What is web 3.0? In the world of technology, besides the metaverse that continues to be echoed, Web 3.0 is also being heard more often.
Some technology experts say Web 3.0 will be a new kind of internet that not only accurately interprets what you enter but truly understands everything you convey, whether through text, voice, or other media, where all the content you consume is more tailored to you than ever before.
Currently, several platforms are already said to have adopted Web 3.0. Still, the impact will only be visible after all the technologies are embedded in the web infrastructure.
But what is Web 3.0 exactly, what will it look like, and how will it change our lives?
Intro to Web 3.0: What is Web 3.0
Web 3.0 was initially called the Semantic Web by World Wide Web inventor Tim Berners-Lee and was intended to make the Internet more independent, intelligent, and open.
In addition, the definition of Web 3.0 can be expanded to mean that data will be interconnected in a decentralized way where data is primarily stored in a centralized repository.
Furthermore, users and machines will be able to interact with the data. But for this to happen, programs need to make sense of the information conceptually and contextually.
Thus, the two main foundations of Web 3.0 are the semantic web and artificial intelligence (AI).
Web 3.0 network interactions are peer-to-peer or between users.
In 2008, Satoshi Nakamoto created a whitepaper on Bitcoin, an alternative payment system based on cryptographic code and blockchain technology.
Bitcoin allows the creation of a decentralized payment system. Then, Vitalik Buterin and several other Ethereum founders created the technology that became the foundation of Web 3.0: smart contracts.
Bitcoin and blockchain enable decentralized transactions, and intelligent agreements form an interconnected network.
Blockchain technology and cryptography are changing user interactions and platforms providing various services. In the Web 2.0 era, the platform provider is responsible for being a third party that stores personal data and funds owned by its users.
Consumer or Creator Can Participate
In the Web 3.0 ecosystem, we don’t need to trust the platform to secure our data and funds because algorithms and innovative contract programs regulate everything.
Blockchain technology stores and regulates all data storage processes that occur confidentially but transparently. The cryptographic function of crypto assets facilitates the security of the funds we receive and send.
Everyone can directly transact with each other without any third party allowing and storing personal user data.
What is Web 3.0: Charecteristics
1. Trustless and Permissionless
As already explained, the main characteristics of the Web3 internet era are trustless and permissionless. For most people, the impact of these two principles will go unnoticed.
Most of the development that Web 3.0 brings about happens behind the scenes, at the programming and code level, behind each application.
The first thing that users will notice when using the Web3 application is using crypto assets as currency in every transaction.
Then, applications on Web 3.0 are connected, and users only have to move their assets to make transactions. Most Web 3.0 platforms have interoperability with various other platforms.
The Internet in the Web 3.0 era is marked by the concept of self-governance in which various platforms and applications implement the DAO system.
The DAO system allows users to participate in determining platform policies. This self-governance model is an attempt by different Web 3.0 media to decentralize and move away from the centralized model used by Amazon, Google, and other Web 2.0 companies.
3. Data Ownership
An essential characteristic of the Web 3.0 era is data ownership. The Web 2.0 era is characterized by large companies that have a monopoly on the personal data of their users without any controls to protect it. User data is treated like a commodity and ‘traded’ for advertising purposes.
Blockchain technology and crypto assets enable anonymity when transacting by hiding users’ data behind encryption computers can only read. With this, platforms and companies on Web 3.0 do not have access to the personal data of their users.
All of the characteristics of Web 3.0 above are efforts made to protect users and support a more democratic and open internet ecosystem.
Weaknesses and Limitations Web 3.0
1. Education and Understanding
The Web 3.0 internet era brought many changes and different principles not recognized by many users. Just like the move from the Web 1.0 to 2.0 age, this transition will take a long time.
Web3 introduces principles, technologies, and models of interaction that are very different from the internet as we know it today. Communities need time to process and understand these differences.
In addition, as in the early days of the internet, many critics and experts are skeptical of this new era of technology, and it is only natural.
Therefore, Web 3.0 proponents and pioneers like Ethereum and the Web 3.0 Foundation are intensifying education about the new internet era.
2. User Experience/User Experience
Most Web 3.0 platforms and applications are still complicated for most people to use. Barriers to using these applications are still high because users need to understand many technical terms.
Users must realize various concepts in transactions to avoid fraud and other criminal acts. This prevents many Web3 platforms from being used by many people.
The Web 3.0 Ecosystem is still in its infancy. Many developments in various aspects can change the direction and technology.
Today, many Web 3.0 platforms and applications still use a centralized Web 2.0 infrastructure (Google, AWS, Twitter, Discord). However, many new Web 3.0 projects, such as Chainlink, are working to fill this infrastructure void.
Integrating a unique, trusted, and secure infrastructure will take some time. This is still a Web3 weakness that many experts often criticize.
The Web 3.0 era focuses on decentralization, where users have an essential role in participating. However, we need to ask how many people are willing and able to participate actively in helping the platform’s development.
As well as requiring an in-depth understanding of the platform, participating users will need to spend time and effort on the platform they use.
This unique aspect can be a barrier at the same time because not everyone can and wants to set aside time to participate. Lack of participation can hinder the development of a platform.