate information faster πŸƒβ€β™€οΈ through search on any browser interface with AI. Social bookmarking as a search engine can produce better results compared to Google because the results are websites that users have voted on.

AI can help you distinguish authentic from fake results and get results connected to social media platforms, bookmarking, and social networks. It allows a website to comprehend words we may use in search queries the same way a human would πŸ’β€β™€οΈ, giving us accurate information. So, with Web 3.0 AI, consumers of content can access accurate and dynamic content. Pretty cool, right?

What Can Web 3.0 Be Used For?

Since Web 3.0 has blockchain at its core, we’re set to experience various new apps and services. Most of the functions below are already available 😱!

Non-fungible Tokens (NFTs): These are tokens which are individually unique. They are kept in a blockchain with a cryptographic hash and a record of transactions.

DeFi: Decentralized blockchain technology gave birth to decentralized finance (DeFi), a new use for Web 3.0. This is one of the core features of web 3.0, and it provides us with financial services beyond the constraints of a conventional financial central control infrastructure.

Cryptocurrency: A new universe of money distinct from the traditional world of fiat cash is being created through Web 3.0 cryptocurrencies apps like Bitcoin.

dApp: Decentralized applications (dApps) are programs that are logged into the immutable ledger of the blockchain. They use smart contracts and cloud technologies to facilitate service delivery.

Chain crossing points: Cross-chain bridges provide connectivity between blockchain technologies.

DAOs. DAOs, or decentralized autonomous organizations, are poised to potentially take on the role of Web 3.0’s governing bodies, for decentralized governance.

From the World Wide Web to Web 3.0 

Web 3.0 and its concepts of decentralization have already made an impact on online business models, digital assets πŸ’», content creators, content consumers, and cloud providers. Yes, it’s a lot to take in, but it will help you and make things easier as you go along! 

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