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Consumers and those who lead to the efficiency of big internet platforms that rarely have anything to exhibit because major Internet platforms are owned by a small number of firms. Web 3.0 will serve as an example, with no digital autocrats in charge of social platforms, markets, or search engines. Alternatively, they'll be decentralised and built using blockchain technology, which is already used to power Bitcoin and other currencies.
Web 3.0 is a concept of what the web might look like in the near future. To really comprehend what Web 3.0 entails, one must first comprehend Web 1.0 and 2.0.
Web 1.0 is the first version of the internet when websites were primarily static and were used to broadcast and search for content. Web 1.0 was based on decentralised and community-governed protocols, with the majority of users being content consumers instead of creators of content.
Web 2.0 is the web we see and use today, with more user-generated information and a broader range of applications beyond information browsing, such as social media activity and online shopping. Centralised services managed by businesses with the power to restrict user-generated data and store information in a single server or repository control Web 2.0. Web 2.0 websites with the power to censor user information, such as Facebook, Wikipedia, and Twitter, or payment corporations refusing someone access to the service, are instances of Web 2.0 sites.
Web 3.0, often known as Web3, is an advanced form of the internet that has a blockchain-powered decentralised environment that allows users to communicate without having to worry about centralized data repositories. In simpler terms, search results, social networking sites, marketplaces, and other services will be created on the blockchain and enabled by cryptocurrency in the Web 3.0 era, allowing for unique developments such as uncensored content and more inclusive payment systems. Web 3.0 tokens or Web 3.0 cryptocurrencies are cryptos that are linked to Web 3.0. With the support of a decentralized infrastructure, Web 3.0 promises to provide people more control over their digital material, transferring the reliance of transactions and approvals away from a single authority. This bodes well for the creator economy, in which people might be compensated financially for owning or contributing digital data and worth to the internet community.
We may expect a strong confluence and symbiotic interaction between these 3 technologies and other disciplines since Web 3.0 networks will run through decentralised protocols — the building blocks of blockchain and crypto technology. They will be pervasive, deeply integrated, and controlled by smart protocols, which will be used to power it all from microtransactions in Africa to censorship-resistant P2P standard data storage and management via apps like Filecoin, as well as completely altering how businesses conduct and function.
We've seen how blockchain technology, specifically NFTs, can enable people to participate in virtual worlds, like the metaverse, in recent releases. Metaverses are blockchain-based digital 3D universes that allow anyone to create assets, socialise, play games, invest, and more. These digital worlds are accessible and extensible thanks to blockchain.
Web 3.0, meanwhile, can serve as a basis for individuals to make, buy, and sell items like NFTs. Web 3.0 is expected to be extremely interoperable and encourage trade and communication since it is a collection of applications and interactive features on a decentralised platform. Web 3.0, on the other hand, aspires to host more open, interconnected websites for increased user utility. Axie Infinity, a complex game metaverse that connects gaming and decentralised finance, is an example of Web 3.0 software (DeFi). To begin playing, users must first acquire an Axie avatar in the shape of NFT. Smooth Love Potion (SLP) and Axie Infinity Shards (AXS) are the virtual currency used in this NFT-based online game. Play-to-earn gaming mechanisms, self-regulating access, and ownership benefits are just a few of the components that drive community engagement, and we'll undoubtedly see more of these intriguing DeFi metaverses and Web 3.0 tokens in the future years.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
