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Web3 and its myriad uses

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Web3 and its myriad uses

Web refers to the World Wide Web (WWW), the internet’s core information retrieval system. The WWW initialism used to (and often still does) preface a web address and was one of the first characters typed into a web browser when searching for a specific resource online. Internet pioneer Tim Berners-Lee is credited with coining the term World Wide Web to refer to the global web of information and resources interconnected through hypertext links.

History and Timeline of Web 3.0

Web 2.0 and Web 3.0 refer to successive iterations of the web, compared with the original Web 1.0 of the 1990s and early 2000s. Web 2.0 is the current version of the internet (a term often used interchangeably with the web) with which we are all familiar. Web 3.0 or Web3 is the third generation of the World Wide Web. Currently a work in progress, it is a vision of a decentralized and open Web with greater utility for its users.

Web 3.0 is currently considered the decentralized web. Web 2.0 is a centralized web — data is stored in large data centers owned by big centralized businesses. The decentralized web, on the other hand, would spread the data storage and computation needed for websites away from those centralized sources to decentralized networks that would run across all computers running one of these systems. Blockchain technology is of great help here.

Layers of Web 3.0

Web 3.0 is propelled by four new layers of technological innovation:

  • Edge Computing – While Web 2.0 changed currently commoditized personal computer technology in data centers, Web 3.0 pushes the data center out to the edge (i.e. edge computing) and into our hands.
  • Decentralized Data Network – Users will own their data on Web 3.0 since data is decentralized. Different data generators can sell or share their data without losing ownership or relying on intermediaries using decentralized data networks.
  • Artificial Intelligence and Machine Learning – Artificial intelligence and machine learning algorithms have advanced to the level that they can now make useful and occasionally life-saving predictions and acts.
  • Blockchain – Blockchain is a decentralized technology that uses smart contracts to execute transactions. These smart contracts define the semantics of a Web 3.0 application. As a result, everyone who wants to develop a blockchain application must use the shared state machine.

Key Applications of Web 3.0

With blockchain at its core, Web 3.0 makes it possible for an expanding range of new apps and services, such as the following:

  • NFT: Non-fungible Tokens (NFTs) are tokens that are individually unique and are kept in a blockchain with a cryptographic hash.
  • DeFi: Decentralized blockchain technology is being utilized as the foundation for decentralized finance (DeFi), a new use case for Web 3.0 that allows for the provision of financial services beyond the constraints of conventional centralized banking infrastructure.
  • Cryptocurrency: A new universe of money that strives to be distinct from the traditional world of fiat cash is being created through Web 3.0 apps like cryptocurrencies like Bitcoin.
  • dApp: Decentralized applications (dApps) are programmes that run programmatically and are logged in an immutable ledger. They are built on top of the blockchain and use smart contracts to facilitate service delivery.
  • Chain-crossing bridges: In the Web 3.0 age, there are numerous blockchains, and cross-chain bridges provide some kind of connectivity between them.
  • DAOs: DAOs are poised to potentially take on the role of Web 3.0’s governing bodies, offering some structure and decentralized governance.

Advantages and Disadvantages of Web 3.0

Advantages:

  • In terms of data security, end-users will benefit the most from data encryption.
  • Due to decentralized data storage, users will be able to access data in any situation. Users will receive multiple backups that will aid them if the server crashes.
  • Most blockchain systems are developed by non-profits, which provides an open-source blockchain platform that allows for collaborative design and development.
  • The data will be provided from any location and on any device.
  • Web 3.0 is useful for problem-solving and heavy knowledge-generation tasks.

Disadvantages:

  • To make the technology accessible to more people worldwide, the devices’ capabilities and qualities will need to be expanded.
  • Any websites built on Web 1.0 technology will become obsolete once Web 3.0 is fully implemented on the Internet.
  • Web 3.0 technology is more intelligent, efficient, and accessible than in previous generations. However, the technology isn’t quite ready for general use.
  • With easier access to a user’s information and reduced privacy thanks to web 3.0, reputation management will be more important than ever.

References

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Web3 and its myriad uses

Web refers to the World Wide Web (WWW), the internet’s core information retrieval system. The WWW initialism used to (and often still does) preface a web address and was one of the first characters typed into a web browser when searching for a specific resource online. Internet pioneer Tim Berners-Lee is credited with coining the term World Wide Web to refer to the global web of information and resources interconnected through hypertext links.

History and Timeline of Web 3.0

Web 2.0 and Web 3.0 refer to successive iterations of the web, compared with the original Web 1.0 of the 1990s and early 2000s. Web 2.0 is the current version of the internet (a term often used interchangeably with the web) with which we are all familiar. Web 3.0 or Web3 is the third generation of the World Wide Web. Currently a work in progress, it is a vision of a decentralized and open Web with greater utility for its users.

Web 3.0 is currently considered the decentralized web. Web 2.0 is a centralized web — data is stored in large data centers owned by big centralized businesses. The decentralized web, on the other hand, would spread the data storage and computation needed for websites away from those centralized sources to decentralized networks that would run across all computers running one of these systems. Blockchain technology is of great help here.

Layers of Web 3.0

Web 3.0 is propelled by four new layers of technological innovation:

  • Edge Computing – While Web 2.0 changed currently commoditized personal computer technology in data centers, Web 3.0 pushes the data center out to the edge (i.e. edge computing) and into our hands.
  • Decentralized Data Network – Users will own their data on Web 3.0 since data is decentralized. Different data generators can sell or share their data without losing ownership or relying on intermediaries using decentralized data networks.
  • Artificial Intelligence and Machine Learning – Artificial intelligence and machine learning algorithms have advanced to the level that they can now make useful and occasionally life-saving predictions and acts.
  • Blockchain – Blockchain is a decentralized technology that uses smart contracts to execute transactions. These smart contracts define the semantics of a Web 3.0 application. As a result, everyone who wants to develop a blockchain application must use the shared state machine.

Key Applications of Web 3.0

With blockchain at its core, Web 3.0 makes it possible for an expanding range of new apps and services, such as the following:

  • NFT: Non-fungible Tokens (NFTs) are tokens that are individually unique and are kept in a blockchain with a cryptographic hash.
  • DeFi: Decentralized blockchain technology is being utilized as the foundation for decentralized finance (DeFi), a new use case for Web 3.0 that allows for the provision of financial services beyond the constraints of conventional centralized banking infrastructure.
  • Cryptocurrency: A new universe of money that strives to be distinct from the traditional world of fiat cash is being created through Web 3.0 apps like cryptocurrencies like Bitcoin.
  • dApp: Decentralized applications (dApps) are programmes that run programmatically and are logged in an immutable ledger. They are built on top of the blockchain and use smart contracts to facilitate service delivery.
  • Chain-crossing bridges: In the Web 3.0 age, there are numerous blockchains, and cross-chain bridges provide some kind of connectivity between them.
  • DAOs: DAOs are poised to potentially take on the role of Web 3.0’s governing bodies, offering some structure and decentralized governance.

Advantages and Disadvantages of Web 3.0

Advantages:

  • In terms of data security, end-users will benefit the most from data encryption.
  • Due to decentralized data storage, users will be able to access data in any situation. Users will receive multiple backups that will aid them if the server crashes.
  • Most blockchain systems are developed by non-profits, which provides an open-source blockchain platform that allows for collaborative design and development.
  • The data will be provided from any location and on any device.
  • Web 3.0 is useful for problem-solving and heavy knowledge-generation tasks.

Disadvantages:

  • To make the technology accessible to more people worldwide, the devices’ capabilities and qualities will need to be expanded.
  • Any websites built on Web 1.0 technology will become obsolete once Web 3.0 is fully implemented on the Internet.
  • Web 3.0 technology is more intelligent, efficient, and accessible than in previous generations. However, the technology isn’t quite ready for general use.
  • With easier access to a user’s information and reduced privacy thanks to web 3.0, reputation management will be more important than ever.

References

Blogs

Web3 and its myriad uses

Web refers to the World Wide Web (WWW), the internet’s core information retrieval system. The WWW initialism used to (and often still does) preface a web address and was one of the first characters typed into a web browser when searching for a specific resource online. Internet pioneer Tim Berners-Lee is credited with coining the term World Wide Web to refer to the global web of information and resources interconnected through hypertext links.

History and Timeline of Web 3.0

Web 2.0 and Web 3.0 refer to successive iterations of the web, compared with the original Web 1.0 of the 1990s and early 2000s. Web 2.0 is the current version of the internet (a term often used interchangeably with the web) with which we are all familiar. Web 3.0 or Web3 is the third generation of the World Wide Web. Currently a work in progress, it is a vision of a decentralized and open Web with greater utility for its users.

Web 3.0 is currently considered the decentralized web. Web 2.0 is a centralized web — data is stored in large data centers owned by big centralized businesses. The decentralized web, on the other hand, would spread the data storage and computation needed for websites away from those centralized sources to decentralized networks that would run across all computers running one of these systems. Blockchain technology is of great help here.

Layers of Web 3.0

Web 3.0 is propelled by four new layers of technological innovation:

  • Edge Computing – While Web 2.0 changed currently commoditized personal computer technology in data centers, Web 3.0 pushes the data center out to the edge (i.e. edge computing) and into our hands.
  • Decentralized Data Network – Users will own their data on Web 3.0 since data is decentralized. Different data generators can sell or share their data without losing ownership or relying on intermediaries using decentralized data networks.
  • Artificial Intelligence and Machine Learning – Artificial intelligence and machine learning algorithms have advanced to the level that they can now make useful and occasionally life-saving predictions and acts.
  • Blockchain – Blockchain is a decentralized technology that uses smart contracts to execute transactions. These smart contracts define the semantics of a Web 3.0 application. As a result, everyone who wants to develop a blockchain application must use the shared state machine.

Key Applications of Web 3.0

With blockchain at its core, Web 3.0 makes it possible for an expanding range of new apps and services, such as the following:

  • NFT: Non-fungible Tokens (NFTs) are tokens that are individually unique and are kept in a blockchain with a cryptographic hash.
  • DeFi: Decentralized blockchain technology is being utilized as the foundation for decentralized finance (DeFi), a new use case for Web 3.0 that allows for the provision of financial services beyond the constraints of conventional centralized banking infrastructure.
  • Cryptocurrency: A new universe of money that strives to be distinct from the traditional world of fiat cash is being created through Web 3.0 apps like cryptocurrencies like Bitcoin.
  • dApp: Decentralized applications (dApps) are programmes that run programmatically and are logged in an immutable ledger. They are built on top of the blockchain and use smart contracts to facilitate service delivery.
  • Chain-crossing bridges: In the Web 3.0 age, there are numerous blockchains, and cross-chain bridges provide some kind of connectivity between them.
  • DAOs: DAOs are poised to potentially take on the role of Web 3.0’s governing bodies, offering some structure and decentralized governance.

Advantages and Disadvantages of Web 3.0

Advantages:

  • In terms of data security, end-users will benefit the most from data encryption.
  • Due to decentralized data storage, users will be able to access data in any situation. Users will receive multiple backups that will aid them if the server crashes.
  • Most blockchain systems are developed by non-profits, which provides an open-source blockchain platform that allows for collaborative design and development.
  • The data will be provided from any location and on any device.
  • Web 3.0 is useful for problem-solving and heavy knowledge-generation tasks.

Disadvantages:

  • To make the technology accessible to more people worldwide, the devices’ capabilities and qualities will need to be expanded.
  • Any websites built on Web 1.0 technology will become obsolete once Web 3.0 is fully implemented on the Internet.
  • Web 3.0 technology is more intelligent, efficient, and accessible than in previous generations. However, the technology isn’t quite ready for general use.
  • With easier access to a user’s information and reduced privacy thanks to web 3.0, reputation management will be more important than ever.

References