Without a doubt, the Internet is a significant aspect of almost everyone’s life nowadays. It’s very difficult to imagine a world without access to the internet. Indeed, it is rather hard to picture life without the internet. The value of the internet in times of emergency has been further illustrated by a global outbreak.
The web has seen incredible changes since its birth in the quick-moving world of technical breakthroughs. We now connect with information and each other online much differently thanks to the transition from Web 1.0 (the static web) to Web 2.0 (the social web).
We are now on the cusp of a new revolutionary period known as Web 3.0, sometimes known as the decentralised web, and at the core of this change is blockchain technology.
What is Web 3.0?
The Semantic Web, also known as Web 3.0, or the Decentralized Web, is the next phase of Internet development that aims to fundamentally alter how data is gathered, exchanged, and used. There isn’t a single definition that applies to all instances of the phrase, although it often refers to the development of a more sophisticated, connected, and decentralised Internet.
Web 1.0 was characterised by static web pages and simple browsing options, but Web 2.0 included dynamic content, social networking, and user-generated content, enabling more intelligent and collaborative interactions. By incorporating blockchain technology and decentralised systems into the fabric of the internet, Web 3.0 further this progression.
Key features of Web 3.0 include:
- Blockchain Integration
- Enhanced Semantics
- Artificial Intelligence
What is blockchain?
A blockchain’s core function is to serve as a decentralised, immutable ledger for transactions across a network of computers. Unlike traditional centralised systems, which save information in a single location, blockchain data is replicated and synced across several hubs.
How does the blockchain operate?
A new transaction is packed with other transactions into a “block” on the blockchain when it occurs. Each block has a unique code, or cryptographic hash, that connects it to the one before it. The blockchain is created by this chaining method as a continuous and unbroken series of blocks.
A block that is added to the chain reveals itself to be fundamentally well-designed, making the entire system very secure and resilient to fraud.
Web 3.0 Blockchain’s Importance
The most notable aspect of Web 3.0 examples are the voice assistants Alexa and Siri, which show how machine learning may offer a new variety of online services. Except for the indications that machine learning and IoT might be combined, the third generation of the internet would run on decentralised protocols.
It’s critical to locate a blockchain convergence point in Web 3.0. Third-generation web networks show interoperability and automation through the use of smart contracts, seamless integration, and storage of P2P data files that is resistant to censorship. So, it follows that blockchain would undoubtedly be a key driver of the advancement signifying what the Web era will bring.
Traditional approaches to organising and storing data are being radically changed by blockchain. Blockchain, to put it simply, offers a unique data set or universal state layer that is controlled by a group.
The special state layer opens the door to the possibility of developing a value settlement layer on the internet. The state layer enables copy-protected file transfer, enabling efficient P2P exchanges without the necessity of middlemen.
What Foundational Elements of Web 3.0 Did Blockchain Lay?
The debut of Bitcoin served as one of the beginning points for establishing Web 3.0. The networks that were made available by the Bitcoin blockchain and other protocols prevented hackers from accessing data in a single residence without breaking into other residences all over the world. The foundation for the concept of Web 3.0 is laid by blockchain-enabled data storage across several copies of the P2P network. The protocol makes it simpler to formalise the specification of management rules.
The protocol also stipulates that all users of the network must agree to secure data. The members receive a native network token as payment for their services with maintaining and protecting the network.
By examining the ways in which blockchain modifies the underlying data architecture of the web, it becomes clear that it is the cornerstone of Web 3.0. Specifically, it encouraged the development of a governance layer that could function on top of the existing internet.
Due to the governance layer, formerly untrusting parties may now negotiate and conclude transactions via the web. It’s worth noting that blockchain’s primary function in Web 3.0 would be to bring in a revolution on the backend. Technically speaking, Web 3.0 is a collection of blockchain-based protocols with the goal of rewiring the internet’s underlying infrastructure.
Web 3.0 Blockchain Examples:
This is followed by a well-known Web 3.0 example that makes use of blockchain technology. The independent, decentralised group has developed a groundbreaking social protocol for the future of the internet. The goal of the social protocol Follow, which is built on the blockchain, is to offer users complete ownership of their social profiles and associated data.
As part of the evolution of Web 3.0, new social infrastructures should continue to adhere to the core principles of the Internet. In addition to doing away with untrustworthy intermediaries, blockchain technology also enables networks to collectively remember prior user interactions or events. As a result, blockchain is undeniably a big effect on increasing the internet’s decentralised potential.
The Role of Blockchain in Online Authentication:
- Self-sovereign identity:
Most digital identification solutions are prone to security breaches and provide users little say over their information. Blockchain ushers in the concept of self-sovereign identity, where individuals have complete control over their online personas and decide for themselves what information to share and with whom.
- Confidentiality and ownership of private information:
The goal of Web 3.0 blockchain-based identification solutions is to give users more agency over their own personal data and away from large companies. Users may verify their identities without disclosing any extraneous information, reducing the risk of fraud and unauthorised access to private data.
Blockchain in Web 3.0: Its Potential and Limitations
- Challenges in scalability:
Scalability becomes a major issue as the volume of blockchain transactions and user accounts increases. The present technological infrastructure struggles to effectively process a high volume of transactions. Sharding and layer-two protocols are two of the potential answers being considered.
- Energy consumption concerns:
The mining process uses a lot of energy, yet it’s necessary for many blockchain networks’ security and consensus. There is an ongoing effort to improve energy efficiency and create more environmentally friendly consensus algorithms.
Potential Applications of Blockchain Technology in Web 3.0:
- Blockchain incorporation with other cutting-edge:
Blockchain is meant to be compatible with other technologies, such as AI, the IoT, and 5G. This convergence has the potential to open up fresh avenues for development across a variety of sectors.
- Potential disruptions and opportunities:
Blockchain’s potential broad adoption in Web 3.0 might pose a threat to existing company paradigms while also presenting exciting new economic possibilities. Several industries, including banking, logistics, healthcare, and even digital entertainment, stand to benefit from blockchain’s exceptional capabilities.
Web 3.0’s decentralised landscape is being shaped in large part by blockchain technology. There are many fields that can benefit from it because of its properties like decentralisation, transparency, and security. Yet, issues like flexibility and energy utilisation must be resolved in order to unlock blockchain’s full potential in the future.