Web 3.0 is the next generation of the internet referring to a decentralized online ecosystem based on blockchain and has the potential to be as paradigm-altering as Web 2.0.
This future network is built upon concepts of decentralization, openness, and greater user utility, power, and choice.
Fundamentally, Web 3.0 is being constructed to correct the problems exacerbated by Web 2.0, to enable services provided by the network without centralized control from big tech and more resembling a peer-to-peer network.
Web 3.0 makes use of machine learning which is a branch of artificial intelligence (AI) that uses data and algorithms to imitate how humans learn, gradually improving its accuracy. These capabilities will enable computers to produce faster and more relevant results personalizing them to each user’s preference through the development of single identity profiles per user.
Web3 known as Web 3.0 is an idea for a new iteration of the World Wide Web-based on blockchain technology, which incorporates concepts such as decentralization and token-based economics. Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as “Big Tech”.
The term “Web3” was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.
However, some experts argue that Web3 will provide increased data security, scalability, and privacy for users and combat the influence of large technology companies. Others have raised concerns about a decentralized web, citing the potential for low moderation and the proliferation of harmful content, the centralization of wealth to a small group of investors and individuals, or a loss of privacy due to more expansive data collection. Others, such as Elon Musk and Jack Dorsey, have argued that Web3 only serves as a buzzword.
Bloomberg has described Web3 as an idea that “would build financial assets, in the form of tokens, into the inner workings of almost anything you do online”. Some visions are based on the concept of decentralized autonomous organizations (DAOs). Decentralized finance (DeFi) is another key concept; in it, users exchange currency without bank or government involvement.
Technology scholars have argued that Web3 would likely run-in tandem with Web 2.0 sites, adopting Web3 technologies in order to keep their services relevant.
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