Web3.0

## Introduction to Web3.0

**Web 3.0** is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, 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 **(Max 2021)**.

What Is Web3 and How Will it Work?

What is Web3(Web3.0)

## Development of Web3.0

One of the key developments in Web3.0 is the emergence of decentralized finance (DeFi) applications, which allow for the creation of financial products and services that operate without the need for intermediaries. This has the potential to democratize access to financial services and disrupt traditional financial institutions.

Another important development is the rise of non-fungible tokens (NFTs), which enable the creation of unique digital assets that can be bought, sold, and traded on blockchain networks. This has opened up new opportunities for creators and artists to monetize their work and has the potential to revolutionize the way we think about ownership and value in the digital world.

## Basic Features of Web3.0

Web 3.0 has no standard definition so far, but it has some basic features, including: **Decentralization, Trustless and Permissionless, Artificial Intelligence and Machine Learning, Connectivity and Ubiquity**.

### **Decentralization**

This is a core principle of Web 3.0. In Web 2.0, computers use HTTP in the form of unique URLs to find information stored in a fixed location, usually on a single server. With Web 3.0, since information will be found based on its content, it can be stored in multiple places at the same time, and therefore decentralized. This would break up the massive databases currently owned by internet giants like Meta and Google and put greater control in the hands of users. In Web 3.0, data generated by disparate and increasingly powerful computing resources (including mobile phones, desktops, appliances, vehicles, and sensors) will be sold by users through decentralized data networks, ensuring that users retain ownership control.

### **Trustless and permissionless**

In addition to being decentralized and based on open-source software, Web 3.0 will be trustless (i.e., the network will allow participants to interact directly without going through trusted intermediaries) and permissionless (meaning anyone can participate without authorization from the governing body). Therefore, Web 3.0 applications will run on blockchains or decentralized peer-to-peer networks, or a combination of them, these decentralized applications are called dApps.

### **Artificial Intelligence and Machine Learning**

In Web 3.0, computers will be able to understand information similar to humans through technologies based on semantic web concepts and natural language processing. Web 3.0 will also use machine learning, a branch of artificial intelligence (AI) that uses data and algorithms to mimic the way humans learn, gradually improving its accuracy. These capabilities will enable computers to produce faster and more relevant results in many fields, including drug development and new materials, beyond the targeted advertising that makes up the bulk of current efforts.

### **Connectivity and ubiquity**

With the advent of Web 3.0, information and content become more connected and ubiquitous, accessible through multiple applications, and more and more everyday devices are connected to the Web, one example of which is internet of things. On the practical level of data usage, major changes are expected in the future due to the emergence of Web 3.0. Mat Dryhurst, a professor of future networks at New York University, said that in the past, due to the different policies of each community and network platform, a data "walled garden" (high wall garden) was formed, so that although users own their own data, they cannot transfer them as they wish, master and use. When future data can be placed on the blockchain, users can truly own and bring these personal data to any website.

Reference List:

1.Max 2021, *Why Your Group Chat Could Be Worth Millions*, INTELLIGENCER, viewed 9 November 2021, <https://nymag.com/intelligencer/2021/10/whats-a-dao-why-your-group-chat-could-be-worth-millions>