What is Web 3 ?
To understand Web 3.0 we have to take a look over the previous iterations of the web.
Web 1.0 (Static Web)
Web 1 was the was the foundation of the Internet. In the years 1991–2004, the internet was a medium to source information and knowledge. It was a kind of read only and static web and there were no presence of ads, videos, social media etc. Also, there were no transactions in web 1.
Web 2.0 (The Social Web)
Web 2.0 is the web we use today. This is the era of social media, videos, advertisements and transactions. In this period, people used artificial intelligence and machine learning for bringing solutions in the market for the users. This is also the era of mobile app and having personalised experience using those apps. Web2 was a internet revolution where companies created huge wealth. However, in web2, the data of user is controlled by someone else this created lot of privacy and security issue.
Web 3.0 (The Semantic Web)
Web 3.0 is the next evolution of the internet where the web would be governed by decentralisation i.e. the data on the internet would be spread on the nodes of the blockchain, and everyone on the node would have the same copy of the ledger.
Torrents are the best example of decentralization. They had different servers located all over the world. If you want to download any file you need to have a torrent client like uTorrent or BitTorrent to collect that individual pieces on the network and assemble them to download. Not only that, this peer-to-peer connection helped them to establish a layer where it's very difficult to track users as millions of people were uploading the files. Even though torrents are banned in multiple countries, still they can be accessed through VPNs because of the chain of network they established.
Web3 is all about decentralisation and with the help of blockchain web3 will transform the way we use the data and the way we work as well.
Web 3.0 also introduced us to a new term called DAO (Decentralized Autonomous Organization). In DOA, there will no be any board members and decisions are not controlled by one person. The organisation will be run based on blockchain mechanism and every operation and decision will be unanimously approved
Under web3, companies may start adopting crypto currency and crypto may become a mechanism for payment for goods and services and also money can e send anywhere in the world with the use of crypto.
Conclusion
web 3.0 will change the way we live and work.Facebook’s Metaverse and Nvidia Omniverse would make the web3 experience more reachable to people. Blockchain technology will evolve and there will be a lot more things going to happen in crypto, DeFi and NFT space.