Web 3.0: New Generation of Internet

Probably, you have already heard about Web 3.0 from information resources dedicated to innovative decentralization tools, particularly blockchain. However, in reality, this concept goes far beyond the scope of these solutions. Below experts of our web development agency offer to discuss the next questions in detail: “What is Web 3.0?” and “What benefits can it bring to ordinary users?” 

Web 3.0: How Did it Appear?

Web 3.0 (or Web3) is an innovative concept of the masses using the internet, which is based on the development and implementation of decentralized (usually, blockchain-based) technologies. However, before delving into the definition of this term, we need to understand what Web 2.0 and Web 1.0 are. So let’s go.

Web 1.0: Meaning

Web 1.0 is the internet of static web pages hosted on servers. To get the desired content, users accessed these pages through browsers. In fact, this is the internet that the boomer generation faced (1991-2004). As for content creation, it was the sole responsibility of web developers, that is, those who were able to independently create and host websites. At the same time, the level of interactivity of such websites was low. Thus, Web 1.0 could be described in one phrase: read-only.

The design of Web 1.0 websites was also quite boring: many of them lacked HTML markup and CSS styles at all, and to somehow diversify them, webmasters had to use GIF animations and other old-school web design tricks. At the beginning of the 2000s, Web 1.0 was supplied with forums and chat rooms that allowed users to participate in the formation of content themselves.

If we talk about the technological aspect of Web 1.0, the main tools that embody it include:

• HTML, or HyperText Markup Language
• URLs, unique addresses used to identify each specific website
• HTTP, HyperText Transfer Protocol for retrieving information resources from the internet

Of course, this concept could not help but develop, which led to the emergence of the second generation of the internet, Web 2.0.

Web 2.0: Meaning

With the advent of new technologies and the simplification of the procedure for posting content, ordinary internet users got the opportunity to publish content without third parties. This happened thanks to blogs, social networks, and no-code engines.

In 2005, American free software activist Tim O’Reilly published the article “What is Web 2.0?” This event can be considered the official moment of the emergence of this new generation of the internet.

Thus, Web 2.0 appeared, carrying a completely different paradigm. Indeed, if earlier the internet mainly consisted of static web pages, in the Web 2.0 version, interactive content dominated, which was largely created by users themselves. Mobile applications and aggregators for the vast majority of business areas also began to develop.

Changes also affected the design: websites and web apps have become more stylish, convenient, and simple, but also more informative. Complex animations have replaced GIFs. However, despite this, due to the emergence of a large number of templates, many web solutions began to look very similar.

At the same time, Web 2.0 opened up opportunities for users to earn money, in particular through blogging. As for technologies, in addition to those that were typical for Web 1.0, XML, RSS, AJAX, Java Script, CSS, etc. have been added to this list.

However, along with the growing popularity of social networks and the abundance of content, digital giants have become more attentive to the information their users publish. Platforms that gather millions of internet users have begun to introduce strict rules and content moderation.

In fact, this is the internet as we know it now. So what exactly is Web3 and what are the reasons for it?

Web 3.0: Meaning

So, what is Web 3.0?

At the heart of Web 3.0 are the theses defined by the CEO of Netscape, Jason Calacanis. It’s important to understand that so far this is only a theoretical concept, which, at least, has not passed into mass use.

The main reason for the dissatisfaction with the real internet was the depreciation of resources and services that have become too similar to each other. Calacanis also criticized the pervasive censorship and lack of 100% privacy guarantees for end users.

So, Web3 should offer users a new way of authorization in services, through a single key. Also, the new generation internet should become democratized. This means that the usefulness of content (and, in fact, its right to publish) should be determined by decentralized autonomous organizations (DAO), which will be organizations of users.

In view of the specifics of these features, this generation of the internet is of particular interest to crypto investors and NFT enthusiasts. However, this is a much broader concept than just another one for the crypto world.

Main Attributes of Web 3.0

Now, let’s delve into the concept of Web3 and look at four main features.

Semantic Web

The Semantic web provides end users of the internet with a qualitatively better experience. Essentially, the term describes a network of data that is analyzed by user devices with the help of artificial intelligence, which tells them how to use this data in the best possible way.

3D Graphics

Web3 is designed to transfer the two-dimensional internet we are used to into a full-fledged three-dimensional metaverse. Now this idea is already being used in many projects, but it’s still far from being popularized for wide audiences. 

Artificial Intelligence

We’ve already mentioned artificial intelligence above in the context of building a semantic network. However, this technology also finds its own application in the world of Web 3.0. In particular, we are talking about content personalization. With the help of artificial intelligence, users will get a more unique experience, which means that the internet has every chance to stop being like a dump of various kinds of information.

Globality

Even though the internet was not ubiquitous in its first version, Web 2.0 still failed to equate ordinary users with content creators. Things will be different in Web3: since this type of internet is expected to be peer-to-peer, users will act as autonomous, full members of this network. This means that the internet will no longer be limited to their personal devices.

How to Make Your Project Become Part of Web 3.0

Web 3.0 projects are built on decentralization technologies, for example, on the blockchain, a network of numerous peer-to-peer nodes—user devices or devices specially designed for this, which do not belong to the participants in a particular project. Unlike Web 2.0, there are no intermediaries in the form of a server. This means that the participation of these devices is vital for every Web3 project.

Depending on the purpose of a particular project, network participants provide their resources to the blockchain, whether it’s CPU or GPU computing power, disk space, bandwidth, validation of actions, or something else. Thus, to motivate users to provide these resources, they must receive rewards in the form of decentralized digital assets, or tokens. So, what should be your solution to meet the concept of Web 3.0 in the context of token implementation?

It Must Have its Own Internal Assets

This is where we get close to why Web3 is of particular interest to crypto enthusiasts. The fact is that the internal assets of Web 3.0 are designed to ensure the security of intranet operations hence their value is formed in the context of a particular project. That is, the higher the value of the asset, the more resources will be required for hackers who will try to get into a specific operation and change it in their favor. That is why the value of tokens of some projects is high, while others are not.

It Should Form its Own Ecosystem

Considering that the main task of the next solution that claims to be in line with the Web 3.0 concept is to make a profit for its owners, they try to build up the internal infrastructure of their solutions to make them useful to end users. As a result, such ecosystems provoke an increase in the value of internal tokens.

It Must Have its Own Tokens for Internal Transactions

In addition to tokens that act as shares (and can be considered by project participants as an asset for long-term investments), projects based on the Web3 concept must also have an internal currency with which payments can be made for transactions within the ecosystem. In fact, this is ordinary digital money that has value primarily within a specific project.

Its Tokens Must be Burned

Burning tokens increases the value of the project. For example, by withdrawing tokens from circulation, you can raise the price of an asset. Also, this operation reduces the load on the network and protects it from spam. And finally, it will not be superfluous to note that this procedure can be a marketing ploy that brings new users to the project.

Internal Transactions Must be Taxable

And finally, to create an innovative structure with its own autonomous financial turnover, which would be profitable for the project owners, all internal transactions must be taxable, that is, they must charge a fixed fee from users. Thus, the owners of the project will be able to ensure its long-term liquidity.

What Will Your Users Get in Return?

Since Web3 projects, as we noted earlier, do not involve intermediaries, they are no longer controlled, which means that they will not have censorship in the form that we were used to during the existence of the current version of the internet. It also reduces the likelihood of denial of service (DoS) attacks.

This approach to networking provides a wider and more intelligent coverage and processing of the data stored in it. Therefore, its users will receive more accurate, detailed, and personalized information from their requests.

In addition, the quality of service in specific Web 3.0 projects will increase due to its infinite scalability: AI-based chatbots will be able to process user requests more accurately, and the need for live support staff may disappear altogether.

At the same time, Web3 carries a very tangible danger to the traditional institution of the economy, in view of the popularization of cryptocurrencies and the increase in their use cases. In particular, with Web 3.0, cryptocurrency promises to become not an object for long-term investment or trading on a crypto exchange, but an independent payment tool that can be used to conduct fast, secure, and anonymous transactions with minimal commissions.

This factor imposes certain restrictions on the prospects for the development of Web3 and the popularization of this concept since it’s obvious that the authorities of many countries will not tolerate such competition with their centralized banking systems. On the other hand, it’s likely that some countries will try to implement policies to regulate the circulation of cryptocurrencies, which is already starting to happen in some US states.

In general, in the coming years, we’re unlikely to see the implementation of a “pure” Web 3.0, but a hybrid variation is likely to be available to the general public soon.

If you have a business idea based on the concept of Web 3.0, you definitely need to analyze the possible benefits and risks of its implementation.

Final Thoughts

We hope that now you’ve received a constructive answer to the question: “What is Web 3.0?” Along with this, based on the above, you can come to the conclusion that in view of the possible resistance at the state level, as well as the need to completely abandon some of the established concepts, the implementation of Web3 is a utopia. 

Moreover, given that the transition to Web 3.0 involves the creation of an entirely new network infrastructure, this can take decades and require huge capital investments. If we add to this the problem of attracting participants and competition with digital giants, it becomes clear that a “perfect” internet without censorship can only be partially realized so far.

On the other hand, today many internet users perceive Web 2.0 as a tool for manipulating their opinion (from marketing espionage to censorship and propaganda), which means that the process of abandoning the old internet has already begun. So, sooner or later, the time of Web 3.0 will inexorably come.

If you want to contribute to the development of Web 3.0 and offer your target audience something more than what is available with web solutions for today’s internet, feel free to contact us.