Web 3.0 and Metaverse the Future of the Internet

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Web 3.0 and Metaverse the Future of the Internet

Today one can’t imagine living without the internet. The current internet is Web 2.0 which has connected us globally where we can conduct meetings, learn, teach, purchase or sell. Despite all of this, web 2.0 is still flat and all experiences on it are 2D. You can share audio, videos, and images. Whereas web 3.0 will replicate the real-world experience and you will be able to experience it in the virtual world with your friend who might be sitting thousands of miles away from you. The speculation of ‘Web 3.0’ originated from Ethereum (co-founder Gavin Wood) in 2016. Web 3.0 has been worked on ever since. shortly after Ethereum launched in 2014. What is web 3.0?

Web 3.0

Web 3.0 is the next generation of the internet. As it is evolving and still in progress, there is no solid definition or shape of web 3.0 yet. It will be implemented shortly. With web 3.0 the users will have a more personalized experience and be better able to control the digital assets and content. Currently, it is web 2.0 which evolved from web 1.0 in almost 10 years. Do you own your IG content? If your answer is yes, then that is not the case. In reality, right now all of your content on a platform like Instagram or Facebook is owned by its company. They can ban you, block you, or delete your page or certain posts if they want to.

Web 3.0 Explained:

Another problem with web 2.0 is “data privacy”. The centralized entities like Facebook, Instagram, TikTok, etc. have full control over your data. They also have control over the access to their services and users will need to register to access them. Companies are exchanging their services with your private data by making you agree to their terms of services.

Centralization has caused a dilemma where certain entities like large technology companies control the content over web 2.0. In web 3.0 instead of this monopolization, decentralization is being built. Web 3.0 will be owned by its users. Power is taken away from the hands of the corporations and it is entrusted to the individual users.

Being a decentralized system and open to everyone, web 3.0 is not being controlled by a single entity. Unlike web 2.0 there is no registration required for access and users have complete control over their content and precious private data. However, users will have to protect their assets and data because they are the only custodian of their data. Server-client dealings are shifted to peer-to-peer interactions. 

The evolution of web 2.0 to web 3.0 can be witnessed today as well. Twitter requires new profile pics verified and non-fungible tokens (NFTs) which will show up as the hexagons. Some of the exciting aspects of web 3.0 include NFTs, DAOs (decentralized autonomous organizations), and P2E (Play-to-earn).

The world is rapidly shifting from web 2.0 to web 3.0 like from 

  • bank to Metamask
  • Chrome to Brave 
  • Centralized systems to decentralized blockchains
  • Facebook to Steemit
  • AWS to IPFS

Other Web 3.0 examples include Fortnite and Roblox online games. In these games, users are allowed to gather in a virtual space but in web 2.0 users have no control over their in-game assets or identities. They are unable to monetize or control their content. However, with the implementation of web 3.0 users will be able to create their content and control and monetize it. But how will this be possible through web 3.0? Of course, through its Blockchain cryptocurrency! This is where NFT plays its role.

What is Web 3.0 crypto?

You must have heard of NFT by now.  Blockchain is a decentralized network of computers that enables users to make peer-to-peer transactions. Anyone with a cryptocurrency wallet like Metamask, Binance wallet, etc. can use it with internet access. Here users own their data and don’t need middlemen for any kind of transactions. Web 3.0 will revolutionize our ways of interacting with each other and online data.

Some notable features of web 3.0

No Censorship 

In web 2.0, there is a great imbalance of authority between different platforms and the users. Companies decide what should stay on the platform and what should be banned. They can delete and ban your content, pages/groups, accounts, or ID on their platforms. Many content creators use the platforms as their primary source of income. Once you leave the platform all your reputation is lost and your progress is deleted. This huge imbalance of power dynamic will be eradicated by web 3.0 as all your data will be on blockchain and hence you would be able to take your data with you and transfer it to any other interface.

Web 3.0 crypto

Web 2.0 online purchases and any kind of transaction involves third parties or banks which might get risky sometimes. Instead, Web 3.0  uses cryptocurrency instead of traditional physical banks. But you have to use a wallet like Metamask for any decentralized transaction.

Ownership

NFTs allow you to get direct ownership over your digital assets that can’t be taken away by anyone. For example: if you are playing a game and buying some in-game items they will belong to you (instead of your account which can be deleted and cause the loss of these in-game items). Even if you stop playing, you can sell or trade them to recoup their value.

Safer with no third parties

Today, on the centralized web, the data is being controlled by large companies and we have to trust some third party in our daily interactions and transactions. But, Web 3.0 promotes peer-to-peer interaction without any third party included.

Decentralized web

Web 2.0 is a centralized web, where all platforms are being controlled by certain companies which own them. Whereas, Web 3.0, as stated earlier, is not owned by any larger company. Instead, it is a decentralized system that allows peer-to-peer interactions.

No permission needed

In web 2.0 users are needed to register and grant different permissions to use the platforms or services. While in web 3.0, everyone has equal access, and no registration is required to use it.

Web 3.0 Examples:

Web 3.0 examples include 

  • IDEX
  • EOSFinex  
  • Wolfram Alpha

IDEX:

is a famous decentralized exchange. Use it for trading Ethereum (ERC-20) tokens. Its features include a good interface for users and access for anyone with an Ethereum wallet to start trading. MetaMask is used in the decentralized exchange of Ethereum for the best user experience.

Wolfram Alpha

is a computational intelligence platform used by professionals and students of mathematics, science, or nutrition for computational purposes. Web 3.0 is used by Wolfram Alpha to gather information from the database and streamline it. Once the questions are typed here, this platform interprets them and provides the relevant information. For specific questions, it will give specific answers and for random statements, it will provide relevant information. For example, when your input is 1kg of apples, the nutritional values or some other information related to this input. So you can find a starting point for further research.

EOSFinex

is another decentralized exchange currently under development by Bitfinex (a prominent centralized exchange). This exchange runs on EOS.IO software which has many more dApps in its landscape.

Metaverse Facebook:

Metaverse Facebook
Metaverse Facebook

Metaverse Facebook is the next big breakthrough in technology. It is  a virtual world where people all around the world can socialize, work, play, and study. Facebook recently changed its name to “Meta” which is an indication of the transformation of this social media company into a Metaverse company. Though facing much criticism right now, the metaverse is the future of technology and should be taken seriously. According to Mark Zuckerberg, the metaverse is the “successor to the mobile internet”. It is meant to reshape all our life activities. In its blogs, Facebook said that Metaverse is not going to be under one company alone. “This won’t be the job of any one company alone. It will require collaboration across industry and with experts, governments, and regulators to get it right”. 

Facebook Metaverse is currently in the developmental and research phase, but it holds great potential to transform our ways of socializing, working, shopping, entertaining ourselves, and interacting with people all around the world. Metaverse will allow you to not just visualize but also experience the virtual world.

Also Read: What Does Social Media Optimization Mean and Its Importance

FAQs

Does Web 3.0 already exist?

Web 3.0 is to design more intelligent websites connected. It includes the spaces that are shared, don’t disappear when not in use; always available. These places allow people to meet in 2D environments. For example a zoom call and in the digital world of Roblox, Fortnite, Minecraft, etc. Web 3.0 is not yet fully implemented. It might take over 10 years to shift and reshape web 2.0 to web 3.0. However, the denomination of web 3.0 first appeared in 2006.

Why is Web 3.0 the future?

Web 3.0 is the future of the internet and the next stage of web evolution. It is aimed to make the internet more intelligent. It will be able to interact with users, systems, and devices, in smart homes, workplaces or vehicles, without human interference. Content creation will also evolve with the involvement of machines. Web 3.0 will provide users with a more personalized experience in browsing and will be faster, safer, and more private than ever.

Is metaverse the next version of the internet?

Is metaverse the next version of the internet

Metaverse is the next generation of the internet. Its goal is to bring the physical and digital worlds together in an innovative way. It is a collective term referring to a shared virtual world environment that users all around the world can access via the Internet.


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