What is Web 0?

Web3.0 is defined as a decentralized Web architecture that is based on blockchain, artificial intelligence and token-based economics. We can also call it as a read-write-own web as it will allow its users to interact without any intermediaries and provide control over their data.

This new era of the Internet will provide more a personalized and customized web surfing experience to the users. It has potential to change the way of managing information and monetization of Internet. However, it is still in its early stages and there is ongoing debate regarding its development and implementation.

Features of Web 3.0

Web 3.0 which is the next era of the Internet provides several features that differentiate it from previous versions of the Web. These features are as follows –

• Decentralized: In Web3.0, the user’s data might be stored at distinct locations and data sharing will be based on peer-to-peer connection. Some research suggests that Web3 will ensure the ownership of data to be maintained by its users. Currently, tech giants like Meta and Google have an unspoken agreement with their users that their data will belong to Web2.0 platforms which leads to centralization of data.
• Permissionless: Since Web3.0 will run on a decentralized peer-to-peer network, anyone can use it without any authorization and interference from the governing body. The exchange of information will rely on only the sender and receiver.
• AI and ML: Applying Artificial Intelligence and Machine Learning algorithms will make computers smarter than ever before. They can be able to understand the meaning or context of user requirements and needs.
• Connectivity: The resources and services available on the Internet will be more interconnected than ever. The information will become more accessible from anywhere, to everyone and through any application or platform.

Drawbacks of Web 3.0

The features of Web 3.0 look promising at first glance, but there are some drawbacks that we need to consider –

• Data and Privacy: In Web 3.0, users will have more control over their data as data storage will shift from a centralized to a decentralized model. However, as a result, individual users may face difficulties in managing and protecting their data. Scammers can misuse the user’s data in digital fraud and phishing attacks. Therefore, Web3 users must be aware of its potential risks and challenges.
• Complexity: We all are aware that Web 3.0 is based on the blockchain and artificial intelligence. Developing and deploying applications using these technologies requires advanced skills and expertise. According to some experts, decentralization will make technology more complex and rather than making the Internet more accessible and simpler, it will become out of reach for basic users.
• Regulatory Challenges: Without any intermediaries and regulatory bodies, spreading hate speeches and misinformation becomes easy. Additionally, blockchain is immutable which means it is nearly impossible to track and erase data that could be troublesome.
• Scalability: The biggest challenge for Web3 is scalability. Unlike Web 2.0, which is based on a centralized model, Web 3.0 is based on a decentralized model, which may make it difficult for users to adopt. Due to its complexity and the required investment, the adoption process is expected to be slow.
• Energy Consumption: You must have heard about Bitcoin which is based on blockchain. Some researchers claim that the e-waste generated by Bitcoin mining can be equivalent to the amount of e-waste produced by a country like Netherlands. Moreover, running and saving data on a decentralized network consumes a tremendous amount of energy.

Applications of Web 3.0

Web 3.0 is going to shape a new digital environment which can be explained by the following applications –

• Internet of Things: As the name suggests, IoT (A short form of Internet of Things) is a network of physical things. These physical objects could be anything from your kitchen appliances to cars and many other real-world objects. They are equipped with sensors and software that enable them to exchange data with other devices, such as your smartphone, over the internet.
• Decentralized Finance: Decentralized finance, or DeFi in short, is a modern financial technology that uses blockchain to manage financial transactions. Unlike Web 2.0 which requires a third-party (banks) intervention to complete a financial transaction, Web 3.0 eliminates the middleman by allowing us to perform transactions by using peer-to-peer financial networks.
• Non-Fungible Tokens: The non-fungible token, also known as NFTs, is a form of unique digital asset that can be bought and sold using cryptocurrencies like Bitcoin. This asset could be anything from the real world, say paintings, music, videos and so forth. Each NFT contains the information of seller, buyer and who owns it currently which makes it easily verifiable.

Web3.0, commonly known as Web3, is the next era of the Internet. It aims to address the limitations of the previous versions of the Web. From Web 1.0 to Web 2.0, we have been consuming information in a way that we have very little control over. However, Web3.0 claims that it will provide information on users’ preferences and in the desired format.

In this article, we are going to explore the features of Web3.0 and how it is going to affect internet users like us. But first, it is necessary to understand how the World Wide Web has evolved over the years.