What is Web3? Web3 meanings, examples and companies | Panda Anku

Web3 is the latest version of the Internet. Here’s what that means, what to expect, and when it’s coming.

The Reader’s Digest version:

  • Web3 is the next evolution of the Internet. It builds on the current Web 2.0 with additional features.
  • While Web 2.0s focuses on read-write, Web3 is read-write-own or read-write-execute.
  • Decentralization, privacy, security, and machine learning are early principles of Web3.
  • Since Web3’s genesis will be slow and Web 2.0 will not go away, many may not even notice the change.

What is Web3? Web3 is the latest version of the Internet. That sounds huge, and it is, but it doesn’t uninstall the web and replace it with a new version. Rather, it is about complementing what we already use. And don’t worry if you’re confused about AR vs VR, love VR, or hate both – there’ll be something for everyone. Web3 will eventually determine what the metaverse is and how we shop (AI can choose the best VR headsets for us, for example) and keep our data more secure.

How the internet has changed

So far there have been two versions of the Internet. The first version was called Web 1.0, or read-only web, which lasted from the dawn of the Internet in 1989 through the early 2000s. His intention was to exchange information; There was no interaction between the visitor and what was online. You could put your own pages online or read other people’s pages. That’s it. Aside from email, communication was zero. All information was stored on a server and retrieved from only one computer.

The Internet slowly developed into Web 2.0 or Read-Write-Web. It became official around 2004 and is what we use today. This version allows people to interact with what they see online via comment sections, social media and more. Instead of just being stored on personal servers and accessed by computers, 2.0 information can also be stored on cloud storages (hosted servers) and viewed on tablets, mobile phones and even your fridge in addition to your computer.

What is Web3?

So if you’re asking what Web3 (Web 3.0) is, the answer really is that it’s just the next evolution of the Internet that came out of Web 2.0. We’re already getting glimpses of what it will ultimately be, although there’s no precise definition of what that progression will entail.

Like previous versions of the Internet, Web3 builds on and adds to previous generations. It is considered the read-write-own or read-write-execute version of the Internet. Decentralization, privacy, machine learning, and security are some trends we are already seeing that will shape the Web 3.0 environment.

Fairness through decentralization

The major focus of Web3’s importance is on decentralization – creating online communities that belong to everyone, with transparent information sharing.

Instead of storing information through database giants like Google, information is freely shared and stored in many places (this is known as distributed computing). Everything is shared by DAOs (Decentralized Autonomous Organizations). DAOs are groups created for a purpose, run by the community and relying on each member within the DAO to work in the best interest to achieve a common goal.

“DAOs really originated among cryptocurrency enthusiasts and are widely used to make decisions in a bottom-up, ideally equitable, management approach,” said Sharad Varshney, CEO of OvalEdge, a data governance consultancy.

Data protection through blockchain

Blockchain is considered a central part of decentralization. Ownership of things on the internet is registered on the blockchain, a transparent and publicly available system of records that allows anyone to see what’s going on inside, says Billy Huang, co-founder of Luna Market.

An example of people using blockchain is the registration of digital assets (NFTs) and tokens (crypto), which allow people to transfer digital goods seamlessly without having to know the other party. Personal identities are not revealed unless users choose to share their true identities by associating their blockchain wallets (think of this as your Web 3.0 ID) with their personal information.

There is one key difference between blockchain technology and previous infrastructure: databases. “Databases have historically been controlled by a single person or organization, and they had complete control over that system,” says Huang. “They could control how the data is stored and changed, which would lead to errors and fraud. Blockchains, on the other hand, allow anyone to create systems that can be audited by anyone. Being open to everyone allows everyone to understand the systems they are connected to and build trust with users using their apps.”

Security through encryption

Encryption is another part of Web3. It basically ensures that no one but the intended parties can access data. While we already use encryption to protect our online data, as the internet evolves, we will use it to ensure data is both publicly transparent and privately owned.

For example, encryption keeps your information private when transferring property and assets on the blockchain, Huang said.

Yuichiro Chino/Getty Images

Machine learning through AI

Another piece of the Web 3.0 puzzle was dreamed up back in the 1990s. The idea was that computers would be able to contextualize information much like the human brain. The AI ​​(Artificial Intelligence) would not only know what the information is, but also understand the meaning and emotion behind the information and make it available to people in a smarter way than search engines do today.

For example, AI could find you the best pair of shoes based on your personal preferences and style, just like a human personal shopper. It may also be able to buy you a car or vacation and then offer you highly customized options.

AI could also be used to create things of value with this advanced way of learning, such as: B. the development of new drugs or the manufacture of new products.

“There are already some use cases of artificial intelligence in Web 3.0 applications,” said Huang. “For example, there is AI-generated art that is then sold as NFTs.”

How could all of this fit into the metaverse one day?

“Although it’s hard to pinpoint, I expect the metaverse will use blockchains to keep track of digital asset storage,” says Huang. One potential use is that creators in the metaverse could be able to securely and transparently register their digital assets such as sound, music, immersive experiences, and games.

Web 3.0 AI may also be able to create you custom Metaverse games or environments based on your personality and preferences.

Examples of Web3 companies, platforms and networks

Many Web3 examples have already been created and are thriving. Popular Web3 networks are Ethereum, Solana, Polygon and Cosmos. Some popular Web3 platforms are OpenSea, Coinbase, Ledger and MetaMask. Many of these networks and platforms sell NFTs or cryptocurrencies like Bitcoin.

Disadvantages of Web3

Are there disadvantages of Web 3.0? It’s really too early to tell. We are still in the infancy of this new version of the internet. There are theories.

Some believe that DAOs in particular could be messy. For example, without someone or something in control, hate speech and misinformation could become worse because there is no one to monitor them. Finally, policies can help settle things.

“While DAOs reject the limitations of centralized control, they still need to establish governance policies, including data governance,” says Varshney. “With DAO organizations operating entirely online, effective data governance is critical for security, access, collaboration, and more. DAOs build on and work with digital information. Ensuring that this data is well managed with a dedicated tool should be high on the list when deciding on governance protocols.”

How Web3 could impact your life

In the future, your data is yours and you can use it to create a better life. Companies that collect your personal information every time you buy something or search for something online could be a thing of the past.

AI could act as your personal butler, creating personalized experiences for you using the data you control. You may also be able to create custom games and environments using AI.

Conclusion

While there’s a lot that can come with Web3, there are some general themes that are already emerging. The retreat of “Big Data” with a focus on giving the user more freedom and security is already happening.

Although Web 3.0 may seem exciting and a little daunting, it’s important to remember that it won’t be a big change right away. Over time, the internet as we know it will slowly evolve into the new version, just as 1.0 evolved into 2.0. It will be easy for most to adapt as previous functionalities of the web remain and we may not even realize this is happening. When that will be, some experts predict it will take at least 5 to 10 years.

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