Overview<\/h3>\n\n\n\n- Evolution of The World Wide Web<\/a><\/li>
- What is Web3<\/a>?<\/a><\/li>
- Technologies Behind Web3<\/a><\/li>
- Significance of Web3<\/a><\/li>
- Examples of Web3 Applications<\/a><\/li>
- When will Web3 go mainstream?<\/a><\/li>
- Conclusion<\/a><\/li><\/ul>\n\n\n\n
<\/p>\n\n\n\n
<\/div>\n\n\n\nEvolution of The World Wide Web<\/h2>\n\n\n\n<\/div>\n\n\n\n![\"\"](\"https:\/\/solutionchamps.com\/blog\/wp-content\/uploads\/2022\/06\/Evolution-of-The-World-Wide-Web.jpg\")
<\/figure>\n\n\n\nWeb 1.0 was invented in 1989 and gained popularity in the mid 90’s. The original version of the internet was mostly made up of static web pages connected by hyperlinks. And even though ecommerce websites existed back then, it was a closed environment. Users could only access the static page and could not even post reviews.<\/p>\n\n\n\n
Currently, we are in the Web 2.0 era. The term Web 2.0 was coined by O\u2019Reilly and focuses on giving interactive experiences to the users. Unlike web 1.0, user-generated content and uninterrupted access to the internet is the driving force behind web 2.0. The rise of Web 2.0 is attributed to three core innovations: mobile<\/strong>, social <\/strong>and cloud<\/strong>.<\/p>\n\n\n\nMobile internet connectivity significantly increased both the number of users and the frequency at which they used the Internet. People could create their own material on social media and smartphones and cloud computing were the major driving forces in this market. Tech giants such as Google, Microsoft, or Amazon required users to give away personal information to access these services. This has led to tech giants monopolizing data with targeted advertising and other marketing practices.<\/p>\n\n\n\n
<\/p>\n\n\n\n
<\/div>\n\n\n\nWhat is Web3?<\/h2>\n\n\n\n
Web3 (Web 3.0) is a decentralized Internet technology that would run on blockchain technology leveraging machine learning and artificial intelligence. What makes web 3.0 different from the versions web 1.0 and web 2.0 is the lack of monopoly. Data privacy and data security are huge concerns in web 2.0. In web3, users will own their data unlike the tech giants who control the platforms in today\u2019s internet. In 2014, Gavin Wood who owns Etherum, a block chain technology company, came up with the idea of using blockchain to decentralize the internet. According to Gavin Wood, the adoption of web 3.0 principles would lead to bottom-up innovations.<\/p>\n\n\n\n
<\/p>\n\n\n\n
<\/div>\n\n\n\nTechnologies Behind Web3<\/h2>\n\n\n\n<\/div>\n\n\n\n![\"\"](\"https:\/\/solutionchamps.com\/blog\/wp-content\/uploads\/2022\/06\/Technologies-Behind-Web3.jpg\")
<\/figure>\n\n\n\nThe Web3 revolution is all about user-centric, decentralized systems built on open standards and protocols. The technological innovations that power web3 are:<\/p>\n\n\n\n
- Blockchain<\/li>
- Edge Computing<\/li>
- Artificial Intelligence & Machine Learning<\/li><\/ul>\n\n\n\n
Blockchain<\/h3>\n\n\n\n
Blockchain is the foundation on which web3 is built. It is a decentralized system that deploys smart contracts to define the logic of an application and a secure digital ledger. Blockchain is used to redefine the data structures in the backend. Blockchains have no central governing bodies or groups controlling them. All users have visibility and control in a blockchain environment.<\/p>\n\n\n\n
Edge Computing<\/h3>\n\n\n\n
Unlike in web 2.0 where data centers and cloud computing play a major role, the shift to web 3.0 is focused on edge computing. As blockchain is the core of web3, edge computing provides the supporting infrastructure to enable quick and reliable transactions. The data centers of web 2.0 are replaced by advanced edge computing resources distributed among phones, laptops, appliances, sensors and cars in web3.<\/p>\n\n\n\n
Artificial Intelligence & Machine Learning<\/h3>\n\n\n\n
From making life-saving predictions to solving transforming businesses with data<\/a>, artificial intelligence and machine learning algorithms are being deployed in all walks of life. In web3, AI and ML serve in learning how to discriminate between genuine and fraudulent data. The AI & ML algorithms imitate the ways human beings learn; this can enable computers to generate faster and more relevant results.<\/p>\n\n\n\n <\/p>\n\n\n\n
<\/div>\n\n\n\nSignificance of Web3<\/h2>\n\n\n\n
According to Bernard Marr from Forbes<\/a> Web3 is an open, trustless, and permissionless network. Open meaning they are largely built on open source software by an accessible community of developers. Trustless because two parties can interact and transact without the need for a trusted third party. Permissionless because both parties can transact or interact without authorisation from a governing body or a third-party service provider.<\/p>\n\n\n\nWeb3 is based on the concept of Decentralized Autonomous Organization (DAO). The DAO is a group, company or collective that establishes the business rules or governing rules in blockchain. With DAO, there is no central authority or middlemen (like bankers, lawyers, accountants, and landlords) to authenticate or validate a transaction. This is because the governing rules are transparent and available for anyone to see.<\/p>\n\n\n\n
<\/p>\n\n\n\n
<\/div>\n\n\n\nExamples of Web3 Applications<\/h2>\n\n\n\n<\/div>\n\n\n\n![\"\"](\"https:\/\/solutionchamps.com\/blog\/wp-content\/uploads\/2022\/06\/Examples-of-Web3-Applications.jpg\")
<\/figure>\n\n\n\n<\/div>\n\n\n\n- Bitcoin<\/a> \u2013 The original cryptocurrency. <\/li>
- Diaspora<\/a> \u2013 Non-profit, decentralized social network<\/li>
- Steemit<\/a> \u2013 Blockchain-based blogging and social platform<\/li>
- Augur<\/a> \u2013 Decentralized exchange trading market<\/li><\/ul>\n\n\n\n
<\/p>\n\n\n\n
<\/div>\n\n\n\nWhen will Web3 go mainstream?<\/h2>\n\n\n\n
We see that investors<\/a> are betting big on web3 and money has been pouring in on web3 startups and celebrities and musical artists are crypto curious about decentralized networks. But according to U.K.-based Dan Hughes<\/a>, founder of Web3 startup Radix DLT and a reputable cryptographer, Web3 could take up to a decade to go mainstream. In Hughes\u2019 opinion, the biggest challenge in adopting Web3 would be people finding it \u201cdifficult or risky to use”.<\/p>\n\n\n\n <\/p>\n\n\n\n
<\/p>\n\n\n\n
Evolution of The World Wide Web<\/h2>\n\n\n\n<\/div>\n\n\n\n<\/figure>\n\n\n\nWeb 1.0 was invented in 1989 and gained popularity in the mid 90’s. The original version of the internet was mostly made up of static web pages connected by hyperlinks. And even though ecommerce websites existed back then, it was a closed environment. Users could only access the static page and could not even post reviews.<\/p>\n\n\n\n
Currently, we are in the Web 2.0 era. The term Web 2.0 was coined by O\u2019Reilly and focuses on giving interactive experiences to the users. Unlike web 1.0, user-generated content and uninterrupted access to the internet is the driving force behind web 2.0. The rise of Web 2.0 is attributed to three core innovations: mobile<\/strong>, social <\/strong>and cloud<\/strong>.<\/p>\n\n\n\nMobile internet connectivity significantly increased both the number of users and the frequency at which they used the Internet. People could create their own material on social media and smartphones and cloud computing were the major driving forces in this market. Tech giants such as Google, Microsoft, or Amazon required users to give away personal information to access these services. This has led to tech giants monopolizing data with targeted advertising and other marketing practices.<\/p>\n\n\n\n
<\/p>\n\n\n\n
<\/div>\n\n\n\nWhat is Web3?<\/h2>\n\n\n\n
Web3 (Web 3.0) is a decentralized Internet technology that would run on blockchain technology leveraging machine learning and artificial intelligence. What makes web 3.0 different from the versions web 1.0 and web 2.0 is the lack of monopoly. Data privacy and data security are huge concerns in web 2.0. In web3, users will own their data unlike the tech giants who control the platforms in today\u2019s internet. In 2014, Gavin Wood who owns Etherum, a block chain technology company, came up with the idea of using blockchain to decentralize the internet. According to Gavin Wood, the adoption of web 3.0 principles would lead to bottom-up innovations.<\/p>\n\n\n\n
<\/p>\n\n\n\n
<\/div>\n\n\n\nTechnologies Behind Web3<\/h2>\n\n\n\n<\/div>\n\n\n\n<\/figure>\n\n\n\nThe Web3 revolution is all about user-centric, decentralized systems built on open standards and protocols. The technological innovations that power web3 are:<\/p>\n\n\n\n
- Blockchain<\/li>
- Edge Computing<\/li>
- Artificial Intelligence & Machine Learning<\/li><\/ul>\n\n\n\n
Blockchain<\/h3>\n\n\n\n
Blockchain is the foundation on which web3 is built. It is a decentralized system that deploys smart contracts to define the logic of an application and a secure digital ledger. Blockchain is used to redefine the data structures in the backend. Blockchains have no central governing bodies or groups controlling them. All users have visibility and control in a blockchain environment.<\/p>\n\n\n\n
Edge Computing<\/h3>\n\n\n\n
Unlike in web 2.0 where data centers and cloud computing play a major role, the shift to web 3.0 is focused on edge computing. As blockchain is the core of web3, edge computing provides the supporting infrastructure to enable quick and reliable transactions. The data centers of web 2.0 are replaced by advanced edge computing resources distributed among phones, laptops, appliances, sensors and cars in web3.<\/p>\n\n\n\n
Artificial Intelligence & Machine Learning<\/h3>\n\n\n\n
From making life-saving predictions to solving transforming businesses with data<\/a>, artificial intelligence and machine learning algorithms are being deployed in all walks of life. In web3, AI and ML serve in learning how to discriminate between genuine and fraudulent data. The AI & ML algorithms imitate the ways human beings learn; this can enable computers to generate faster and more relevant results.<\/p>\n\n\n\n <\/p>\n\n\n\n
<\/div>\n\n\n\nSignificance of Web3<\/h2>\n\n\n\n
According to Bernard Marr from Forbes<\/a> Web3 is an open, trustless, and permissionless network. Open meaning they are largely built on open source software by an accessible community of developers. Trustless because two parties can interact and transact without the need for a trusted third party. Permissionless because both parties can transact or interact without authorisation from a governing body or a third-party service provider.<\/p>\n\n\n\nWeb3 is based on the concept of Decentralized Autonomous Organization (DAO). The DAO is a group, company or collective that establishes the business rules or governing rules in blockchain. With DAO, there is no central authority or middlemen (like bankers, lawyers, accountants, and landlords) to authenticate or validate a transaction. This is because the governing rules are transparent and available for anyone to see.<\/p>\n\n\n\n
<\/p>\n\n\n\n
<\/div>\n\n\n\nExamples of Web3 Applications<\/h2>\n\n\n\n<\/div>\n\n\n\n<\/figure>\n\n\n\n<\/div>\n\n\n\n- Bitcoin<\/a> \u2013 The original cryptocurrency. <\/li>
- Diaspora<\/a> \u2013 Non-profit, decentralized social network<\/li>
- Steemit<\/a> \u2013 Blockchain-based blogging and social platform<\/li>
- Augur<\/a> \u2013 Decentralized exchange trading market<\/li><\/ul>\n\n\n\n
<\/p>\n\n\n\n
<\/div>\n\n\n\nWhen will Web3 go mainstream?<\/h2>\n\n\n\n
We see that investors<\/a> are betting big on web3 and money has been pouring in on web3 startups and celebrities and musical artists are crypto curious about decentralized networks. But according to U.K.-based Dan Hughes<\/a>, founder of Web3 startup Radix DLT and a reputable cryptographer, Web3 could take up to a decade to go mainstream. In Hughes\u2019 opinion, the biggest challenge in adopting Web3 would be people finding it \u201cdifficult or risky to use”.<\/p>\n\n\n\n <\/p>\n\n\n\n
<\/figure>\n\n\n\nWeb 1.0 was invented in 1989 and gained popularity in the mid 90’s. The original version of the internet was mostly made up of static web pages connected by hyperlinks. And even though ecommerce websites existed back then, it was a closed environment. Users could only access the static page and could not even post reviews.<\/p>\n\n\n\n
Currently, we are in the Web 2.0 era. The term Web 2.0 was coined by O\u2019Reilly and focuses on giving interactive experiences to the users. Unlike web 1.0, user-generated content and uninterrupted access to the internet is the driving force behind web 2.0. The rise of Web 2.0 is attributed to three core innovations: mobile<\/strong>, social <\/strong>and cloud<\/strong>.<\/p>\n\n\n\n Mobile internet connectivity significantly increased both the number of users and the frequency at which they used the Internet. People could create their own material on social media and smartphones and cloud computing were the major driving forces in this market. Tech giants such as Google, Microsoft, or Amazon required users to give away personal information to access these services. This has led to tech giants monopolizing data with targeted advertising and other marketing practices.<\/p>\n\n\n\n <\/p>\n\n\n\n Web3 (Web 3.0) is a decentralized Internet technology that would run on blockchain technology leveraging machine learning and artificial intelligence. What makes web 3.0 different from the versions web 1.0 and web 2.0 is the lack of monopoly. Data privacy and data security are huge concerns in web 2.0. In web3, users will own their data unlike the tech giants who control the platforms in today\u2019s internet. In 2014, Gavin Wood who owns Etherum, a block chain technology company, came up with the idea of using blockchain to decentralize the internet. According to Gavin Wood, the adoption of web 3.0 principles would lead to bottom-up innovations.<\/p>\n\n\n\n <\/p>\n\n\n\n The Web3 revolution is all about user-centric, decentralized systems built on open standards and protocols. The technological innovations that power web3 are:<\/p>\n\n\n\n Blockchain is the foundation on which web3 is built. It is a decentralized system that deploys smart contracts to define the logic of an application and a secure digital ledger. Blockchain is used to redefine the data structures in the backend. Blockchains have no central governing bodies or groups controlling them. All users have visibility and control in a blockchain environment.<\/p>\n\n\n\n Unlike in web 2.0 where data centers and cloud computing play a major role, the shift to web 3.0 is focused on edge computing. As blockchain is the core of web3, edge computing provides the supporting infrastructure to enable quick and reliable transactions. The data centers of web 2.0 are replaced by advanced edge computing resources distributed among phones, laptops, appliances, sensors and cars in web3.<\/p>\n\n\n\n From making life-saving predictions to solving transforming businesses with data<\/a>, artificial intelligence and machine learning algorithms are being deployed in all walks of life. In web3, AI and ML serve in learning how to discriminate between genuine and fraudulent data. The AI & ML algorithms imitate the ways human beings learn; this can enable computers to generate faster and more relevant results.<\/p>\n\n\n\n <\/p>\n\n\n\n According to Bernard Marr from Forbes<\/a> Web3 is an open, trustless, and permissionless network. Open meaning they are largely built on open source software by an accessible community of developers. Trustless because two parties can interact and transact without the need for a trusted third party. Permissionless because both parties can transact or interact without authorisation from a governing body or a third-party service provider.<\/p>\n\n\n\n Web3 is based on the concept of Decentralized Autonomous Organization (DAO). The DAO is a group, company or collective that establishes the business rules or governing rules in blockchain. With DAO, there is no central authority or middlemen (like bankers, lawyers, accountants, and landlords) to authenticate or validate a transaction. This is because the governing rules are transparent and available for anyone to see.<\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n We see that investors<\/a> are betting big on web3 and money has been pouring in on web3 startups and celebrities and musical artists are crypto curious about decentralized networks. But according to U.K.-based Dan Hughes<\/a>, founder of Web3 startup Radix DLT and a reputable cryptographer, Web3 could take up to a decade to go mainstream. In Hughes\u2019 opinion, the biggest challenge in adopting Web3 would be people finding it \u201cdifficult or risky to use”.<\/p>\n\n\n\n <\/p>\n\n\n\nWhat is Web3?<\/h2>\n\n\n\n
Technologies Behind Web3<\/h2>\n\n\n\n
<\/figure>\n\n\n\nBlockchain<\/h3>\n\n\n\n
Edge Computing<\/h3>\n\n\n\n
Artificial Intelligence & Machine Learning<\/h3>\n\n\n\n
Significance of Web3<\/h2>\n\n\n\n
Examples of Web3 Applications<\/h2>\n\n\n\n
<\/figure>\n\n\n\nWhen will Web3 go mainstream?<\/h2>\n\n\n\n