Hemingway’s advice for writers is this “All you have to do is write one true sentence…” so I’m going to start with the one that I believe it’s the truest. Technology is always advancing, and there’s nothing we can do to stop it.
At the start of the century, people considered the internet a complete novelty. Nobody knew how powerful it was going to become.
Sometime later, the trend is cryptocurrencies, and many people regretted not investing in them when the prices were low. The truth is, nobody except tech-savvy people really gave much significance to them.
However, now everyone is using the internet, and everyone has at least heard about cryptocurrencies. Web 3.0 isn’t an exception. At this moment, this term is used and understood by tech people, but if we consider the last two examples, it’s likely that Web 3.0 will become mainstream.
Web 3.0 explained
This concept is the continuation of Web 2.0. If you’ve spent some time browsing the internet, then you’ve already had the chance to encounter Web 2.0 functionalities. Of course, there’s also Web 1.0, which refers to the first stage of the World Wide Web evolution which was characterized by static web pages and older versions of HTML.
While Web 2.0 saw the use of Javascript, rich user experience, and web applications, Web 3.0 intends to implement more complex web technologies. These technologies are:
- Blockchain
- Distributed ledgers
- Smart contracts
In the current stage of the WWW, social networks and companies that develop them have a strong influence. The internet, as it is, focuses on the user experience and its interaction with other people. Web 3.0 doesn’t completely change this, but it will be accessible and readable by machines as well.
By machines, I refer to Internet of Things devices and machine-learning algorithms that will be able to analyze the information provided by the users and deliver better results.
With the popularization of ChatGPT, everyone has started talking about artificial intelligence. It’s predicted that AI will be an indispensable tool in Web 3.0.
Instead of social networks such as Facebook or Twitter, Web 3.0 will bring metaverse integrations where people will have the chance to socialize in an immersive virtual world. The development of these two concepts goes hand in hand.
Metaverse projects allow users to work, play, learn, and entertain other people, and they are extensively implementing virtual and augmented reality technology. VR and AR devices can help users experience the metaverse much better.
It’s speculated that social networks of this WWW era will be created on blockchains such as Solana and Ethereum. You can buy SOL or ETH to prepare for this transition.
Potential
For some time, large tech companies like Google or Meta have had a large impact on the
development of the internet. The idea behind Web 3.0 is that decentralization will create a more open and democratic internet. Privacy regulations such as CCPA and GDPR were adopted because of the unethical use of user data by corporations. Web 3.0 is supposed to prevent this.
Since there would be no single authority responsible, people would have greater control over their personal data.
Just like cryptocurrencies, Web 3.0 relies on blockchain technology. This means that transactions between users are going to be secure and transparent. Besides transactions in the form of cryptocurrencies, people can trade digital assets such as non-fungible tokens.
New businesses will be able to thrive using Web 3.0 technology. They won’t have to rely on any central authority or platform, rather they will have greater control over their processes, tools, and their data. Furthermore, it’s expected that companies will have significant cost savings with their processes and increased productivity.
Just like the current stage of WWW, inoperability will be a huge feature. Web 2.0 allowed people to visit websites and enjoy them using multiple devices and operating systems, this will only be expanded in the future.
Pitfalls
Many people are repelled by the turbulent nature of the crypto industry. While Web 3.0 is a concept that can be applied to various industries, it’s still closely tied to the world of cryptocurrencies and its audience.
For example, in 2022, we’ve had the chance to observe large companies such as FTX and Terra suffered a serious collapse, and many people lost a lot of money. Web 3.0 and mentioned companies use blockchain technology. However, their implementation is quite different.
People who invested in cryptocurrencies in the past and are informed on blockchain and novelties in the tech world have their opinions on Web 3.0. While there are, of course, some critiques, as many as 70 million people already play video games that incorporate Web 3.0 concepts.
On the other hand, to people that aren’t tech-savvy, this technology can seem too complex or confusing to use. This is a potential problem that could slow down its widespread adoption of it.
As mentioned before, even large crypto projects with millions of users have suffered large financial losses. Because of its decentralized nature, governments are going to have a hard time regulating such projects, which can lead to potential scams emerging. This is considered an advantage by some and a flaw by others.
One of the most considerable problems that people tie to cryptocurrencies is their impact on the environment. It’s considered that Bitcoin mining consumes as much energy as the country of Egypt.
Further adoption of Web 3.0 technology can prove environmentally unsustainable and leave a negative impact on nature. Hopefully, as time passes, the solution to this problem will be found.
Fields That Can Benefit From Web 3.0
We can put all these categories into a broad field of software and technology. While the possibilities for implementation of the decentralized approach and smart contracts are countless, we can point out a couple of fields where it can be a game changer.
There are apps that are currently used and developed in these fields, in some more than in others. An honorable mention would be gaming. There’s a plethora of Web3 games and projects that are looking to create a secure gaming experience that allows its users to trade in-game assets.
However, I will focus on more essential fields that even people uninterested in technology can get in touch with.
Healthcare
One of the central aspects of decentralized healthcare is tracking health records in a secure and transparent way. Blockchain will allow for the tracking of electronic health records. EHRs can then enable healthcare providers to share health data with related people and institutions.
Every change in the patient’s record or additional visits will leave a trace on the blockchain. Patients will have a higher level of autonomy over how their data is being handled and shared, and they can potentially decide to monetize it.
We’ve observed the adoption of various Internet of Things devices in healthcare. Combined with blockchain technology, data collected using these devices will be more secure and more efficiently managed.
Finance
One of the main uses of blockchain is in the world of finance. Decentralized finance, or DeFi, platforms aim to provide users with financial transactions without the involvement of third-party institutions such as banks. An idea that’s noble in theory, but it was poorly executed on a couple of occasions, as mentioned before.
The transactions are conducted with the use of smart contracts, which are self-executing computer programs that enforce the terms of an agreement. We’ve seen the use of DeFi technology in decentralized exchanges that allow the trading of cryptocurrencies. Examples of DEXs are Uniswap and Pancake Swap.
Web 3.0 Will Play A Major Role In Technology Development
There are many projects that incorporate aspects of this technology at the moment. The widespread adoption of this idea seems distant, but it’s gradually gaining popularity, and people are slowly embracing it. There are tech giants such as Meta and Tesla investing in the development of Web 3.0 technologies, but we can also expect startups to take the lead.
Nobody can confirm whether the future will bring widespread adoption of Web 3.0, especially since there’s a significant percent of people that reject this concept and consider it a buzzword. However, once we get one popular app that millions of people start using, we can expect a frenzy of web 3.0 apps, just like it happened with NFTs.
