foreword
As Bill Gates wrote in his 1996 article titled "Content Is King," open information and communication will give citizens a huge boost. Web 2.0, the Internet as we know it today, dramatically expanded access to information and changed everything about society.
It's safe to say that not everyone is as optimistic about improving democracy as Gates was early on. Web 2.0 is a step in the right direction, but there are many limitations—from data mining to censorship and security threats. However, a new and improved layer will address the stagnation the internet faces today. Artificial intelligence and advanced machine learning techniques in Web 3.0 will personalize the Internet as we know it today.
It hasn't really taken off yet, however, and blockchain will enable Web 3.0 to deliver on the promise of a truly decentralized internet.
When talking about Web 3.0, we need to make room for the blockchain
In his landmark 2001 article, the inventor of the first World Wide Web, Tim Berners-Lee, called the future of the Internet the Semantic Web, noting that machines would be "better able to process and 'understand' data They are only currently displayed."
Some ten years later, the Semantic Web became synonymous with Web 3.0, and one of the key features of understanding Web 3.0 is its ability to establish logical connections between pieces of data.
Today, social networks belonging to technology companies are responsible for linking web pages and sharing data among users. It's too early to know for sure what Web 3.0 will look like. However, it is clear that it will combine artificial intelligence, natural language search and machine learning technologies. As such, Web 3.0 will feature a mix of text and visualization to provide users with relevant and meaningful data.
The tech community is increasingly recognizing that a truly decentralized Web 3.0 must have a blockchain platform. Blockchain technology can verify and decentralize information. Blockchain-based Web 3.0 will eliminate surveillance and exploitative advertising based on personal data. Also, individuals will have more freedom to communicate with each other without being "surveilled" by tech companies.
Getting to the Heart of the Blockchain
A blockchain is a database that contains a list of transaction records shared by all participants in a digital network. Each record has a timestamp and reference links to all previous transactions. People outside the blockchain industry may see blockchain as a science fiction concept, but the industry is gradually adopting blockchain.
According to Deloitte’s 2020 Global Blockchain Survey, 39% of senior executives and practitioners have incorporated blockchain into their research, which is a significant increase from 23% of respondents in 2019.
A blockchain is a database, and a smart contract is a program stored in a database. A smart contract is at the heart of a blockchain because it contains the terms of agreement between buyers and sellers in lines of code. The code and its protocol exist in a decentralized blockchain network. Through the use of smart contracts on the blockchain, transactions are traceable, transparent and irreversible. Smart contracts allow people to exchange money, property, stocks, and anything else of value without the need for a middleman.
Blockchain meets the challenges of Web 3.0
In today's internet, Amazon controls one-third of the cloud business, according to an April report from Statista. According to the data in June, in terms of search engines, Google controls more than 92% of the global search engine market share. Web 2.0 gave technology companies the technology they needed to revolutionize the way users communicate online. However, we are still far from a user-centric Internet.
With blockchain technology, there are no middlemen controlling the data. Therefore, no one has the right to block websites and services. Instead, data will be moved from a centralized server to a peer-to-peer network (P2P). Everyone who wants a reward can contribute, the code is public, and everyone has the same information. With Web 3.0, users will be able to take back control of their data and experience a truly decentralized internet.
In Web 3.0, blockchain will decentralize and distribute data. Therefore, there will be fewer data breaches. In today's Web 2.0, companies running applications store user data on their servers and databases. Even if a company decides not to sell users to third parties, hackers can still break into servers and databases. Therefore, sensitive information is at risk. In Web 3.0, secure and decentralized data storage protocols will store user data. Therefore, it will be more difficult for hackers to control the entire network.
In the Internet of Things, a key component of Web 3.0, enabling multiple devices to connect to each other, while this is convenient, it is also dangerous. Blockchain technology will bring security and privacy to IoT through its privacy mechanism and decentralized data storage. However, all devices communicating with each other must be on the same blockchain, and interoperability will take care of that.
Why Web 3.0 Must Have Blockchain Interoperability
Interoperability, the ability to view and access information across various blockchain systems, is an important part of the Web 3.0 development framework.
In a paper presented at the 2019 IEEE International Conference on Industrial Cyber-Physical Systems, Frank Golatowski stated that "interoperability is a catalyst for broad commercial adoption through improved scalability and transaction throughput." In other words, interoperability is essential for Mass adoption of blockchain is critical.
epilogue
Web 3.0 is expected to change the entire user experience and focus on data links, but blockchain technology can make Web 3.0 truly come true. Web 3.0 offers a vision of a truly decentralized internet, thanks to blockchain and smart contracts that enable the secure and reliable transfer of valuable information without middlemen.
By using blockchain, it will be more difficult for hackers to take over the network. However, for blockchain to truly revolutionize Web 3.0, it needs to be able to connect to other blockchain networks, which means it needs to be interoperable. Once implemented, we will finally be able to experience a decentralized internet.