The internet has grown from Web 1.0 to Web 2.0 and now it is moving into Web 3.0. Web 3.0 ensures safe interactions between two parties and ensures privacy between them. Unlike Web 2.0, Web 3.0 scraps the middle-man out of the interaction. Let’s look at them one after another and then dive into Web 3.0.
Back in 1993, when the internet was first discovered, we had the first version of the web which was read-only. It was at this period we had the first version of computers. The content was simple and not dynamic.
As the internet grew, we entered another era, the era of Web 2. Web 2 brought dynamism into the internet, we could not only read but now edit. It was during this period we could log in and sign up to a website, read data and also chat. So the web developed from Web 1 which had no interaction to Web 2 where web users could interact. This increased the value of the internet.
Some Web 2.0 technologies are:
Web 3 has come into existence to remove the middle-men in interactions. In Web 2, for an interaction to be performed, there would be a middle-man, an intermediary. They extract interactions that are just between two parties. We appreciate these platforms because, without them, there won’t be a way to interact with our other party. Web 3 came into existence to end the intermediary.
With cryptocurrencies like Bitcoin and Ethereum, we can now have a peer-to-peer interaction without a middle-man and intermediary. With bitcoin, we can perform financial interactions without intermediaries.
Read: What is Blockchain?
Web 3 isn’t only for financial interactions. We can use it for social media development and build applications on the blockchain. For the building of applications on the blockchain, we use ethereum using a programming language known as Solidity.
Web 3 could revolutionize money and value creation. So we are moving from a world of Data Monarchy to a world of Data democracy. Web 3 ensures safety and privacy through the use of cryptography where we will have absolute rights and control of our data. The movement from Web 2 to Web 3 is moving from centralized structures to decentralized structures. At the heart of the blockchain, we have smart contracts.
Smart contracts are not really legal contracts but are just a piece of code stored on a blockchain that executes when pre-decided conditions are met.
Areas Web 3.0 are Applicable
- Financial Transactions
- Building Applications
- Video and Music Streaming
- Social Media Engagement
- Social Networks
- Creation of Browsers
Benefits of Web 3.0
- Security and Privacy
- Absolute control of personal Data
- It can share and exchange data between two parties or computers
- Improvement of the World wide web known as Semantic web.