Introduction
"Web3.0" is a new buzzword making the rounds in IT circles these days. This can be a very perplexing concept for those of us who believe there is only one Web - the World Wide Web, which we use every day to interact with people, work, and obtain goods and services. Many of us are also unaware that there was a "Web1.0" in the beginning and that we are now using "Web2.0." So, what exactly do these terms mean?
What exactly was Web1.0?
If you're old enough to remember the 1990s, you'll remember dialing up to connect to the internet, only to access set pages of text that you could read. At the time, this was all that was available on the internet. Web1.0 was all about data access - magazines, articles, and newspaper pages that could be viewed or downloaded. There was no connection, involvement, or even social media. Web1.0 is best defined as a time when just a few people created static data. There was no flexibility, and as a user, you couldn't create material. This early form of the web was known as the "read only" web since you could read but not respond.
What exactly is Web 2.0?
Around 2004, the second generation of the web began, with a complete shift in how people felt about what the web could and should achieve. It evolved from a static - read-only platform to an interactive one. This is the web we are all too acquainted with nowadays. We see it as a platform from which we may accomplish the following:
• Create content by uploading information (for example, Facebook posts and photographs).
• Participate in social media sites.
• Information (movies and documents) downloading
• We need to promote ourselves and our services.
• Engage with and purchase from businesses
• Send photos and videos.
What exactly is Web3.0?
A new way of thinking about the web is emerging right now. This is becoming known as Web3.0 and is widely seen as the way of the future. Although Web3.0 is not yet a reality, the fundamental distinction between it and earlier versions in theory is decentralisation. The term "Web3.0" is thought to have been originated by Gavin Wood, co-founder of Ethereum, a decentralized, open-source blockchain that gave rise to one of the most successful cryptocurrencies, Ether. Wood sees the future of the web as a decentralized arena governed by consumers rather than large corporations, made possible by blockchain technology.
What distinguishes Web3.0 from Web2.0?
According to the US financial website Investopedia, the differences between Web2.0 and Web3.0 are as follows:
1. Web3.0 is a decentralized system. We all know that the present web employs the protocol "http" to find information. According to Investopedia, Web 3.0 would allow the same information to be kept in multiple locations, removing authority from "internet giants" such as Facebook, Amazon, and Google. The users will own, sell, and control the created data. This implies that Web3.0 will be more open and democratic.
2. Web3.0 provides increased privacy and security. While Web2.0 is concerned with surveillance and supervision, Web3.0 will be concerned with privacy and security. Users will be able to keep their data private because they will have control over it.
3. Web3.0 operates without the need for authorization. There will be no need for users to obtain permission to connect, therefore Web3.0 applications will run "either on blockchains or decentralized peer-to-peer networks or a combination thereof," according to Investopedia.
4. Artificial intelligence (AI) is improved by Web3.0. Computers are expected to give consumers with faster and more accurate results in Web3.0, thanks to technologies that allow them to understand information in the same manner that people do. This will have a significant impact on our web searches since AI will allow them to be more accurate.
Web 3.0's Potential and Drawbacks
Web 3.0 has the ability to provide users with significantly greater usefulness, going far beyond the bulk of Web 2.0 apps that consumers utilize, such as social media, streaming, and online shopping.
Web 3.0 characteristics like decentralization and permissionless systems will also allow users far more control over their personal data. This may assist to minimize the practice of data extraction (the collection of information from web users without their agreement or remuneration) and to mitigate the network effects that have enabled technological behemoths to achieve near-monopolies through exploitative advertising and marketing tactics.
Decentralization, on the other hand, has major legal and regulatory risks. Cybercrime, hate speech, and misinformation are currently difficult to police, and the lack of central authority will make them considerably more difficult in a decentralized framework. Regulation and enforcement would be extremely difficult with a decentralized online. For instance, which country's laws would apply to a certain website whose content is hosted in multiple countries throughout the world?
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