web3-forge

Introduction to Web3

Centralization has helped onboard billions of people to the World Wide Web and created the stable, robust infrastructure on which it lives. At the same time, a handful of centralized entities have a stronghold on large swathes of the World Wide Web, unilaterally deciding what should and should not be allowed.

Web3 is the answer to this dilemma. Instead of a Web monopolized by large technology companies, Web3 embraces decentralization and is being built, operated, and owned by its users. Web3 puts power in the hands of individuals rather than corporations. Before we talk about Web3, let’s explore how we got here.

The Early Web

Most people think of the Web as a continuous pillar of modern life—it was invented and has just existed since. However, the Web most of us know today is quite different from originally imagined.

1. Web 1.0 was a read-only version of the Internet, also known as the syntactic web. There were a few people creating web pages and had a large group of readers.
2. The read-write version of Web 2.0 emerged, which is what we are currently using. Web 2.0 supports interactivity and ease of use along with compatibility between the systems and the devices.While community development was a more significant part of Web 2.0, Web 3.0 focuses on empowering individuals. However, the current system is heavily under the grip of large dominant internet firms like Google, Facebook, and a select few others.
3. Web 3.0 is also known as the read-write-execute version of the Internet. The main aim of Web 3.0 is to provide excellent user utility along with anonymity. The term Web 3.0 was coined by reporter John Markoff of The New York Times in 2006. It is a new evolution of the Web that incorporates specific innovations and practices. Below are seven main features that define Web 3.0.

In short, Web1 was read-only, Web2 is read-write, Web3 is be read-write-own.

What is Web3?

Web3 has become a catch-all term for the vision of a new, better internet. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership.

Features of Web3?

• Artificial Intelligence:
  AI is getting embedded in every software category, and unsurprisingly Web 3.0 isn’t away from it. The deep learning feature of AI generalizes knowledge from deep neural network datasets.The existing features of the Web, such as cyber-security, cloud computing, etc. will all be tied with AI/ML in Web 3.0.
• Semantic Web:
  The current version of the Internet relies on keywords and numbers.What the semantic web does that it pays attention to the intention of a search by understanding the meaning of the search.Further the use of the semantic web will enhance the connectivity in Web3
• Blockchain:
  A unique feature of Web 3.0 which has been doing the rounds since 2009 is blockchain. Moreover, the popularity escalated due to crypto. However, in reality, all applause goes to the Web 3 architecture.Blockchain technology is revolutionizing the backend of the Internet, something which was never in the control of users earlier.
• 3D Graphics:
  Brands are using the features of Virtual Reality (VR) and 3D graphics a lot nowadays. It’s one of the ways to blur the boundary between the online and the offline world. The feature is massively leveraged by real estate, gaming, e-commerce, and many more businesses.
• Ubiquitous Connections:
  “Ubiquitous” means which is present everywhere, and Web 3.0 is truly found everywhere. The growth of IoT devices has made it possible to access the internet anywhere. Now, the network isn’t only on laptops & smartphones but is accessible on IoT devices.
• Decentralized:
  The driving technology behind the earlier versions of the Internet was Javascript, HTML & CSS.However here on Web 3, you will witness decentralized protocol. The community is based on a peer-to-peer network where there are hundreds of nodes to manage transactions.
• Edge Computing:
  In edge computing, data generated by the business is being handled in the local periphery of the network.Through the use of edge architecture, companies can solve the issues related to unpredictable network disruptions and bandwidth limitations in real-time and close to the originating source of the problem.

Limititations of Web3

Web 3.0 is still a novel concept for many of the users. There are numerous advantages of the “future of the Internet” however, there are a few limitations as well, as discussed below:

• User experience:
  Firstly, there are complex technical documentations with a lot of jargons. The user interface is dubious for a large number of people. The Web 3.0 infrastructure requires few changes so the general public can use it easily.
• Awareness:
  Making the public aware of Web 3.0 can only be done by educating them. Similar to Web 1.0 and Web 2.0, it’s essential to make the information reach the audience that here we are in a new generation of web.
• Accessibility:
  The accessibility is an issue because of the high transaction cost. To solve the problem layer 2 scaling solutions works. Layer 2 scaling solutions define when one network is divided into many small networks and operates on top of an underlying blockchain network. For example, Bitcoin is a Layer-1 network while Lightning is Layer-2, built on Layer-1 Bitcoin.

Author: Fahad Iqbal Zafar

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