You are currently viewing Let’s Embrace the Upcoming Web 3.0 — Things you need to know |  by Bilal Ahsan Elahi |  Coinmonks |  Oct, 2022

Let’s Embrace the Upcoming Web 3.0 — Things you need to know | by Bilal Ahsan Elahi | Coinmonks | Oct, 2022

The golden rule about invention and innovation is that all of it is predicated on its preceding technology or idea. The new idea takes the lead from its legacy platform and improves on certain aspects to introduce something new. Web 3.0 is no exception. Before we jump on Web 3.0, let’s take a brief look at what Web 2.0 is and what aspects of it have been improved or innovated in Web 3.0.

The term Web 2.0 surfaced in the year 1999. Before Web 2.0, people could only consume data from the Internet. That system is referred to as Web 1.0. It contained static pages from the web that delivered content from the system file servers. There was a one-way communication of information. The Web 2.0 system enabled users of the Internet to active engagement and participation. The participants were able to create and publish articles on the Internet. The option of creating user accounts was also introduced to make the platform more interactive. At that time, this was considered nothing less than a revolution in the online world. The publishing platforms and social media sites that are still in use were a consequence of Web 2.0.

Although the features and options that Web 2.0 offered were magnanimous, it did have things that required improvement. There were, however, some concerns. What were those improvements, and why the need to have Web 3.0 accumulated in the first place? We shall dive deep into the subject in a moment.

To innovate is innate; it is an inherent will and a logical next step to existing technology. Why innovate? The existing technology solves our problems, but we face new problems every day. In order to grapple with the issues, something new is generated. Web 3.0 is the same.

Web 3.0 attempts to end the monopoly and control of tech behemoths. A few organizations own, control, and manipulate data that is user-generated. That gives them considerable power and influence since they have access to almost everyone’s every facet of life. Not only that, they sell the data to a third party and earn significant revenue.

Data is the new oil, they say. Whosoever controls data, the traffic of data controls the world. Web 3.0, a decentralized system, will put an end to that. The Internet will be a platform that users will share and control.

Another utility that Web 3.0 brings is that it an end to end communication, eliminating any intermediary entities. To state an example, if a person makes a purchase on the Internet of a product or a service, a piece of the transaction goes to those intermediaries. With the introduction of Web 3.0, such practices will likely disappear. Customers will be directly linked to the companies, and they can make purchases without paying a penny to anyone else. However, regulatory bodies to ensure the safety of the transactions and communication will be present, but they will be few.

Security and safety have always been called false gods, and anything perceived safe is a mere mirage and a delusion. Nothing is assumed to be safe, from personal information to online payments; texts of politicians to state secrets. That is an issue with Web 2.0. Another cause of concern is that people feel discouraged from showing their faces on social media or sharing personal information.

Web 3.0’s decentralized protocol shall ensure maximum security of data. The architectural framework of Web 3.0 is designed to make it impossible for anyone trying to breach the protocols without being traced. Web 3.0 might shatter the myth of security of being a false god.

A while ago, we talked about how tech giants control and manipulate the data as they please. While it is clear that there are certain applications of the data that they control, it is unclear what exactly they do with it. The companies have terms and conditions, but they sound alien to the average consumer. Web 3.0, on the other hand, shall ensure transparency. The blockchain provides that the data is secure and unalterable, which will help increase users’ trust.

Pairing up semantic capabilities with the natural process of learning language, computers can understand and communicate information at par with humans. This would result in a faster and more relevant transaction of desired information.

Web 3.0 is no longer a pipe dream but a reality. Embracing Web 3.0 equates to embracing the future. In the beginning, we discuss natural succession and innovation; Web 3.0 is innovation like none other. It will transform our way of communication and provide answers to our concerns about safety, security, and reliability.

I am a financial analyst who shares views only for the purpose of learning and information. I am not your advisor, nor should you take any trade based on my workings. Always consult your independent financial advisor before entering into any financial trade. I assume no loss or damage caused by any trade the market participants took.

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