Web3 vs Web3.0: Whats the difference?

The development of the World Wide Web has set certain milestones that have changed people’s experience of using information networks. At the moment, two terms are mainly used: Web3 and Web3.0, they are becoming important when it comes to debating the future of the internet. As much as both of them have a similar name, they are two different concepts and approaches. The purpose of this article is to show the differentiation between Web3 and Web3.0, to know about them and their classification as well as their functions.

1. General Concept vs Specific Vision

• Web3: The third generation of the Internet, characterized by decentralization, implementation of the blockchain system, and users’ data ownership.
• Web 3.0: Known as the Semantic Web, is part of the future incarnation of the internet in which the improved data is transformed into AI and ML formats to become more intelligent and easily understandable by machines.

2. Differentiation

• Web3: Stresses decentralization as well as minimization of trust requirements and the integration of native crypto-assets.
• Web 3.0: Specifically, it deals with semantic interpretation, increasing artificial intelligence, and increasing the compatibility of data.

3. Introduction and Development

• Web3: As discussed earlier and initialised by the Ethereum founder Gavin Wood, it is based on the blockchain technology.
• Web 3.0: Started by Tim Berners-Lee the founder of the World Wide Web to bring innovation to a smarter and connected web.

4. Core Technologies

• Web3: They include; Blockchain, smart contracts, and crypto currencies.
• Web 3.0: Artificial intelligence, big data and data mining, and semantic web.

5. Primary Goals

• Web3: Establish a world wide web that is decentralized and mainly governed by the user.
• Web 3.0: Create a new generation of Internet that is intelligent enough to process information as well as to analyze it.

6. Economic Models

• Web3: Utilizes token-based economies.
• Web 3.0: Led by services and information.

Web3 is a concept in the evolution cycle of the internet that is developed on the principles of decentralization using blockchain technology. It was first introduce by the Ethereum co-founder Gavin Wood. Web3 is based on three key concepts which are decentralization, trust minimization and built-in crypto-assets.

Features of Web3

1. Decentralization: They do not require any centralized third-party service providers. Information and programs are executed in the peer-to-peer networks and decentralized nodes.
2. Blockchain Technology: The backbone of Web3 that enables more royalty to end-users through a trustworthy ledger for transactions and information.
3. Cryptocurrencies: Cryptocurrencies such as Bitcoin, Ethereum are central to Web3 since they facilitate economic activities without the involvement of a central bank.
4. Smart Contracts: Smart contracts that operate on an automated basis with the contract’s provisions being computer code which eliminates dependency on third parties.
5. Ownership and Control: There is increased usability of the data and digital assets by the users.

Web3 Applications

1. Decentralized Finance (DeFi): The main focus on the production of financial services without the involvement of an intermediary. Some of them are Uniswap, Aave, and Compound.
2. Non-Fungible Tokens (NFTs): Digital resources which provide the proof of ownership of an object, tangible or intangible. Some are OpenSea and Rarible.
3. Decentralized Autonomous Organizations (DAOs): The DAOs for organizations managed by smart contract and for ones that are controlled by the votes of the communities. The major platforms are MakerDAO and DAOstack.

Web 3.0 or the Semantic Web was described as a evolution of the present internet to enable people to better benefit from the web by automating the processing of contents. This concept was initiated by Tim Berners-Lee the founder of the world wide web.

Features of Web 3.0

1. Semantic Understanding: Web 3.0 allows a machine to fully comprehend the meaning of the data presented with a view of making searches smarter.
2. Artificial Intelligence (AI): AI and ML are vital for implementing the usage of data in order to deliver customized experiences relevant for a particular context.
3. Interoperability: Interoperability between various data sources as well as all the services in the network.
4. Ubiquitous Connectivity: The interconnectivity by means of a large number of devices and through the use of the internet using the Internet of Things (IOT) devices and through mobile devices resulting in availability of information any time.
5. Decentralized Infrastructure: Although decentralization is not as important as much as in Web3, but it does influence decreasing the number of data silos and improving the access to data.

Web 3. 0 Applications

1. Intelligent Search Engines: Intelligent search engine tools like Google’s knowledge graph, or Wolfram Alpha that are capable of understanding the queries based on contextual understanding.
2. Personal Assistants: Smart assistants that include artificial intelligent personal assistants like Siri, Alexa and Google Assistant, which guide a user and respond to his/her queries.
3. Smart Home Devices: Smart products that adapt to clients’ habits to be able to offer better and more personalized services such as Nest thermostats and Philips Hue bulbs.

Web3 Applications

1. Uniswap: An exchange giving the opportunity to exchange tokens without the participation of a mediator.
2. OpenSea: A centralized venue for sellers and buyers of NFTs and the place where NFTs can be exchanged.
3. MetaMask: An Ethereum enabled purse through which users can interface with applications utilizing Funds’ blockchain.

Web 3. 0 Applications

1. Google Knowledge Graph: Improves and refines on the results a user is seeking as it factors in the inter connectiveness of words and gives more proper information.
2. Amazon Alexa: A voice helper for an individual that uses artificial intelligence to reply and perform particular tasks with reference to the composite user data.
3. Nest Thermostat: An Internet of Thing that adapts to users’ behaviors to actively regulate home environment temperature.

In conclusion, Web3 and Web3. 0 shows various but equally significant changes to the development of the internet. Web 3 involves decentralization and operating as a user-controlled platform over a person’s digital life and through the utilization of blockchains. Web3.0, on the other hand, is an initiative that has set a goal to make the internet become intelligent and interconnected utilizing the help of the AI and semantic technologies. It is important to understand these differences as both have the ability to shape the future relations on the World Wide Web.

1. Are Web3 and Web3.0 the same thing?

Namely, the spheres of Web3 and Web3. 0 are dissimilar. Web3 introduces decentralization and makes use of blockchain; Web3. 0 is devoted to writing data in a form understandable for a machine and improving internet intelligence with the help of AI.

2. What technologies underpin Web3?

Web3 is mainly based on the blockchain technology, smart contract and cryptocurrencies.

3. What is the Semantic Web?

The Semantic Web is an approach to markup of data on the web that prepares it for more intelligent processing by machines.

4. Can Web3 and Web3.0 coexist?

Yes, Web3 and Web3.0, they can coexist and even support each other with the help of improving diverse characteristics of the internet.

5. What are some real-world examples of Web3 applications?

Some examples of Web3 apps are; Uniswap, which is an exchange platform, OpenSea as an NFT marketplace, and MetaMask that is a cryptocurrency wallet.