What is Web3?

The Internet can process data with nearly human intelligence thanks to Web 3.0, the next stage in its evolution. This is made possible by the use of blockchain and artificial intelligence technologies.
Gavin Wood, the creator of Polkadot and a co-founder of Ethereum, is the sense behind Web3, which is actually an improvement over Web2. It incorporates all of Web2’s functionalities as an upgrade while also changing some processes and adding new features.
With everyone having equal access to participate in Web3, which is a read-write-own system, ownership is shared between its creators and users.
As more Internet of Things (IoT) devices can access multiple apps on blockchains, Web3 once again provides greater connectivity. It uses incentives and economic mechanisms to function, using blockchains, cryptocurrencies, and NFTs to give users back control and ownership.
To spend and send money online, Web3 introduces a native payment method that makes use of cryptocurrencies. It ends Web2’s reliance on the antiquated banking and payment processor infrastructure for similar services.

What are the objectives of Web3? 

One of the many goals of Web3 is to use the vast amount of user data already present on the web to make the web more effective and efficient. It intends to give users faster access to only pertinent data by utilizing AI. Users won’t just be able to retrieve data quickly; AI will also assist in filtering and providing the data that it believes a particular user will find useful.
Web3 also aims to decentralize power from large corporations and give it to common users. Furthermore, close the gaps in the current web 2.0 that allow major tech companies to invade user data in the form of cookies.

What are the key features of Web3?

Let’s take a closer look at these crucial features that the Web3 platform design depends on.

1. Decentralization
Web3’s adoption of blockchain technology makes this function possible and will assist in the decentralization of data storage. Additionally, it will build trust in the online community. Information can be retrieved from Web 3.0 based on its content and stored concurrently in multiple locations, making it decentralized. This would destroy the enormous databases that are currently kept up by Internet behemoths.

2. Artificial Intelligence and Machine Learning
Human-computer communication is made simpler by AI and other technologies built on the semantic web and natural language processing principles. Computers will be able to comprehend information in the same way that people do.
For example, the syntax of „I love my Mum“ and „I ♥️ my Mum may be different.“ However, computers will understand this and other dialogues like it if they have a feature that can understand human language. This will make the user’s search for content on the Internet easier to find and more relevant to their preferences.

3. Permissionless
Participants won’t need an intermediary to help with communication or transactions because Web 3.0 is trustworthy and permissionless. There is no requirement to wait or request permission from a governing body. You have access to any relevant information without the need for authorization from any other node or third party.
For instance, if you are just looking up some information, you are not required to accept its cookies. You don’t need to provide any information because you and the internet have a trusting relationship.

4. Ubiquity
Applications to analyze the expanding amount of data are widely available thanks to Web 3.0. Thanks to the ecosystem’s users‘ and devices‘ seamless connectivity, everyone will always have access to the internet from anywhere at any time.

5. Ownership
You are guaranteed to keep ownership of your digital assets by Web3. Through non-fungible tokens (NFTs), direct ownership is possible. Nobody has the authority to take your ownership away, not even the administration.

6. Decentralized Autonomous Organizations (DAOs)
DAOs are incorporated to coordinate decentralized platform ownership and make future Web3 decisions. It is a fundamental element of Web3. These autonomous, decentralized, decentralized organizations facilitate communication across Web3.
Users with tokens can vote on how resources are distributed, and the code automatically implements the results of the vote.

7. Native Payments
Web3 eliminates the need for a reliable middleman by using tokens like ETH to send money directly from the browser. This eliminates the reliance on banks and payment processors in Web2’s payment infrastructure.

How is Web 3.0 Related to Blockchain?

The storage of data in blocks on the blockchain enables the creation of smart contracts for internet-based web pages. Web 3.0 will provide a more specialized and individual browsing experience with blockchain. With other decentralized advantages, this makes the web smarter and a more human-like search assistant. Giving each user control over their data will achieve this, resulting in a richer overall experience.

Conclusion 

Every user on Web3 has the freedom to do whatever they want on a network that is governed by sizable tech companies. Web3 decentralizes ownership and stores data on servers dispersed throughout its peer-to-peer network. Essentially, it is a different way for users to access the Internet without giving out private or sensitive information.