There is no textbook definition as to what Web3 is per se. The internet has always been an ever-evolving phenomenon since the dot com boom. Its varied uses, layers, and integration in our daily lives are insane.
From being a read-only concept much like a page full of information to becoming involving, engaging, and interactive. From being one end to having multiple endings. The web world has picked up pace like a bullet train and changed the face of our planet and the way we lead our lives. Be it our personal or social lives or workspaces; we cannot escape the web.
First came along internet 1.0, somewhere between 1991-2004. Back then, the internet was basically like several Wikipedia pages hyperlinked together. But, over time we made improvements.
With the concepts of JavaScript and flash coming along, they added many more layers to the web. One thing to note about web 1.0 is that people only used to go on the web to consume. The user’s sole purpose was to go online to feed themselves with some information and data. The usage and purpose were elementary.
Web 2
From 2004 until our recent past, we can say it was the era of web 2.0. The whole face of the internet has changed in these years. It has laid and strengthened the roots of the internet to become the kingpin of human races development. The whole purpose of the internet and its integration into our lives has changed drastically.
From being just a consumer, now in web2.0, we were being consumed. In web1.0, only the consumer got information from the web. Whereas in web2.0, the web too got information/data from the consumer. Data helped the web serve the consumer better and kept the consumer hooked to the sites for longer. The websites used data to create business by helping partner companies run advertisements based on that data. Web2.0 was an age of targeted advertising and some playing around with the consumers’ privacy.
And that now brings us to our present and future, web 3.0.
Web3.0
Web 3 is the brainchild of years of research work and brainstorming. It’s the unified solution to tech with both a front and a back end. It’s being seen as an age where blockchain tech and the concepts of decentralization will hold a key place.
Web 3 has already made a whooping and applauded entry into our personal and professional lives. There are bits and pieces of automation around us through machine learning and artificial intelligence. It improves every user’s digital/online journey while maintaining overall safety. The use of 3D graphics gives it a new dynamic and edge. Thus, it changes how you see and experience the subject.
Web3 enables the system to search, create and interlink content. Artificial intellect helps the web find relevant keywords, read between the lines, and make meaning/references.
It’s a far more enhanced and forward approach wherein the web thinks/generates, and the consumers react. Semantic metadata expediates connectivity, enabling every user to access all the data under one umbrella.
You can also learn about Progressive Web Apps.
Decentralization
Decentralization is the mother seed of web3. In this tech, the data is encrypted and held over a network of systems without any centralized overhang. It means nobody can ever alter the information as it has various copies across the web. It provides an added layer of firewall security.
Regardless of the server’s geographical location that holds the data or its owner, that data cannot be accessed or altered unless you have the owners’ blessings. Or there is a consensus across the network. It is permissionless. It means no permission from a third party is necessary to conduct a transaction. The transacting parties do not need an intermediary to ensure trustworthiness because the blockchain algorithm and encryption make every transaction secure.
Where will Web3 make its place?
Web3 will be commonly found in:
NFTs, DAOs, and cryptocurrency
The Bitcoin community strongly backs Web3. Cryptocurrencies such as bitcoin and NFTs (non-fungible tokens) are critical elements of the future internet economy.
Decentralized Autonomous Organizations (DAO) are communes or organizations that lack a typical management structure. The DAO functions following the rules based on blockchain. It promotes entrepreneurship and innovation.
Shareholders jointly own these organizations. They will be autonomous and transparent, clearing the door for firms to be formed more quickly. And without the need for bureaucratic red tape or reliance on platforms controlled by big tech. It may encourage the development of decentralized apps (Dapps) where fees are in tokens. It will then play an important part in the operation of DAOs.
Artificial Intelligence and the Metaverse
AI is a key component of Web3 since it encompasses a wide range of server interactions and autonomous decision-making.
AI algorithms may execute multiple tasks in place of people, which is very much in sync with Web3 trends. The metaverse, like Web3, may soon become the next web iteration. A network of virtual worlds where users may interact with 3D avatars for most social and collaborative activities.
While Virtual Reality (VR) and Augmented Reality (AR) can provide a more comprehensive and durable internet, Web3 technologies such as blockchain, cryptocurrencies, and NFTs can serve as the foundation and enable interoperability. The metaverse is the front-end in many aspects, while Web3 technologies and AI offer the infrastructure and applications.
The employment opportunities in Web3
According to Gartner, by 2026, 25% of consumers would spend at least one hour daily engaging with the metaverse for work, retail, education, social, or entertainment activities. So, indeed, many employment opportunities also open up in the market.
Developer of Blockchain Software
In the same way, that a web developer develops web apps using protocols specified by web architects, Blockchain Core Developers develop a Blockchain dApp using similar protocols in their field. Essentially, they use current tools to construct dApps on top of Blockchain infrastructure. It is achieved by creating and implementing smart contracts on the blockchain. The tools needed for the work are Solidity and Substrate.
Blockchain Programmer
As a blockchain programmer, you will probably be working on Ethereum or Bitcoin, two of the biggest and most popular blockchain systems. They design and develop apps employing blockchain technology, evaluate them, and use that technology to create systems or applications that benefit their company as part of their job.
Designer of UX/UI
It’s quite self-explanatory. Blockchain solutions follow the same design principles as any other product. But there’s a catch. Because blockchain is challenging for normal people to understand, you must follow the KISS principles. Communicating with developers is an important part of getting your product to market. It is crucial to achieve so that the user experience remains the same throughout the transaction. That, too, with any impediments caused by technological complexity removed.
Conclusion
Web3 apps are already deployed. We need to see if the notion will become mainstream in its current form. The concept is based on autonomy and decentralization, but the key question is whether the current tech titans and governmental bodies will allow it. A lack of monitoring and control would result in safety, security, and legal difficulties, which are currently severe concerns. With necessary adjustments to the key variables, this could very well be our future and open gates to new realms in human understanding of society and data.
Every paradigm shift has its hurdles to overcome as it evolves and comes along. Several firms have already adopted Web3 to stay ahead of the curve. While many others are investigating the possibilities. Business executives looking ahead must prepare themselves and their businesses to embrace Web3 when it arrives.
