What Is Web 3.0?
Web3, as envisioned by the Web3 Foundation, will be a public internet where data and content are registered on blockchains, tokenized, or managed and accessed on peer-to-peer distributed networks. Web3 promises to be a decentralized, immutable version of the web, free of intermediaries and built with the same cryptographic verifiability that has given rise to cryptocurrencies, non-fungible tokens (NFTs), and new types of decentralized applications underpinned by a distributed ledger, or Dapps. Web3 (Web 3.0) is the next evolution of the internet, growing out of Web 2.0. Like the earlier versions of the internet, Web3 is building off the past generations and adding to it. It is considered the read-write-own or read-write-execute version of the internet. Decentralization, privacy, machine learning and safety are some trends we are already seeing that will shape the Web 3.0 environment.
Fairness through decentralization
The big focus of Web3’s meaning is decentralization—making online communities owned by everyone, with transparent information sharing. Instead of storing information through database giants such as Google, information will be freely shared and stored in many locations (this is called distributed computing). Everything will be shared by DAOs (Decentralized Autonomous Organizations). DAOs are groups built for one purpose, community run, relying on each member within the DAO to work in the best interest of reaching a common goal. DAOs really emerged among cryptocurrency enthusiasts and are largely used to make decisions in a bottom-up, ideally equitable management approach.
Privacy through blockchain
Blockchain is considered a pivotal part of decentralization. Ownership of things on the internet will be registered on the blockchain, which is a transparent and publicly accessible data system that allows anybody to see what goes on in it.
An example of people using blockchain includes registering digital assets (NFTs) and tokens (crypto), which allow people to transfer digital goods seamlessly without needing to know the other party. Personal identity isn’t revealed unless users decide to share their real identity by tying their blockchain wallets (think of this as your Web 3.0 ID) to their personal information. There is one main difference between blockchain technology and past infrastructures: databases. Databases in the past were controlled by a single person or organization, and they had complete control over that system. They could control how the data is stored and changed, leading to errors and fraud. Blockchains, on the other hand, allow anyone to create systems that can be audited by anybody. Because it is open to everyone, it allows anyone to understand the systems they are interfacing and develop trust with users who use their apps.”
Security through encryption
Encryption is another part of Web3. It basically ensures that no one can access data except for the intended parties. While we already use encryption to protect our online data, as the internet evolves we’ll use it to ensure data can be both publicly transparent and privately owned. For example, encryption will keep your information private as you transfer ownerships and assets on the blockchain.
Machine learning through AI
Another piece of the Web 3.0 puzzle was dreamed of way back in the 1990s. The idea was computers would be able to contextualize information much like the human brain. Beyond just knowing what the information is, the AI (artificial intelligence) would understand the meaning and emotion behind the information, serving it up to humans in a more intelligent way than search engines do today. AI could, for example, find you the pair of shoes at the best price point for you using your personal preferences and style, just like a human personal shopper. It may also be able to shop for a car or vacation for you and then provide you with highly customized options. AI could also be used to make things of value using this advanced way of learning, such as creating new medicines or manufacturing new products. There are already a few use cases of artificial intelligence in Web 3.0 applications. For example, there is AI-generated art, which is then sold as NFTs.
How might this all fit into the metaverse someday?
Although it’s hard to pinpoint, metaverse might use blockchains to keep track of digital asset storage. One potential use is that creators in the metaverse may be able to register their digital assets, like sound, music, immersive experiences and games, in a safe and transparent way. Web 3.0 AI may also be able to build you custom metaverse games or environments based on your personality and preferences.
The Web3 stack at a high level as made up of:
- Blockchain
- Blockchain development environment
- File storage
- P2P databases
- API (Indexing and querying)
- Identity
- Client (frameworks and libraries)
- Other protocols
- A front-end web server
- A middle layer application server
- A back-end database or data store
This is clearly a significant departure from today’s commonly used three-tier architecture for web development, which consists of:
Though there is a lot that may come with Web3, there are some overall themes that are already emerging. The pull away from “big data” with an emphasis on giving the user more freedom and security is already happening.