Web 3.0: Embracing the Future of the Internet

& Muskan Gupta & Tanmayee Manhas & Akshaya Balasubramani & Sai Subbulakshmi & Aravind R

Last Updated on June 30, 2023

Web 3.0 is the upcoming iteration of the World Wide Web centered around blockchain technology and leverages machine learning (ML) and artificial intelligence (AI). It aims to develop a fairer and more transparent internet where users have more control over their personal data and digital presence. In this blog, we discuss some of the key features of Web 3.0 and its limitations, as well as various platforms, websites, and technologies that support Web 3.0.

Key Features of Web 3.0

Decentralization

In Web 3.0, no single entity regulates the movement of data and transactions across the network. Blockchain technology contributes to a well-distributed and secure network eliminating a single source of failure. In contrast to information being accessed in Web 2.0 using HTTP and distinct web addresses, Web 3.0’s blockchain foundation allows data to be stored in various places throughout a network. This allows people more control over enormous databases.

Brave is a free and open-sourced website that emphasizes security and prioritizes privacy. It has built-in mechanisms for customers to support their favorite sites and pay content producers with digital currencies while blocking intrusive advertisements and trackers by default. It runs on the Chromium engine and attempts to provide users with a smoother and safer web experience while providing ownership of their data and engagement.

Smart Contracts

These are programmed, self-executing agreements that carry out their obligations automatically. Smart contracts bypass the need for intermediaries like attorneys or banks. They have proven to be the essential feature steering Web 3.0 toward autonomy, releasing the Web from the clutches of powerbrokers. The arrival of decentralized apps, or dApps, confirms the success of smart contracts.

Encrypgen is a blockchain-based technology that employs Web 3.0’s smart contracts to handle genetic data securely. With Encrypgen, users can control their genomic data and share it with experts while maintaining privacy. The platform uses Smart contracts to automatically handle data exchange, payments, and access control, guaranteeing security and transparency. Encrypgen develops a safe and open market for purchasing and selling genetic data, which could substantially enhance the area of genomics.

Blockchain dApps

dApps operate on the blockchain. Given that almost all transactions are logged on the blockchain and are accessible to the general public, the implementation of dApps on Web 3.0 can significantly enhance the transparency and protection of these platforms, thereby protecting user privacy wherein users of dApps are not required to provide personal information to utilize the services offered by the app.

They can be created as substitute social media platforms because no single user on the blockchain can delete messages or prevent messages from being sent since a decentralized social media site would be immune to censorship. Chainyard is a provider of technical solutions that aids businesses in implementing blockchain technology. It focuses on developing unique solutions that advance transparency, security, and efficiency in various industries.

Chainyard blends blockchain, AI, and cloud technology to help clients achieve their business goals. The business provides various services, such as smart contract development, blockchain strategy, and blockchain-based application development.

Data Control

Giving users more control over their data is one of the main benefits of Web 3.0. With Web 3.0, users have more authority over how their information is utilized because they may decide whether to share it with particular parties or keep it private.

Design, a blockchain-based mobile app for decentralized messaging, gives users control over their data. It allows users to communicate securely and anonymously using P2P encryption techniques and for calling and storing cryptocurrencies on the integrated wallet. Using blockchain technology, Ysign ensures data security and privacy while providing users a choice over who can access their data, giving them more control as they manage their encryption keys.

User Equality

Another benefit is Web 3.0’s capacity to establish a more egalitarian online environment. Because Web 3.0 is decentralized, power is shared among a larger group of individuals. This can significantly lessen the influence of a few key players, such as big governments or corporations.

By making the internet more decentralized, open, and safe, Web 3.0 technologies have the potential to advance user equality. Web 3.0 platforms like Mastodon and Steemit provide a decentralized substitute to conventional social media where users may own their material, get paid for it, and have more privacy control.

Limitations of Web 3.0

There are several limitations to Web 3.0 before it gains mass adoption. One of the main issues is scalability. Implementing Web 3.0 necessitates massive transactions, and the blockchain’s current infrastructure cannot handle it. Another constraint in Web 3.0 is the absence of user-friendly interfaces for engaging with the blockchain. The existing user interfaces might be challenging for quasi-users to comprehend and utilize, which makes mass adoption problematic.

Various technologies, including blockchain, AI, and ML drive Web 3.0. It also uses 3D visuals, semantic data, and other technologies. In such a scenario, less sophisticated devices cannot support Web 3.0. users will need a device with significantly greater computing capabilities. Each transaction in Web 3.0 requires some fees to be paid to the network of nodes, which makes using blockchain expensive.

Small transactions or use cases where the transaction cost is higher than its value may find this to be a hurdle. Lack of connectivity with existing browsers will make Web 3.0 less viable to most users. Since Web 3.0 is decentralized, it will be increasingly difficult to regulate cybercrimes, thus endangering the data and privacy of users.

Conclusion

Web 3.0 is a revolutionary technology that has the potential to decentralize and make the online space autonomous. It could lead to a more transparent and equitable internet where individuals have more control over their data and online interactions. There are still obstacles and restrictions, such as scalability and user-friendliness, that must be overcome before Web 3.0 can be widely accepted.

ML is also being redefined as a first-class citizen for software trends like cloud computing, networking, and cyber security. Since many of those software trends are being implemented in Web 3.0, ML will probably play a crucial part in developing Web 3.0 technologies. The adoption of ML in Web 3.0 will not be a single, atomic trend; rather, it will be dispersed over several levels, including ML-driven blockchains, cognitive logic-based protocols, and intelligent decentralized apps.