This article is a beginner friendly guide that breaks down the Web3.0 concept.
WEB3.0 also known as the third generation Internet.
The evolution of the Web
Having evolved from Web1.0 which was focused on structure, which includes texts and images and only for the Creators that lasted between 1994-2001. The focus was basic HTML, e-mails. Web2.0 which is the modern day Web, that we interact with daily gave room for responsiveness and enabling anyone becoming the Creator. It's participatory and centralised. The focus is informative and interactive information-centric.
Now we now that the core difference between the Web2.0 and Web3.0 is decentralization.
WEB3.0 explained:
Web3.0 is the third evolution of the Internet that will leverage machine understanding of data to provide a data driven and semantic technology. The focus is decentralised, private, secure User-centric. It will solving the problems of data, storage, centralization, Web hosting of Web3.0.
WEB3.0 is the next step in the evolution of the Internet that makes use of Artificial Intelligence and Blockchain technology to make the Web seamless. With web3.0 there isn't an arbitrary central authority but a distributed consensus.
It aims at creating:
- Open
- Trusting
- Permissionless networks
Characteristics of Web3.0
- Decentralization : Blockchain will enable decentralization of data that will enable trust. It will be kept in several locations making it accessible to all.
- Trustful and Permissionless : it simply means people will be able to interact directly without any trusted intermediaries. For example, You don't need to accept cookies or give out any data to access information.
- Artificial intelligence and Machine Learning:
Computers will be able to understand information the way people do.
Connectivity and Ubiquity :
People will be able to connect anywhere because of IOT.
Some existing Web3.0 Applications:
- NFT: NFT stand for non-fungible tokens are tokens stored in a Blockchain with a cryptographic hash making sure the token is unique.
- DeFi: DeFi which stands for Decentralized finance is a disruptive technology in the finance sector that enables decentralised Blockchains as the basis of transactions beyond the traditional banking centralised system.
- Cryptocurrencies: The Cryptocurrencies is one of the web3.0 applications that make available a new world of currency separating it from the historic fiat currency.
- dApp: dApps are Decentralized Apps built on top of Blockchain and make use of smart contracts that run on a decentralised computing, Blockchain or distributed ledger system.
- DAOs. DAOs are set to potentially become the organizing entities for Web3.0 services, providing some structure and governance in a decentralized approach. This is a simple explanation to the world of Web3.0, hope it was insightful and rich.
Happy reading!