Web 3.0 is a version of the Internet for users, which is managed by a community of such users. Improved graphics and UX connect with the concepts of personal information management and P2P financial interaction between network members directly, without intermediaries.
The influence of Web 3.0 goes far beyond the Internet. With the development of its segments, we will observe an increasing digitalization and decentralization of the economy. In addition, Web 3.0 allows users to monetize their content, and in some cases even their activity on the network.
What is WEB 3.0
You may wonder about the web3 meaning, so Web 3.0 is the projected 3rd wave of the Internet, where websites and applications can manage data in a human-like way using big data, Machine Learning, and decentralized ledger technology (DLT). Tim Berners-Lee, the inventor of the World Wide Web, first mentioned Web 3.0 and Semantic Web and said it to be autonomous, intelligent, and accessible.
Defining characteristics of Web3 site:
- decentralization: data isn’t stored on single servers, and is distributed among users. The necessary computing will move from data centers to smart devices of users, laptops, smartphones, and.
- AI and Machine Learning: algorithms will continue helping users to find the needed content. Some researchers note that in the future, AI could be used to detect paid comments on marketplaces, which will help create more transparent services;
- transparency: the software is open-source, which allows users to understand how the platform works and how tools interact with the user;
- freedom: it is expected that censorship on the Web will be abolished, and everyone will have the opportunity to publish any content, the role of moderation will be taken over by the community, not corporations;
- omnipresence: experts suggest that in the era of Web 3.0, the Internet will be almost anywhere, and IoT devices and smart gadgets will become distributors;
- semantic web: the machine doesn’t understand natural language queries well and is still often wrong. The use of technology of the semantic web, to receive information of the type “object — a type of relationship — another object” and develop logical connections based on this data.
Firstly, the method of authorization in services may change to a single layer, which will be the key to all resources on the Web. Something similar has been implemented now: using a Google or Facebook account, you can enter almost any site, but in the case of the Web3 website, a single account can become an e-wallet and a banking application.
Secondly, you may wonder if is DAO a service. Yes, the internet will become more democratized and the usefulness of content will be determined by Decentralized Autonomous Organizations (DAO), which will be large companies and services.
The Evolution of Web 3.0
The very definition of Web 1.0 came into use, oddly enough, after the advent of Web 2.0. The comparison showed that the Internet has become completely different and it was possible to highlight the features and differences of the previous “version”. The entire phase of the first iteration of the Network lasted from 1991 to 2004. Web 1.0 can be described in one phrase — Read-Only. This also explains the basic concepts. The user was only able to view pages. The Internet has not yet developed opportunities for users to participate in content creation, they only consumed what appeared on web resources. No authorizations, trackers, or registrations.
Website data was stored on servers in file systems and was often issued in the form in which it was. This feature forced webmasters, when adding new pages, to re-layout those that already existed to add links. Tables were used to align content, and websites lacked responsiveness and often had a recommended resolution that would allow all information to open correctly. Also, not every site was supported by all browsers, and webmasters posted badges with the logos of those web browsers that worked correctly with the resource.
At the end of the Web 1.0 period, different forums and chats began to appear, so users could make content themselves. But at the same time, Amazon, from the very opening of its website, has made it possible for customers to leave product reviews. In a way, the corporation was ahead of its time.
It is believed that the era of Web 2.0 began in 2004 and continues to this day. Now big corporations and users are getting involved. Web 2.0 itself works on the principle of Read/Write Web.
The Internet has received ubiquitous authorization and the ability to create an account on almost every site. Users began to voluntarily leave their data and consent to the collection of data in exchange for convenience and the ability to use resources. Companies, on the other hand, were able to make money on data by selling it to advertising agencies, and some opened their own, which helped to completely concentrate profits in their own hands.
Social features have appeared in Web 2.0: more and more resources allow users to communicate with each other, exchange messages, and make calls. Personalization can also be attributed to socialization: users can specially design their profiles, add photos and records to pages, and post videos, and articles. Users publish materials and receive reactions and ratings from other users in the form of likes and comments.
In general, Web 2.0 is dominated by patterns that kill the individuality and originality of sites. Typography came into use: the text on the sites began to stand out as it matters. Headings, subheadings, different fonts, underlining, and highlighting appeared. And sites have become adaptive: the same web portal can be opened both on a desktop and a smartphone.
Data exchange in Web 2.0 takes place via the HTTP protocol, while there is an intermediary between the participants — this is a server that stores information, databases, applications, etc.
The concept of Web 3.0 implies the organization of a new level of networking, without a server.
Even though there are already decentralized applications on the market, there are decentralized autonomous organizations and services that store and process data on a global level, there is no effective way to ensure their connection with each other today. Distributed computing is critically dependent on infrastructure and technology. Potential tasks that will have to be solved within the framework of Web 3.0 involve ultra-high-speed of data transmission and processing. This is the bottleneck of Web 3.0 today.
One of the likely ways of developing Web 3.0 is to create a cross-chain infrastructure that would integrate all blockchain technology networks.
Top 5 Advantages of WEB3 Integration
Let’s look through the top benefits of web 3.0 Integration
1. Control over Data Ownership
We enter our personal information on different apps, and websites to have access to different services. We create visual content and share it online on Facebook and Instagram. You assumed that personal info in an Amazon account or the photos in your Instagram profile are secure and under control.
But centralized authorities like Facebook, Google, and Amazon use and monetize user data. The web3 advantages ensure that users will have complete control over their data. Users will share information by their preferences. Web3 will help to overcome the monopoly by the tech giants over user data.
2. Ubiquitous Access to Data
The interaction aspect of web3 is a vital base for a web 3.0 advantage. Web3 will largely involve the development of an interconnected ecosystem that allows interactions and flawless access to information. IoT connectivity will provide one of the top web3 advantages, i.e., ubiquitous access to data. You will have access to any type of information with any device from any location.
3. Freedom for Interactions
Web 3.0 will ensure flawless interactions among users. It doesn’t have any centralized authority controlling the access of users as it builds up on the trait of blockchain. The public blockchain technology serves as the foundation of web3 apps and could ensure that anyone can access web3.0
There wouldn’t be barriers of income, gender, social status, sexual orientation, or location to access digital services. The design of web3 will provide users to transfer digital assets, wealth, or information efficiently. Web3 will offer freedom to users without any centralized authorities.
4. Advantages for Creators
Web3 will help content creators. Most content creators have issues with the actual value of their work, because of the intermediaries in various channels for reaching an audience.
Web3 would ensure decentralized control over the security of assets such as tokens and data. Creators will have total control over their work. The creator economy will help creators to find new tools and marketplaces.
5. Better Security
Blockchain technology assures decentralization and encrypting of user data. The consensus mechanisms and design of blockchain make it impermeable to security breaches. Successively the quality of security will increase, as opposed to 51% of attacks now.
10 Interesting Ideas for WEB3 Projects
We have looked through what is Web 3.0 and its advantages, now we can view some business ideas that involve decentralized internet, blockchain, and other elements.
#1. Music NFT Platform
One of the most promising Web3 ideas is a musical platform. Imagine an app where the song is an NFT, while the album is an NFT collection. You can buy or rent, sell, or gift this NFT. It is much more convenient than Apple Music or Google Play Music with limited features and a single service (if you buy an album on Google Music, you can’t listen to it on Apple Music, and vice versa).
#2. Marketplace for gaming NFTs
There are opportunities NFTs can provide for games. It would be good to utilize an NFT as a sword in World of Warcraft and a shotgun in Fortnite. But still, no one has implemented this idea. The owners of game franchises don’t benefit from it. You can sell NFTs that are connected to one game — it’s much more profitable. You can launch a P2P platform where players will trade NFTs from one game for NFTs from another.
#3. Decentralized social networks
Social networks are good because they provide interactions with others, share our thoughts, and make money on content. But platforms collect a lot of personal information. Moreover, social media use our data for their needs without asking us.
A Web3 social network won’t have these cons It will be secure and collect your data only if you agree, you can delete it or deny access. Also, you will have all control and rights over the content you create
#4. Decentralized social trading
Social trading is when a professional trader makes deals on the cryptocurrency or forex market and other traders automatically repeat deals. Trades are u copied through different centralized platforms, and a small percentage of each transaction is taken, no matter if it was successful, or the trader lost.
The issue with these platforms is in isolation and a bad reputation. It can steal users’ funds through fees. And user can’t verify the platform’s transparency because all operations are secret.
Blockchain technology solves these issues. Open-source code allows traders to see the transparent platform, and smart contracts ensure the security and transparency of copy trading. The data on the blockchain can’t be changed, there is relevant information on the trader’s efficiency with different strategies
#5. Decentralized Voting Platform
Web3 instruments have anonymity, security, and transparency so this is important for online voting. It can be either online elections for the president or voting for the school menu. The blockchain perfectly manages both. It is crucial to trust the development of such a platform to a professional team of developers like Stfalcon.
#6. Delayed Action Platform
Another way to implement blockchain is to build a website or app for pending actions. For example, publishing a video on YouTube, sending an email to particular addresses after a certain date, or automatically calling the police. It can help publish important news (with anonymity and avoiding leaks), announce meetings, etc. Blockchain and smart contracts will help with it.
#7. Decentralized Lottery
A lot of people don’t trust lotteries and giveaways. You can’t verify the lottery mechanisms; so, you avoid it even if the lottery gives tickets or books to the bloggers’ audience. Web3 lottery on open-source code and blockchain will solve it. You can check its functionality.
The possible problem is developing an algorithm that will randomly give the numbers, letters, or words. The issue is that randomizing systems do show no random results. They show random numbers according to Gauss or other systems.
#8. P2P Sharing Services
Maybe you have used Airbnb services already or heard of the platform that allows you to rent or land apartments worldwide. It is convenient but it has considerable disadvantages: lack of transparency, high fees, and lack of security. These are issues for all centralized systems and only decentralized platforms can solve them.
In Web3 such platforms will function on the blockchain, making them more secure and cost-effective. It concerns not only Airbnb but Uber (taxi), Car2Go (car sharing), BCycle (bicycle sharing), and Le Tote (sharing clothes and accessories). All these services can be built on the blockchain; they will make them more transparent, secure, and cheap with fast functioning.
#9. DAO as a Service
DAO is an organization or group of people with a common aim. In this case, from the charter to the search for contractors decides by voting with the cryptocurrency tokens. A smart contract helps to conduct voting and calculates its results transparently and securely.
There are a lot of decentralized autonomous organizations. But, no platform makes it easy to run DAO with a particular focus. If you will build such a platform, it could be trendy.
# 10. NFT games
Web3 idea that will become successful is NFT video games. True, there are a lot of NFT games, but the market requires better NFT games since NFT games now are boring with poor graphics. The only reason to play them is to make NFTs and sell them.
If you develop an awesome NFT game like League of Legends, or at least RimWorld, Hotline Miami, you will earn a lot of money.
Web 3.0 is the concept of using the Internet by a mass user shortly, given the active development and implementation of blockchain technologies. It is assumed that the new online network will be devoid of the negative effects that the development of Web 2.0 has led to. It will allow people to fully own and manage the content they create, as well as anonymize their data, to make the Internet more transparent and safe.
Features of Web 3.0:
- users should become full owners of their content, provided that unauthorized censorship is impossible
- users should be able to monetize their content
- network users are actively involved in ensuring the functioning of the network, thus creating the infrastructure of this network. Active engagement is stimulated by value distribution algorithms (for example, through cryptocurrency)
- users will own their data, with a high degree of anonymization of this data (data is stored in the blockchain, and not on the service of a centralized company, authorization in services can occur by signing digital certificates, providing tokens, performing hash functions, or in any other way conditioned by smart contracts)
The simplest Web 3.0 formula looks like this: read + write + own.
If you want to create the project on a decentralized platform that ensures security and transparency, choose our expertized company — Stfalcon, a free consultation is available.