Web 3.0 is the next generation of the Internet. It is secure, decentralized and free from the control of the Internet and social networks. This version of the Internet is based on blockchain technology and operates on the basis of a token economy.
The idea behind Web 3.0 is to create an Internet that accurately interprets your input, understands what you're communicating, and allows you complete control over what type of content you want to consume.
The transition from Web 2.0 to Web 3.0 has minimal impact on end users, but requires radical changes to the back end. The technology stack for Web 3.0 will be different.
1. Network layer
The network layer is the lowest layer in the Web 3.0 stack. Unlike Web 2.0, which relies on centralized databases, Web 3.0 will run on a blockchain for trustless and permissionless access.
To choose a blockchain network for building decentralized applications (dApps), Web3 developers will have two options:
Ethereum virtual machine (EVM) blockchain
The virtual machine based on the Ethereum blockchain stores important information such as accounts, balances, and machine states.
EVM Blockchain Examples:
Ethereum is the original EVM smart contract platform.
Polygon is an Ethereum sidechain.
Arbitron – Level 2 blockchain using optimistic summaries and multi-stage fraud proofs.
Optimism – Layer 2 blockchain using optimistic rollups and one-time fraud proofs.
Hermez is an Ethereum Layer 2 ZK storage network operated by Polygon.
ZKSync – Ethereum Layer 2 network of ZK folding using SNARK.
Starknet – Ethereum Layer 2 ZK storage network using STARK.
Avalanche – EVM Compliant Level 1.
Cronos – EVM compliant level 1.
Blockchains without EVM
These blockchains do not follow the structure of Ethereum and are created by engineers who believe that EVM chains are too limited by the structure of Ethereum.
Blockchain examples without EVM:
Flow – Level 1 using Cadence, Flow's own resource-oriented programming language.
NEAR – Level 1 using Rust or Assembly Script for smart contracts.
Solana – Level 1 using Rust C and C++ for smart contracts.
Terra – Tier 1 using Rust for smart contracts.
2. Blockchain interaction layer
The blockchain interaction layer allows developers and users to read and write data to the blockchain. Data providers such as block explorers are a vital part of this layer. They serve as an online resource for obtaining real-time and historical data on transactions, address balances, gas fees, etc. In this way, the public can easily read and interpret blockchains.
3. Presentation layer
This layer of the Web 3.0 stack contains high-level abstractions and front-end libraries and reflects many aspects of Web 2.0 development.
4. Application layer
The application layer contains user interfaces for accessing Web 3.0. It covers Defi, NFT, Identity & Authentication, Data & Analytics and many more interesting dApp categories. Public consumers will interact with this layer to access Web 3.0.
Beyond these four layers, Web 3.0 uses the InterPlanetary File System (IPFS), a peer-to-peer hypermedia protocol. This makes it easy to store and share files across a distributed network by using content addressing to uniquely identify each file in a global namespace that connects all computing devices. Experts hail it as the future of Internet protocols.
At the moment it is a stack of Web 3.0 technologies. As technology advances, we will see more infrastructure tools and paradigm shifts. While the stack changes, these Web 3.0 layers will remain.
Real Web 3.0 examples
1. Social networks
Sapien: Sapien is a social news platform based on the Ethereum blockchain. It is highly customizable and a great alternative to traditional media like Google and Facebook.
Steemit: A decentralized platform based on the Steem blockchain helps members monetize their content. This can be a great alternative to Reddit.
Sola: A social platform that uses blockchain artificial intelligence to provide readers with useful information according to their preferences.
2. Exchange services
IDEX: A popular decentralized exchange for trading ERC-20 tokens. Anyone with an Ethereum wallet can start trading on the platform.
EOSFinex: decentralized exchange powered by EOS.IO software. The platform is being developed by one of the largest exchanges, BitFinex.
3. Messaging apps
E-chat: decentralized secure messenger based on blockchain technology. With it, you can not only enjoy secure chats, but also send cryptocurrency through it.
Obsidian: Obsidian is a next generation messenger based on STRAT and powered by the Stratis coin. It offers a secure environment where users can communicate and send funds to each other.
4. Decentralized storage solutions
Storj: The leading decentralized storage solution where anyone can store data with one click. It is fueled by Storj tokens.• Sia: A promising decentralized storage solution splits a file into thirty segments and distributes them accordingly. Sia is Storj's biggest competitor.
5. Insurance and banking
Everledger: A distributed global ledger designed to create unique records for each user where they can store data digitally and access it at any time. This can be a great way to protect yourself from scams.
Cashaa: This next-generation banking platform offers regulation, security, and compliance. You can even take out crypto bank loans or engage in crypto trading.
6. Media streaming
LivePeer: A blockchain based decentralized platform that offers an open source streaming service.
LBRY: A decentralized digital library that stores various forms of content that users can read, watch and play on the platform. The platform supports books, music and videos.
UjoMusic: A music platform where creators can upload and distribute their music without worrying about copyrights and royalties. Cryptocurrency and smart contracts power the platform.
Maestro: A blockchain based music streaming platform for active listeners.
7. Remote work
Ethlance: Ethlance is a decentralized remote work platform powered by the Ethereum blockchain. Here, anyone can hire or work in exchange for Ethereum coins.The platform has no maintenance fees or any membership restrictions.
Atlas.Work: A blockchain-based freelancing platform that uses smart contracts and machine learning to power a freelancing ecosystem where freelancers and employers can reap the most value.
CryptoTask: CryptoTask is a blockchain-based platform that uses advanced algorithms to help freelancers find the best deals.
8. Web browsers
Brave: A fast, privacy-focused web browser that uses a blockchain-based digital advertising platform to redefine the Internet for users.
Breaker Browser: A peer-to-peer web browser where anyone can join and share their apps.
Web 3.0 Business Benefits
1. End of tech monopoly
Only a few organizations own and control user generated data. Not only do they use it as they see fit, but they also sell it to third party service providers to generate revenue and influence user behavior. Web 3.0 will end data monopoly and centralized platforms that control user data. Decentralization will take center stage and full control over data will be in the hands of users. They will have the right to decide what data they want to share with the business and make money. Moreover, individual centralized organizations will no longer control Web 3.0, and the Internet will become a place owned and shared by all.
2. Fewer intermediaries
Web 2.0 involves many third parties, between customers and companies. When customers buy a product or service from a company, the revenue is shared with these intermediaries.
Web 3.0 connects companies directly with customers. They no longer need to share their earnings with third parties. The need to control transactions for fairness will remain, but there will be few such bodies.
3. Increased security and privacy
Website security is the biggest concern for businesses in Web 2.0. From time to time, we hear about websites being hacked and user data being stolen. These incidents are often worth millions, and let's not forget the damage they do to their reputation.
Web 3.0 will put an end to such cases. Data leaks and privacy breaches will become minimal, and privacy and security will take precedence. In addition, since Web 3.0 is decentralized, hackers will not be able to easily penetrate the network.
4. Optimization of business operations
In Web 2.0, businesses spend most of their time optimizing their operations, which takes a huge amount of time and effort from them. With Web 3.0, businesses can create and manage processes effortlessly. With the help of smart contracts, they can easily keep a transaction log for all participants. Take, for example, the hotel business.You can access real-time guest, billing and booking information and offer personalized services to each guest based on their previous purchases and preferences.
5. Higher transparency
One of the significant shortcomings of Web 2.0 is the lack of transparency. Users hardly know what organizations are doing with their data. While each organization lists their terms and conditions on their website, they are so complex that almost everyone does not understand them. This often results in a lack of trust between business and customers.
Web 3.0 is a huge step towards transparency. Companies can maintain transparency by maintaining an immutable record of transactions on the blockchain and making it visible to everyone. They can also become more accountable as every transaction can be tracked.
Here's how it will help:
- Users will have to spend less time looking for products or services.
- There will be less involvement of third parties and more trust, as everything will be in front of their eyes.
Web 3.0 challenges that businesses may face
Web 3.0 will force businesses to modernize. They will be forced to modernize and improve their websites in order not to lose the captured market.
Because Web 3.0 is a relatively new product, development teams will have to learn how to do it. They will need time and practice to master the technology.
The decentralized nature of Web 3.0 will make it difficult to monitor and regulate. Strict privacy policies will be required to avoid misuse of data.
How can a business invest in Web 3.0?
Now, you might be wondering, what are the possibilities of Web 3.0? How can my business become part of Web 3.0? Here's how your business can invest in Web 3.0:
1. Social networks
We already have social media platforms like Facebook, Instagram, Twitter and LinkedIn. However, they are all censored and controlled by centralized organizations, which limits freedom of expression. That's when Web 3.0 offers the opportunity to create something that takes control from centralized organizations and returns it to end users. You can create a decentralized platform where no one can spread the story or misuse the data - and everyone has the freedom to speak their mind.
2. Currency exchange services
Existing currency exchange services are not protected from cyber threats. As we saw during the Mt Gox hack, around 460 million bitcoins were hacked. Hence, it is essential to create a decentralized currency exchange service where people can trade without worrying about cybercriminals. With Web 3.0, you can build such a platform.
3. Messaging platforms
The internet is full of negative reviews about existing messaging platforms. They identified two main problems that these applications suffer from:
- Insecure messaging.
- Reliability of centralized solutions prone to hacking and misuse of data.
You can build messaging apps like YSign or Obsidian that run on blockchain technology for privacy and security. By giving people such a messaging platform, you can create an app that becomes popular even on a larger scale than WhatsApp or Telegram.
4. Storage solutions
Most of the storage services we use today, such as Google Drive and OneDrive, are centralized. This means that the organization that manages it has control over the data. They can use it as they see fit or sell it to third party advertisers. Sometimes these storage solutions can be hacked and fall into the wrong hands.
You can use Web 3.0 to create decentralized storage solutions. You can create a platform that first encrypts the data and transmits it through a peer-to-peer network. As a result, data will be stored not in one place, but on several nodes, which will make them reliable from manipulation and cyber attacks.
5. Streaming Services
We have platforms like Netflix and Spotify that rule the media streaming space.However, they are often accused of misusing audience data for advertising purposes and underpaying creators. In addition, there are copyright issues that tarnish the reputation of these platforms. Using Web 3.0 technologies, you can create a decentralized platform that uses smart contracts to provide transparency for content creators and consumers.
6. Web browsers
Google Chrome and Mozilla Firefox currently rule the Web 2.0 space. However, we often hear reports of security breaches and misuse of data.
This leads to the need for next-generation Web 3.0-based web browsers that can protect users' data without abusing it, or even make some money if they share their data with you. By creating such web browsers, you can create something that offers users a better alternative to existing options.
FAQ About Web3
1. Does Web 3.0 already exist?
Although Web 2.0 dominates the web, some aspects of Web 3.0, such as cryptocurrency and blockchain technology, already exist. Web browsers like Brave and social networking sites like Sola offer a decentralized experience to customers with artificial intelligence and blockchain technology. As we move forward, we will see more of Web 3.0.
2. How is Web 3.0 changing the world?
Through Blockchain technology and a revolutionary new model called decentralization, Web 3.0 makes the world a better place by eliminating middlemen, manual mediation and arbitrage, reducing costs.It paves the way for an Internet that is equal for all and free from the clutches of centralized organizations. The day is not far off when the monopoly of the tech giants will end, established brands will undergo significant restructuring to survive change, and companies will have to find new ways to do business.
3. What is the synonym for Web 3.0?
Web 3.0, also known as the Semantic Web, allows information to be edited so that machines can process it.
4. Will Web 3.0 replace Web 2.0?
Although Web 3.0 will not completely replace Web 2.0. This will pave the way for new opportunities and open up new horizons for web development based on artificial intelligence technologies, the Internet of things and blockchain.
5. What are decentralized web applications in Web 3.0?
Decentralized Web Applications (or Web 3.0 Blockchain Applications) are applications based on blockchain technology. They intend to make the web open and transparent and return the power of data to end users.
