Web3 development technology and Web3 projects are seeing breakthrough advancements. Businesses and brands are already hopping on the trend creating virtual worlds for customers to interact in real time. The world is moving towards secure, transparent, and decentralized internet. Tech giants are heavily investing in Web 3.0. The Web 3.0 blockchain market is expected to reach $23.3 billion in 2028. The CAGR for the metaverse over 10 years is predicted to be at 39%.
Internet is heavily consumed by gen z and millennials, who have a better understanding of technology. 81% of consumers believe that Web 3.0 will improve their happiness. The buzz words like De-Fi, NFTs, AR Cloud, Blockchain, AI, and ML are resonating everywhere. So, understanding this latest technology is crucial.
What Is Web 3.0 and Its Characteristics?
Web 3.0 offers a realistic experience on the internet, which is still restricted to reading and writing on Web 2.0 technology. Web 3.0 allows individuals to interact in the real world using virtual iterations. VR devices play a crucial role in delivering advanced realistic experiences. 3D graphics completely overhaul the virtual world design. People can interact with others in the virtual world in the form of avatars.
Web 3.0 is building up to be a formidable force in the future of technology. Some of the top features are:
- Decentralization: Web3 development is centred around decentralization enabled by Decentralised Autonomous Organisations (DAOs). There is no centralized control, and the network users will be compensated for their data and time. In the end, people who use the network will reap benefits.
- Semantic web: It keeps on improving available technologies to add functionalities. The semantic web of Web 3.0 empowers users and puts them under the spotlight. Users can freely create, link, and share material on the web that understands human behaviour.
- Artificial Intelligence (AI) – Metaverse and AI are now inseparable. Businesses are already building self-learning AI processes that deliver a customised experience for end users. It eliminates bias, and every decision taken by the AI models is data-driven. There will be no confusion between fake and real information as AI can differentiate between authentic and fake information.
- 3D graphics: Spatial computing has seen tremendous growth in recent years. It can break the barriers between the real and virtual worlds, blurring the separation line. The virtual world and metaverse come together to deliver a seamless user experience.
- Ubiquity: The omnipresent characteristic of Web3 ensures non-step ubiquity and connectivity. IoT devices increasingly improve business process efficiency. Integration of Web3 and IoT is a major catalyst for this increase in technology adoption. Regardless of the type of device, the internet and connectivity will always be available anywhere.
Web 3.0 architecture
In Web 3.0, applications and projects communicate through a decentralised blockchain of anonymous nodes. Application protocols are defined in smart contracts that are validated by all the nodes in the network. Information is stored in blocks that are interlinked to reinforce smart contracts. Blockchains introduce immutability to data, enhancing web security.
The key elements of Web 3.0 architecture are:
- Ethereum blockchain – A global peer-to-peer network of nodes accessible by anyone. There is no single entity that can be declared as the owner. Ethereum blockchain access is available for every user without any discrimination.
- Smart contracts: These programs are created by high-level developers using Solidity, Vyper, etc., to define the transaction logic. They run on the ethereum blockchain.
- Ethereum Virtual Machine (EVM) – EVM executes logic defined by smart contracts. They are responsible for processing all state changes on the blockchain.
- Front End – The end user can seamlessly use the underlying architecture using the UI front end that connects with smart contracts and follow application protocols.
How Is Web3 Shaping Up The Future Of The Internet?
The future of Web3 brings humans and machines even closer. Transparent, secure, and intelligent transactions improve user experience. Web 3.0 offers a better future in the following ways:
- Advanced data privacy and control using unbreakable encryption
- Seamless access to services and products through decentralised networks
- Increased transparency with efficient data tracking on blockchain platforms
- Unhindered access to data for all worldwide users from simple mobile devices
- Restriction-less platform eliminating all types of bias for user access
- Single profile usage across multiple platforms
- Complete interoperability and superior cross-platform functionality
- Highly enhanced data processing using advanced AI
- Tokenised digital assets and verifiable data scarcity empower users to own their digital footprints.
- Extremely personalised and individualised user interactions across platforms
- Eliminating intermediaries at every step of the user journey
- Delivering the highest value to customers with a focus on their experience
- Huge explosion in peer-to-peer connectivity
Web 3.0 is already improving real-life scenarios in every possible industry. Digital assistants and voice searches are used in everyday life. Wolfram Alpha on Web3 development vastly improves accuracy and computational abilities. Steemit and Sola reward content creators in innovative ways. IDEX is reinventing the way tokens and currencies are handled. E-Chat provides a greater and safer way of communication on the Web3 development platform. Everledger provides a secure and safe repository to store data for financial institutions. Lbry provides a safe place for artists to publish music and video content. Ethlance is a remote Web 3.0 job platform to find Ethereum developers who will work for cryptocurrencies.
Blockchain technology and Web3 development transfers power and control to users, who are truly the most valued assets. Every business will focus on making it easier, safer, and cheaper for users to access their products and services. The immersive and interactive experience will only make life better on Web 3.0.