Web 3.0: The New Chapter in the Internet’s History
These days, Web 3.0 and its prospects are the talk of the town in the crypto community. Although the mysterious concept has yet to be given a universally recognized definition, it has already been deemed the future of the Internet. So, it seems like the perfect time to get a better view of this concept, identify its main features, and analyze how they are positioned to revolutionize the Internet that we all love and cherish.
What is Web 3.0?
Unlike the previous version of the Internet called Web 2.0, which was characterized by the rise of social media networks, Web 3.0 is powered by blockchain technology. Therefore, the idea of decentralization constitutes the backbone of the new Internet era. Blockchain makes it possible to encrypt and store large arrays of data via distributed mechanisms, protecting users’ information. Thus, Web 3.0 can be described as the next phase of the World Wide Web, which is built according to the concept of decentralization and reinforced by blockchain tech.
Key Web 3.0 Technologies
Still, decentralization alone is not sufficient to disrupt the existing Internet status quo. That is why Web 3.0 is much more than that, and it incorporates a variety of solutions that ultimately possess the potential to transform the current state of the Internet. These include:
Cryptocurrencies and NFTs
Digital fungible and non-fungible tokens have already become deeply ingrained in the financial system and are slowly taking over more segments of the economy. Cryptocurrencies will be the primary means of conducting transactions on the Web 3.0 Internet because they are efficient and permissionless, enabling any person on the planet to use them in their day-to-day activities. NFTs, in their turn, will be a go-to tool for storing and securing valuable data. Such tokens can easily contain any type of file, from a photo or video to a message or database. In the advanced stage of Web 3.0, it is likely that every person will have their own unique personal NFT, carrying their individual information.
Decentralized Autonomous Organizations (DAOs)
The conventional organizational structures will eventually be replaced by DAOs. These enterprises operate by relying on the lines of self-executing code kept on a blockchain. Such a way of maintaining joint ownership will bring every stakeholder an opportunity to influence the direction of the organization. By leveraging the power of DAOs, Web 3.0 companies will gain the ability to quickly bootstrap required funding without tons of paperwork. Subsequently, DAOs will promote the creation of decentralized applications, further facilitating corporate governance. Read more about DAOs in our special article.
AI is a fundamental element of Web 3.0, which promotes autonomous decision-making. AI algorithms may execute numerous activities in place of people, which is entirely in line with the basic Web 3.0 principles. Machines will take over even more mundane tasks while also largely replacing humans in creative and technical fields such as art and programming..
Metaverse can be considered the pinnacle of Web 3.0, the place where all of the aforementioned components and technologies will come together to form a new Internet landscape. Metaverse will offer people a chance to spend their time in a digital world filled with all kinds of entertainment and fun. It will also provide them with an environment for collaborating and interacting. Metaverse will leverage NFTs and smart contracts to design an immersive version of the Internet.
Although Web 3.0 is a major force, currently, it still has not left its infancy. So, if you want to be better equipped for the imminent transition to Web 3.0, you can follow SergisDAO on Discord. SergisDAO is a community that shows you all of the mechanics behind Web 3.0 and lets its members earn real money by performing different tasks: https://discord.gg/sergis