Web 3.0 is the upcoming third generation of the internet where websites and apps will be able to process information in a smart human-like way through technologies like machine learning (ML), Big Data, decentralized ledger technology and many more. Web 3.0 was originally called the Semantic Web by World Wide Web inventor Tim Berners-Lee, and was aimed at being a more autonomous, intelligent, and open internet.
Web 3.0 is all about the data ownership. If you think of 1.0 or 2.0, all information about how you interact with the content is stored by whoever is a provider. Is it Google or Netflix or Facebook? So you as the consumer don't have the ownership of the data that are collected during your internet session. So Web 3.0 is about basically how all those different stakeholders participating in a given internet business ecosystem retain control over their data and how I make basically a new business model centred on really monitoring the data.
Web 3.0 properties
Web 3.0 may be constructed with artificial intelligence (AI), semantic web and ubiquitous properties in mind. The idea behind using AI comes from the goal of providing faster, more relevant data to end-users. A website using AI should be able to filter through and provide the data it thinks a specific user will find appropriate. Social bookmarking as a search engine can provide better results than Google since the results are websites that have been voted on by users. However, these results can also be manipulated by humans. AI could be used to separate the legitimate results from the falsified, therefore producing results similar to social bookmarking and social media, but without bad feedback.
Web 3.0 in Cryptocurrency and Blockchain
As Web 3.0 networks will operate through decentralized protocols — the founding blocks of blockchain and cryptocurrency technology — we can expect to see a strong convergence and symbiotic relationship between these three technologies and other fields. They will be interoperable, seamlessly integrated, automated through smart contracts and used to power anything from micro transactions in Africa, censorship-resistant P2P data file storage and sharing with applications like Filecoin, to completely changing every company conduct and operate their business. The current slew of DeFi protocols are just the tip of the iceberg.
Does Web 3.0 already exist?
Web 3.0 has not yet been implemented, so there is no solid definition. It took over ten years to transition from the original web, Web 1.0, to Web 2.0, and it is expected to take just as long, if not longer, to fully implement and reshape the web with Web 3.0.