"Web 3.0" is a concept that represents a new form of the Internet that is rapidly gaining attention from the second half of 2021.
Since it's a new keyword, there are probably a lot of people who have heard of it but still don't understand it.
The concept of Web 3.0 is also important when we talk about crypto assets called virtual currencies such as tokens and platforms, NFTs and theMetaverse and web3.
In this article, I've outlined how Web 3.0 differs from the Internet so far and how Web 3.0 is expected to change business in the future.
How is Web 3.0?
"Web3.0" (sometimes written as "Web3") has become a buzzword and attracts a lot of attention.
Web 3.0 is a new concept born in recent years and there is still no clear definition. It is expected to solve the problems of the existing network, and it is better to see it as a direction pointing the next ideal way.
Looking at the evolution of the web so far makes it easier to understand what Web 3.0 will look like.
First, I will explain the flow to date and Web 3.0 by breaking it down into the following three parts.
- What is Internet 1.0?
- What is Internet 2.0?
- What is web3.0?
Let's go step by step.
What is Internet 1.0?
"Web 1.0" refers to the early days of the web. Approximately from the mid-1990s to the mid-2000s. In fact, there is no detailed definition other than time. When the next "Web2.0" was proposed, it was the name given to the pre-Web2.0 web.
Although there is no detailed definition, it is generally said that the transfer of information is unilateral and one-way. With the advent of the Internet, anyone can distribute information on a large scale. In the beginning, however, knowledge of site construction was required to submit information, and it was common for most people to visit websites created by some of the creators. In other words, the transmitter and receiver were still fixed and it was one-sided. In Web 1.0, homepages and search sites were central to the web.
What is Internet 2.0?
"Web 2.0" is the web we currently use. A term born in the mid-2000s to the late 2010s, social networks such as Twitter and Facebook and platforms such as YouTube have appeared, which allow the transmission of information without having the necessary experience to create a website.
Anyone can comment on posts on SNS by liking or commenting on them, and the main feature is that two-way communication is possible. SNS and blogs are representative services of Web 2.0.
While it has become easier to disseminate information, problems have also been identified.
In Web 2.0, information is aggregated by platform companies that also operate platforms. At the same time, the information can be manipulated and controlled by these companies. It is also feared that there is a danger of the information being leaked or lost if the platform company's server malfunctions or is exposed to cyber attacks.
What is web3.0?
And Web 3.0 is the way of the next generation Web, characterized by 'distribution' and 'unreliability'. Decentralized data management is expected to take place using blockchain technology.
Blockchain enables direct exchange between computers participating in the network. When storing data, it also distributes save destinations to computers on the network. Concretely, the data of a certain time period is first recorded in blocks. Then the next data block is committed to another computer. The blocks are concatenated as a string and at the same time keep records of the previous block. This is how we connect the chain and store data on many computers. "Decentralized" is the first keyword of Web3.0.
What you can do with Web3.0
It is believed that Web3.0 will solve the problems of Web2.0. There are two major problems with Web 2.0:
- Privacy issues where personal information is concentrated in certain large companies
- Security issues that rely on centralized servers
"Personal Information" also includes your browsing history and preferences. Ads displayed while viewing the site are also displayed based on individual search history. Also, because of the centralized server, if the server goes down, the entire system will shut down. This problem is also referred to as a single point of failure. In both cases, the services and management are concentrated in a few companies.
Web 3.0 solves these problems and it is believed that the following will be possible in the future.
- App appearance independent of operating system and device
- cloud storage changes
- No access restrictions to specific areas
- the server is stable
Let's look at each of them in detail.
OS and device independent apps
In the future, applications in Web 3.0 may appear independent of operating system and devices.
Web 3.0 applications are mainly built using a platform called "Ethereum". Ethereum is an open source platform for building blockchains. For example, it is like an operating system and you can create distributed applications "DApps". Examples of DApps are games, which can be used regardless of operating system or device. If we take smartphone apps as an example, there is no iOS version and no Android version anymore.
From the business side, you can develop applications that can be used on any operating system and device without incurring costs for each operating system. Users can also use each app on multiple devices and operating systems.
cloud storage changes
Web 3.0 can change cloud storage.
In Web 3.0, which uses blockchain technology, the registration and storage of data is distributed across multiple computers instead of servers. This also means that we need a place to store data within the Web 3.0 network.
In the example of the already provided decentralized storage service "Filecoin", you can get rewards for renting your own space for free. It's like renting out a vacant house for rental income. You can also set your own reward amount. If there are people who rent cheaply and price competition arises, there is a chance that storage users can use the service at a low price.
No access restrictions to specific areas
Web 3.0 will likely remove restrictions on Web access that currently exist in some areas.
This is because decentralized networks do not have a centralized governing body. Technically, access is possible regardless of nationality, region, gender, etc. It is hoped that we will be able to exchange information in a truly fair and equal relationship.
the server is stable
Web3.0 is supposed to stabilize the server.
By using a technology called "P2P" (Peer to Peer), it is possible to communicate information between users without going through a server. P2P is a direct connection between terminals in an equal relationship. This prevents access from being concentrated on one server. As a result, a server is less likely to crash due to access load. There is also a possibility that it will improve communication stability and communication speed.
Web 3.0 closely related to crypto assets, NFT and metaverse
Crypto-assets called virtual currencies such as Bitcoin are electronic data currencies used for online transactions. Like an appraisal, "NFT" shows that the product data has not been duplicated or falsified, but is proprietary without fraud. “metaverso” is a three-dimensional virtual space on the Internet. You can communicate and do business with others just like in the real space.
Crypto-assets called virtual currencies such as Bitcoin are electronic data currencies used for online transactions. Like an appraisal, "NFT" shows that the product data has not been duplicated or falsified, but is proprietary without fraud. "Metaverse" is a three-dimensional virtual space on the Internet. You can communicate and do business with others just like in the real space.
Buying and selling in the Metaverse requires proof that the goods are authentic. NFT is proof of that. Crypto assets are expected to become the main method of payment in the future. That is why it is said that NFTs and crypto assets will become increasingly important for business transactions in thedevelopment of the metaverse.
Future Prospects for Web 3.0
As the current Web 2.0 transitions to Web 3.0, the platforms and applications used will change and answers such as portability are assumed to be required.
For example, YouTube users are moving their YouTube activities to new platforms and are also transferring existing content.
For commercial operators, the method of monetizing the web is likely to change significantly. Until now, the business model has been charging for services. However, such existing business models may no longer work in the future.
The era of Web 2.0, which focused on platform companies like Google, Instagram, and Twitter, has been referred to as a centralized "platform economy." If Web 3.0 creates a decentralized platform out of such centralization, it will be closely related to the "token economy" and "construction economy" that are currently attracting attention.
Trading high-quality digital art on NFTs has become a hot topic, but as creators like Youtubers and SNS influencers migrate their platforms to Web 3.0, a new maker economy will be formed there. That's what it means.
As with the transition from the Web 1.0 era to Web 2.0, the transition from Web 2.0 to Web 3.0 will not be a sudden transition, but a gradual transition or compatibility with Web 2.0. could be.
Although it is only an assumption, to drive the transition to Web 3.0 in the future, we will invest in blockchain related companies in the short term and in measures and projects that encourage communication between individuals through the chain of blocks in the long term . plans etc.
The picture of the world in which Web 3.0 is spreading is still vague and how it will turn out concretely is unknown, but we will have to keep an eye on future developments.
FAQs
What is Web3.0? ｜Explain what you can do and the relationship with NFT and Metaverse!? ›
Non-fungible tokens (NFTs) have many blockchain characteristics that make them useful and integrable with Web3. As unique blockchain tokens, NFTs allow you to transparently provide proof of ownership for things such as digital art, music, data, in-game assets, personal records, and more.
What is Web3 and NFT? ›Non-fungible tokens (NFTs) have many blockchain characteristics that make them useful and integrable with Web3. As unique blockchain tokens, NFTs allow you to transparently provide proof of ownership for things such as digital art, music, data, in-game assets, personal records, and more.
What is Web3 and Metaverse? ›Web3 is the latest iteration of the internet, focusing on the creation of a decentralized web. In contrast, the metaverse is a concept that seeks to combine the physical and virtual worlds, combining virtually augmented physical reality with physically persistent virtual spaces.
What is the connection between NFTs and the Metaverse? ›The metaverse is a concept of a virtual shared space where users can interact with each other and digital objects in a seemingly real way. NFTs (non-fungible tokens) are digital assets that can be used to represent unique items, such as virtual real estate, in-game items and collectibles, on a blockchain.
What is Web3 and what is it used for? ›What is Web 3.0 (Web3)? Web 3.0 describes the next evolution of the World Wide Web, the user interface that provides access to documents, applications and multimedia on the internet. Web 3.0 is still being developed, so there isn't a universally accepted definition.
What is Web3 in simple terms? ›Web 3.0, sometimes known as Web 3, is the concept of the next generation of the web, in which most users will be connected via a decentralized network and have access to their own data. This article taught us about the technologies that are anticipated to advance and change in the upcoming years.
What is the NFT? ›NFT meaning and definition
Non-fungible means that something is unique and can't be replaced. By contrast, physical money and cryptocurrencies are fungible, which means they can be traded or exchanged for one another. Every NFT contains a digital signature which makes each one unique.
In science fiction, the "metaverse" is a hypothetical iteration of the Internet as a single, universal, and immersive virtual world that is facilitated by the use of virtual reality (VR) and augmented reality (AR) headsets.
Is Web3 the same as NFT? ›What is Web 3.0? Web 3.0 refers to the third evolution of web technologies and encompasses the decentralized applications that run on blockchain, including non-fungible tokens (“NFT”) and cryptocurrencies.
How does metaverse work? ›In short, the Metaverse is a digital escape hatch that allows users to immerse themselves in an online reality with other users from across the globe. This virtual realm called the Metaverse offers users the ability to live, explore, and develop within it through the use of virtual/augmented reality headsets/glasses.
What is the difference between metaverse and NFT? ›
The primary distinction between NFT and metaverse refers to the two concepts' fundamental definitions. The metaverse is a separate virtual world, whereas non-fungible tokens are essentially a subset of virtual tokens.
What is NFT connected to? ›NFTs exist on a blockchain, which is a distributed public ledger that records transactions. You're probably most familiar with blockchain as the underlying process that makes cryptocurrencies possible. Specifically, NFTs are typically held on the Ethereum blockchain, although other blockchains support them as well.
What is web3 in real life example? ›AI-based chatbots are another example of using web3 to your advantage for offering personalized customer experiences. The applications of Web 3.0 in AI-based chatbots can also capitalize on interoperability for accessing confidential data throughout multiple devices and apps.
What is an example of using web3? ›A good example of a web3 trustless transaction would be sending Bitcoin directly to another person – not via an online exchange or wallet stored on a centralized server.
What is the main goal of web3? ›Web3 allows for direct ownership through non-fungible tokens (NFTs). No one, not even the game's creators, has the power to take away your ownership. And, if you stop playing, you can sell or trade your in-game items on open markets and recoup their value.
Who owns Web3? ›Web3 Foundation founder and President Dr. Gavin Wood discusses the ethos and vision behind Web 3.0 and proposes the Web 3.0 Technology Stack as a way to measure our progress.
What is the difference between crypto and Web3? ›Crypto wallets are like your passport to Web3. The only difference is that, unlike a travel passport, crypto wallets don't have any central authority—like a government—managing them.
How will Web3 change the world? ›Web3 technologies can empower individuals by giving them more control over their data and assets, and by enabling them to participate in decentralized networks and platforms. This can lead to greater economic and social empowerment.
What is an example of a NFT? ›Collectibles: Bored Ape Yacht Club, Crypto Punks, and Pudgy Panda are some examples of NFTs in this category. Domain names: NFTs that represent ownership of domain names for your website(s) Music: Artists can tokenize their music, granting buyers the rights the artist wants them to have.
Why do people buy an NFT? ›Everyone has their own reason for wanting to own an NFT, but there are two main motives: investment and pleasure. Many people buy NFTs to make money, either by flipping them or as a long-term investment.
How does an NFT make money? ›
Every time an NFT is purchased, the NFT creator receives a portion of the sale price and on any subsequent sales of that NFT, which essentially acts like a royalty in perpetuity that benefits the NFT creator.
Who owns metaverse? ›In the case of the Facebook Metaverse, it is owned by the company founder and CEO, Mark Zuckerberg. Decentraland was created by Ari Meilich and Esteban Ordano for a company called Metaverse Holdings Ltd., which and a number of investors own the rights to the digital universe.
What is metaverse for dummies? ›The Metaverse is a collection of different virtual reality-based environments, worlds or places. These started their origin in the gaming industry and now the applications of these virtual worlds is being seen in different industries such as entertainment, education, travel and even manufacturing.
Who uses metaverse? ›Microsoft. Microsoft has made headway in the metaverse space by providing a business function that builds on Microsoft Teams. Microsoft Mesh allows people to meet virtually through avatars—or, in the future, holograms—to attend events, meetings and conferences.
Is Web3 different than Metaverse? ›Web3 is the internet's third iteration. In the meantime, Metaverse is a simulated universe powered by a decentralized Blockchain network. Web3 vs Metaverse are both distributed platforms. Web3 makes use of Blockchain technology to create an open network.
Why is Web3 so popular? ›The allure of Web3. 0 is that it is decentralized, thus instead of consumers being able to access the internet through services managed by Google, Apple, or Facebook, individuals own and govern portions of the internet.
Why Web3 is the future? ›Its decentralized successor, Web3, could lead us to a more inclusive future where digital citizens of the world can have true participation in the form of ownership. While blockchain has existed for over a decade, the Web3 movement is in its early stages.
Can the metaverse make you money? ›The metaverse offers opportunities for investors and gamers. Investors can sell NFTs for a profit, and gamers can play to earn. You might want to hold an event and sell tickets or rent metaverse real estate. For long-term earning, consider a job in the metaverse industry.
How do I start metaverse? ›- Set up your Oculus Quest 2 first. Download the Oculus app onto your phone and create an account.
- Download the virtual reality applications of your choice.
- Click on “App drawer” in the menu. All of your apps will appear.
- Choose a platform and immerse yourself in the metaverse.
- Traditional centralized metaverses – Web2 types of metaverse.
- Centralized Blockchain Metaverse – Web3 types of metaverse.
- Decentralized Blockchain metaverse – Web3 types of metaverse.
Can I wear my NFT in the metaverse? ›
NFTs allow you to own own interoperable digital goods in a virtual metaverse. These NFTs help empower your crypto wallet and use cryptocurrencies with metaverse-only digital goods. That includes avatar clothing, avatar animations, virtual decorations, and weapons.
What is the best NFT metaverse? ›RobotEra (TARO) is a clear winner when it comes to investing in the metaverse through virtual ownership. In fact, this is also one of the best metaverse crypto projects for buying digital real estate – this is because RobotEra enables users to purchase plots of land, which are backed by NFTs on the Ethereum blockchain.
What is the main advantage of metaverse? ›Better collaboration and co-creation. Because the metaverse promises to mimic real-world social interactions and accurately represent physical objects in three dimensions, individuals will be able to collaborate as if they were all in the same room.
What are the biggest benefits of the metaverse? ›One of the biggest benefits of the metaverse is the potential to overcome barriers to education, such as geographic location or socioeconomic status. Students from all over the world could participate in virtual classrooms, have access to the same learning materials, and interact with each other.
What is the biggest advantage of NFT? ›One of the primary benefits of NFTs is their ability to establish authenticity. Because each NFT is unique and verifiable on the blockchain, it's easy to determine whether a particular digital asset is authentic or not.
What is the most expensive NFT ever sold? ›- The Merge – $91.8 Million | An NFT Bought by Over 28,000 Collectors. ...
- Everydays: The First 5000 Days – $69.3 Million | Most Expensive NFT Bought by a Single Person. ...
- Clock – $52.8 Million | Live Calculator for Julian Assange's Imprisonment. ...
- HUMAN ONE – $28.95 Million | NFT with a Mix of Digital and Physical Art.
| 7d Low / 7d High | $0.01642 / $0.01799 |
|---|---|
| 52 Week Low / 52 Week High | $0.0000004906 / $0.06261 |
| All Time High Sep 24, 2020 (3 years ago) | $27.89 99.94% |
| All Time Low Sep 28, 2022 (7 months ago) | $0.0000004906 3519095.02% |
| NFT ROI | 87.77% |
No, Crypto is not a part of NFT. NFT is a digital asset, and it is not based on or backed by any currency. Crypto is a form of digital asset that uses cryptography to secure its transactions and control the creation of new units.
Does Web3 exist today? ›Versions of the Web
Web 3.0 or Web3 is the third generation of the World Wide Web (WWW). Currently a work in progress, it is a vision of a decentralized and open web with greater utility for its users. Web 2.0 is the second and current generation, succeeding Web 1.0 of the 1990s and early 2000s.
- Make Money on Web3 with AirDrops: ...
- Earn Money Playing Games on the Web: ...
- Sell Your Data for Money: ...
- Make Your Own Money: ...
- Possess NFTs: ...
- Take Advantage of Centralized Credit: ...
- Profit from the Metaverse:
Is Web 3.0 the future? ›
Web 3.0 will be accessible and readable by both humans and machines, such as Internet of Things (IoT) devices or machine-learning algorithms. Several emerging tech sectors represent the future of Web 3.0, including augmented reality, the IoT and AI.
What is Web3 in Crypto? ›In 2006, Berners-Lee described the Semantic Web as a component of Web 3.0, which is different from the meaning of Web3 in blockchain contexts. The term "Web3" was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014, referring to a "decentralized online ecosystem based on blockchain."
Is Google using Web3? ›Google Cloud Broadens Web3 Slate By Joining Tezos 'Bakers'
Feb 22, 2023 The Tezos Foundation has teamed up with Google Cloud to allow customers of the cloud computing business to deploy Tezos nodes and build Web3 applications on the blockchain.
Web3 returns content rights to the author, enhances the security level, eliminates unfair censorship, ushers in transparency, automates the functioning of software and facilitates a creator economy.
What skills do you need for Web3? ›Other technical skills you need for entry-level jobs in Web3 include blockchain basics & Ethereum, solidity, writing smart contracts, and front-end web development. You'll also pick skills in HTML, CSS, JavaScript, JavaScript Frameworks, etc., as well as marketing, sales, finance, operations, and analytics.
What does Web3 mean in crypto? ›Later in 2014, Polkadot and Ethereum co-founder Gavin Wood coined the phrase “Web 3.0,” which refers to a decentralized online ecosystem built on the blockchain. The internet version will thus be created in a more human-centered and personalized way, with no central authority to regulate its development.
Is Web3 the same as crypto? ›Web3 has native payments: it uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors.
How is Web3 different from crypto? ›Cryptocurrency vs dApps
Blockchain technology is most commonly associated with cryptocurrencies like Bitcoin and Ethereum, while Web3 enables the development and use of decentralized applications (dApps).
In 2006, Berners-Lee described the Semantic Web as a component of Web 3.0, which is different from the meaning of Web3 in blockchain contexts. The term "Web3" was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014, referring to a "decentralized online ecosystem based on blockchain."
What are the benefits of Web 3.0 in crypto? ›The decentralized architecture of Web 3.0 offers users the promise of more control over their data, which will typically be secured on the blockchain with both private key and public key cryptography. AI and machine learning.
What coins run on Web3? ›
- Filecoin. Filecoin is widely recognised as an open-source, public cryptocurrency and digital payment system. ...
- Theta. ...
- Chain link. ...
- Internet Computer. ...
- BitTorrent. ...
- Uniswap. ...
- Ethereum. ...
- Decentraland.