Web 3.0 Technology & Examples: The Future of Internet
Innovation
Nov 23, 2022
Innovify
What are Web 3.0 Technologies? Understand with Examples
The very first version of the internet, Web 1.0, was only a simple, read-only version of the internet. It allowed little functionality or flexibility to the users. For example, users were only allowed to read information from websites.
Web 2.0, the current stage of the internet, provided a little more flexibility than the previous generation. Web 2.0 gave users the ability not only to read but also to write, upload, send, and receive text, image, and video content via the internet.
As a result, Web 3.0 will undoubtedly be much better and more sophisticated than the internet we have today.
What is Web 3.0?
In Web 3.0, a decentralized internet economy takes place, free of any central authority. Blockchain technology has the potential to make this happen and significantly improve the internet. Web 3.0 has the ability to open up a whole new universe of online services and can change how we use the internet.
People may earn money by selling their digital content in the form of NFTs. When Web 3.0 is widely adopted, blockchain technology, such as decentralized applications (DApps) and smart contracts, will become more prominent.
Before we move to understand the technologies behind Web 3.0 and their relevant examples, let’s first understand the features Web 3.0 brings along.
Decentralization
Web 2.0 databases maintained by internet giants like Meta and Google might be dismantled if individuals gain more power. With Web 3.0, information is found based on its content rather than a single location, thus becoming decentralized. It adheres to a fundamental principle: computers search for data stored at a single location, using the HTTP protocol to access distinct web addresses.
Peer-to-Peer
Through decentralized peer-to-peer data networks, Web 3.0 will allow users to sell their own data, maintaining ownership control. Data will be captured and processed by various powerful computing resources, such as appliances, mobile phones, desktop computers, cars, and sensors.
Decentralized Apps (dApps)
Because Web 3.0 will be decentralized and based on open-source software, it will also be trustless (participants can interact directly without going through a centralized trusted intermediary) and permissionless (individuals will be able to access without seeking approval from a governing body).
Web 3.0 apps—dApps for short—will operate on blockchains, decentralized peer-to-peer networks, or a mixture of the two. These decentralized apps are referred to as dApps.
Semantic Web
The semantic web would allow computers to analyze data and decode the meaning and emotions they are attempting to express, especially if the connection between words is properly defined. This would result in a superior and more satisfying internet user experience.
Expansion of AI & ML
An information-processing system that works like a human brain will be available on the Semantic Web in Web 3.0. Using machine learning, a form of artificial intelligence (AI) that copies human learning by collecting data and using algorithms, Web 3.0 will be able to process information in the same way humans do.
Instead of current efforts focused on targeted advertising, which makes up most of them, these capabilities will result in faster and more accurate outcomes in a range of sectors, such as medical research and material development.
3D Graphics
The three-dimensional virtual world will become a reality with Web 3.0, thanks to new graphics technology. The use of 3D graphics will make the internet user experience more immersive, and it will be beneficial in changing a variety of sectors, such as health, e-commerce, real estate, etc.
Web 3.0 is all about a decentralized world where big players like Google, Meta, and even the government have no control over the network. But what technologies make all this happen?
Let’s get to know them one by one.
Technologies That Make Web 3.0 Happen
Web 3.0 technology sets are open to more than just a single sector or organization, even though there are organizations dedicated to their development and expansion.
1. Augmented, Virtual, and Mixed Reality
Virtual reality (VR), augmented reality (AR), and mixed reality (MR) are among the Web 3.0 technologies that are making the metaverse, a Web 3.0 phenomenon, a reality.
Metaverse is a term from the novel “Snow Crash” from 1992. However, the metaverse you know is a recent Facebook rebranding that brought the metaverse to mainstream attention. The metaverse is not yet a concrete reality, but it is a 3D immersive world where we will spend much time socializing, working, enjoying, and learning.
2. Blockchain
Blockchain technology is the one technology that inspired the notion of Web 3.0, and so it is the most explicit illustration. The Web 3.0 ecosystem relies on blockchain technology, so it is critical to the future of Web 3.0.
A blockchain ledger is a record of transactions. It is spread across a wide network of computers and can be accessed by anyone. Every time a new ‘block’ of transaction is added to the chain, the system requires all database copies to agree and be amended. All transactions are permanently recorded and, therefore, open to public view.
Blockchain technology can be used for a multitude of applications, but it is most commonly associated with cryptocurrency. Because validated databases are distributed across the internet, no central authority can control them.
3. Crypto
No central authority controls cryptocurrency; instead, it is a decentralized digital currency. For this, blockchain technology is used to record how much currency is available and who has how much.
Crypto is a viable Web 3.0 technology as there is no fiat currency like dollars or euros on the blockchain network, so cryptocurrencies such as Bitcoin and Ethereum can be used to make online payments without fiat money.
In addition, governments can devalue savings held in fiat currencies over time by using inflationary policies to manipulate them.
4. NFT
NFTs are a key part of Web 3.0. In essence, NFTs are like crypto in nature, but each one is unique and does not interconvert with another. That’s the non-fungible component of the term. NFTs are used to represent digital or physical assets in the same way that a paper title deed for a home does.
Though you’re simply purchasing control over a string of numbers and letters at this stage, any legal authority does not necessarily recognize NFTs, so the future of this technology is uncertain, just like cryptocurrency.
5. Edge Computing
When it comes to online data and services, edge computing seeks to place them as close as possible to where they are requested or generated. Big data computing, in which computer centers are used to process large amounts of data, is the opposite of edge computing, which takes place at the edges of the network.
Data centers have adopted commoditized personal computer technology to serve web 2.0 clients, but Web 3.0 is moving data center functionality out to the edge and, in some cases, getting data right into our hands.
6. AI & ML
Despite the presence of AI and ML features in web 2.0, human-based systems still account for the bulk of activity, leaving the door open to corruption, such as rigged ratings, biased product evaluations, human errors, etc.
For instance, customers may leave feedback on any product or service on AI-powered internet review services like Trustpilot. However, a firm may pay a large number of people to write positive reviews for its products or services, and the results will be manipulated.
In contrast, AI & ML, built on top of decentralized data structures, can enable applications ranging from targeted advertising to far more interesting experiences.
8 Examples of Web 3.0
Virtual assistance, EdTech apps, social networking platforms, messaging apps, and exchange services, among other things, are already using Web 3.0 technology.
We assume you’re already aware of some of the Web 3.0 implementations like crypto, metaverse, etc. Hence, we won’t cover them here. Here, we’ll focus on the most innovative and famous Web 3.0 implementations.
Let’s get to know the most popular Web 3.0 examples:
1. IDEX
IDEX is a decentralized exchange that prioritizes speed and user experience. It allows traders to purchase and sell tokens using a variety of cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). IDEX can accommodate large volumes of trading activity with minimal latency. In addition to providing an exchange, IDEX has an integrated wallet that allows you to keep your funds safe.
2. Wolfram Alpha
Wolfram Alpha is a Web 3.0-powered computational intelligence platform. The platform can provide answers to users from a variety of fields, including mathematics, nutrition, and science. It integrates with other apps in the ecosystem to gather information from their databases and delivers it to end users.
Wolfram Alpha is more efficient and provides more accurate results than it did in web 2.0. Siri is a big fan of Wolfram Alpha.
3. Steemit
One of the most famous examples of Web 3.0 social network websites is Steemit. It is a decentralized platform that runs on the Steem Blockchain social media model.
Steemit rewards bloggers or content creators with cryptocurrencies for contributing content on the site. Web 3.0 rewards contributors’ crypto in a secure environment, which is precisely where it becomes important.
4. Sola
Sola is an example of a Web 3.0 social network. It is a social platform powered by distributed nodes, the Ethereum blockchain, and IPFS.
Unlike Steemit, Sola uses blockchain AI to create social networks and media hybrids. All involved parties, including third-party developers, the core team, and the users, are incentivized and rewarded for creating viral content.
Sola uses AI to filter out any undesirable content and doesn’t solely rely on user responses to distribute posts. In addition, users are paid Sola’s proprietary virtual currency and action points, which they can use to endorse other users’ content or spend on their own content.
5. Storj
Storj is a cloud storage platform that offers secure, distributed storage. It is an open-source, peer-to-peer cloud storage marketplace where users may rent out their unused hard disk space in exchange for STORJ tokens. Users may purchase or sell excess storage capacity on their hard drives at any time through Storj’s peer-to-peer marketplace.
6. Audius
Artists can get paid directly by fans using Audius’s blockchain-based music-sharing platform. Using artificial intelligence and machine learning, Audius compares songs to find ones that match listeners’ tastes. As a result, Audius eliminates the need for middlemen like SoundCloud or Spotify by paying artists directly.
7. Axie In
In Axie Infinity, players collect digital creatures named Axies (thousands of them available) and battle other players online for real money (using in-game currency). They may use their Axies to battle against other people’s Axies, train them to become stronger over time, or even trade them.
8. Brave Browser
Brave Browser is an open-source web browser that blocks advertisements and trackers by default, making it faster and safer than your current browser. Brave also gives you a share of the advertising revenue if you choose to support your favorite sites with BAT tokens.
Welcome to the New Age
With blockchain powering Web 3.0, people will have full control over their data and privacy, and companies will be able to utilize it (or not). All this will happen in the future internet.
Therefore, Web 3.0 will increase the honest and open usage of user data, from cross-platform development tools to customized search results and 3D graphics. The web will become more immersive and active as a result.
Innovify, a London-based digital product studio, offers the best new product development for companies adopting Web 3.0 technology.
