What is Web 3.0?

Taking a look into the biggest achievements of humankind, the internet and the web have a special place in our history. The growth of this technology is implemented in a total of 3 stages: Web 1.0, Web 2.0 and Web 3.0.  

After the full-fledged growth from Web 1.0 and Web 2.0, internet users around the world are now knocking on the doors of Web 3.0. This is looking to transform the Web into a database that will leverage artificial intelligence and blockchain technologies. 

Let’s explore the expansion and growth of Web 3.0 and the future potential of the same. 

What Exactly is Web 3.0?

Web 3.0 is the decentralized version of the Web. Although still in the growing stage, it has the potential to revolutionize the Web as we know it today. The basic principle that Web 3.0 will follow is decentralization — there will be no central authority to dictate or govern the usage of the data.

There are a number of qualities of Web 3.0 that will make it more interesting than the internet we have today. It is trustless, self-governing, verifiable and robust and includes built-in payments in the form of cryptocurrencies. 

Furthermore, Web 3.0 applications are not centralized but run on a peer-to-peer (P2P) network via a blockchain. This can be maintained by any number of individuals providing their services via the Web 3.0 application. 

As a whole, Web 3.0 focuses on upgrading the backend of the internet and turning it into a database where users can create quality content by using Web 2.0 as an enabling platform. Web 2.0 was more frontend-oriented and is perfect for supporting the gradual transition to Web 3.0.

The History of Web Development

The development and adoption of the Web, as mentioned above, is a 3-stage process involving Web 1.0, Web 2.0 and, finally, Web 3.0. You can see it this way: Web 1.0 corresponds to brain and eyes, or the “read-only web” while Web 2.0 corresponds to brain, eyes, voice, ears and heart, or a read and write-only Web. Web 3.0 corresponds to the brain, eyes, ears, voice, heart, arms and legs so that users can read, write and execute. 

The participants of Web 1.0 mainly included content consumers accessing the websites containing mainly text and images such as news platforms. On the other hand, Web 2.0 is one of the most controversial versions of the Web. Web 2.0 allows users to interact with each other through different platforms, and users are not in control of their own data while websites track them without the necessary approval from the users of the platform. 

Another aspect of Web 2.0 is the monetization of applications. Basically, a firm builds a platform, signs up as many users as possible and eventually monetizes the application through interaction and usage of various websites such as YouTube, Flickr and Adsense. 

On the other hand, Web 3.0 includes platforms built by developers or companies with which people can not only interact but also take part in maintaining the platforms or build new applications atop of it. These are also trading platforms like Coinbase and Binance. The transition from Web 1.0 to Web 3.0 involves the usage of Web 2.0 as a stepping stone.

Why is cryptocurrency important to Web3?

The monetization strategy of third parties selling data was introduced by Web 2.0. But, Web 3.0 monetizes via cryptocurrencies to reward participants such as developers or creators of a decentralized application (DApp) for their services as incentives. This ensures the stability and security of a decentralized network. Moreover, Web 3.0 gives users informed consent of selling their data and gives the profits back to the user via the site’s respective coin.

An important feature of the Web 2.0 includes earning revenue from selling data. Such features can also be found in Web 3.0 on platforms like the Ocean Market. Data owners and consumers can publish or consume data in a secure manner on the platform and earn OCEAN tokens from using the app.

Web 3.0 applications can provide a variety of services like data storage, bandwidth, identity and hosting, and the people maintaining and improving these decentralized services expect to be rewarded for their work. Hence, crypto adoption is a major part of Web 3.0.

Furthermore, cryptocurrencies implement cross-border payments more effectively than traditional payment channels. Blockchains focused on Decentralized finance (DeFi), like Solana, are known for rapid payments and staking mechanisms that bridge the gap between participants, allowing faster and carbon neutral payments free of hassle.

Where To Buy Cryptocurrency Involved in Web 3.0

Now that you know how cryptocurrencies play a role in Web 3.0, you may want to start investing in some of these innovating projects. Some cryptocurrencies helping build Web 3.0 include Polkadot, Uniswap and Filecoin. While there are many exchanges you can use to get these tokens on, Coinbase and eToro stand out for their unique features.

Coinbase currently has a program going on called Coinbase Learn. This program allows you to earn free crypto for watching short educational videos on blockchain technology. eToro has a CopyTrader feature, which allows users to copy the trades of other investors on the platform. 

Cryptocurrencies Involved in Building Web 3.0

There are a number of prominent projects involved in the Web 3.0 space which have their own governance tokens that users can trade. These tokens form an essential component of the altcoin market which closely follows the price of Bitcoin (BTC). 

• Polkadot (DOT): A major blockchain protocol founded by Ethereum co-founder Gavin Wood that focuses on addressing true interoperability. 
• Kusama (KSM): The cousin of DOT that focuses on scalable frameworks for developers.
• BitTorrent (BTT): A peer-to-peer file sharing platform acquired by Tron in 2018 that has added new decentralization tools. 
• Filecoin (FIL): This is the Airbnb of data storage where miners earn FIL by providing open hard-drive space.
• The Graph (GRT): The Graph allows anyone to build and publish application programming interfaces, or APIs.
• Uniswap (UNI): A decentralized trading protocol is known for facilitating the trading of automated trading of Liquidity Provider tokens.

Web 3.0 and the Metaverse

For some, Web 3.0 is all about the Metaverse. While the Metaverse is involved in Web 3.0, it’s only 1 part of the innovation going on within the space. The Metaverse is a real-time activity-based internet that includes buying digital items, playing games, or creating and buying digital artwork, among others, and all of that is a part of Web 3.0.

By their respective definitions, Web 3.0 is a digital space where people can produce content, share it and make deals, and the Metaverse is a virtual space that is based on augmented reality (AR) used for entertainment. 

All blockchain technology is a part of Web 3.0.