The Web 3.0 Foundation, an organization created by Gavin Wood in 2017, Its mission is to promote cutting-edge applications for decentralized web software protocols, tells us:
“Web 3.0 seeks to return to the initial idea of the internet, when it was decentralized, open source and based on nodes. Nowadays we all depend on the big providers, but if one of their servers goes down, we cannot use applications like WhatsApp, Netflix or Uber. We want Web 3.0 not to depend solely on one provider”, Ursula O’Kuinghttons, spokesperson and participant of Parity, the subsidiary of the Web 3.0 Foundation that develops one of the software to make this possible, told Cinco Días.
According to the expert, it’s already a reality, only that its elements have been developed over the years and its technology has not yet been assimilated by the general public. Examples of Web 3.0 technology that exist today are cryptocurrency decentralized finance and metaverse platforms.
This technology ushers in the third generation of Internet services for websites and applications that focuses on knowledge creation and the semantic web using machine-based information understanding. Creating smarter, linked, and more open websites is one of the main goals of Web 3.0.
- Data Ownership
In Web 2.0, tech giants control and exploit user-generated data. In Web 3.0 with blockchain technology, end users will take full ownership of the data they use. You will be able to choose what information you want to share with companies and advertising companies and earn money from it.
Furthermore, Web 3.0 will not be controlled by a single entity. As a result, decentralized applications (dApps) would not be censored or restricted in their access.
- Fewer middlemen
Blockchain-based Web 3.0 will connect businesses directly with customers. There will be very few or no central authorities receiving a share of the profits from electronic transactions. While there will continue to be a need for adequate rules and regulations to monitor fairness, we will see a shift towards decentralized, trustless networks rather than centralized institutions.
One of the biggest goals behind the invention of Bitcoin was to spread around responsibility. Web 3.0 embraces this idea and insists that no one person or organization should be the gatekeeper for transactions.
The decentralized web will allow users to track their data and review the source code of the platforms they choose to use. All stakeholders will always be aware of the value and trade they are associated with. You will not need to rely on an intermediary to access this data.
- Efficient search and information link
With Web 3.0, you will be able to search for information more efficiently. When you search for something on a search engine, it will show you more relevant search results instead of showing you the most popular pages that people click on. The semantic web will help improve the connectivity of online data.
It will help you save more time while searching for information and be more productive.
- Personalized web browsing experience
It will offer a more personalized Internet browsing experience, since websites will be able to better recognize our preferences. Web applications analyze our use and Internet habits to be personalized and better adapted to our device, location, etc.
- Uninterrupted services
In Web 3.0, the data will be stored in distributed nodes. Therefore, users will not need to think about particular account suspension or service interruptions due to technical or other reasons.
Our society is increasingly driven by data. Anything we can do to increase the accuracy of the data will help everyone who uses the information to make decisions.
One of the side effects of adding more robust digital signatures and protocols to every interaction means that there will be more structure. Web 3.0 is bound to have more accurate information and that will lift every part of the web that depends upon it.
- Better Marketing
Using Web 3.0 powered by AI, sellers could better understand purchasing needs. They will show those products and services to buyers who are interested in buying. Shoppers will see more helpful and related ads.
- New technologies demand more processing power
It will require the user to have a high-end device to actually use Web 3.0, raising the entry barriers for users to access this technology hardware-wise
- User experience complexity
It will be a bit complicated at first. It may be very useful for beginners to try to understand the structure before committing to full adoption of the technology.
- Difficult to regulate
Experts believe that decentralization will lead to difficulties in monitoring and managing Web 3.0, which could lead to a rise in cybercrimes.
- Slow adaptation process
It took more than 10 years to go from Web 1.0 to Web 2.0 and it will take at least as long, if not longer; running and completely transforming the web using Web 3.0.
- Easy access to user’s personal and public data
Web 3.0 is huge and interconnected, which means that it’s easier for any individual to gain access to the public and private information you share online. What can lead to hackers and information theft
- Existing websites will need an upgrade
As Web 3.0 – based websites and applications become popular, digital businesses will be under increasing pressure to upgrade their digital offerings, so that they do not lose their captured market.
- It’s not eco friendly
Once people realized how much energy was going into Bitcoin mining, environmentalists started wondering why we’re burning so much fossil fuel just to execute an elaborate consensus protocol. Some estimate that Bitcoin consumes more power than a small country – and that’s just before the latest adjustment of the hashing rate for the miners.
Some cryptocurrency zealots say there’s no other choice. Proof of work is outrageously expensive but it’s the only chance of working. If it’s maintained, then building out Web 3.0 is going to require a lot of energy.
Web3 is here to change the course of history again and today we are a part of it. With enormous potential for Web 3.0, we also see that it has many challenges that must first be overcome in order to reach the goal that they hope for.
What do you think? Is Web 3.0 a reality or a dream?