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Web 3.0 and the Future of Internet

web 3.0

The web 3.0 lays great stress on the principles of decentralization,

Web 3.0, Metaverse, Crypto and Blockchain– these three terms are quickly rising to fame. Even
though we have some idea about the latter two, as they have been around for some time, the
concept of Web 3.0 is completely alien to us. Although no one completely comprehends it, yet it has become the talk of the town.

According to experts, the Web 3.0 possesses the potential to restore
the original intent of the internet in terms of data ownership and compensation.
Built upon revolutionary technologies such as Artificial Intelligence, Blockchain and Machine
Learning, Web 3.0 aims at creating a real-world human connection. It represents the next phase of
the internet’s evolutionary cycle.

The web 3.0 lays great stress on the principles of decentralization,
openness, fairness and greater utility. It will establish a fairer internet by enabling individuals to
own, control and monetize their data.
Web 3.0 is often referred to as the ‘read, write and trust’ form of the internet because the
decentralized blockchain protocol enables transparent, opt-in, peer-to-peer communications.

It makes room for individuals to possess the ownership of their time. In short, we can say that Web 3.0 makes the individual a sovereign where he or she solely determine and control who can profit from their data.

Web 2.0 is a giant leap away from the unjust Web 2.0 where the content prepared by an
individual is sold to third parties for profit. Web 2.0 is an exploitative, unfair and unaccountable
internet. Web 3.0 is here to save us from the perils of a centralized web.


Why is Web 3.0 Important?


Decentralization lies at the heart of the operation of Web 3.0 It provides the users with a
permissionless and trustless web where internet can be stored at multiple locations simultaneously, thus, crushing the massive databases owned by tech giants such as Google, Facebook, etc. It will also enables computers to imitate the way humans interact and learn by employing technologies such as semantic web, AI, ML algorithms, etc.

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Web 3.0 provides the users with far greater utility, taking them way beyond social media and online shopping, into the world of better connectivity and ubiquity. It makes the web smarter and securer.


It reduces the reliance on centralized data repositories. It helps in curbing the risks of hacking and
data leaks with the help of verifiable data scarcity and tokenized digital assets, making it possible for the users to own their data and track any digital footprints.


Web 3.0 is already being employed in many real world applications such as education, virtual
assistance, social networking, browsing, messaging, etc. For instance, if you need to book tickets or simply place an order, you can do so with your virtual assistant’s personal recommendations. The digital assistant can also help you check if you are running out of certain items in your pantry by communicating with the smart devices interconnected with the assistant.


This immersive technology is said to revolutionize every domain. Whether it is NFT market,
cryptocurrency market, metaverse games, social audio apps or blockchain games, Web 3.0 will play a central role in determining the future of these industries. It truly is the future of the internet.

The Technologies of Future: Web 3.0 and Blockchain


Blockchain is the basic foundation stone of Web 3.0. It won’t be wrong to say that Web 3.0 would
not have existed without blockchain. Together, these two technologies will allow for better

cryptocurrency marketing and mining. Both Web 3.0 and blockchain aim for openness and
transparency.

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Furthermore, blockchain strives to keep data insights of users organized and secured in the form of blocks, with cryptographic hashes making these blocks unalterable. ensuring high security. If we look at the goals of Web 3.0, it is directed towards an open internet where everyone will have access to all the digital resources, assets, agreements, applications and content, as long as their respective cryptographic keys exist.


When these two complementary technologies work in tendon with each other, they can create a
completely decentralized financial ecosystem, often referred to as DeFi. DeFi is an umbrella term
consisting of various projects and applications in the public blockchain space. It is directed towards revolutionizing the traditional financial ecosystem.

DeFi uses automated and enforceable smart contracts to build financial applications. These financial applications do not rely on intermediaries to execute their operation and can be accessed by anyone over the internet. It therefore, operates on peer-to-peer protocols constructed upon decentralized blockchain networks. These networks do not
need any rights for trading, borrowing and lending.


Although very different from each other, the two technologies- Web 3.0 and the Metaverse fit
together perfectly. They complement each other so well that Web 3.0 is the most suitable interface to facilitate connectivity in the Metaverse. In return, the creator economy of the Metaverse can help fulfilling the goals of Web 3.0 by establishing an entirely new financial world based upon blockchain, cryptocurrency and NFTs.

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First, we must identify and define what we mean to achieve from Metaverse. Based upon this goal,
we must look for the kind of internet that we must employ to fulfil this vision. We are already aware that the Metaverse aims at integrating the physical and the virtual world. In order to do so, it is imperative to create an open source and interoperable public network. This network will ensure that the different virtual worlds can interact, associate and interlink with each other.


These virtual worlds and the underlying trading between them can serve as a wonderful platform for NFT games, NFT trading to thrive with the use of NFT coins and NFT tokens. The NFT trade can
create an immersive world based upon real time human connection. It can turn the financial
ecosystem upside down by using NFTs as assets and utilizing the virtual world for work, socialization, play and learning.

How Does It Impact Crypto?


Internet’s third generation is laying the foundation of an interconnected world by securing digital
ownership and remodeling human-machine interactions. It implies a great set of responsibilities
while also offering a certain degree of autonomy to the users. It is impacting every domain of the
world today, especially the economic domain by bringing together various cryptocurrencies in a
coherent thesis.

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Cryptocurrency has immense potential to transform the way we look at trade. But despite this,
cryptocurrency is still viewed as merely as an asset and investment opportunity. But this is changing in the era of Web 3.0.

This is because the censorship resistance brought in by Web 3.0 has is crucial
for economies to among each other. The autonomy also has dramatic implications for the economy.


Web 3.0 and cryptocurrencies are a strong alliance with a very pragmatic ideological argument while the countries are devoted to dividing the Internet and looking for ways to undertake a more granular surveillance on each individual.

Using cryptocurrencies can therefore, dramatically transform the
economy, starting from the Internet and slowly and gradually taking the transformation to every
sector of the economy.

Are Web 3.0 and NFT Co-Dependent?


NFTs can play a central role by helping users verify their identities on Web 3.0 and the Metaverse.
NFTs assigns credentials to users based upon different attributes. These credentials are locked on
blockchain ledgers and define the individuality of each person. They, therefore create a digital
identity of a person. This digital identity can be vital in mitigating various frauds, identity thefts,
copyright infringements, intellectual property thefts, etc.

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Furthermore, building a creator economy in a decentralized Metaverse, calls for the need to
establish a digital ID authentication present on the blockchain. This is imperative to eliminating the threats of intellectual property theft and copyright infringement. Numerous problems can be
addressed by using NFT identities, right from securing rights to identity to providing data-driven
metrics attached to a particular identity in any respective protocol.


More importantly, a user will experience total and sole control the data that the NFT will reveal,
ensuring maximum privacy and complete control over one’s own personal data. Therefore, it will not be worng to conclude that NFTs will play a crucial and central role in making Web 3.0 and the
Metaverse more secure and decentralized.

Everything You Need to Know About Web 3.0 Tokens


Web 3.0 tokens or web 3.0 cryptocurrencies are decentralized digital projects that employ smart
contracts to automate transactions. Web 3.0 is speculated to be the biggest cornerstone of the tech world. But it is not just restricted to the tech world. It is estimated to transform every sphere of the world alike.

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The Web 3.0 tokens offer sustainable solutions and outcomes to the economy because of
decentralization. They operate on distributed blockchain ledgers and smart contracts, thereby
eliminating the need for manual mediation, financial intermediaries and arbitration. This not only
makes financial transactions more transparent but also reduce the costs effectively.


The Web 3.0 financial ecosystem has been growing exponentially, with a rise of 244% on a year-to-
date basis. Few of the prominent Web 3.0 tokens such as Helium, Bittorrent and Livepeer, have
appreciated by a whopping 800% despite the crypto industry going into a slump. The market value of Web 3.0 tokens lies close to $15 billion today. The sector is growing fast because of the trustless, contactless and transparent operation, decentralized networks and security. The protocols offering services such as storage, computing, identity, finance and bandwidth, make it even more lucrative.

Takeaway

The idea of the decentralization of the internet is spreading
like a wildfire. Individuals and businesses all around the world are embracing this futuristic
technology as it is based upon trust and aims at maximizing privacy. Public trust and privacy are at
the heart of the success of any operation today.


People all around the world see a secure, transparent and trustless network in web 3.0. It is
everything that any sector would need to thrive in today’s world. By employing technologies such as AI and ML, it is creating an immersive world for us, with real time human connection. It enables machines to learn and connect in the way humans communicate with each other.


Web 3.0 possesses immense potential to transform the economic domain by removing human
mediation and intermediaries. It has established a peer-to-peer based, direct, transparent and
secure financial ecosystem where assets and identities are stored on secure distributed ledgers. This provides full ownership and control of their content to an individual.


This revolutionary technology is quickly transforming the world and is sure to change the future of
the internet. It is an important step towards restoring internet to a ‘read, write and trust’ medium
without the control of any centralized authority. It transfers the control back to the hands of
creators, giving them the autonomy to own, control and monetize their content.

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