Web3 is the latest buzzword that’s being constantly spoken about in the tech and regulatory industry. Meanwhle, the internet users are patiently awaiting the widespread adoption of the next iteration of web, christened Web 3.0. to experience the different ways in which it could function and make our lives more interesting and easier. However, a lot of times, the terms Web3 and Web 3.0 are used interchangeably, without realizing that they are two different concepts. Shocked? don’t worry you are not alone. In order to avoid any more confusion, let us jump into how Web3 and Web 3.0 are different from each other.
Web3 is a term used to denote a decentralized web, based on blockchain technology. In this ecosystem, the users would be able to gain ownership and manage their own data without being under the control of any entity. This terminology was first coined by Gavin Wood in 2014, who happens to be the co-founder of the Ethereum network. His mission was to create a safer, open and equitable web that is based on blockchain technology.
Meanwhile, Web 3.0 is the third generation of the internet and is majorly based on the semantic web. It is considered to be much more intelligent than the currently predominant version — Web 2.0. The term Web 3.0 was introduced to the world by Tim O’Reilly, the founder of O’Reilly Media, back in 2006. According to his vision, Web 3.0 would be a smarter internet that could enable machines to interpret the meaning of data and users to interact with the web in a more natural manner.
In short, Web3 and Web 3.0 may differ by a decimal point in their titles, but they strive for very different purposes.
Web3: Core Characteristics
The core characteristics of Web3 are very pivotal to draw a clear distinction between Web3 and Web 3.0. They are as follows:
Decentralization
Decentralization is the most important concept in Web3. Web3 is decentralized, which means a single body does not control it. Instead, it runs on a global network of computers. This strengthens Web3’s security and resistance to restriction.
Cryptocurrency
The Web3 ecosystem is powered by cryptocurrencies. Cryptocurrency is a digital or virtual money that employs cryptography. They are units of value that are shared throughout a decentralized network, which makes them excellent for use with Web3 apps. They are decentralized, which implies they have no central authority or supervision.
Based on Blockchain
Web3 is built on blockchain technology. Blockchain is a distributed ledger system that records transactions in a safe and transparent manner. This makes Web 3 ideal for applications involving financial transactions and supply chain management.
Applications of Web3
Decentralized Autonomous Organizations (DAOs)
DAOs are entities run by smart contracts. Smart contracts serve as self-executing contracts that are recorded on a blockchain. DAOs enable people to interact and make choices without a central authority.
Non-Fungible Tokens (NFTs)
NFTs are virtual assets that are unique and irreplaceable. NFTs are frequently used to symbolize ownership of digital artwork, collectibles, and gaming assets.
Decentralized Finance (DeFi)
Decentralized finance (DeFi) is a peer-to-peer financial system that leverages blockchain and cryptocurrency to enable individuals, corporations, and other entities to deal directly with one another. The main idea of DeFi is to eliminate third parties like banks from the financial system, lowering costs and transaction times.
Web 3.0: Core Characteristics
The objectives of Web 3.0 are very different from that of Web3. Some of the core characteristics that serve as building blocks of Web 3.0 include:
Semantics
Web 3.0 pertains to a semantic web, which is primarily intended to make machine-readable information more accessible and valuable. This will allow computers to interpret and use data more intelligently.
Connected
Web 3.0 aims to be more linked than the existing web. This implies that data will be easier to exchange and link across several websites and platforms. This will make it easier for consumers to get the content they want and developers to create new and creative apps.
Open
Web 3.0 is intended to be an open web, accessible to anyone, and based on open-source standards. This will increase transparency in Web 3.0 and hold people accountable for their activities.
Applications of Web 3.0
Semantic Search Engines
Semantic search engines, such as Google Search, are becoming more sophisticated and more effective in understanding the meaning of search requests. Semantic search engines may now give consumers more accurate and detailed results.
Voice Assistants
Web 3.0 applications include voice assistants like Siri, Alexa, and Google Assistant. Voice assistants employ machine learning to recognize human speech and provide users with information and services.
Lifestyle Engines
Personalization engines, such as those used by Netflix and Amazon, propose items and content to consumers based on their previous activity. Personalization engines utilize machine learning to identify user preferences and produce recommendations that are more likely to be appealing to them.
Web3 vs Web 3.0
Web 3.0, also known as the semantic web, prioritizes efficiency and intelligence by repurposing and connecting data across several websites. The decentralized web, also known as Web3, emphasizes security and autonomy by giving individuals authority over their data and identities.
Web 3.0 employs a single location known as the solid pod to store all user data, allowing users to manage third-party access to their data. Solid pods also generate a unique WebID for users, which serves as an identification inside the ecosystem. Users of the blockchain-based Web3 may keep their data in a Bitcoin wallet and access it using their private keys.
Furthermore, they both employ distinct technologies to achieve their goal of data protection. Web 3.0 employs data exchange technologies such as RDF, SPARQL, OWL, and SKOS, whereas Web3 employs blockchain technology.
Data in Web3 is difficult to amend or remove since it is spread over several nodes; whereas data in Web 3.0 can be modified with ease. Furthermore, the data kept in the solid pod is centralized, but the keys held in crypto wallets grant access to the data of assets on a blockchain.
This table gives a clear summary of the distinguishing features between Web3 and Web 3.0.
|
Basis |
Web3 |
Web 3.0 |
| Emphasis | Decentralization and Security | Intelligence and Connectivity |
| Technology Employed | -Smart Contracts
-Blockchain |
Semantic web technologies such as:
-Artificial Intelligence -Machine Learning |
| Coinage of Term | Coined by Gavin Wood in 2014 | Coined by Tim O’Reilly in 2006 |
| User Experience and Control | Decentralized control over digital identity, data privacy and digital assets | User experience will be more intelligent and intuitive. |
| Examples | -Cryptocurrencies
-Decentralized Applications (DApps) -NFTs -Decentralized Autonomous Organizations (DAO) |
-Siri
-Google Assistant -Personalized News Feeds -Smart Search Engines |
| Vision | Potential for new forms of governance. | Improving user experience and interaction. |
| Development | Early stages of development. | Still a concept being researched and developed. |
Despite their different implementation methods, both Web3 and Web 3.0 reflect future internet development trends with the potential to significantly alter the way we live and work online. Finally, what’s important most is the vision that Web3 and Web 3.0 represent: a brighter and more advantageous future for all internet users.
Web3 and Web 3.0 are distinct visions for the next phase of the internet. Both aim to make the internet more user-controlled and safe. While there are certain security concerns, they have the potential to alter the way we use the internet.
Image by Pete Linforth from Pixabay
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