Web3 (also known as Web 3.0) has recently become a buzzword in the tech sector. However what exactly is Web 3.0 and why does it matter to you? In this Tokenmason article, we discuss what Web3, its impact and why it should matter to you.

What is Web3?

Web3 is essentially the third iteration of the world wide web (WWW), which leverages artificial intelligence (AI), machine learning (ML) and blockchain technology.  The term Web3 was first coined in 2019 by Ethereum co-founder Gavid Wood and term later gained more interest from blockchain enthusiasts.

Web3 is different to previous iterations of the web (explained in the next section) since it aims to create a more intelligent, connected and open internet. Web3 also incorporates the concept of decentralization and is often linked to blockchain technologies such as cryptocurrency, NFTs and DAO.

The central idea behind web3, is that it can leverages AI and blockchain technology to improve data security, openness, scalability and privacy for users of the internet. For example, a website using ML and AI should be able to autonomously filter through data, the website thinks are specific and useful for a user.

What distinguishes Web3 from previous versions

Web 1.0 and Web 2.0 refer to previous versions of the world wide web (WWW) and evolved through various iterations. Web 1.0 was the first iteration of the web and invented by Sir Tim Berners-Lee in 1989 while working at CERN. Most websites during the Web 1.0 era were static webpages, and the primary purpose was to find information, similar to how online directory works with limited interaction between users.

Web 2.0 was the second iteration built between 1999 to 2012. The term web 2.0 was first coined by Darcy DiNucci in her article Fragmented Future and was later popularized in the early 2000s. Web 2.0 was based around the idea that the internet was an interactive platform, where users could create and share content like blogs and podcasts and communicate with each other on forums and social media. Then came along the latest iteration, Word Wide Web 3.0.

The key difference between Web 2.0 and 3.0, is that Web3 is more focused on leveraging tech like AI and ML to provide useful and personalized content instead of relying on content other users have created. Think of it like a virtual assistant autonomously finding the answers to your queries using natural language.

Web3 also leverages blockchain technology to make the web more decentralized. Decentralized data networks enable internet users to own, sell and lease their data without losing control, risking privacy or relying on intermediaries. For example, your current web history may be tracked by Google and Facebook to better target their ads. However, with Web3, data is decentralized which means users own their data, enabling you to securely login without being tracked, monitored or even hacked.

Closing thoughts on Web3

Ultimately, Web3 aims to enable trust since there is less dependency on individual platforms and less reliance on centralized data repositories. We are headed towards an Internet where people have complete control over their data and privacy and can give permission for companies to use their data. Think of Web3 as an internet of the people, created by the people and for the people.

Web3 is already being implemented in various areas, including virtual assistants, gaming and social networking. Web3 is also making Metaverse a reality, in particular its use of blockchain technology. The new era of the internet, Web3 is here to stay so let’s embrace with open arms.

How TokenMason Can Assist

We hope you have found this blog useful and learned about the Web 3.0 and the opportunities it can bring. Please visit our Blog page for more blockchain related news and articles. For example, you may enjoy reading our article about the Metaverse.

TokenMason is a leading blockchain development company and helps organizations build customized blockchain solutions such as launching your own NFTs, as well as ICOs and other blockchain-related games and decentralized apps related to Word Wide Web 3.0.

Submit an enquiry if you would like to receive a quote for your customized blockchain project or discuss a strategy to make your blockchain-related idea a reality. TokenMason welcomes the opportunity to discuss how we may be able to assist.