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Web 3.0 is defined as a decentralized web, in which content material no longer lies inside the hands of huge businesses. Instead, it uses peer-to-peer infrastructure, so the information cannot be deleted by way of businesses or the government.

Web 3.0, also known as Web3, is the third generation of the World Wide Web. Web 3.0 is meant to be decentralized, open to everyone (with a bottom-up design), and built on top of blockchain technologies and developments in the Semantic Web, which describes the web as a network of meaningfully linked data.

Web 3.0 – Futuristic Vision:

• It is expected that Web 3.0 will be a decentralized internet. Now there are already so many Decentralized applications or dApps, which are built using blockchain technology to give more control to users over their data and finances.
• As the data is not controlled by big companies, user privacy will be guaranteed.
• The accuracy of the information may also be improved by making Artificial intelligence learn to distinguish between good and bad data. AI is already being used to achieve this purpose.
• For example, Google removed millions of fake reviews using Artificial Intelligence.
• Web 3.0 allows 3D graphics in apps. Big tech companies are already investing in metaverse – virtual environments. Decentraland, Sandbox, and CryptoVoxels are some of the popular metaverses.
• Metaverses are made possible with the help of Virtual Reality (VR) and Augmented Reality (AR) technologies.
• In the virtual world, we can communicate, shop and play games using our digital avatars. There, we can use cryptocurrencies for financial transactions.
• Some websites and apps are already incorporating Web 3.0 into their applications.
• Some experts are saying that Web 3.0 may not completely replace Web 2.0 at least not in the near future. Instead, both will operate simultaneously.

The previous versions of the web:

• Web 1.0: The first version of the web was started with the development of the web browser in 1991. It consisted of static websites with content written by a few people and organizations. Other people can only read the content, they cannot comment or provide new information, so it is just one-way communication.
• Web 2.0: The next version of the web, which is Web 2.0 was started in approximately 2004. It allowed consumers to add content through comments, blogs etc. People started generating lots of content through social media websites too. So, people can read and write on this version of the web, which allowed two-way communication.

Decentralized Applications (DApps):

Decentralized programs (DApps) are digital protocols or applications that thrive on a blockchain or P2P network of computer systems. These apps undertake the decentralized infrastructure to stay loose from the restraints of a single regulatory authority. Presently, DApps are typically designed at the Ethereum portal that makes use of smart agreement generation. Here are some examples of decentralized packages which might be advanced for Web 3.0:

Finance: Decentralized finance (DeFi) is one of the maximum popular use instances for DApps. Defi DApps are designed to provide monetary services such as lending, borrowing, and trading without the need for intermediaries like banks.

Gaming: DApps are also being developed for gaming. These DApps permit game enthusiasts to buy, sell, and alternate in-sport belongings using cryptocurrencies.

Social media: Decentralized social media structures are being developed to provide customers with more management over their information and privacy. These systems use the blockchain era to ensure that users’ information is steady and can’t be accessed with the aid of third events.

Supply chain control: DApps are being evolved to improve delivery chain control. These DApps use blockchain technology to merchandise from the producer to the give-up consumer, making sure transparency and duty.

Identity control: DApps are being evolved to offer users extra control over their virtual identities. These DApps use blockchain technology to make sure that customers’ identities are stable and cannot be accessed by unauthorized events.

 

Challenges in Web 3.0:

• There are fears that the virtual worlds of Web 3.0 may make internet addiction more severe.
• Some people thinks that there is no guarantee that Web 3.0 is also controlled by big tech companies.
• Earlier when the first version of the web came, people expected that it will guarantee free speech and no one can control it like they controlled traditional media such as newspapers and television.
• But, the web content is also largely controlled by big corporations. So, there are fears that Web 3.0 may also turn into the same.

Differences and Similarities between Web 2.0 and Web 3.0:

Web 3.0 and DApps are still in the early stages of development, and there are several challenges that need to be addressed before they can be widely adopted. Here are some of the challenges facing Web 3.0 and DApps:

• Complexity: DApps are inherently complex because of the consensus technique. Developing DApps calls for deep expertise in blockchain technology and smart contracts, which may be tough for builders who are new to the sector.
• Scalability: One of the largest demanding situations going through Web 3.0 and DApps is scalability. Currently, maximum blockchain networks are slow when compared to centralized networks. There is continually a change-off among decentralization, scalability, and security, that’s generally called the blockchain trilemma.
• Security: Security is another essential venture dealing with Web 3.0 and DApps. While decentralization plays a key function in Web 3.0, it is very hard to attain without giving up some of the safety or scalability. When customers manipulate their own information without a third party acting as an insurer, numerous risks rise up.
• Interoperability: Interoperability is every other challenge going through Web 3.0 and DApps. Currently, maximum DApps are constructed on exclusive blockchain networks, which makes it tough for them to speak with every other. This loss of interoperability can restrict the usefulness of DApps.
• Regulatory demanding situations: The regulatory environment for Web 3.0 and DApps remains unsure. Governments around the world are still seeking to determine the way to regulate cryptocurrencies and blockchain generation, which could create uncertainty for builders and investors.

Conclusion:

In the end, decentralized packages are being developed for diverse use instances, such as finance, gaming, social media, supply chain control, and identification control. These DApps use blockchain technology to make certain that users’ statistics are secure and cannot be accessed by means of third parties.