The internet and its applications have evolved rapidly over the last few years, from Web 1.0 to Web 2.0 and now Web 3.0.
Web3 – the decentralized web – is the internet’s most recent major version, promising a reliable and secure decentralized network while including several new features.
In contrast to the Web2 age, ownership and control are decentralized. Web3, conceived by the Ethereum ecosystem, allows for more privacy, increased transparency, eliminates intermediaries, facilitating data ownership and digital identity solutions.
Web3 is focused on revolutionizing back-end functionality, similar to how Web2 enhanced front-end functionality.
Today, Web3 architecture has advanced beyond the capabilities of the internet, which is based on a decentralized layer. It has evolved into the confluence of cutting-edge technologies such as edge computing, artificial intelligence, IoT, and decentralized data networks.
Web3 technology integrates artificial intelligence and machine learning to build a substrate that links people and machines and issue owners and problem solvers without the need for a third party.
However, the adoption of Web 3.0 has been mostly driven by crypto-related use cases. This is because the bulk of Web3 protocols rely significantly on initial cryptocurrency use cases.
As a result, the mass initiatives are focused on cryptocurrencies rather than the widespread adoption of Web3 technology.
To encourage widespread use of Web 3.0 for the creator economy, initiatives are developing many tools to facilitate the discovery, assessment, licensing, and trade of intangible assets to increase liquidity flowing into the creative economy.
This means that the shift to a more democratic internet via Web 3.0 may allow the world to unleash potential not only for reclaiming the internet by modernizing infrastructures surrounding storage, data interchange, and financial transactions but also for many other parts of our life.
Web 3.0 is turning out to be more than simply an evolution of the internet; it is set to disrupt many sectors of society.