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What is Web 3.0? A complete guide

Updated: Aug 24, 2023

The internet is changing. It has changed a lot since its inception, and is still evolving rapidly. The next big step in this evolution is Web 3.0, which is already here to stay and promises to revolutionise how we use the web. But what exactly is Web 3.0? And why do we need it?

What is Web 3.0?

Web 3.0 is a term used to describe the third generation of the internet, where users will be able to interact with each other more effectively and efficiently than ever before. The concept of Web 3.0 is not new and has been around for quite some time now, but its use has drastically increased since its conception in 2017, when crypto-anarchist Nick Szabo first created it.

To understand Web 3.0, let’s go over Web1.0 and Web 2.0. Web 1.0, or the very first version of the internet, was a primitive read-only, non-interactive form of the internet with little functionality or flexibility for users. Web 2.0 enabled users to not only read but also write, upload, send, and receive various types of content - text, picture, and video - via the internet. However, when we seek information on the internet inadvertently, we supply information about our preferences and interests that is kept in cookies and may later be sold to unscrupulous corporations. Web 3.0, on the other hand, represents a big step toward open, permissionless networks. Web 3.0 is less centralised than Web 2.0, making it more secure and efficient. Information is kept in multiple locations at the same time and becomes decentralised with Web 3.0 since it is found based on its content rather than a single location. This would offer people more control by destroying the massive databases that power internet giants. With transparency comes trustworthiness, and with trustworthiness comes confidence in doing business with others who have been transparent about their intentions as well as their results. These results can be good, bad or both. Web 3.0 enables machines to grasp information in the same way that humans can using Semantic Web and natural language processing-based technologies. Machine learning, which mimics human learning by using data and algorithms to gradually improve its accuracy, is also used in Web 3.0. The more sophisticated AI algorithms target specific audiences based on previous interactions and customer data. It filters out irrelevant and superfluous ads and only displays those that are relevant to the users.

Artificial intelligence is a software that can learn and forecast events in the future using patterns. Image categorization, language learning and speaking, and optimization of several operations are all possible. AI software and algorithms that have been tried and tested are being integrated into Web 3.0. The power of artificial intelligence to analyse massive volumes of user data and construct prediction models on an individual level is beneficial to Web 3.0. The use of artificial intelligence and blockchain technology redefines the web experience by introducing structural changes that assure the democratisation of all parts of the internet. Blockchain provides a one-of-a-kind collection of data or a universal state layer that is managed collectively. The unique state layer allows for the development of a value settlement layer on the internet. The state layer aids in the copy-protection of files, allowing for effective P2P transactions without the use of intermediaries. Blockchain functionality in Web 3.0 would primarily focus on introducing a backend revolution. Blockchain, basically, introduces a governance layer that runs on top of the existing Internet, allowing two people who do not know or trust each other to form and finalise agreements through the Web.

Web 3.0 is not just another new way to use your smartphone or laptop; it is something much bigger than that. It is an entire system where you can have interacted with other people, businesses, and even companies through different applications that run on this network as one unit. The main difference between now and then is that it will be easier to use because of advancements in technology like faster Internet speeds, better hardware, and more powerful software.

Examples of Web 3.0

When creators recognised how helpful blockchain technology could be for developing virtual economies within their worlds, video games were among the first to adopt it. Players in these virtual economies can purchase and sell products using bitcoin. Cryptocurrencies such as Bitcoin and Ethereum are used as money on the blockchain network and can be used to purchase products and services online without the use of legal tender such as dollars or euros. Apple's Siri is an excellent illustration of where Web 3.0 is leading computer users, where their devices will be able to speak with one another and deliver better search results. Amazon’s Alexa, the virtual assistant, is also an example.

Is Web 3.0 the future?

Web 3.0 is the next generation of the internet, and it is coming soon. We've seen significant changes in how people use technology over the past decade or so, from smartphones to social media and cloud computing, and now that we're entering Web 3.0 territory, things will only get more interesting from here on out. The next generation of web applications will be based on the Internet of Things (IoT) and Artificial Intelligence (AI). This means that we'll be able to control our homes, cars, phones, thermostats, etc. with just one single device as well as receive information about these objects in real time through sensors embedded within them. Web 3.0 is the future of the internet, and it will give us an opportunity to create a better world. It will be more secure and faster than ever before.

At Irish Taylor, we create and develop custom applications that perform tasks and add value to our customers. We will assist clients in decision making to either ‘Build’ or ‘Buy’ applications. We also have been involved in Renewing software applications by developing ‘smart features’, thus extending the life of a software application.

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