What is web3, which is predicted soon to become a new technology in the internet world, what are its functions, and why is it so important?

Before finding the answer, we already know that technology has developed rapidly lately.

One of the developments was marked by a new evolution in the internet field—since its invention. The latest change that will come soon is called Web 3.0, which will be the successor of the previous internet generation, namely Web 1.0 and Web 2.0.

How will Web 3.0 affect the blockchain and crypto industry? You will find the answer in the review below.

What is Web3.0?

Web 3.0 is a new evolution of the internet, which is the third generation. Although this technology is not yet present, it is reported that in this new version of the internet, websites and applications will be able to process information like intelligent humans.

This happens thanks to technologies such as Machine Learning (ML), Big Data, decentralized ledger technology (DLT), and so on. The inventor of the World Wide Web, Tim Berners-Lee, initially called this Web 3.0 the Semantic Web. Web 3.0 is intended to become a more independent, intelligent, and open internet.

However, the definition can still be developed further, namely as a place for data to be interconnected in a decentralized way. That would be a giant leap forward for today’s internet generation or the age of Web 2.0—with most of the data stored in a centralized repository.

Next, users and machines will be able to interact with the data. However, for this to happen, programs need to understand the information conceptually and contextually. With this in mind, the two cornerstones of Web 3.0 are the semantic web and artificial intelligence (AI).

Web 3.0 Functions/Usage

Regarding its function, Web 3.0 has now been enabled in many aspects, although it is still not optimal. Because, in the future, there will still be many things that can improve.

For information, large companies such as Amazon, Apple, and Google have used this Web 3.0 application in their applications. Take Siri, for example. The AI ??assistant that the user’s voice can control is increasingly known to be more innovative.

As for now, Siri can recognize people by voice and face and perform complex and personalized commands.

Why is Web 3.0 Important?

Web 3.0 is important because it will give users ownership of digital assets in a way that has never existed before. For example, a user is playing a Web 2 game. Then, he buys an item in the game, and the item will be automatically entered into his account.

However, suddenly the creator of the game deleted the user’s account. Of course, all the in-game items the user has previously collected disappear.

However, with Web 3.0, such problems will not be reencountered in the future. Web 3.0 allows direct ownership through non-fungible tokens (NFT).

Therefore, no one, not even the game creator, will have the power to take ownership of the assets owned by the user. In addition, if the user stops playing, he can sell/trade the item on the open source market.

The History of the Development of Web 3.0 Technology — What is Web3

The following is the history of the development or evolution of internet technology from time to time.

• Web 1.0

Web 1.0 was the first generation of the internet. Most of this Web 1.0 is filled with static HTML web pages that display non-interactive data sourced from a central point.

This makes most web users simple consumers of web content. Also, most digital communications will be limited to e-mail and one-way messages.

However, despite the limitations of this early internet era, since its launch around 1990, Web 1.0 has quickly revolutionized how people connect and exchange information.

Not only that but Web 1.0 has also introduced a new digital world that has attracted humans to the virtual world since the emergence of the internet.

• Web 2.0

The second period of the internet world began in the 2000s. At that time, gradually, the Internet started to develop into a more interactive digital landscape, as it is today.

The internet development stage in Web 2.0 can facilitate more interesting online experiences, ranging from social media to presenting new business models made possible by network effects, crowdsourced content, and data flow from various sources.

In summary, Web 2.0 has flooded internet users with more personalized ways, for example, through multi-channel user interactions and more dynamic and responsive algorithms. In contrast, its predecessor, Web 1.0, allowed data to be provided and used more effectively by users.

However, although Web 2.0 has developed rapidly and has a much higher adoption rate than previous versions of the Internet, there are still shortcomings of Web 2.0 that need to be addressed.

• Web 3.0

In simple terms, it can state that Web 3.0 is a comprehensive concept that refers to the next phase of the evolution of the Internet. The latest idea is deliberately designed to address a common problem that has the potential to become an inherent problem on the Internet today.

This concept also emerged to build an online ecosystem with human-centered and very personal interactions. Web 3.0 is also deliberately designed to address prevalent and inherent problems in today’s internet ecosystem.

However, there is no centralized authority to oversee the development of this new and open Internet. On the other hand, this version of the Internet is being created through the coordinated efforts of several private businesses, non-profit organizations, and individuals.

The different entities approach this Web 3.0 development in various ways. Take, for example, organizations like the Web3 Foundation, which are mainly focused on establishing guidelines for the entire Web 3.0 system.

Meanwhile, businesses like ConsenSys Labs are helping entrepreneurs build decentralized applications (dApps) that might eventually populate the third version of the digital internet landscape.

Significant Influence of Web 3.0 in Blockchain and Crypto Industry

The presence of Web 3.0 on crypto has had a considerable impact on decentralization. Since decentralization will be one of the main parts of the Web 3.0 concept, it can be concluded that crypto and blockchain will also play an equally important role.

The upcoming wave of Web 3.0 is predicted to go far beyond the early crypto use cases. Through the wealth of interaction opportunities and the scope of partners available globally, cryptographically, the network can connect data of all sizes, from individuals, companies, and machines to more efficient machine learning algorithms. This also makes Web 3.0 different from the first and second internet generations.

In addition, internet 3.0 enables the future where users and machines can interact with data, values, and other partners via a peer-to-peer network substrate so that third parties are no longer needed to interact.