What is Web3 and why is it important?

What’s the difference between web 1.0, web 2.0, web 3.0?

The standout difference between web 3.0 and its predecessors is the fact it is a decentralised model, with data being stored and shared across many devices, as opposed to being only on centralised servers. Having data shared securely across many locations provides a safeguard and reduces risks of large-scale data breach.

 Let’s take a quick peek at previous manifestations of the web.

 Web 1.0

The first step into the world wide web, version 1.0 was a static, read-only experience for users. Driven by web browsers and HTML, HTTP and URL technology, elements were hyperlinked together and there were no search engines to speak of. This passive experience saw reading information as the only interaction between user and platform.

 Web 2.0

Moving on up, 2.0 provides a two-way experience where users can interact by reading and creating content on sites and apps and sharing it between platforms. 2.0 is highly centralised with the big players having a monopoly on the associated user data (think YouTube, Meta/Facebook, Twitter) which they monetise. This extreme imbalance of data ownership and therefore power, along with increased widespread privacy and security concerns, is creating the need for the next generation of the internet.

 Web 3.0.

Key features of web 3.0

Beyond the decentralisation of data, other differences between 3.0 and previous versions are not as clearly defined. There are, however, some key features of 3.0 that provide more definition. 

• Semantic web

The semantic web is where online pages are structured and tagged in a way that supports computers to directly read and process them at scale and better understand all digital content.

 The benefit of this development is that massive quantities of data and knowledge is easily accessed and read by machines (this includes AI bots and virtual assistants), which results in algorithms needing less data to produce relevant results for users. The machines can analyse the context of the data, not just the data on its own.

• Artificial intelligence (AI)

A fundamental aspect of Web3, AI is tasked with improving the user experience by providing better content recommendations and human-machine interaction. AI will offer sophisticated learning algorithms and analytics to help machines learn and better process, or understand, digital content.

 AI-powered recommendation already exists with web 2.0 offerings, such as content streaming services that analyse viewer activity. These algorithms will be central to Web3, as they can analyse massive quantities of user data and create predictive models for the individual. As a result, the user will get a more tailored and personalised experience.

• Blockchain

Already existing within cryptocurrency ecosystems, blockchain technology enables peer-to-peer payments and the collection of digital assets. So, what is blockchains’ role in web 3.0? In the new wave, blockchain networks replace centralised databases. 

With blockchain, you’ll only need a single username and password to access everything that has become decentralised, not one for each platform or service. Blockchain technology will support and facilitate the overall decentralisation that Web3 promises to bring.

•  Connectivity

All data will be more connected because of semantic metadata. This will result in a better user experience overall as the higher rate of connectivity of information online will provide stronger search results.