What Is Web3.0 Technology Blockchain – What technology do over 3 billion people use for 80% of their waking hours each day? Web 2.0.
Web 2.0, created by O’Reilly and others between 1999 and 2004, saw the world move away from static desktop web pages designed for information consumption and served by expensive servers to interactive experiences and user-generated content that brought us Uber, AirBnB, Facebook and Instagram. The rise of Web 2.0 was largely driven by three key layers of innovation: mobile, social, and cloud.
What Is Web3.0 Technology Blockchain
With the release of the iPhone in 2007, mobile Internet access dramatically expanded both the user base and Internet usage: we went from typing on the Internet for a few hours a day at home to an “always-connected” state—the Web browser, mobile apps, and private messaging were now in everyone’s pocket.
Web 3.0 Blockchain Market Size To Cross $ 41.98 Billion By 2028, Market Research & Forecast 2022 2028
Before Friendster, MySpace, and then Facebook in 2004, the Internet was largely a dark and anonymous place. These social networks have forced users to engage in good behavior and content generation, including recommendations and referrals: convincing us to share photos online with specific friend groups; entrusting our homes to unknown travelers on AirBnB; And even getting into a stranger’s car with Uber.
The Cloud has revolutionized the production and maintenance of web pages and applications: New cloud providers have consolidated and refined mass-produced personal computer hardware in multiple, huge data centers located around the world. Companies can shift from buying and maintaining their own expensive and dedicated infrastructure to renting upfront storage, computing power, and management tools. Millions of entrepreneurial startups can benefit from low-cost resources that scale as their businesses grow.
While the Web 2.0 wave is still bearing fruit, we’re also seeing the first shot of growth from the next big paradigm shift in Internet applications, aptly named Web 3.0. As hard as it may seem to believe, Web 3.0 (originally coined the Semantic Web by Tim Berners-Lee, the original inventor of the Web), is an even more fundamental disruption that will overshadow everything in time. This is a leap forward towards open, trusted and permissionless networks.
The end result of these new open, undocumented and permissionless networks is the ability to coordinate and stimulate the long tail of work, services, data and content that are the disenfranchised backdrop to many of the world’s most pressing challenges, such as health, food, finance and sustainability.
Why More And More Companies Are Embracing Web 3.0
Where Web 2.0 was driven by the advent of mobile, social, and the cloud, Web 3.0 is primarily built on three new layers of technological innovation: edge computing, decentralized data networks, and artificial intelligence.
While in Web 2.0 the recently commoditized personal computer hardware was relegated to data centers, the transition to Web 3.0 extends the data center to the edge and often right into our hands. Large legacy data centers are complemented by vast amounts of powerful computing resources spread across phones, computers, devices, sensors and machines, which are expected to generate and consume 160 (!) times more data in 2025 than in 2010.¹
Decentralized data networks make it possible for the generators of this data (from a person’s personal health data, a farmer’s crop data, or a vehicle’s location and performance data) to sell or exchange their data without losing ownership control or relying on privacy. Third Party Intermediaries. As such, decentralized data networks can bring the entire long tail of data generators into the emerging “data economy.”
Artificial intelligence and machine learning algorithms have become powerful enough to make useful, sometimes life-saving, predictions and actions. When layered on top of new decentralized data structures that provide access to vast amounts of data that would be the envy of today’s tech giants, the potential applications go far beyond targeted advertising in areas such as precision materials, drug design, and climate modeling.
Key Aspects Of Blockchain Technology In Web 3.0
Web 3.0 enables a future where distributed users and machines can interact with data, value, and other counterparties through a peer-to-peer networks substrate without the need for third parties. Result:
So much for technology, but what difference does it make to individuals and society as a whole? And how could it be greater than the impact of today’s applications on our families, businesses and governments? It has been said that the characteristic that distinguishes humanity is our ability
To achieve a common goal. Thus, it is very instructive to cast our minds back in time/history to identify four major social and technological stages of human cooperation:
In villages, people could trade for value, information, and deal with a small group of counterparties they already knew—their set of counterparties limited by geographic proximity and bonds of personal trust. The small scale meant that individuals often had multiple roles in society, e.g. A farmer, a fireman, a warrior and a father. Consequently, transactions focused on food, security and recreation and involved little coordination, mostly between self-governing households.
Web3 Capacity To Advance Business Models
In urbanized cities, the set of counterparties with whom people could trade for value, information, and work greatly increased. It became economically viable to start new specialized businesses, keep records at that business level, and rely on others to produce all the remaining goods and services that the city’s population required. Although some geographic limitations remained, the larger spatial playing field and higher population density allowed for much greater coordination of skills among individuals.
Web 1.0 and Web 2.0 radically reduced the latency and cost with which people and businesses could trade value, information, and work with geographically distributed counterparties they did not necessarily know, through trusted intermediaries. Truly global businesses began to take shape when the reach of contractors expanded by several orders of magnitude. At its heart, today’s Internet enables global coordination through a set of intermediaries that provide a layer of digital social trust for strangers to interact with: from Facebook to eBay to AirBnB. Unfortunately, we have become too dependent on these platforms and when they shift from “pulling” to “mining”, their users (individuals or businesses) face higher fees or platform risk (ie the platform has the power to destroy your business. running on it). While today’s interactions can magically and reliably happen on a global scale, it’s primarily a $200 billion digital advertising business³ with “we the consumers” as the product that powers this machine. It is also now widely understood that these platforms in the “post-truth” world have created echo-chambers in which filtered and shameless populist or indeed false claims are echoed and amplified – sometimes with chaotic results.
With Web 3.0, women, men, machines, and businesses will be able to trade value, information, and work with global counterparts they don’t know or yet clearly trust without intermediaries. The most important evolution enabled by Web3.0 is the minimization of trust required for coordination on a global scale. This means moving towards trusting all constituents of the network, rather than having to explicitly trust each individual and/or achieving trust from the outside.
Web 3.0 will fundamentally expand the scale and scope of both human and machine interaction beyond what we can imagine today. These interactions, from seamless payments to richer information flows to reliable data transfers, will be made possible by a greatly increased range of potential counterparties. Web 3.0 will allow us to interact with any individual or machine in the world without paying intermediaries. This shift will enable a whole new wave of previously unimaginable businesses and business models: from global cooperatives to decentralized autonomous organizations and even sovereign data markets.
Tech Trends Report Briefing: Web 3.0, Decentralization, Blockchain, Crypto & Nfts
The coming wave of Web 3.0 goes far beyond the initial use case of cryptocurrency. Through the richness of interactions and the global scale of available counterparties, Web 3.0 will cryptographically connect individuals, corporations, and machines with data powered by efficient machine learning algorithms, leading to the growth of fundamentally new markets and related business models. The result is similar to a
— The daily immersion in human-centered and highly personalized interactions we’ve come to enjoy is now on the global scale of the Internet, supporting the growing specialization of human and machine skills.
Fabric Ventures supports open economy founders. Collectively, since 2012, they have been investing in builders, businesses and networks from inception to scale. They cannot remove the gray area due to lack of knowledge and the concept of blockchain (part of the overlap between Meta and Web3.0) is. in the emerging stage. This is not new during the computer or internet revolution. Even casual users thought that fax is similar to email. People still struggle to distinguish between computer software and computer science. So once again welcome to the new reform of the tech world. But expecting the majority to have a crystal clear concept of a newly constructed system is like catching lightning in a bottle!
If Internet users or users know about the future of the Internet, they are familiar with the duo name Metaverse and Web3. These two buzziest words have taken social media like Facebook, Youtube, Twitter, Instagram by storm.
India Blockchain Forum Launched, Aims To Make India Global Hub For Blockchain, Web 3.0
In addition, when the Internet and the tech world are trying