Since the emergence of the internet in the 90s, applications, websites, and programs have continued to improve. An up-and-coming trend in the online world is Web 3.0. This article is all about Web3, its application, and its association with the blockchain industry.
What is Web3?
Web3 or Web 3.0 is the next stage in the development of the internet and online entities such as websites. Web 1.0 allowed programmers to create read-only static web pages. Web2 added the ability for websites to operate as dynamic objects that allowed users to personalize their accounts and add feedback.
Web3 is the phase that will grant complete autonomy to individual users over their data. This technology is heavily reliant on and influenced by Artificial Intelligence (AI) and Machine Learning (ML).
How does Web3 Work?
Some foundational components of Web3 are necessary to ensure the deliverance of all the features that it promises. Here are some important factors associated with Web3 protocols:
Web3 incorporates AI and machine learning for enhanced data personalization and fast-tracks the seeping of information.
Search engines can become smarter with the help of algorithms using data analytics based on Web3 infrastructures for more refined and personalized suggestions and search results.
Users existing in the web3 stratosphere will have greater control over data ownership and at the same time actively contribute to digital economies. Algorithms are going to become hyper-personalized within the Web3 ecosystem while they are generalized for the most part in current networks.
Users will be able to control the aspects of data they wish to share or withhold for different organizations. Web3 is all about absolute data autonomy. Web3 is going to promote the decentralization of digital entities. It means that private companies and government regulators will not have control over data banks.
Key Components of Web3
Here are some of the key components of Web3 technology:
Machines, software, and programs have improved their ability to understand human input. However, they are still unable to distinguish colloquial expressions such as deciphering the implied meaning behind a word or artistic expressions.
However, Web3 entities will have a better understanding of semantics making the user experience more seamless and more efficient than ever before.
Blockchains and Crypto
Blockchain and cryptocurrencies are going to become an essential component of Web3. It is because they are decentralized and grant financial autonomy to the investors. At the same time, Web3 will leverage many important by-products of blockchains such as NFTs and tokenization.
One of the most distinct features of Web3 is 3D rendition. This phase of web development is going to be 3-dimensional. It means that it will require users to upgrade their data processing software and hardware. It also means that it can create a new scope for UI and UX development.
AI and ML
AI and ML are two of the most used technologies that are incorporated with Web3. They are mostly utilized to improve user experience and increase functionality.
Virtual and Augmented Reality
Virtual and Augmented reality are the defining aspects of Web3 entities. The user experience in Web3 is not just limited to a 2-dimensional website. This version teleport users to a digital realm, where they can defy and bend the rules of the physical world using VR and AR technologies.
Benefits of Web3
Here are some of the important advances that Web3 is going to introduce in comparison to its previous version:
Web3 is going to limit or remove all forms of centralized control. It means that it will remove the dangers of government censorship and also improve security by adding more obstacles to performing a DoS attack.
Algorithms are naturally going to scale and be able to process larger amounts of data and produce hyper-personalized outputs. Web3 is going to improve the semantic understanding of machines by many folds. It will lead to improvement in search engine outcomes and other types of metadata-based results.
Chatbots are going to become cheaper and more common. It means that more companies can improve their customer care services and offer better assistance to their consumers.
Blockchains are going to play a central role in the development of Web3 infrastructure. Users are going to heavily depend on digital wallets and DeFi to obtain true digital autonomy. At the same time, Web3 is going to change the workplace and business dynamics. It will impact e-commerce and all other aspects of digitized commercial activities.