Remember the static, read-only Web of the past? The first generation of the Web (Web1) was primarily created for information consumption. Its successor, Web2, was a platform where people could actively participate in sharing content.
However, the latest iteration of the Internet, Web3, offers much more than information and content sharing. It can adapt to our individual needs. But why do we need an adaptable Web?
As of April 2024, Statista data shows that there are over 5.35 billion internet users worldwide, representing about 66% of the global population of over 8 billion. Each of the 5.35 billion users wants to enjoy content personalized to their needs.
As the newest evolution, Web3 has a vast number of features that will pave the way for a more interactive, personalized, and decentralized Internet. This guide highlights the top features of Web3, starting with the Semantic Web.
Semantic Web
Founded by Tim Berners-Lee, the Semantic Web is among the latest evolutions in the Internet. Berners-Lee saw it as an excellent way for computers to manipulate information on our behalf.
- Semantic means machine-processable.
- Web means available to interconnect objects on the Internet.
In this new technology, pages are structured in a way that computers can easily read, allowing machines to interpret information much like humans.
Due to the Semantic Web’s interpretation of emotions, it can generate, connect, and share content after understanding words. Previous iterations of the Web, such as Web1 and Web2, only generated content through keywords and numbers.
The Semantic Web educates the machine about the meaning of a particular set of information. Its analysis focuses on understanding not just the meaning of words but also the context.
So, how does the Semantic Web benefit Web3?
This state-of-the-art development bolsters data transmission in Web3, fostering greater interactivity. Users enjoy more than just better, human-like search results.
Secondly, the Semantic Web allows computing tools to better understand humans, providing a personalized experience and improving how people interact with the internet.
Third, if you are searching for information on a particular topic, the Semantic Web will bring results relevant to what you are interested in.
As such, the result is that artificial intelligence (AI) will generate real-world applications (RWAs) that efficiently use data.
Metaverse
If you have been around the realm of crypto for a while, you must have heard about the metaverse. What is the metaverse?
A metaverse is an interconnected network of virtual worlds. In these digital universes, people can explore, socialize, create, and even trade in a decentralized and immersive environment.
The metaverse involves assembling many different technologies, including virtual reality, augmented reality, AI, and even blockchain. In the metaverse, participants can do things like shopping, gaming, socializing, working, and enjoying general entertainment.
The concept of the metaverse came with avatars, which are virtual representations of people. These avatars allow people to interact with other users and even objects.
With Web3 being the latest Web innovation, Metaverse is indeed a key facet. So, why is the metaverse a key part of Web3?
Well, the metaverse holds massive potential for revolutionizing communication, innovation, and prototyping. Moreover, it can help define community formation.
The metaverse also offers systems of entertainment, education, and work that are not limited by any physical or geographical bounds. These critical features will make the metaverse the hub for communication, entertainment, and work in the Web3 realm.
Although there are still significant concerns about privacy and security, the metaverse can help ensure everyone’s Web experience is highly interactive.
Blockchain, Smart Contracts
The primary features of the Web3 landscape are blockchain and smart contracts.
Web3 is the most decentralized Web compared to its predecessors, Web1 and Web2. This decentralization is primarily a product of blockchain backing.
By using blockchain technology and cryptographic algorithms, Web3 provides not only decentralization but also security and interconnectivity.
Blockchain is also a primary storage center for Web3, as the distributed ledger can hold massive data files. Interestingly, blockchain’s decentralization and use of smart contracts mean participants in Web3 can enjoy censorship resistance, app sharing, and anonymized P2P data storage.
Data Ownership in Web3
In the Web3 paradigm, data ownership takes on a whole different meaning. Unlike in Web1 and Web2, where the ownership and control of data remain with massive centralized entities, Web3 decentralizes everything.
The large, centralized data network controls how personal information is managed. It even controls who has access to personal user information.
However, things are changing with the emergence of Web3. Individuals can now enjoy true ownership and total control of their personal data. Users can manage and verify their identities on different financial and social networking platforms without relying on intermediaries.
3D Graphics
Another vital feature of Web3 is 3D graphics and spatial experiences.
3D graphics create a highly immersive online experience. 2D has been the primary graphic system in previous iterations of the Web, including Web2.
Spatial experience refers to interactions within the 3D environment, including depth and movement. But what do 3D graphics bring to the Web3 universe?
- Realism: With the implementation of 3D graphics, participants enjoy seemingly more realistic images of objects and characters, leading to higher engagement rates and immersion.
- Concerts and events: Web3 and Metaverse can enable the hosting of virtual events and concerts. These events can only be of high quality with the use of lifelike 3D visuals.
- Applications: Web3 is also set to redefine gaming, architectural visualizations, product showcases, and virtual tours. Like events, gaming applications and other visualized content demand high graphics.
- Spatial Web: Proper 3D graphics turn Web3 into a proper spatial Web where users interact with 3D objects.
- E-Commerce: Businesses can create 3D models of products, allowing customers to explore different angles of the goods.
Integration with Edge Computing Tools
Edge computing refers to the movement of storage and computing functions closer to data sources at the network’s edge rather than relying solely on a centralized cloud or data centers.
Basically, edge computing systems involve running fewer tasks on the cloud while shifting the rest to local places like personal computer storage, an IoT device, or an Edge server. The primary idea of edge computing is to restore control to the average user.
The integration and interaction of edge computing and Web3 aims to bring reliability and efficiency. With integration, Dapps, protocols, and stakeholders can enjoy transparency, user empowerment, and proper decentralization.
By bringing computing to the edge, Web3 reduces latency while speeding up processing and bolstering security. So, how does edge computing feature in Web3?
Since Web3 is a home for decentralized applications, they can enjoy top performance. Their response time is reduced on Web3, bolstering the user experience.
Edge computing also enhances the scalability of Web3, with decentralized ledger technologies making it possible to manage its high transaction volumes.
Finally, privacy is a key advantage of edge computing in Web3. Imagine processing sensitive data locally, minimizing exposure to central points.
Cryptocurrencies as Payment Solutions
Another critical component of Web3 is proper payment systems. Unlike fiat and other traditional assets, cryptocurrencies enable fast, decentralized, and highly secure payments.
Consider international settlements, for instance. According to a U.N. report, the fees associated with international money transfers have averaged about 7% of the total amounts sent. Losing 7% of your transaction value is quite expensive. Other reports suggest that payment fees can actually surge to even 15% in developing countries.
However, Web3 payment solutions could change things. International settlements using crypto networks like Ripple and Stellar will make payments easier, faster, and cheaper for everyone.
Artificial Intelligence
Artificial intelligence has revolutionized technology, especially in recent years. AI systems are created to mimic human intelligence in completing tasks such as creation and analysis and processing massive amounts of data in real time.
AI can understand information at a human-like level, thereby enabling computers to grasp information like ordinary people.
Since its birth some years ago, AI has evolved greatly. AI technology can now make relevant, proactive, and helpful predictions and judgments.
Note this: AI has been designed to allow computers and humans to interact through speech and text. In computing, a subfield called the Natural Language Process enables machines to understand spoken language easily.
People will enjoy better computing by merging AI, NPL, and the semantic Web. Furthermore, AI can potentially affect technologies like the metaverse and virtual reality, all of which are relevant components of Web3.
Ubiquity in Web3
Another critical component of the Web3 universe is ubiquity. It refers to the Internet’s integration into almost every part of life. Ubiquitous connections are present and available almost everywhere, with zero latency, and on any device.
Technological growth, especially the Internet of Things, has bolstered the Internet’s availability almost everywhere. You can access the Internet from nearly any corner of the globe, using almost any device.
In the era of Web1, the Internet was a privilege available to only a few people who had computers. Web2 is already ubiquitous in many ways, with smartphones allowing widespread access.
However, more recently, there has been a development of a wide range of smart devices: smart cars, TVs, watches, fridges, door locks, houses, and cities.
Ubiquity will generally make Web3 the most accessible level of the Internet since the Internet will no longer be limited to any particular tools. Moreover, the Internet will be accessible via different interphases like brain-computer interaction (Neuralink), voice, speech, notes, and gestures. This ubiquity will also aid in making Web3 even more interactive.
Benefits of Web3
What are the benefits of Web3? Here are a few:
- Improved access to and management of data
- Better, human-like search engine optimization. The SEO on Web3 is highly organic.
- Highly reliable systems
- Governance is highly democratized and decentralized in Web3
- Creators have more to enjoy with proper tokenization of their works.
Final Word
The components of Web3 mentioned above will all interoperate to provide the next generation of internet users with the utmost efficiency, reliability, and speed while also reducing costs. By returning data control to the source, Web3 enables a truly decentralized internet.