Tim Berners-Lee, the inventor of the World Wide Web, once referred to the Semantic Web as a new kind of autonomous, intelligent, and open internet. However, the early ideals of equality, transparency, and information access have been overshadowed by large technology companies turning users into products and profiting from their private data. As a response, a new type of web called Web 3.0 or Web3 is being built, which will enable websites and apps to process data in a smart, human-like way using technologies such as artificial intelligence, machine learning, and decentralized ledger technology (DLT). Web3 aims to be more decentralized and interconnected, allowing users and machines to interact with data. Blockchain-powered applications are crucial to ensuring adequate decentralization, while AI and ML (machine learning) tools will help automate and scale it to become a semantic web. According to Web3 advocates, the technology offers various use cases, including the metaverse, blockchain gaming, and the creator economy. As Steve Jobs once said, “Innovation distinguishes between a leader and a follower.”
The Iterations of the Web
Web 1.0 (1989 – 2005) was the first internet, offering limited information with little or no user interaction. The result was an internet that was like a collection of pamphlets that you could browse through. It is also called the ‘static’ web for this reason. Moreover, there weren’t any algorithms to sort through internet sites making it difficult for the user to quickly access the information they wanted. And even more frustrating was that the fact that it was difficult for a beginner to code a website, making most people passive participants on the internet.
Web 2.0 (2005 to present) was the Social Web, making the internet more interactive and enabling social networks and user-generated content production.
Web 2.5 (2021 to present) is a term used to describe the current period of transition between Web 2.0 and Web3. It refers to the integration of Web3 technologies into Web2 platforms, which allows traditional brands and companies to future-proof their businesses and benefit from the innovations of Web3 startups.
During this period, Web2 firms are auditing suitable Web3 technologies and gradually integrating them into their platforms. This may include the use of blockchain technology, smart contracts, and other decentralized technologies. The goal is to create a more decentralized, user-controlled web that offers greater freedom and control to internet users.
Web 2.5 may serve as a middle ground for a number of years, where traditional brands and companies can interact with Web3 projects while they gear their businesses for the new worlds of metaverses, NFTs, and SocialFi (social finance). This exchange of knowledge and skill should mutually benefit both iterations of the web, as Web2 companies learn from Web3’s innovations, while Web3 startups can learn from Web2 best practices. Web3 is the next stage of web evolution that would make the internet more intelligent, involving both humans and machines in content creation and decision-making.
More about Web 3.0
Web 3.0 is the next stage of the internet’s evolution, and it is also known as the Semantic Web or the Decentralized Web. The primary goal of Web 3.0 is to make the internet more intelligent and user-centric by using advanced technologies such as artificial intelligence (AI), machine learning (ML), blockchain, and other decentralized systems. Here are some of the key features of Web 3.0:
- Decentralization: Web 3.0 aims to move away from the centralized architecture of Web 2.0 to a more decentralized model. This means that users will have more control over their data, and there will be no central authority or intermediary that can control the flow of information.
- Interoperability: Web 3.0 will allow different systems, applications, and devices to communicate with each other seamlessly, regardless of the platform or technology used.
- Intelligent and Personalized: Web 3.0 will use advanced AI and ML technologies to understand and interpret data and provide users with highly tailored and personalized content, services, and recommendations.
- Trust and Security: Web 3.0 will use blockchain technology to ensure that data is secure, immutable, and tamper-proof. This will eliminate the need for intermediaries and increase trust between users.
- Transparency: Web 3.0 will provide greater transparency by enabling users to track the source of data and information and verify its authenticity.
- Immersive experiences: Web 3.0 will offer more immersive and interactive experiences through technologies such as virtual and augmented reality. The most obvious example of this is Meta’s (previously known as Facebook) immersive chatrooms that allow users to interact in a 3D virtual world via an Oculus or other device that is worn over the eyes.
- Ubiquity: Web 2.0 is already ubiquitous in the sense that users of such programs as Facebook can access the site via apps on smartphones. Users can take a photo or record a video and post it online in a matter of seconds using a smartphone that connects to the net using either wifi or mobile phone networks that cover large areas of the globe. In Web3.0 access to the internet will be even more ubiquitous with fridges, phones, Siri devices etc. also connecting to the internet via what is currently called ‘the Internet of Things’ (IoT).
Semantics
In Web 3.0, semantics refers to the ability of machines to understand the meaning and context of data and information. This is achieved through the use of ontologies, which are formal representations of knowledge that define the relationships between different concepts and entities.
One example of how semantics works in Web 3.0 is the use of semantic search engines. These search engines go beyond traditional keyword-based searches and use semantic analysis to understand the meaning behind the user’s query. This enables them to provide more accurate and relevant results by taking into account the context of the search and the relationships between different concepts.
For instance, let’s say you search for “best Italian restaurants.” In a traditional search engine, this would simply return a list of web pages that include the keywords “best,” “Italian,” and “restaurants.” However, in a semantic search engine, the system will analyse the meaning behind your query and look for web pages that provide information on Italian cuisine, the best Italian restaurants in your area, and other related concepts.
Another example of how semantics works in Web 3.0 is the use of smart contracts. Smart contracts are self-executing contracts with the terms of the agreement written directly into lines of code. By using semantic technologies, smart contracts can be programmed to understand the intent of the contract and execute the terms automatically without the need for intermediaries or manual intervention.
For instance, a smart contract can be used to automate the process of buying and selling real estate. The contract can be programmed to understand the terms of the agreement, such as the price, the conditions for transfer of ownership, and the deadlines for payment. Once the terms are met, the contract can be executed automatically without the need for lawyers, brokers, or other intermediaries.
You Are No Longer the Product
Overall, Web 3.0 represents a significant shift in the way the internet works and is used. It promises to make the internet more intelligent, decentralized, and user-centric, with greater privacy, security, and transparency. Whereas Web 2.0 gave the power to tech giants such as Google, Facebook, Amazon and Uber to harvest data from its users and sell that data or exploit that data for their own platforms, Web3 stops this type of hierarchy.
In Web3 if a product is free then it no longer automatically means that the user is the product. Rather consent has to be given, usually with incentives such as payment in cryptocurrency or NFT. Already the Brave browser rewards viewers of adverts with BAT tokens that are stored on a meta wallet (such as MetaMask) powered through blockchain technology. These BAT tokens can be used to buy other cryptocurrencies or fiat currencies. This is a fundamental shift in the purpose of the web. Under Web3 the internet is no longer the world’s most ambitious data harvesting project designed to manipulate our consumer habits (Amazon) or influence our opinions (see the scandal with Facebook and Cambridge Analytica).
Move Over Tech Giants, DAOs are Coming!
A DAO, or Decentralized Autonomous Organization, is a digital organization that operates through a decentralized network of stakeholders, rather than a central authority. These organizations are built on blockchain technology, which allows for transparent, secure, and immutable record-keeping, as well as the execution of smart contracts that can automate decision-making and resource allocation.
DAOs are designed to be completely autonomous and self-governing, with rules and protocols encoded in smart contracts that are executed by the network of participants. Members of a DAO can propose and vote on changes to the organization, and resources and assets are managed collectively by the network. This creates a new paradigm for organizational structure, where ownership, control, and decision-making power are distributed among stakeholders, rather than being concentrated in the hands of a few individuals or entities.
DAOs have the potential to revolutionize the way we organize and collaborate, particularly in the context of the emerging Web 3.0 landscape. With the rise of decentralized technologies and the growing demand for more equitable and transparent systems, DAOs provide a way for people to come together and work towards common goals without relying on centralized authorities or intermediaries.
In the future internet, DAOs could be used to create decentralized social networks, where users own and control their data and can participate in the governance of the platform. They could also be used to create decentralized marketplaces, where buyers and sellers can transact directly without the need for middlemen. Additionally, DAOs could play a key role in the development of decentralized finance (DeFi), where financial instruments and services are built on blockchain technology and governed by decentralized networks.
The potential impact of DAOs on the future internet cannot be overstated. By enabling more democratic and participatory systems, DAOs can help to create a more equitable and just society, where power and resources are distributed more fairly. They can also help to address some of the key challenges facing the current internet, such as the concentration of power and wealth among a few large corporations.
In the words of Vitalik Buterin, the co-founder of Ethereum, “DAOs are a way to create organizations that are more transparent, more decentralized, and more autonomous. They represent a new way of thinking about how we organize ourselves and how we interact with each other.”
As the Web 3.0 ecosystem continues to evolve, DAOs are sure to play an increasingly important role in shaping the future of the internet.
In Summary
Web 3.0 has the potential to revolutionize the way we live, work, and interact with each other. By leveraging the power of decentralized systems, artificial intelligence, and semantic technologies, Web 3.0 promises to create a more open, transparent, and equitable digital world.
One of the most exciting aspects of Web 3.0 is the ability to empower individuals and communities. With decentralized platforms, people can take back control of their data, their identity, and their digital assets. They can engage in peer-to-peer transactions without intermediaries, create and participate in decentralized autonomous organizations, and contribute to the development of open-source protocols that benefit everyone.
As Tim Berners-Lee, the inventor of the World Wide Web, once said, “The future is still so much bigger than the past.” With Web 3.0, we have the opportunity to shape that future and create a more inclusive and sustainable world. By embracing decentralized technologies and building decentralized communities, we can unleash the power of collective intelligence and creativity to solve some of the world’s most pressing challenges.
