In recent times, the News and social media are filled with Blockchain, Cryptocurrency, NFT marketplace, Metaverse, and most importantly Web 3.0. While it is grabbing the most attention among the tech, people still have very little idea about the whole concept of Web 3.0. On the other hand, data privacy on the web is a major concern today. Many countries are concerned about the data controlled by centralized servers. Web 3.0 is something that is coming with solutions to all the existing problems faced today. What actually is Web 3.0? What does it have to do with the future? And why should you know everything about it? Here is a blog curated for you in Laymen’s language to give you a clear view of the future.
What is Web 3.0?
When the blockchain emerged, it came to come up with a definite aim of bringing decentralization. Though it struggled at its initial stages, the last few years are the most successful ones. People take up Web 3.0 as the third generation of the internet. Then what was the previous?
Web 1.0 was one way and it is a read-only format. Here the internet users can search for information and can only able to read them from the servers. Web 2.0 is what we are currently in, which came with the interoperability of end-users. That is, the users can create their own content and post them on the internet for the world to access. It allowed people to interact through various social media sites. Every site on the web is under a server that is centralized. Every private data you upload on the net is in the control of a centralized authority. This latter brought a privacy issue.
Web 3.0 is a technology that brings decentralization to data in general. It is a technology that uses Blockchain technology, Machine learning, and artificial intelligence to allow the users to own their data on the web. On the other hand, web 3.0 will also compensate the users for the time they spend on the network.
Web 3.0 today
Every new technology will take its own time to reach its potential and web 3.0 is in its initial stages. Today Decentralized Finance is something that is taking the best form of web 3.0 and providing a better system for finances. The traditional financial system is completely centralized and it has its own pros and cons in various aspects. The function of this system and introducing De-Fi is something that is debatable. But, on seeing the current situation, the potential of De-Fi that it has for the future with web 3.0 is something that is beyond prediction.
Decentralized Finance or De-Fi today is taking up the functions of banks eliminating them from the map entirely. Yes! People together can function as banks and operate within themselves. That is, they can form pools for funds, and anyone who is interested can pool in, trade, or buy currencies and do other financial activities.
Many De-Fi platforms are coming out and global banks are exploring blockchain and web 3.0 to bring out a better ecosystem.
The future with Web 3.0
If you go 5 years back, the majority of the NFT users today were unaware of them. NFT marketplaces were countable and people were skeptical about the worth of NFTs. But today people actively trade them and NFTs will soon become a part of every unique entity. The same goes for the initial stage of computers, the internet, smartphones, and Blockchain.
The concept of Web 3.0 is making the news and young enthusiast are eager to learn and grow with this new technology that will make the world tomorrow.
Outlook
The Future that is awaiting Web 3.0 would be massive as it develops stage by stage. Web 3.0 in De-Fi, DAO or Decentralized Autonomous Organizations, Metaverse, and more are emerging today. They will take up the fullest in the next few years in the vision of making a Completely decentralized world. This is a time when technology is taking up other technologies to make a better ecosystem. This is just the beginning of an exciting era that will come out with a boom soon.
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