How does Web3 work and what can we expect from it: Do we expect Web3 in the near future or decades from now? How will it impact our lives? Here are a few possibilities and examples.
There has been a lot of excitement about Web 3.0 lately, or the next generation of the internet. Analysts say it will drastically differ from the internet we use today, and it’s the next generation of the internet.
How will Web3 differ from Web2?
Web3 development is still in the process of taking shape as people continue to research and figure out how it will work. Some general consensus exists regarding its most important characteristics. Let’s look at a few of them.
More Decentralization
Many people believe the blockchain and Web 3.0 will be closely linked, and it comes up frequently in discussions. The reason is that decentralization will be a major characteristic of the next generation of the internet.
There’s a project being developed at Protocols Labs that shows what’s possible. A peer-to-peer network that functions in conjunction with a centralized system uses the IPFS stack, which is called InterPlanetary File System (IPFS). A network is made up of layers of data definitions and names, as well as the information itself.
Because Web3 is decentralized, the people should have more control over their personal information than huge organizations doing so in exchange for their use of sites and services.
Improved Artificial Intelligence (AI)
It occurs to many people when they contemplate the future of Web3 development that highly intelligent machines will allow humans to interact with them in new and richer ways. Using smart speakers to play games, place orders, and get information gives us a glimpse of the possibilities.
The global chatbot market is expected to reach $1.25 billion worth by 2025, a source estimates. Web 3.0 will likely play a role in helping reach that goal. In the meantime, most people interact with chatbots by typing in keyboards. In the future, users can expect multimodal user interfaces to interact with content by listening to or reading the bot’s responses and even using their hands to interact with it.
The Rise of the Semantic Web
Web3 could also lead to the creation of a Semantic Web, which is capable of understanding more than just numbers or keywords. By analyzing the meaning behind a user’s query, the machines will be able to interact more intelligently and effectively.
Semantic Web is sometimes referred to as Web 3.0. Computers have already made significant progress in handling data thanks to natural language processing (NLP). Shortcodes developed by Wefarm enable smallholder farmers to send questions via text to their peers and receive answers from the right party.
Similar interactions will be taken to new heights in Web 3.0. People’s inputs will be analyzed with the necessary context behind them by computer. This should result in more accurate and relevant results for users.
When Can People Start Using Web 3.0?
When will Web 3.0 become widely available? There will not be one single date. The development of Web3 will take place gradually over time, especially as more companies work on related products. The Web 3.0 infrastructure may require users to have devices that are capable of working with it.
Having said that, you can use some Web 3.0 services now. Follow is an example, launched in September 2021. People interested in taking part in Web3 development are encouraged to use this decentralized social protocol. Apparently, anyone can build applications on Follow’s decentralized, blockchain-based platform, especially since it provides basic tools for developers.
Follow’s decentralized blockchain-based platform is reportedly open to anyone to create applications on, especially since Follow provides basic development tools. It might be possible to make a music player or something similar to Instagram. People who create apps on Follow are able to fully control their data and identities, which is one of the main things that set it apart from other platforms.
A company called Moledao wants to make Web 3.0 a reality. The blockchain community is on this social network, which keeps them informed about the latest news and development options. Participants were encouraged to work on projects related to Web 3.0 up until early January 2022.
A New Way of Paying for Things
Thanks to increased adoption rates of contactless solutions, payment options are already diversified. The future is going to be even more high-tech when Web3 launches. Twig is a financial technology startup with a recent Series A funding round of $35 million.
This money will be put toward Web 3.0 plans where people can trade their clothes and electronics in exchange for cryptocurrencies and non-fungible tokens (NFTs). “Twig” describes itself as a “bank of things.” The company’s leaders envision a platform that will appeal to the younger generation, who are increasingly concerned with staying sustainable by accumulating less stuff. In the meantime, users can trade clothes and electronics for cash.
While the company’s headquarters is in the United Kingdom, international expansion is in the pipeline. These new payment methods could have knock-on effects on e-commerce sites everywhere if they catch on.
People can now buy goods now and pay for them later thanks to the proliferation of services. Customers might also find that there are more options for making immediate or loan payments in addition to getting details on those offerings.
Decentralizing climate change discussion brings inclusivity
People will be able to research organizations before donating to them through one of Earth Fund’s platform features. Besides issuing a native cryptocurrency, Earth Fund will also produce a coin called 1Earth. Users of this currency will be able to vote and influence the organization.
Social video sharing at a different destination
TikTok enchanted the world with its short, humorous, and sometimes fascinating video clips. The company’s owner, ByteDance, is based in China but has gained popularity across the globe. Web3 aims to eliminate giant corporations from controlling so much power, however.
In the end, it is up to the internet users to answer the what, why, and where questions about their sharing practices. The social video-sharing platform Chingri is based in India, and many believe it will compete directly with TikTok.
Platforms will eventually operate as DAOs, where owners have a say in how they are run. The advertising model is also different compared to what most social media users are used to. Chingari bridges the gap between advertisers and content creators, instead of giving creators merely a small share of advertising revenue. Advertisers engage creators directly in such an arrangement.
Creating such a link results in a more beneficial partnership that incentivizes Chingari’s creators and makes it worthwhile for them to use and distribute content on the platform. The artificial intelligence algorithms in Chingari also make it easier for people to navigate through its large library of content.
Based on previous interactions with the platform, it curates and recommends content. It’s already possible on sites like YouTube, but Web3 should take it a step further.
What will be the impact of Web3?
People can learn about Web3 development and its characteristics from this overview. Web 3.0 is also gaining a lot of attention from analysts, as it may make the internet more accessible and allow people to access content on virtually any device. The possibilities sound exciting.
It is still too early to tell if these hopes will come true soon. Technology advancements often pose unexpected challenges as well. Web 3.0 brings many benefits, but there are also some drawbacks. Whatever the case, people have a lot to look forward to in the next few years. There are probably many individuals who can recall when the internet was still a rarity in many households and how quickly the world changed.
Despite its lack of dramatic impact, Web 3.0 is likely to improve how people use the internet and associated technologies.
