Web 3.0 has its own rules and ideas that make it different from the earlier versions, Web 2.0 and Web 1.0. In this new version, the goal is to have a world where big companies don’t control everything. Instead, people have more control over their own information, and all transactions are recorded on blockchains, which are like databases that anyone can search.
Evolution of Web: A Deep Dive Into Web 3.0
Web 3.0, also called Web3, is the third version of the World Wide Web. It’s designed to be open to everyone, decentralised, and built on technologies like blockchain and the Semantic Web. The Semantic Web means the internet is like a network of connected data that makes sense.
Web 3.0 has its own rules and ideas that make it different from the earlier versions, Web 2.0 and Web 1.0. In this new version, the goal is to have a world where big companies don’t control everything. Instead, people have more control over their own information, and all transactions are recorded on blockchains, which are like databases that anyone can search.
Understanding Web 3.0 is easiest when looking at its key features: ubiquity, decentralisation, artificial intelligence, and semantic web interactivity. Some technologies related to Web 3.0 are already in use, like the decentralised idea behind blockchain. However, many aspects of Web 3.0 are still being explored and created.
Blockchain, initially designed for cryptocurrencies, is a significant part of Web 3.0. Cryptocurrencies, also known as Web 3.0 cryptos, are digital currencies that aren’t controlled by central banks. They are expected to have a big role in Web 3.0. These currencies, along with digital assets like NFTs, aim to encourage users and service providers. They allow people to make transactions directly with each other without needing traditional banks or other intermediaries.
Web 3.0 applications use advanced technology like AI and machine learning. Currently, many live Web 3.0 apps are related to cryptocurrency and finance, but in the future, we can expect a wide variety of apps that are smarter and more focused on users.
For example, Siri is a Web 3.0 app. It’s Apple’s AI assistant that allows users to control things around them and their devices using voice commands. Another example is the web browser Brave, which is already using Web 3.0 technology. It connects users with Dapps (decentralised applications), their crypto wallets, and other features related to Web 3.0. These apps showcase the potential for smarter and more interactive applications in the Web 3.0 era.
Web 3.0, while holding promising features, comes with certain risks and downsides:
- Security Concerns:
- The lack of centralised control makes users more vulnerable to security breaches.
- Cybersecurity threats, such as phishing, may evolve, and unauthorised access to personal data could have severe consequences.
- Regulatory Challenges:
- Decentralisation makes it challenging to regulate and oversee activities on the web, potentially leading to legal and compliance issues.
- Difficulty in holding individuals accountable for malicious activities and data manipulation.
- Emergence of New Cyber Threats:
- As Web 3.0 evolves, new types of cyber threats may emerge, posing risks to user privacy and data integrity.
- Potential for Disinformation:
- Widespread data manipulation could contribute to the spread of disinformation, especially when users operate anonymously.
- Energy Consumption:
- The reliance on blockchain technology, necessary for various Web 3.0 activities like cryptocurrency mining and decentralised data operations, consumes substantial amounts of energy, contributing to environmental concerns.
- Financial Risks:
- Instances of financial instability, as observed in the collapse of cryptocurrency exchanges, may pose risks to users engaging in financial transactions within the Web 3.0 framework.
- Complexity in Accountability:
- With the decentralised nature of Web 3.0, holding individuals accountable for fraudulent activities or data manipulation becomes more challenging.
- Technological Learning Curve:
- Users and businesses may face challenges in adapting to the new technologies and concepts introduced by Web 3.0, leading to a potential learning curve.
Understanding and addressing these risks are crucial for the responsible development and adoption of Web 3.0 technologies. It requires a balance between innovation and safeguarding user security and privacy.
