Web 3.0 Internet Revolution Is So Famous. — Know Why?

Transition of the way the Internet works — Web 2.0 vs. Web 3.0

The Internet has evolved through time. First was Web 1.0, consisting of static web pages serving content present in the file system of servers. It allowed users to access data from any corner of the world without any functionality for interaction with the content.

Then, Web 2.0 enabled users to interact with content on the web, i.e., it fostered user-generated content growth. Web 2.0, though advanced, has certain drawbacks, such as limited control over user data and its security.

In contrast, Web 3.0 uses a decentralized network for passing data, shifting the control to owners. Additionally, Web 3.0 focuses on empowering individual users rather than community development. Interesting, isn’t it? Then why wait? Let’s explore this read-write-interact web a little more!

What is Web 3.0?

Web 3.0 can be explained as a version of the internet that moves beyond a centralized architecture while trying to interconnect data in a decentralized manner to deliver a fast and personalized user experience.

The Semantic Web or Web 3.0 is built on Artificial Intelligence, Machine Learning while using blockchain technology to keep your data safe and secure.

Web 3.0 will support businesses by allowing them to develop applications by distributing logic across various block nodes. Not only does this improve the transparency of business transactions, but we can also track all previous data. This eliminates the dependency of users on the service provider developing the platform.

Sounds amazing, isn’t it? Like we can just meet the real and digital worlds in one single ecosystem.

How does Web 3.0 work?

Traditionally the internet works through servers. Information travels to the server and flows out of the server based on individual users’ online activities. The service provider controls this data exchange between two users.

  • The idea of Web 3.0 is to make internet searches easier and faster.
  • Blockchain technology is the foundation of Web 3.0. (Blockchain technology: It works in the form of a record book that aids in recording all transactions in a chronological order and keeps track of assets present in the business network.)
  • Web 3.0 intends to make the internet a more decentralized place using decentralized apps (Dapps).
  • These Dapps are normal applications that run on a peer-to-peer network, thereby providing more privacy control and data security to the user.

Web 3.0: Hype or The Future?

So what are the trends driving the buzz of Web 3.0? Web 3.0 is a step towards regaining control over the internet by the user — what, how much and with whom data can be shared. The driving force behind Web 3.0 is the idea that we are all promised a decentralized alternative. Here, all users become owners and developers, enabling a future where users can connect with data through a peer-to-peer network without relying on a third party. The main feature of Web 3.0 is that it is censorship-free, blockchain-based, and open-sourced.

So, that sure is to cause a stir across platforms and the crypto world. And let’s not forget NFTs have their share too.

The Revolution of Web 3 in Blockchain, Crypto, and NFTs:

Let’s look at each of these individually!

Web 3.0 in Blockchain

The app development industry is seeing an important transition towards a new way to interact with users, with Blockchain at its core. Web 3.0, also called the Semantic Web, is being developed on the basis of Artificial Intelligence, Machine Learning and Blockchain Technology.

  • Web 3.0 incorporates Artificial Intelligence by using smart contracts, smooth integration, and censorship-resistant storage of peer-to-peer network data files exhibiting interoperability.
  • Blockchain introduced with  Machine Learning and Internet of Things have unique identifiers enabling Web 3.0 to work on decentralized protocols.
  • Voice assistants such as  Siri and Alexa are examples of how Machine Learning is applied to develop a new variety of internet services.
  • Thus, making Blockchain technology inevitable, and the driving force of Web 3.0.

Web 3.0 in Crypto

The first thing that comes to our mind when we hear the term “crypto” are Bitcoin and Ethereum. Apart from being cryptocurrencies, they are the foundation to build decentralized apps (Dapps) that work on Blockchain Technology.

  • Cryptocurrency in simple terms is a digital or virtual currency, secured by cryptography, making it impossible to counterfeit.
  • The term “Crypto” refers to the various encryption algorithms and cryptographic techniques used to safeguard the entries regarding these transactions.
  • Cryptocurrencies can be understood as the catalyst that is going to expedite the transformation of the Internet as we know it.
  • There is a union of talents of understanding business models, and app development that is made secure through blockchain technology.

Web 3.0 in NFT

NFTs have become the latest sensation in the Digital world. Let’s read a little about them!

  • Web 3.0 runs on Blockchain technology, allowing exchange, ownership, and maintaining trust in the network.
  • In this platform, assets are valued through tokens called NFTs.
  • NFTs stand for  Non-Fungible Tokens.
  • The value of NFTs is based on how unique they are.
    For example, we can compare NFTs with that of a flight ticket. The design and the appearance are all the same, the difference being the seat number and the destination.
  • NFTs can be anything in a digitized format that has a value attached to it.
  • They are sold online in exchange for cryptocurrency.
  • They are usually found on the Ethereum blockchain, they are stored on digital ledgers capable of holding large amounts of information, making it work differently than an ETH coin.

NFTs are a nascent part of the Crypto market. With the increasing number of users and rapidly growing infrastructure of Web 3.0, real world problems such as copyright claims and  digital asset validation can be solved in future.

In the latter part of 2021, big brands such as  Nike, Adidas, Budweiser created their own NFTs, boosting the business atmosphere in the NFT market. It won’t be long before other brands and companies create their niche in the NFT market, Don’t you think?

How to Integrate Web 3.0?

One of the most important parts of understanding Web 3.0 is to start applying it. Developing applications useful in Web 3.0 becomes necessary; the process earlier was deemed hard, but now it has picked up pace with many developers finding sources such as  web3.js (Javascript).The next-generation method is by developing decentralized apps.

A decentralized application (Dapp) is built on a decentralized network that links a smart contract and a front-end user interface. Dapps operate on Ethereum, an open public decentralized platform with no singular individual or group control, since there are many users already on the Ethereum platform with crypto wallets and they can start using these apps immediately.

Smart Contracts:

This is the code where the decentralized logic of the app is written. The code dictates the automatic executing features that need to be performed. Be it simple transactions or a chain of computed algorithms, are placed within the smart contracts.

Build Front Ends:

Any decentralized app cannot be developed without having a user friendly interface. The best way to go about it is to have it designed like any other normal application that we use now. Any input given by the user should activate certain smart contract functions on the blockchain instead of connecting to a central server.

Interaction with Smart Contract:

The app is considered functional when the user at the front end is able to interact with the smart contract over the Blockchain. For which a load of tech stack knowledge is available through various APIs across the marketplace. These APIs can help you interact with smart contracts without a third-party extension.

Transacting In Web 3.0 — NFT — Privacy and other concerns!

As noted above, the advantage of transacting with NFTs is that they are sold directly to buyers (without mediators). The sale program can be structured to earn a royalty for the creator through subsequent sales. If subsequent users resell the NFT, the sale program can also be restructured to earn a royalty for them from any sale from that point onwards.

The primary concern while transacting with NFTs is the possibility of  wash-trading. NFT wash-trading is the practice of selling and purchasing assets in a way that is misleading the market.

To understand how this works, let us consider an investor who has USD 10 Million in ETH. The investor mints an NFT and sells it to themselves for the same amount of money. The NFT is now worth USD 10Million because of its trading history that is available publicly on the blockchain.

Now, if someone were to purchase the same NFT at a discounted price, it would still be a substantial profit. It is possible to avoid such problems by using tools like  Scour from bitsCrunch .Scour diagnoses such spoofing transactions, which manipulate the volume and price of the assets in the NFT ecosystem using Artificial Intelligence.

Impact of Web3.0 on the Creator Community

Nowadays NFT markets are replacing traditional platforms for artists to showcase their talent and sell their art. NFT markets provide an online platform for artists to sell their original content to buyers, removing middlemen, galleries or auction houses. NFTs offer a unique ownership model. As noted above, NFTs can be structured in a manner that when they are sold to a user, the original content creator will be paid royalty for their work, irrespective of the number of times the NFT is resold. This does not happen in the real world.

Limited edition items in the real world become even more valuable in NFT markets. For example, recently  New York Jets fans who purchased a ticket to attend the Jets vs. Bucs ‘ match at MetLife Stadium on Sunday, January 2, 2022 received a complimentary Virtual Commemorative Ticket via the Ticketmaster Marketplace.

What to expect going forward?

In the years ahead, with the evolution of Web 3.0, we are marching towards an Internet era where the key focus will be user empowerment. The goal is to build trust by returning the privacy and security of user data.

Through Blockchain technology, content creators now have more control than ever before. Heralding a new age of content creation and connecting with the fans closer than before.

With all that is being offered with NFTs, there are certain problems along the way. Be it wash trading, digital art forgery, or fair-value of digital assets; you need a reliable platform that serves the need of dynamically changing Web 3.0 landscapes. With  bitsCrunch by your side, it is not a long road. Their AI-powered solutions save you from manipulations, forgeries, and bring real value to your assets. Are you geared up to find your way to the exhilarating web 3.0 ride? Get in touch with bitsCrunch today!

Wherever you are in the NFT ecosystem, you're just a click away from securing and valuing your assets, and getting smart data insights.
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