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Web 3.0
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- Web 3.0 is simply the third generation internet that evolved from World Wide Web. Previous versions were web 1.0 and web 2.0.
- WEB 1.0:- It was the initial phase of the internet invented in 1989 and lasted till 1999. It was mostly static web pages where user interaction was limited. Users can go to a website and read the static information. E-commerce websites available at those times did not provide platforms to create any content or post reviews on the internet.
- WEB 2.0:- It is the present stage of the internet that started in the late 1990s. The main difference from its previous version is that users can interact in form of comments, upload files, and most importantly social media kind of interaction is made possible.
- WEB 3.0:- It is the decentralized form of internet run on blockchain technology. In this users can own stakes in platforms and applications which is now controlled by big Tec companies.
- The term ‘Web 3’ was first coined by Gavin Wood, founder of Ethereum in 2014, referring to a decentralized online ecosystem based on blockchain.
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Significance of Web 3.0:
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- The spirit of Web 3.0 is Decentralized Autonomous Organization (DAO) i.e. rather than having a centralized authority, its technologies provide for self-governance in a decentralized form. They strive to make the internet world more democratic by providing ownership stakes to users in platforms and applications.
- The seller-to-buyer transactions are done by eliminating intermediaries. Its blockchain technology allows the time and place of the transaction to be recorded permanently.
- Web 2.0 is focused on search engines, while Web 3.0 focuses on discovery engines.
- In web 3.0, computers can understand information similarly to humans by making use of machine learning which is a branch of artificial intelligence (AI).
- The use of cryptocurrency allows paying for any goods and services in a decentralized mode of payment.
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What are its features?
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- More automation is powered by artificial intelligence.
- Based on blockchain- It prevents user personal data from being used or controlled by tech giants. By using blockchain technology, user data is encrypted and protected.
- Decentralized governance wherein users can log in without being tracked.
- Allows the usage of cryptocurrency by replacing the use of fiat currency.
- It involves a semantic web that can generate or share content by understanding the meaning of words searched. In web 2.0 content is generated by using any keywords or numbers.
- Increased connectivity of information due to the involvement of the semantic web. Here users can leverage all available information.
- Another important feature is its extensive usage of three-dimensional designs in its websites and services.
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What is the World Wide Web?
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- It is commonly referred to as Web, which is a collection of websites or webpages stored on web servers and accessed through the internet.
- Web and internet are not the same. It is only one of the many applications available on the internet.
- One of its main features is that resources can be linked or connected through hyperlinks.
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Web 3.0 and its role in India
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- As of now web 3.0 is in its nascent stage of development in India. Reports say several global investors have agreed to spend millions of dollars on Indian web 3.0 start-ups, recognizing India’s strong ecosystem of 4 million engineers, tech operators, and a well-knit community. Through correct policies and regulation, we can trap the generational energy, developer focus, and Venture Capital (VC) funding going into Web 3.0.
- India can also improve people’s lives by developing Web 3.0 phase by employment generation and thereby contributing to a successful economy.
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