What is Web 3.0 and Why is it a Leading Tech Trend?

Considering that the Web was created roughly 30 years ago, it is jarring how quickly it has developed into the advanced global network we know today. We now have information at our fingertips and can connect with others with just a few strokes on a keyboard.

The Web’s exponential growth shows no signs of stopping. As technologies such as Blockchain and AI continue to advance, the Web will undoubtedly change as developers work to integrate these new developments. We can classify the Web’s growth into three phases, known as versions, based on the Web’s key features and capabilities. In this article, we will discuss the latest version, Web 3.0, and why it is a leading trend to watch. 

For more like this, check out these other AITJ articles: 3 Ways Web 3.0 Will Change Digital Marketing and Top Crypto and Web3 Companies to Watch

History of the Web

In 1991, Sir Tim Berners-Lee introduced the first version of the “World Wide Web,” an information system that allowed people to interact with the internet. In its first version, Web 1.0, the World Wide Web was primarily a “read-only” platform. Web 1.0 focused on making it easier to access information and consisted of a few web pages that the public could read. 

2004 marks the shift from Web 1.0 to Web 2.0. Web 2.0 is what we are most familiar with; it is the interactive network we use daily. This version contains the bulk of the web’s impressive advancement and has led to the birth of other integral technology, such as social media.

What is Web3?

The latest version of the Web, known as Web 3.0, is currently being developed. This iteration will allow websites and apps to process data semantically. In other words, Web 3.0 will better understand the underlying intentions of a user’s search queries. Integrating AI, machine learning, Big Data, and Blockchain technologies will enable Web 3.0 to interact with users in a more “human-like” manner. 

The predicted benefits of Web 3.0 include:

  • Enhanced Search Capabilities
  • Greater data security
  • Personalized browsing experiences
  • Better marketing

Although much of Web 3.0 remains undefined, many experts believe Blockchain will play a critical role in its development. Blockchain, also known as Distributed Ledger Technology (DLT), would decentralize the Web, preventing a single entity from controlling what is posted. This development will be significant, especially as concerns over censorship continue. 

Practical Applications of Web 3.0

Currently, we are in a limbo period between Web 2.0 and Web 3.0. This transition period is expected to last at least another decade as experts continue to standardize the definition and characteristics of Web 3.0. 

However, we are beginning to see the emergence of some Web 3.0 technologies. The following examples adhere to the principal characteristics of Web 3.0 and can be used as a glimpse into the future once the transition occurs.

  • Audius: a decentralized music-sharing platform that utilizes blockchain to cut out middlemen, such as Spotify or SoundCloud, and allow artists to receive payment directly from fans. 
  • Brave Browser: an open-source web browser that automatically blocks ads and data trackers, making it faster and safer than traditional browsers. 
  • IDEX: a decentralized trading exchange engine designed to process a high trading volume of cryptocurrencies with minimal latency. 

Future Applications of Web 3.0

Web 3.0 has the potential to revolutionize the way we interact with the Web. It isn’t simply a trend that will fade as time goes on. Thus, it is crucial to watch how Web 3.0 develops. Web 3.0 is regarded as the next evolution and is projected to impact a variety of industries. From FinTech to Healthcare, Web 3.0 will shift how business is conducted. As Web 3.0 aims to make the Web more transparent and safe, businesses will have to adjust their practices as development continues. 

About The Author

Scroll to Top
Share via
Copy link
Powered by Social Snap