Dec. 13, 2022 Nidhi Inamdar

Web 3.0 Technology shaping the future of the Web

The most recent iteration of the internet is Web3. That sounds significant, and it is, but a new version of the internet is not being put in its place. Instead, it involves improving what we currently do. There will be a thing for everyone, so don't worry if you're not sure what VR is or if you love it or hate it.
Web3 is the most recent version of the internet. That sounds important, and it is, but a replacement for the current internet is currently not being created. Instead, it calls for improving what we already do. Don't worry if you don't understand virtual reality or if you like it or dislike it; there will be something for everyone.

Here is a summary of how the internet has changed over time:

Web1 ,Web 2, Web 3

The Static Web, or Web 1.0 (around 1990–2005). It was composed primarily of read-only web pages without many interactive features. Information was difficult to find and content creation was constrained.

The "Web 2.0" or "Dynamic Internet" (2004). made up of brand-new software programs created on the internet. The majority of the value is produced by businesses like Google, Apple, Amazon, and Facebook.
Web3 platforms could provide producers and users with a way to monetize their activities and contributions. The concept of Web3 seems to be a more democratic version of today's online and digital works. For instance, the social content mining feature of PIXIE, a cryptocurrency-based counterpart of TikTok or Instagram, pays all social activities with PIX.

Although Web3 has evolved in a variety of ways, the following traits are frequently suggested by experts in the field as ways to characterize Web3:
Semantic Web: Web technologies that have been improved to let users construct and share links based on search and analysis. Web3's search and analysis tools would put a greater emphasis on comprehending word meanings and their context.
Decentralized: Web3 will be decentralized, with all services and applications allowed by a distributed method where there is no central authority, in contrast to Web 1.0 and Web 2.0, when administration and application were mostly centralized (think of Facebook/Meta).

Some computer experts regard Web3 as the "metaverse" or "3D graphics" because it can foster unprecedented levels of connection and immersion between the real world and the virtual one. Innovative uses are being observed in a variety of sectors, including sports, healthcare, property investment, and e-commerce.

Some features of Web 3.0:

Why is Web 3.0 so unique?

Artificial intelligence
By combining semantic abilities and AI, major advancements in comprehending a wide range of data and delivering quicker and more accurate outcomes will be made (e.g., climate prediction or human-based corrupt practices such as biased product reviews). the main advantages that web 3.0 can offer to society.

Transparency
The advantage of Web 3.0's decentralization and distributed ledger technologies is that you can track your data and examine the source code of the platforms you want to utilize. You don't have to believe a big corporation. The platform you're utilizing might not even be supported by a company. Most significant blockchain platforms are now being created by nonprofit organizations. This is reminiscent of the beginnings of the web and the original ideals of an unrestricted and uncensored discussion forum.
Fewer intermediaries
Decentralization promises to put providers and customers in close contact. The revenue from an internet exchange won't be split by a centralized body. Using blockchain technology, we won't be able to completely get rid of middlemen. We will still need fair regulations and ways to check on fairness, but decentralized and unreliable networks will replace centralized institutional control. One may see a blockchain-based Airbnb substitute, for instance, where guests and hosts could communicate directly without the need for a middleman. It is conceivable and being developed to create even massive marketplaces, such as a decentralized alternative to eCommerce sites like Amazon.
Privacy
Consumers should pause when considering how they disclose information online given the volume of data theft and mishandling of user data in recent years. You can protect and monitor your data online thanks to blockchain technology and current developments in cryptography, which is a significant benefit. Whether we're discussing civil rights or identity theft, privacy is crucial.
Ownership & Sharing of Data
Have you ever considered how time-consuming online registration forms are to complete? You'll probably just need one personal profile with Web 3.0 because it will function on all platforms. You won't have to allow businesses access to your profile or other related data because you will own it. Data can be shared more easily, its correctness can be confirmed, and you may even offer your data to marketers or advertisements if you so desire.
Encourage Creators
Making it simpler for producers to start is another advantage of connecting customers and producers directly. On Web 3.0, people from all over the world can launch enterprises and connect with clients without the use of intermediaries or gatekeepers. National and social prejudices are being eliminated via distributed platforms and digital currency. Simply having a fantastic idea and having a client who will pay you to carry it out well enough.

Intelligent, strong data control
With all of the flexibility of Web 1.0 and all the advantages of recent technology advancements, Web 3.0 aims to give customers authority. The main forces underlying this power shift are decentralization, blockchain security, and increased accessibility to AI. The real web will be generally pro and in favor of privacy. Thanks to the privacy offered by encrypting and distributed ledger technology, internet connectivity, and user information will no longer be governed by a small number of businesses.

With our end-to-end Web3 services, Lucent Innovation assists businesses in utilizing the power of decentralization to boost productivity, unleash additional business potential, enhance customer satisfaction, and create new business models.