The next generation of Internet technology, referred to as Web 3.0 or Web3, mainly utilizes machine learning, artificial intelligence (AI), and blockchain technology. Gavin Wood, the creator of Polkadot and an Ethereum co-founder, coined the phrase. Web3 will provide consumers more autonomy over their online data, in contrast to Web2, which is focused on user-generated content hosted on centralized websites.
The objective of the movement is to develop open, interconnected, intelligent websites and online apps with better machine-based data understanding. Decentralization and digital economies are crucial components of Web3 because they enable us to assign a value to online information. It's also critical to realize that Web3 is a dynamic idea. No single definition exists, and its exact meaning can differ from person to person.
With the aid of AI and cutting-edge machine learning algorithms, Web3 seeks to deliver personalized and pertinent information more quickly. Machines will be able to grasp and recommend material intuitively as a result of improved search algorithms and advances in Big Data analytics. Additionally, Web3 will emphasize user-owned content and support for open digital markets.
Websites today typically present static data or user-generated content, such as forums or social media. This enables data to be sent widely, but it doesn't address the demands of particular consumers. A website should customize the information it offers to each user, much like the fluidity of interpersonal communication in the real world. With Web2, users no longer own or manage this information once it is online.
The creator of the World Wide Web and computer scientist Tim Berners-Lee are both significant figures in the Web3 movement. In 1999, he offered his vision of the future of the web:
“I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A "Semantic Web," which makes this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy, and our daily lives will be handled by machines talking to machines.”
Since then, Gavin Wood's message and Berners-vision Lee's have come together. Here, websites and applications will have access to a vast ocean of decentralized information. When working with specific users, they will comprehend and effectively utilize that data.
Technology like the Internet is always changing and innovating. We have already encountered Web1 and 2, and much discussion surrounds Web3 Users of Web1 received a static experience because they were unable to build the modern, content-rich websites. Social media and dynamic websites from Web2 brought us closer together, but at the expense of centralization.
Web3 aims to offer us control over the content we access online and to build a semantic web. This implies that computers will have no trouble processing and reading user-generated content. Blockchain will give rise to decentralization, open digital economies, and free digital identities with cryptocurrency wallets.
The availability of 3D alternatives to regular web browsing will increase how immersively we connect with the internet. Additionally advantageous to the consumer include effective browsing, pertinent advertising, and enhanced customer service. Virtual assistants driven by AI like Siri and Alexa as well as interconnected smart homes could also be part of the broad development of Web2 to Web3.
Since middlemen are no longer involved, user data is no longer under their control. Due to this freedom, there is less chance of being subject to corporate or governmental censorship, and DoS assaults are less successful.
As more items are linked to the Internet, greater data sets provide algorithms more information to examine. By doing so, they may be able to provide users with information that is more accurate and meets their individual needs.
Choosing the best results from search engines can occasionally be difficult. Nevertheless, they have improved over time in locating semantically pertinent items based on search context and metadata. This results in a more convenient web browsing experience that can help anyone find the exact information they need with ease.
No one enjoys being inundated with web advertisements. However, if the advertisements are helpful rather than annoying, it may be because they are pertinent to your requirements. By utilizing AI systems that are smarter and targeting certain audiences based on consumer data, Web3 seeks to improve advertising.
Websites and web applications must provide excellent customer service to ensure a positive user experience. But many successful web services find it difficult to scale their customer support operations because of the prohibitive prices. Users can benefit from an improved experience when interacting with support professionals thanks to more sophisticated chatbots that can speak to several consumers at once.
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|
Web1 |
Web2 |
Web3 |
|
Content |
Passive interaction for the user |
Community platforms and user-generated content |
User-ownership for content creators |
|
Technologies |
HTML |
Dynamic HTML, Javascript, |
Blockchain, AI, machine learning |
|
Virtual environments |
None |
Some basic 3D use |
3D, VR, AR |
|
Advertising |
Obtrusive (banners, etc.) |
Interactive |
Targeted based on user behavior |
|
Data storage |
Stored on individual websites’ servers |
Owned by large tech giants |
Distributed across users |
|
Audience |
Individual users |
Specific communities of users |
Interconnected users across multiple platforms and devices |
At its core, Web3 is driven by Artificial Intelligence, Blockchain/Distributed ledgers, 3D/VR/AR environments. One of the best ways to gain exposure to the development of Web3 is to invest in the underlying technologies that make it possible in the first place. On the blockchain side that means to gain exposure to smart contract platforms such as Ethereum. VanEck provides a straightforward, diversified and easy way to invest in a broad selection of smart contract platforms that enable Web3.