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- Web3 works as an umbrella term for blockchain technologies, Metaverse technologies, and NFTs.
- It is in the initial stage of development. It aims to provide an open and decentralized platform where users are the incharge of their personal data.
- Web3 technology focuses on community-driven projects and has four core features: decentralization, semantic web, trustlessness, and interoperability.
The world has witnessed the two generations of the World Wide Web. The first phase, Web 1.0, served its purpose from 1989 to 2005, and the second phase, Web 2.0, was popularized in 2004 by Tim O’Reilly and Dale Dougherty at the first Web 2.0 Conference.
Now, the human race is seeing the advent of a more advanced phase, Web 3.0. In this article, we will discover what Web3 is. We will explore some fantastic Web3 innovations and familiarize ourselves with its core features.
Dive into the world of Web3
Web 3.0 or Web3 is the 3rd generation of the World Wide Web. It is used as an umbrella term for technologies like blockchain, Metaverse, and NFTs. It is an idea of a new kind of internet built by utilizing blockchains, where users have total control in their hands.
The term Web3 was first coined in 2014 by Gavin Wood, the co-founder of Polkadot and Ethereum. The fundamentals of this idea were first introduced in 2013. Later, in 2021, this idea started gaining the attention of prominent entrepreneurs, crypto traders, and venture capitalists.
The project is currently in its early stage of development. It aims to build a decentralized platform with enhanced security where users have complete control of their data and privacy. Also, they can conduct peer-to-peer transactions without depending on any centralized intermediary.
Web3 technology utilizes Zero Trust principles in a trustless environment, meaning users, services and devices can contact openly. They don’t require any permission from any authority.
The Key features of Web3
There are four main features of Web3: decentralization, semantic web, trustlessness, and interoperability. Let’s have a detailed look at them:
- Decentralization: Web3 provides the feature of decentralized web applications to share and store data in a decentralized network. These decentralized networks come with underlying assets, which are owned by certain entities.
The user has to pay the storage provider directly to access the space. Users also have the facility to sell their data.
- Semantic Web: As technologies rapidly advance, Web3 is inclining more toward Semantic Web. The semantic web function of Web3 empowers applications to understand the context of web data. It is helpful for them while performing complex tasks.
This feature depends on metadata and AI and offers semantics to user-generated data.
- Trustlessness: Web3 emphasizes trustlessness over trusting any centralized application or authority to manage users’ data. Trusting on any centralized application can result in theft or the misuse of your personal information.
The trustlessness function of Web3 allows users to make transactions or conduct interactions without any interference from any authorities.
- Interoperability: The interoperability function helps in creating portable data. This portable data aids users in making the easy shift to the service of their choice.
It also gives them leverage to maintain their profiles, preferences, and settings as they are.
Major Web3 Innovations
Here are some of the major Web3 innovations; let’s have a look:
- WebAssembly: WebAssembly is known as Wasm. It is a Web3 technology that works as a binary instruction format for stack-based virtual machines. It works with transparency in the sandboxed domain in the browser and doesn’t invade the user’s local filesystem.
To connect dApps between multiple platforms, WebAssembly empowers high-speed code in browsers.
- Semantic Web Technologies: As mentioned before, Semantic technology enables applications to understand consumer data. The main work of semantic web technologies is to utilize linked data principles and then use them to link various data sets.
Additionally, these technologies use data principles to publish structured data on the web.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
