Web 3.0 — A Decentralized World Not Far From Now?
There is no denying that blockchain technology has been the major foundation for new innovations we see today. Both NFT (non-fungible token) and Facebook’s new virtual world; the Metaverse use blockchain technology to make transactions safer and more transparent. Now, Web 3.0 has become new buzzword in the crypto space, where some are speculating that this next generation internet is a game changer and can revolutionize on how we interact with the internet on a day-to-day basis. But what exactly is Web 3.0, and how will it change our lives?
What is Web 3.0?
The concept of Web 3.0 was first introduced in 2001 by the inventor of World Wide Web Tim Berners-Lee. It is said to be the third generation of internet powered by blochchain technology. A next generation internet where its main features are decentralized, trustless, and permissionless. Furtheremore, it also reduces dependency on big companies like Netflix, Google, Amazon etc where you have to fill your credentials to sign-in. So, why does that give Web 3.0 an upper hand?
Let’s take for an example when you you’re signing in or creating an account on a social media platform. You typically enter your valid e-mail and password, and then, those credentials gets encrypted and stored in that platform’s database. But there are some problems with this, first the company owns your data at this point. Second, your credentials could spread across multiple different services, where it may be vulnerable to cyper attacks. Blockchain technology in web 3.0 can completely change on how this works, where you can have total ownership of your data. Web 3.0 will also use artificial intelligence (AI) that uses data and algorithms to imitate how humans learn, gradually improving its accuracy.
Web 3.0 and Crypto
Because Web 3.0 is powered by blockchain technology, we can expect to see a strong relationship between web 3.0, crypto, and Decentralized Finance (DeFi). Since they will be interoperable, seamlessly integrated, and automated through smart contracts.
Adam Soffer, product lead of Livepeer (LPT), via Cryptonews.com said that crypto assets and blockchain are at the core of Web 3.0. “It is crypto that support developers to embed economic rules and incentives in open-source software and create a coordinated token network. Such as incentivizing individuals to participate in the Web 3.0 protocol. By empowering developers and communities to solve problems that require large-scale coordination,”.
Despite criticism from Elon Musk and Jack Dorsey, Web 3.0 has a lot of potential. So, when web 3.0 arrives sometime in the near future, the internet will become more integrated in our daily lives.
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