Web 3.0
Think about a new kind of Internet that can interpret your requests in any format—text, audio, in addition to accurately understanding everything you need. The Internet is evolving at a turning point that some innovators define as Web 3.0.
What is Web 3.0?
The third generation of the Internet, known as Web 3.0, will use big data, distributed ledger technologies (DLT), machine learning (ML), and other technologies to enable websites and applications to process information exactly like persons. Web 3.0, also known as the Semantic Web, was first introduced by Tim Berners-Lee, the man who invented the World Wide Web, with the goal of building a more independent, intelligent, and transparent Internet.
Unlike the functioning of Web 2.0, where data is mostly stored in centralized repositories, Web 3.0 will connect data in a way that is decentralized. Meanwhile, in order to become less dependent on centralized authorities and develop more autonomous systems for data, transactions, and applications, decentralization frequently requires usage of blockchain technology.
“Web 3.0 is about creating a more secure and private web, where users can trust that their data will be kept safe and confidential.”
John McAfee, entrepreneur and cybersecurity expert
Understanding Web 3.0
There are in fact several ways that Web 3.0 might improve blockchain and cryptocurrency technology. Web 3.0-based user-friendly financial platforms can make better use of smart contracts and decentralized data oracles to offer more accessible sophisticated financial services to users, like trading.
If the foundational blocks of blockchain technology and cryptocurrencies are used to build Web 3.0, we can expect these technologies to collaborate extensively and work together. They will be employed to facilitate financial transactions at any level and will be functionally compatible and easily integratable.
Key features of Web 3.0 include:
- Semantic Web: Web 3.0 adds semantic information to data to increase comprehension, making web content easier to understand.
- Decentralization: To improve data systems, transactions, and apps and minimize need on centralized authority, Web 3.0 encourages decentralization through the use of technologies like blockchain.
- Artificial Intelligence: Web 3.0 relies heavily on machine learning and artificial intelligence to provide enhanced applications and customisation.
- Personalization: The goal of Web 3.0 is to offer highly customized experiences, with services and information adapted to the interests of each user.
These characteristics stand for the main goals of Web 3.0, aiming to make the internet a more intelligent, linked together, and decentralized system.
The concept of “Web 3.0” gives us a glimpse towards the internet of the future, a scenario in which consumers have a better experience while doing their financial or other activities, an internet where machines can interpret and process information more effectively, and data is well-structured and totally safe at the same time. However, in the IT sector it’s still a concept and a subject of continuous discussion and development.
Latest Web 3.0 Events
- Korea Blockchain Week 2023 (KBW2023), Asia’s premier blockchain gathering, ‘IMPACT’, hosted 210 global blockchain industry leaders, including Ethereum founder Vitalik Buterin and BitGo CEO Michael Belsey, representing a milestone in the development of Web 3.0. The event, celebrating its 6th anniversary, included the world-class Web 3.0 event ‘The Gateway: Korea’ and the technology convergence EDM festival ‘2023 Micro Seoul Festival Soulbound.’
- Paris Blockchain Week, the leading event organizer for blockchain and Web3 technologies, has announced its 5th edition (8-12 April 2024) at the Carrousel du Louvre in Paris, France. The three-day event will focus on cutting-edge industry content, keynote speakers, and networking opportunities with various blockchain and Web3 communities. Key topics include open finance, artificial intelligence, regulations, and corporate Web3 payments.
Latest News about Web 3.0
- Saudi Arabia’s NEOM Investment Fund plans to invest $50 million in Hong Kong’s Animoca Brands, a leader in digital property rights for the open metaverse. The strategic collaboration, part of Crown Prince Salman Jr.’s $500 billion initiative, aims to fuel Web3 projects in line with Saudi Vision 2030. The fund will invest $25 million by issuing convertible notes and buying Animoca Brands’ shares on the secondary market. The partnership will create robust Web3 enterprise service solutions, benefiting Riyadh and the NEOM area.
- Axie Infinity, a digital pet game, has seen a surge in player numbers and transactions, with 130,000 Origins and Classic players and 134,000 Axies involved. The platform’s native token, AXS, has outperformed the competition, posting gains in nine out of ten sessions since October 20th. By October 30th, AXS had soared to a two-month peak of $6, solidifying its position as the top-performing asset in the crypto sector. The game’s development activity has also surged, instilling confidence in potential investors. AXS is currently priced at $5.85, marking a nearly 16% increase in 24 hours.
Disclaimer
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About The Author
Viktoriia is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Viktoriia is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
