What is web3? What do you need to know about web3 technology? Its features and layers

Web 3 or Web 3.0 has the potential to be disruptive and usher in a significant paradigm shift like Web 2.0 did. Web 3 is formed due to the fundamental ideas of decentralization, increased consumer usefulness, and openness. Web 3 technology plays the next step in the development of the internet.

Web 3 accurately translates and understands what you type through text, voice, or other media. The technology also understands what you say. In this article, we have discussed what is web3 and what all you need to know about web3 including its features of web3. Read to know about web3 technology.

What Is Web 3.0 Technology?

Web 3.0 or Web 3 is a third-generation world wide web built on top of blockchain developments and technologies in the Semantic Web. Web 3 is meant to be decentralized, and open to everyone which describes the web as a network of meaningfully linked data.

Key Features of Web3

Web3 has several distinguished features.

Decentralization: In web 2.0 computers search for the data that is kept at a fixed location mostly in a single server using HTTP in form of a web address. Information could be stored in multiple locations at the same time and become decentralized with Web 3.0 because it would be found based on its content rather than a single location. This would give people more power by destroying the massive databases that internet behemoths like Meta and Google currently maintain.

With the help of web 3, users will be able to sell their data through decentralized data networks, ensuring that they retain control of their ownership. This information will be generated by a wide range of powerful computing resources, including mobile phones, desktop computers, appliances, automobiles, and sensors.

Decentralization and open-source software-based Web 3.0 will also be trustless (i.e., participants will be able to interact directly without going through a trusted intermediary) and permissionless (each individual will be able to access without the permission of any governing body). This means that Web 3.0 applications, also known as dApps, will run on blockchains, decentralized peer-to-peer networks, or a hybrid of the two. DApps are decentralized apps.

Artificial intelligence (AI) and machine learning: Web 3.0 will enable machines to comprehend information in the same way that humans use Semantic Web and natural language processing-based technologies. Machine learning, a subset of artificial intelligence (AI) that mimics human learning by using data and algorithms to gradually improve its accuracy, will also be used in Web 3.0. Instead of just targeted advertising, which currently accounts for the majority of current efforts, these capabilities will result in faster and more relevant results in a variety of fields such as medical development and new materials.

Connectivity and ubiquity: With Web 3.0, content and information are more accessible across applications and an increasing number of commonplace internet-connected devices.

How Does Web 3 Work?

Your data is saved in web3 on your cryptocurrency notecase. On web3, you'll interact with apps and communities via your wallet, and when you log out, your data will follow you. Because you own the data, you can theoretically decide whether to monetize it.

After we've established our guiding principles, we can look at how specific web3 development features are supposed to achieve these goals.

Data Ownership:

When you use a platform such as Facebook or YouTube, these companies collect, own, and recoup your data. Your information is saved in web3 on your cryptocurrency wallet. On web3, you'll interact with apps and communities via your wallet, and when you log out, your data will follow you. Because you own the data, you can theoretically decide whether to monetize it.

Pseudonymity:

Privacy, like data ownership, is a feature of your wallet. On web3, your wallet serves as your identification, making it difficult to link it to your actual identity. As a result, even if someone observes wallet activity, they will not be able to identify your wallet.

Some services of web 3 assist customers in connecting to cryptocurrency wallets used for illegal activity.

Although wallets improve the level of privacy for bitcoin transactions, privacy coins such as Zcash and Monero provide complete anonymity. Observers can track transactions on blockchains for privacy coins, but they cannot see the wallets involved.

Web3 will include decentralized autonomous entities that will run apps (DAOs). As a result, decisions are no longer made by a centralized authority, but by users who own governance tokens, which can be obtained by participating in the upkeep of these decentralized programs or by purchasing them.