What is web 3.0?

The third generation of the World Wide Web is a powerful tool to revolutionise the accessibility and authenticity of the internet economy.

The amount of data and information keeps growing every day, enhancing the value of everything digital. In 2021, we witnessed the growth of cryptocurrencies like never before. As we enter 2022, we will be required to understand a series of related elements that gain visibility in late 2021, such as Metaverse, NFTs, Defi and also Web 3.0.

Web 1.0 — The Static Web

It was almost three decades ago when the World Wide Web was introduced. Tim Berner’s Lee was the one who designed the internet, which was consumer-ready. In simple words, the first version of the web known as Web 1.0 has static websites, i.e., they were prepared by the businesses and entrepreneurs, ready for the consumers to use.

Web 2.0- The interactive Web

The current generation of web is known as Web 2.0. This generation of websites has most of the content created by the consumers themselves and is used by all. It is the social content from social media platforms, blogs, vlogs and so on. It is a democratic and user-dependent web in terms of its content.

Web 3.0 — The decentralised and Semantic Web

As the name suggests, web 3.0 is a 3rd generation of the internet. It is the latest version of the worldwide web focusing on decentralisation. It combines the previous versions of the web and artificial intelligence. It is built on three layers of technological innovation — AI, Decentralised networks and edge computing.

In simpler words, Web 3.0 services and apps are powered by blockchain technology, cryptocurrencies, metaverse, AI and NFTs. It is anticipated to enable data access and transparency without requiring a third party to control their own data and easily personalise content.

Popular Web 3.0 Cryptos

Some of the popular cryptocurrencies with the latest version of the internet technology in 2022 are:

Polkadot (DOT)
Chainlink (LINK)
Filecoin (FIL)
Helium (HNT)
Theta Network (THETA)
BitTorrent (BTT)
The Graph (GRT)
Stacks (STX)
Basic Attention Token (BAT)
Arweave (AR)

Source: coinmarketcap.com

Using the Web 3.0 Version

There are isolated developments in progress to make web 3.0 a success. There are blockchain platforms such as Moledao, aiming to raise funds to generate the necessary tools for this space.
Examples of web 3.0 currently available are Siri and Wolfram Alpha. Siri is apple’s artificial intelligence and speech recognition personal assistant. It’ll efficiently perform an action like ‘Set an alarm for..’ or ‘Which is the nearest pasta place?’ and so on. At the same time, Wolfram is like google but gives out results more accurately than searching “word to word like’ outcomes like google. Both can process large amounts of data into valuable and meaningful actions.
Perhaps, there are constant improvements in the field, and we expect to start using web 3.0 every day to have a highly engaging internet experience by the end of this decade.

Traits of Web 3.0

An inevitable part of web 3.0 is ubiquitous internet access across all regions, networks, and devices.
The divide reach of web 3.0 is expected to be available on wearables, cars, AIs, smart interfaces and appliances, etc.
It aims to balance the web creators and economy by ensuring the right proportion of incentives to each.
This web version aims to have a complete open-source architecture without restrictions to access, modify, extend and monetise. It will also enhance accountability by increasing peer reviews.
It focuses on decentralising the web through blockchain technology and breaking the chain of one or a group of organisations controlling the web.

Myths of Web 3.0

Improve internet speed: No, web 3.0 focuses on improving search quality using AI for semantic connection, not changing the search time.
Metaverse and Web 3.0 are the same: No, the metaverse is necessary to access the latest version of the web and is related to it but not identical.
It will require new devices and interfaces: No, web 3.0 can be used on the same applications such as web 1.0 and web 2.0.

Note:
Web 3.0 is built largely on three new layers of technological innovation: edge computing, decentralised data networks and artificial intelligence.

About Coinsbit India

Coinsbit India is a peer-to-peer crypto trading platform connecting buyers with sellers which are powered by Europe’s largest and award-winning cryptocurrency exchange. Coinsbit.in aims to bring a professional, smooth, easy, and highly liquid Crypto platform in India delivering a superior user experience.

Important Reminder: We advise all users to enable two-factor authentication for their Coinsbit India accounts for maximum security.

Disclaimer: Crypto assets are volatile, and investments in them are risky. We advise you to do thorough research before investing.