What technology benefits more than 3 Billion people for 80% of their waking hours every single day? Web 2.O.

Web 2.O, coined as such by O’Reilly and others between 1999 and 2004, moved the world on from static desktop web pages designed for information consumption and served from expensive servers to interactive experiences and user-generated content that brought us Uber, AirBnB, Facebook and Instagram. The era of Web 2.O was largely driven by three core layers of innovation: mobile, social and cloud.

Now let us look at Web 3.0 ,What actually is this Web 3.0 and what is its future.

WEB 3.O

There is no accurate definition of what Web 3.0 is or what it could be, as it is still building. The idea behind this is pretty clear though. As a general idea, Web 3 can be coined as an Internet that uses a decentralized network. These networks have characteristics that by creating platforms no single entity controls and are still able to be trusted by everyone. Every network users and operators are required to follow the same set of hardcoded rules, known as consensus protocols.

Web3 enhances the internet that we know it today with a few other added characteristics. It is:

• Verifiable

• Trustless

• Self-governing

• Permissionless

• Distributed and robust

• Stateful

• Native built-in payments

Unlike earlier times, developers don’t deploy their applications that run on servers controlled by a single entity. They move on to decentralized systems that leverage Blockchain under the hood or several peer-to-peer nodes (servers) or even the combination of both termed as cryptoeconomic protocol. The major advantage we have is no one entity controls it, and the decentralized applications (dapps) that are built on top of the network are open. The meaning of the decentralized web is that no single party can control data or limit access. Anyone is able to build and connect with different apps without permission from a central company.

What lies in the Future?

Cryptocurrencies are just the beginning of Web 3.0. The maximum amount of interactivity now possible and the exponential expansion of counterparty availability will enable Web 3.0 to cryptographically link data from individuals, corporations, and machines with efficient machine learning algorithms, creating new markets and business models.

It is similar to a return to the global village — exposure to human-centered & highly personalized interactions that we used to enjoy, but now delivered at the global scale of the internet and supporting an ever-increasing array of human and machine skills.

 WEB 3.0 Benefits:

• Societies can become more efficient by disintermediating industries, reducing rent-seeking third parties and returning this value directly back to the users and suppliers in a network.

• Organisations can be more resilient to change through their new mesh of more adaptable peer-to-peer communication and governance ties between participants.

• Humans, enterprises and machines can share more data with more privacy & security assurances

• We can future-proof entrepreneurial & investment activities by virtually eradicating the platform dependency risks we observe today

• We can own our own data & digital footprints by using provable digital scarcity of data & tokenised digital assets

• Through ‘modern mutual’ ownership and governance of these new decentralised systems of intelligence and sophisticated & dynamic economic incentives, network participants can collaborate to solve previously intractable or ‘thinly spread’ problems

The forthcoming surge of Web3.0 goes far beyond the original use case of cryptocurrencies. Through the uproariousness of relations now possible and the global compass of counterparties available, Web3.0 will cryptographically connect data from individualities, pots and machines, with effective machine learning algorithms, leading to the rise of unnaturally new requests and associated business models. The result is akin to a “ return to the global vill” — daily absorption in the mortal-centric & largely personalised relations from which we used to profit, yet now delivered at the global scale of the internet and supporting an ever- adding myriad of mortal and machine chops specialisations.