Hey Siri, what is Web 3.0?
This is a question that is currently being asked a lot on the internet. The answer might be a little too complicated for many users so let us tell you exactly what it is.
Web 3.0 refers to the third generation of internet providers for websites and apps that will focus on using machine-based information understanding to create an information-driven and semantic web. One of Web 3.0‘s main goals is to create more intelligent, connected, and open websites.
From another perspective, Web 3.0, the next generation of the internet, aspires to be a decentralized rendition of the virtual world in which users may intelligently communicate and collaborate without having to worry about primary, data-specific repositories.
We may expect a big confluence and symbiotic interaction between these three technologies and other disciplines since Web 3.0 networks will run through decentralized protocols — the building blocks of blockchain and cryptocurrency technologies. They will be interconnected, easily integrated, automated by smart contracts, and utilized to drive anything from microtransactions in Africa to censorship-resistant P2P data file storage and sharing through applications like Filecoin, to entirely transforming how businesses conduct and function. The present flurry of DeFi protocols is only the beginning.
Web 3.0, like blockchain, aims for openness and transparency. But the analogies don’t end there. The goal of blockchain, as we know it, is to preserve the insights grouped as blocks, with cryptographic hashes entrusted to keep them unchangeable and safe.
If Web 3.0 becomes an actuality, everyone will have access to resources, apps, content, and agreements, as long as the cryptographic keys are in place.
Benefits Of Web 3.0
Possession of Data or Information
End-users will recover entire ownership and control of their data while also benefiting from encryption privacy. Permission/need or on a case-by-case basis, information might then be supplied. Large corporations such as Facebook and Amazon now have a plethora of servers keeping personal information such as income, interests, dietary choices, credit cards, and so on. These data aren’t just collected to improve their services; they’re sold to marketers and advertisers who spend billions of dollars each year for them.
Elimination of the Central Point of Control
Blockchains such as Ethereum provide a secure platform with completely encrypted data and unchangeable rules. As a result, the intermediates are no longer needed in the formula. Users’ data will no longer be under Apple’s or Google’s control. No government or corporation will be able to shut down services or websites, and no single person will be able to regulate the identity of others.
Service that isn’t interrupted
Account suspensions and distribution service denials are drastically minimized. The service impact will be minimal because there will be no single point of failure. To provide resilience, the data will be kept on remote nodes, with several backups in position to stop seizure or server failure.
Challenges Of Web 3.0
The internet is enormous. It has billions of pages, with 370,000 class names in the SNOMED CT medical terminology ontology alone, and current technology hasn’t been able to delete all conceptually redundant words. Any reasoning system that is capable of reading all of this data and comprehending its operation must be able to cope with large volumes of data.
The internet deals with several numbers with a lot of different values. A patient could, for example, appear with a collection of symptoms that correlate to several alternative diagnoses, each with a different likelihood. To deal with uncertainty, stochastic reasoning approaches are commonly used.
Inconsistency and Deception
Inconsistent data might result in logical inconsistency and unpredictability in analysis. While AI can assist with data filtering, what if all of the data presented is purposefully incorrect and misleading? This problem is currently being addressed using cryptography approaches.