WEB3: Features of The New Rave
From Web 1.0 to Web 3.0, there’s a lot of ground to cover.
In just a few decades, the internet has grown. The developers of the first Transfer Control Protocol/Internet Service Protocol (TCP/IP) may not have imagined what it would become nearly four decades later when it was released on January 1, 1983. Today, however, we’ll be diving into the internet’s third phase, Web 3.0. Web 3.0, after passing through Web 1.0 and Web 2.0, offers previously desired benefits.
Web 1.0 was slow (for the time), necessitated clunky equipment, required the creation of products from the ground up, and was centralized in the hands of a few. Web 3.0 is a decentralized internet powered by blockchain that can run on small devices and gives the term “borderless interaction” a whole new meaning. In the middle is Web 2.0, our current internet technology, which is characterized by centralized products and services owned by a small group of people who control social media, entertainment, and shopping. Web 2.0 concentrates the enormous power to make or break the internet on a select few. It’s a crucial feature to keep in mind.
Web3’s capabilities
Decentralization, speed, and improved reward systems are the three main principles driving the development of Web3. Web3 is a version of the internet in which there are no centralized regulatory bodies forcing the general public to follow their rules. Instead, We3 introduces a community-centered technology that ensures that everyone, including creators and consumers, has equal rights.
Web3 has the following key features to accomplish this:
Decentralization
Web3 is based on blockchain technology, which is a public ledger that allows transactions to be viewed in the open. The power of centralized institutions to regulate and control financial services is diminished by decentralization. With Web3, everyone has an equal chance to use any blockchain service without restrictions. Instead of concentrating ownership on a few people, all data generated by internet users will be owned and controlled by them. Both creators and consumers can profit and be rewarded appropriately in this manner.
Trustless
Before accessing a service, Web3 eliminates the need for permission from a central authority. Regulations, for example, may prevent citizens from certain countries from using certain services. Web3, on the other hand, allows direct peer-to-peer communication within decentralized systems, effectively removing the barriers to cross-border interactions.
Ubiquity, Artificial Intelligence, and Machine Learning
Artificial intelligence and machine learning will be used by computers on Web3 to learn as well as humans. Machines (computers) will be able to make more accurate predictions and perform at a higher level of intelligence as a result. Every device, tool, piece of equipment, and machine will become smarter thanks to Web3’s ubiquitous connections (internet of things, IoT). Web3 envisions a world in which man and machine interact seamlessly, with the latter improving the former’s quality of life.
Prospective Investments
Every aspect of our lives as we know it will be influenced by Web3. Machines will soon play a role in every aspect of our lives. As a result, it’s critical to understand the investment opportunities that will arise as a result of Web3 adoption. Three major investment opportunities are currently available, with more on the way:
The Internet
Imagine your favorite social media platform running on a blockchain, where you and other users have a say in which features you use, what happens to your data, and how community leaders are chosen. Web3 intends to decentralize social media via DAO (decentralized autonomous community) protocols. As a result, blockchain technology will be adopted by more social media platforms. More startups and businesses are expected to seek funding to develop blockchain-based social media platforms.
Cryptocurrency
To function, blockchains are similar to communities, and they require acceptable currencies. It will be a wise decision to invest in the cryptocurrencies that will power the Web3 internet phase. Why? Web3’s associated cryptocurrencies will appreciate in value as the technology becomes more widely adopted. Web3 is expected to be released.
Gaming and Entertainment
Web3 adoption is currently favored by the entertainment and gaming industries. Non-fungible tokens (NFTs), digital art, music, video, and writing are all terms you’re probably familiar with. Web3 and NFTs are the next entertainment phase, according to your favorite celebrities. The metaverse, a virtual world where anyone can make anything, has gotten a lot of attention recently.
Web3 is here; you can either get aboard or be dragged along, but no one is getting left behind.
