Web 3.0 in IT — What to Know About Web3 Technology?

To put it short, Web 3 technology is a kind of internet ecosystem that is built with decentralized blockchains. Basically, it’s an extended version of cryptocurrency.

The experts envision web3 technologies in multiple forms, from play-to-earn NFT games to entire virtual universes (like Metaverse as a case in point) where world-known brands can sell their goods.

If you are completely new to crypto terms or simply want to know what Web3 can give your company, read on.

First of all, what are Web1 and Web2?

To grasp the web3 technology let’s brush up on the previous Web1 and Web2.

Web1 refers to the early days of the World Wide Web, somewhere in the early 2000s. It’s characterized by static web pages that primarily displayed text and basic images.

You can imagine old websites that were largely one-way platforms, where information was presented to users but interaction and collaboration were limited.

Websites were typically built using plain HTML and were primarily read-only. Users could view content but had limited opportunities to contribute or interact directly with the content on the web. As a case in point, LiveJournal and MySpace are excellent examples of web1.

Then, starting in 2005, Web1 evolved into Web2 by content creators and people who were eager to participate in the Internet instead of just reading it. In this era sounding names like Facebook and YouTube came into play.

Does Web3 exist today?

The dawn of Web3 began with the invention of Bitcoin. Crypto technology was secure and reliable, undergirding, completely decentralized, and, by all means, powerful.

In 2015 Ethereum appeared and coined itself both as a cryptocurrency and a platform where unique tokens and entire blockchain projects.

It began with selling and buying NFT assets (e.g., unique images, audio, and other media), yet today you can see the majesty of the web3 in NFT games like Axie Infinity and Star Atlas that allow for earning cryptocurrency by actively investing your time and effort.

Key Features of Web 3.0

A clear Web3 definition does not exist yet, but perhaps the key features of it will shed some light. Here’s what you should know about the web3 technology:

• Semantic web development. The semantic web empowers users to generate, share, and link content through search and analysis, emphasizing word understanding over numerical data and keywords.
• AI and machine learning. Ever-developing AI is the key feature of Web3. It’s predicted that AI possibilities will expand owing to the active contribution of users to its learning.
• Privacy and trust. Users gain the option to engage publicly or privately, while avoiding third-party risks, enabling "trustless" data interactions and powerful blockchain encryption.
• 3D and 4D graphics. The emergence of 3D and 4D graphics is already here, in the Metaverse and NFT, but it’s expected that more brands and firms will be actively using the possibilities of virtual reality.

What are the opportunities for a business in Web 3.0?

In fact, businesses benefit a lot from the use of the web3. Even though it is still a not-widely used technology, the advantages are clear:

• Security. Blockchain-encrypted data can provide very solid protection for vulnerable data. Web3 is cryptography-powered, ensuring that all pieces of data are authentic and never altered.
• No need for third parties. Decentralization allows for the diminishment of the mediators. As a case in point, cryptocurrency eliminates the need for centralized banks, allowing for direct transactions between you and your recipient.
• Better user trust and accountability. Transaction tracking makes your business transparent which, in its turn, grows the trust of your customers. It also contributes to your company’s governmental compliance.

Final words

Web 3.0 technology is a powerful ally whether you are an individual or an owner of a large business. Being a highly sophisticated technology, Web3 still has not yet encompassed all of the internet, but it, by all means, will soon.

A business can significantly benefit from the implementation the Web3 technology owing to the possibilities for decentralization, transparency, better accountability and compliance, and impeccable blockchain-driven protection of vulnerable data.