Web3 and Blockchain tech are the buzzwords these days. What does the term Web 3.0 mean? What is the role of blockchain technology in Web 3.0? Let us discuss.
The internet has become an integral part of life all over the world. No one can imagine life without internet applications in day-to-day life. Still today, users have a threat of data security with the existing web. This global pandemic has highlighted the significance of internet and data security during the crisis.
Web 3.0 has strengthened after introducing blockchain technology into the internet’s universe. Now we will see how the blockchain has the potential to drive the development of web 3. It is essential to find out the earlier two variations of web 3.0, i.e., web 1.0 and web 2.0
What is Web 1.0?
In the late 1980s, the world witnessed the first arrival of the internet. Web 1.0 was restricted to static ‘read-only’ messages covering only a few participants. It was a major technological upliftment of its time.
The websites were serving static content, unlike the latest dynamic HTML. Static file systems were used for the data and content instead of a database which is the main characteristic of web 1.0 was the read-only web, with no interaction.
What is Web 2.0?
Web 2.0 is characterized as the social and interactive web. It is a user-friendly internet, and anyone can share their thoughts with the world without being part of the creator team. It allows users to create their unique personal identities.
Because of this revolution, opportunities in social media platforms and e-commerce have emerged and affected social structures worldwide. Web 2.0 has developed revolutionary web technologies like Cascading Style Sheets 3 (CSS3), Hypertext Markup Language 5 (HTML5), and JavaScript.
Web 2.0 applications have experienced repeated data breaches. There was no control over users’ data and how it was stored and hacked. Because of the centralized servers, the government can easily control, intervene or shut down applications against their propaganda. The government can access bank accounts and limit access in case of extreme inflation, volatility, and political unrest.
Now the world is moving towards a new phase of web 3.0 with many added advantages.
What is Web3?
Web3 is the addition of its earlier versions with the power of IoT, artificial intelligence, and blockchain. This version of the internet is focused on innovative technologies like machine learning and AI, along with better data security.
Web 3.0 has additional characteristics over earlier versions of the internet: self-governance, verifiable, trustless, native built-in payments, distributed and robust system, permissionless, and self-governing systems.
Web 3.0 deploys, builds and implements its applications on a decentralized network of many servers or nodes, blockchains, or two servers to create a crypto-economic protocol. In Web 3.0, these applications are termed Dapps or decentralized apps.
One more important part of Web 3.0 is cryptocurrency. These protocols give a financial incentive as a token for participants willing to create, govern, contribute, or improve their projects.
Importance of Blockchain on Web 3.0
The significance of Web 3.0 can be found with the introduction of Alexa and Siri voice assistants. These services show how machine learning develops a new path for internet services.
Along with adopting the internet of things (IoT), Web 3.0 also uses decentralized protocols and covers many aspects like automation with smart contacts, censorship-resistant storage for P2P data files, interoperability, seamless integration, etc. It means the driving force behind Web 3.0 would be blockchain technology.
Web infrastructures like Livepeer, Filecoin, The Graph, Arweave, etc., have issued tokens that govern how these protocols function. The participants also receive rewards at many levels of the network. Native blockchain proto like Ethereum have the same manner of operation.
Another advantage of Web 3.0 is that it has strongly supported developing the governance layer on the existing internet. This governance layer has created trust between two unknown parties in the transaction to agree. Blockchain technology in Web 3.0 has developed a backend revolution.
Final Thoughts: The basic observation is that blockchain technology would be an integral part of Web 3.0. This trend would transform traditional enterprise processes with its pre-established traits. Issues identified in Web 2.0, like data integrity and centralized systems, are solved in this internet variation.©
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