Getting to Know Web 3.0 and Its Role in the Crypto Space

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Recently, there has been a lot of discussion about Web 3.0 among crypto asset traders. Web 3.0 is touted as a vision of a decentralized Internet.

What is Web 3.0?

Before learning what Web 3.0 is and its implications for the crypto world, it is important to first understand the context of the Internet’s evolutionary trajectory and the limitations of the current Internet model.

Web 1.0

In the era of Web 1.0, the first time the internet was mostly filled with static HTML web pages that displayed non-interactive data sourced from a central source.

Thus, most web users are simply consumers of web content, and digital communication is largely limited to one-way email and messaging.

With all the limitations that the early internet era had, but after its launch in 1990, Web 1.0 quickly revolutionized the way people connected and exchanged information.

Not only that, Web 1.0 has succeeded in introducing a new digital world that has attracted mankind to the virtual world since the birth of the internet.

Web 2.0

In the 2000s, the world of the internet slowly began to develop into a more interactive digital landscape as it is often visited today.

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The internet development phase of Web 2.0 has proven to be able to facilitate a more engaging online experience. Starting from social media and emerging new business models enabled by network effects, crowdsourced content, and multi-source data flows.

In essence, while Web 1.0 allowed data to be presented and consumed more effectively by users, Web 2.0 seemed to flood Internet users in more personalized ways, such as through multi-channel user interactions and more dynamic and responsive algorithms.

Although Web 2.0 has developed very rapidly and has a much higher adoption rate compared to previous versions of the Internet, there are still a number of shortcomings of Web 2.0 that need to be addressed.

Web 3.0

Web 3.0 is an overarching concept that refers to the next phase of the Internet’s evolution. This new idea is designed to address a common problem that has the potential to become an inherent problem on the internet today.

In addition, this concept is also present to build an online ecosystem where interactions are human-centered and highly personal.

Web 3.0 is also designed to address the prevalent and inherent problems of today’s internet ecosystem. Unfortunately, there is no centralized authority to oversee the development of this new and open internet.

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Instead, this version of the internet was created through the coordinated efforts of various private businesses, non-profit organizations, and individuals.

Web 3.0 Characteristics

Web 3.0 is an innovation to open a network with characteristics that are open, trustless, and permissionless.

Open

This network is built from open-source software. This network is also created by an open community of developers and can be accessed and run in full view.

Trustless

This network is trustless because it allows participants to interact publicly or privately without involving a trusted third party.

Permissionless

Anywhere and anyone, both users and suppliers, can participate without permission from regulatory agencies.
While Web 2.0 or the internet that is currently widely used is driven by the emergence of mobile phones, social media, and the cloud, on the other hand, Web 3.0 is largely built on three new layers of technological innovation, namely: edge computing, decentralized data networks, and artificial intelligence. intelligence.

Influence of Web 3.0 on Crypto Assets

With decentralization, it seems that the influence of Web 3.0 on cryptocurrencies is quite large. Since decentralization is likely to be one of the main parts of this new concept internet, it can be concluded that crypto assets and blockchain will also play an equally important role.

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The upcoming wave of Web 3.0 is predicted to go far beyond the early use cases of cryptocurrencies.

Through the wealth of interaction opportunities and the scope of partners available globally, this network can cryptographically link data of any scale.

Starting from individuals, companies, and machines with more efficient machine learning algorithms. These conditions of course distinguish Web 3.0 from now in the case of cryptocurrencies.

Citing cryptonews.com, Adam Soffer, product lead of the decentralized video distribution platform Livepeer (LPT), said that crypto assets and blockchain are at the core of Web 3.0.

“They are what enable developers to embed economic rules and incentives in open-source software and create coordinated token networks. Such as incentivizing individuals to participate in the Web 3.0 protocol. By empowering developers and the community to solve problems that require large-scale coordination,” he said.

Web 3.0 enables a future in which users and machines can interact with data, value, and other partners via peer-to-peer network substrates. So that later, the interaction no longer requires a third party.

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