Web 3.0 relies on Blockchain.Machine Learning.AI.
WHAT IS WEB 3.0
Decentralized Internet
For open, interconnected, and intelligent websites as well as web applications.
Coined by Gavin Wood, the founder of Polkadot and co-founder of Ethereum, the term Web3 was introduced in 2014. Wood envisions Web3 as a decentralized online ecosystem built on blockchain technology.
Data Ownership
Web3 empowers end-users with full data ownership. Decentralized apps (dApps) in Web3 are immune to censorship and access restrictions, as it is not controlled by a single entity.
Fewer Intermediaries
Blockchain-based Web3 fosters direct company-customer connections, reducing reliance on central authorities for transaction earnings. Despite the ongoing need for regulations, the shift is towards trustless, decentralized networks over centralized institutions.
Transparency
The decentralized web will enable users to track their data and look over the source code of the platforms they decide to utilize. All the stakeholders will always be aware of the value and commerce they are associated with.
Personalized Web Surfing Experience
It offers a more personalized internet surfing experience as websites will be better able to recognize our preferences. Web applications analyze our internet usage and habits to customize themselves to fit best to our device, location, etc.
Uninterrupted Services
In Web3, data will be stored on distributed nodes. Thus, the users will not need to think about the suspension of a particular account or service disruptions due to technical or other reasons.
Efficient Searching And Information
Search for information more efficiently. Get more relevant results. The semantic web will help in better connectivity of online data. It will help you by saving more time while searching for the information and being more productive.
Some of the limitations of Web 3.0:
- Various technologies such as blockchain, AI, and machine learning power Web3. It will make use of semantic data, 3D graphics, and more. Likely, less advanced devices will not be able to handle Web3. Users will need a device that has above-average specifications to use Web3.
- Some experts also believe that decentralization will lead to difficulties in monitoring and regulating Web3. As a result, we could see a rise in cybercrimes.
- Easy access to user’s personal and public data: Web3 is huge and interconnected, which is why it is easier for anyone to gain access to the public and private data that you share online.
- As Web3-based websites and applications become popular, the pressure will come on existing businesses to upgrade. They will be under pressure to upgrade their digital offerings so that they don’t lose their captured market.