{"id":7220,"date":"2022-04-13T00:15:00","date_gmt":"2022-04-13T08:15:00","guid":{"rendered":"https:\/\/www.cultofmoney.com\/?p=7220"},"modified":"2022-04-15T08:08:13","modified_gmt":"2022-04-15T16:08:13","slug":"what-is-web-3-0","status":"publish","type":"post","link":"https:\/\/www.cultofmoney.com\/what-is-web-3-0\/","title":{"rendered":"What Is Web 3.0? | Definition & Why It Matters"},"content":{"rendered":"

\"What<\/span><\/p>\n

When we think about blockchain technology, we often focus on cryptocurrencies, non-fungible tokens (NFTs) and other decentralized finance (DeFi)<\/a> applications. <\/p>\n

However, some people believe that blockchain technology will underpin Web 3.0 and revolutionize how we use the internet to communicate and transmit data.But what is Web 3.0? Let\u2019s take a look at what could be the next evolution of the internet \u2014 and how it could impact the way you interact with data and information.<\/p>\n

A History Of The Web \u2014 Including Web 3.0<\/h2>\n

When understanding Web 3.0 (also sometimes called web3), it\u2019s important to have an idea of the history of the web, including why the next evolution of the internet is of interest to so many people.<\/p>\n

Web 1.0<\/h3>\n

The first iteration of the internet, Web 1.0, is considered the \u201cstatic\u201d web.<\/p>\n

For the most part, you would go to homepages and you could set up links, but there wasn\u2019t a whole lot of interaction. Basically, you could use your online account to find information and read it, but it was very similar to simply reading a magazine, just online.Forums and chat rooms developed during this time, but they were somewhat clunky. Effortless interaction and tools for sharing, similar to what we see now with comments and social media, weren\u2019t normal.<\/p>\n

Web 2.0<\/h3>\n

Sometimes called the \u201csocial\u201d web, the current stage of the internet focuses on interactions and really gave rise to user-generated content. Additionally, the rise of search engines to help index content and help you find what you\u2019re looking for is a major feature of Web 2.0. Social media and big data are huge elements of Web 2.0. Tools that make it easy to interact with others and the algorithms designed to help you find items of interest are the main features. <\/p>\n

However, one of the issues with Web 2.0 is that the tech companies own the platforms we all use. These companies harvest and sell your data in return for providing you with a free place to congregate. Facebook is the poster child for this type of exchange.<\/p>\n

This means that, as a user, you don\u2019t have much ownership or power over Web 2.0 applications provided by other companies.<\/p>\n

Web 3.0<\/h3>\n

According to enthusiasts, the whole idea behind web3 is that it\u2019s supposed to have an ownership component.<\/p>\n

Additionally, Web 3.0 is also expected to include machine learning and artificial intelligence (AI). Various web3 apps are designed to handle various transactions automatically and provide a level of decentralization that provides redundancies to the whole system. This is where blockchain technology<\/a> could be useful in the development of Web 3.0. With blockchain and cryptocurrency governance tokens,  participants can be part-owners of the apps and projects they\u2019re interested in. In fact, you can run entirely decentralized autonomous organizations (DAOs)<\/a> through the use of blockchain technology.<\/p>\n

Proponents of blockchain as part of web3 also say that this provides consumers with the ability to own their data, rather than it being owned and used by major technology companies.We already have Web 3.0 applications, like Wolfram Alpha for search and Siri and Alexa, which function as AI assistants.<\/p>\n

But this is just scratching the surface for what AI and machine learning might be capable of. And when you consider the possibilities of building a trustless and permissionless system through blockchain technology, you can see why people are getting excited about Web 3.0<\/p>\n

What Is Web 3.0?<\/h3>\n

Advocates of Web 3.0 are hopeful that it might be the next iteration of the internet. But what makes Web 3.0 different than Web 2.0, and what does this mean for the future?<\/p>\n

Well, one helpful way to understand Web 3.0’s implications is to outline what distinguishes it from its predecessors.<\/p>\n