With everyone talking about the metaverse and its increasing popularity, Web 3.0 is on the verge of becoming the next generation of the internet. It’s based on blockchain technology, which is mainly used for crypto sports betting and Online casino transactions and is the most secure way of transferring funds.
Web 3.0 will include decentralization and an atmosphere of token-based economics using cryptocurrency. Because of the popularity and security offered with blockchain technology, companies are constantly developing ways to invest in it, with Web 3.0 set to become the next big internet trend.
This new technology not only allows individual users to eliminate the middleman and have the opportunity to own their own data. Users will also be compensated for their time spent online. This could mean that big tech companies like Facebook and Google won’t be needed as people will have access to an unlimited amount of content and resources.
What Is Web 3.0?
The easiest way to describe the context of Web 3.0 is to go back to where the web originated. Web 1.0 is the beginning of the internet in the mid to late 1990s, which was basically a read-only environment with the sites not being interactive.
Most users online were consumers without there being many companies producing content. About all a user could do is read articles or posts and publish their content for others to see.
Web 2.0 began around 2004 with users being able to not only view files but to open and edit them. People used blogs, internet marketplaces, and forums to create and publish content in the early days. As technology advanced, social media platforms emerged and expanded content sharing into the giant it is today.
Although the current web has allowed consumers to take advantage of many free services, people have grown exhausted from dealing with huge tech companies that have control over their published content and personal data while making billions of dollars. Web 3 will give the power back to the user.
With Web 3.0 technology, users will not only be able to read and write, but they will also be able to own their data. In addition, users will be able to sell their data to advertisers instead of having to go through a social media platform to monetize it.
According to experts, new social networks and marketplaces available on Web 3.0 will not have big companies overseeing them. Instead, they will be decentralized and built on blockchain technology which will allow many different computers to host data simultaneously, which is usable by anyone. The many different users will control and operate the network with people earning tokens for participation.
What Is Blockchain Technology?
Blockchain is an electronic distributed ledger that keeps a digital record of transactions and is not maintained by a central authority. Since there is no need for manual processing of any transaction, it’s much faster with no need for authentication. In addition, Blockchain uses a distributed consensus, meaning the system is very secure because it’s impossible to alter the data without the entire network being alerted.
The popularity of NFTs (non-fungible tokens) being bought and sold with cryptocurrency has helped the popularity of Web 3.0. These are digital tokens, collectibles, or files that can be traded and are supported by different types of crypto. These tokens are decentralized and use smart contracts to make automatic transactions anywhere on the internet.
Web 3.0 will revolutionize the internet and make it available to anyone at any time. Although the current web has many capabilities, it’s mainly controlled by humans, which allows for mistakes and unethical behaviors.
With the use of Web 3.0 along with advancements in AI technology, human interaction is reduced, making data more accurate and trustworthy. Furthermore, with blockchain as the foundation, users will be able to use a single online profile and have complete ownership of all the information associated with it.