2020s will be a time of innovation in digital direction: blockchain, cryptocurrencies and metaverses, NFT, and decentralized dApps apps. The third generation of Internet is rumored to be replacing Web 2.0 and bringing together all segments.
More than 34,000 developers joined Web3.0 projects in 2021. Hundreds of millions of dollars was invested by companies in this sector. Reddit co-founder and Solana Ventures launched a joint fund for $ 100 millions in November.
This article will explain what the Internet of the future is and how it will impact the economy, life, and daily lives of ordinary users.
What is Web 3.0?
Web 3.0 refers to the development of the next generation of the Internet. It is based on the idea of decentralization. The new online network will enable people to own and control the content they create, anonymize their personal data and make it more secure and open.
Since 1998, theories of the Internet of the future were discussed by Tim Berners-Lee (creator of the World Wide Web), who introduced the concept of a semantic internet in which the site content would be described using a metalanguage that could be understood by a computer.
Tim O’Reilly was the creator of Web 2.0. He believed that Web 3.0 would be linked to semantics. This would allow the Internet to interact with the physical environment (in fact, it is describing the Internet of Things). He recommended that the Internet not be equated with the Semantic Web as he believed there would be technological shifts from 2010 to 2020.
Machine learning, artificial intelligence, and blockchain have all been active in the last decade. These technologies could be the foundation of Web 3.0’s future.
Web 3.0 was originally , which was created in 2007 by Jason Calacanis (head of Netscape.com). The Internet of the future is associated with the creation of high quality content. Online resources will no longer be boring and ineffective. Content will be created by professionals who use a specific platform.
Calakanis didn’t describe the platform, but it is now clear that Web 3.0 isn’t a single system. It is a multidimensional concept that encompasses many segments.
Vladimir Popov, cofounder of DAO Synergis calls Web 3.0 multinetwork. This includes IoT and static mesh networks as well as a large number decentralized networks such IPFS and Bitcoin. Web 3.0 should be a modular system where each module depends on the others but is independent.
Web 3.0 follows Web 1.0 and Web 2.0 in the evolution of the Internet.
Web 1.0 was created in the 1990s when static websites were made possible. Site owners were the content creators, so the user could only search for and consume information.
Web 2.0’s current phase is focused on users and information growth. You can create and manage content, as well as interact with other users. Blogs, social networks, and other platforms are constantly evolving, which means there are more options for visualizing content.
The main problem with Web 2.0 is becoming more apparent – excessive centralization. Despite rapid growth of user-generated content it is still owned by Facebook, Google, and other corporations.
Users are subject to censorship, data transfer to third parties, intrusive targeting, duplicate content, and information leakage.
This is why Web 3.0 is needed to create a distributed system that solves the above problems. Users should be able to own their content and monetize it, as well as exchange information via decentralized services.
The simplest Web 3.0 formula is read + write + own.
“Full ownership over a digital object, regardless of whether it is author content, acquired assets, or personal data, will significantly alter the user experience in the common digital space. This will theoretically solve some of the fundamental problems in the Internet today, such as copyright protection, says Matvey Voitov (marketing director at Waves Enterprise).
Ilya Maksimenka (CEO of Plasma.Finance) states that Web 3.0 is an Internet version for users. It is managed by a group of the same users. “Improved analytics and a personal approach to users, enhanced graphics and UX connect with concepts of personal information management, P2P financial interaction among network participants directly without intermediaries,” says Ilya Maksimenka, CEO of Plasma.Finance.
Metaverse vs. Web 3.0
The term Web 3.0 was given a new life in the summer of 2021 and became associated with the metaverse. After Mark Zuckerberg declared that Facebook was going to transform into a metaverse (a three-dimensional Internet that combines physical, augmented, and virtual reality), this happened.
Next, Epic Games and Microsoft announced their metaverses. Tinder, Tinder, and Microsoft are also among them. Grayscale Investments forecasts that this sector’s annual income could exceed $ 1 billion in the very near future.
The Metaverses will be full-fledged digital realms with their own blockchain-based economies. They will allow the user to create his virtual avatar by connecting to them via VR headsets.
Despite being closely related, Web 3.0 and the metaverse are not identical. These first concepts will be implemented by certain companies through specific platforms. Web 3.0 is a specification which will establish the rules of operation for all elements of the metaverse. It will, for example, ensure financial transactions are secure and allow seamless communication between different systems.
What will the Internet of the future look like?
The HTTP protocol is used to exchange data in Web 2.0. The server that stores all information and acts as an intermediary between users and their interactions is called the HTTP protocol. Web 3.0 aims to bring about a new level in networking, without the need for a single point. How can I achieve this?
This question is still unanswered. Even though the market already has decentralized apps (dApps), decentralized autonomy organizations (DAO), and services that store and process data at the global level (for instance, IPFS which translates to an interplanetary filesystem), there is no way to guarantee their communication.
One option is to create a cross-chain infrastructure which would connect all blockchain networks. This is already being done by Cosmos and Polkadot, for instance. In December 2021 Polkadot announced the launch of the first public parochnik, an independent network that can interact with other blockchains.
Experts agree that the idea of a decentralized Internet is a utopian concept. Some new Internet segments like NFT or metaverses are still under the control and supervision of certain organizations. We will likely be dealing with a hybrid model in the next years – a central Internet that includes elements of Web 3.0.
Matvey Voitov (marketing director at Waves Enterprise), says that the sphere for personal data management using independent identification protocols is far from mass implementation. Large Internet companies would lose their main monetization channel and many states aren’t ready to anonymize all users.
“Another option is available, where the user can get various rewards in return for disclosing his personal information and patterns of online behaviour to organizations. For now, however, Web 3.0 authenticators / crypto wallets are the only option for the crypto community,” Matvey believes.
Investor opportunities and more
Web 3.0 offers many benefits, including the possibility to make money from Internet services to anyone. This is not just for shareholders and owners. Web 3.0 is a growing area, and many projects are being developed. It’s time for you to get involved in this field and discover your own way of benefiting from it.
Startups and investors
Venture investors and entrepreneurs are already attracted to the Web 3.0 sphere. In 2021, there were more than $ 30 Billion in investments in crypto projects . On average, startups that use blockchain technology earned $ 20 M.
There are many niches to choose from: digitalization of business processes, multi-blockchains creation, and distributed systems. Vladimir Popov suggests paying close attention to projects that involve the process of transferring offline from online (tokenization), and especially online to offline (scanning technologies and 3D printing).
Every aspect of DAO holds great potential. Distributed networks, which allow for the interconnection of many systems, also have great potential.
“Now is the age of multi-and cross-mechanics. So everything that includes interoperability has arrived, starting with the “marriage” of distributed storage (Chia. Filecoin. Storj. Sia. Swarm. MaidSafe. Machina. Ending with operating systems and complete “computers” (Urbit. ICP. Octopus). Vladimir says that multi-blockchains (Cosmos and Polkadot) should not be forgotten.
Web 3.0 will make developers the most desired profession. Electric Capital claims that large communities (Ethereum and Bitcoin, Polkadot Cosmos, Solana. NEAR, Cosmos. etc.) will be the most sought-after profession in Web 3.0. attract 250+ programmer per month.
Programming can be divided into two areas: the development of network protocols, and the creation of communities. This includes creating decentralized applications, documentation and wallets, as well as everything necessary to grow specific platforms.
You will need to master the basics of blockchain technology and one of the specialized programming language, such as C++, Rust, or Solidity, in order to become a Web 3.0 developer.
It will become more complex and require more people who are skilled in the use of technological products. Not only are developers required, but so will specialists in sales, marketing and other areas.
Web 3.0 offers content creators great opportunities: images, articles and videos, among others. They will now be able use tokens or NFT to monetize the work they create. A key innovation is the ability for your content to be assigned a uniqueness marker.
People who don’t create content can be awarded for their reading and viewing.
Gamers have found a way to earn money through play-to-earn and metaverses. This allows them to convert virtual achievements into real-world material values. Matvey Voytov mentions Axie Infinity as an example of a crypto game that has been an additional source for income for the Philippines. You can make an average of $ 400 per month by selling and breeding Axi creatures.
Web 3.0 can be viewed as a trial-and-error method. It is not a searcher’s path. However, the expert says that decentralization technologies can be more costly than taking risks and looking outside.
Cryptocurrencies Web 3.0
One of the most prominent trends in cryptocurrency is the use of tokens from Web 3.0 blockchain projects. This segment saw a growth of 244% last year and was 2nd in terms of speed of development.
According to binance, , the most popular Web 3.0 coins are chainlink (LINK), Filecoin(FIL), THETA/THETA), Helium [HNT] and The Graph.
These projects are built on smart contracts and automated transactions. They are currently being implemented by Ethereum and Cardano as well as Solana and other platforms.
Vladimir Smerkis (Russian Director of Binance) says that the increased use of blockchains is due to the development of decentralized apps (dApps), decentralized finance (DeFi), and the growth of adoption of non-fungible tokens(NFT). “We believe that the scenario for Web 3.0 development will be very similar to the formation and operation of the cryptocurrency market.”
What will Web 3.0 do for the economy?
Web 3.0 has a far-reaching impact beyond the Internet. We will see more digitization and decentralization as a result of the segment development.
Today, you can purchase digital goods using tokens even if there were digital services in Web 2.0. There are many growth opportunities and niches in the techno market. Even in the financial sector, there is a decreasing degree of monopolization.
Web 3.0 is not Web 2.0. It is an economic protocol. It offers security and reliability for many new solutions. Alexander Mitrovic is the CEO of Unique Network, and the head of Usetech’s blockchain direction. Web 3.0 eliminates the need for banks to transfer or store money. They can also use these funds ‘as earnings,’ for instance, to invest in financial instruments or pay interest.
According to Ilya Maksimenka (CEO of Plasma.Finance), this is a natural consequence of decentralization. Users can use their personal data to monetize them and then buy or sell products and services without the need for intermediaries in a decentralized Internet. The expert explains that this will allow for the development of private money as well as financial systems that are independent of state monetary policies.
The common man’s role is changing.
Web 3.0 doesn’t need consumers. It needs users who will take part in creating a new system and making a profit.
“If you really want to learn it, do the hard things. The economy of action is here, and transactional reputation will become important. What is it useful for? Vladimir Popov explains, “Get a token.”
Two generations of the Internet can’t be changed at once. Although the transition to new realities will take longer than one year, we are already beginning to see the first steps towards Web 3.0.