“We are seeing the beginning of things. Web 2.0 s broadband. Web 3.0 is 10 gigabits a second” –Reed Hastings
History of Web
What is Web 3.0 ? What’s all the hype for?
You are well aware of the fact that Berners-Lee pioneered the early development of the internet in 1990 and thus nicknamed as the Father of WWW. In that era The Web was all about documents, links, and searching. So it was called Web 1.0.
The next emergence was Web 2.0. Its connects the users with more interactivity, social connectivity, and user-generated content. The growth of Web 2.0 has been driven mainly by mobile internet access and social networks.
Now its time for the third generation. Web 3.0 will end the data monopoly and centralized platforms that control data of users. Decentralization will be the main focus.
What is Web 3.0?
In this next evolution of Web , the focus will be on the core concepts of decentralization, openness, and greater user utility. With Web 3.0, instead of a single server information can be stored in multiple locations simultaneously making it decentralized. Web 3.0 will also be trustless and permissionless i.e. no need for authorization or intermediary. In Web 3.0 computers will be similar to humans with the help of AI and machine learning. These qualities will enable computers to produce faster and more relevant results in many areas like medicine, science etc.
Why Web 3.0 is important?
In Web 3.0, users will be the kings. The complete data control will be in users’ hands. They will have the power to decide what data they want to share or not. Users can monetize their own data, or receive payment for contributing to the platform. That is the the icing on the cake : You will be compensated for the time you spent on the web. Web 3.0 also promises increased privacy and security for your data.
The Bottom Line
The market capitalization of Web 3.0 is estimated to be US$27.4 billion. In Q1 of 2022, Web companies raised more than US$1.7 billion. In 2022, around 46% of finance apps will be based on Web3 technology. Web3-based technology is used in more than 72 million games. In the coming years, Web 3.0 will become the dominant force in the global business and cultural landscape. Its picking up steam….