Web3 or Web 3.0 is an idea for a new version of the World Wide Web. It will include new features such as token-based economies, decentralization, and blockchain technologies.
Compared to Web 2.0, Web 3.0 is planned to be decentralized. Web 3.0 has been designed in a way to make the World Wide Web owned by the actual people that use it, rather than a few giant tech companies.
The idea was first proposed by Gavin Wood in 2014 and started to gain popularity in 2021 as larger tech companies, venture capital firms, and cryptocurrency enthusiasts got wind of it. The ones that support the idea propose that Web3 offers better security and privacy for users against large technology firms; it is also proposed to have increased scalability and efficiency compared to Web 2.0.
Concerned with the over-centralization of Web 2.0 in just a few big tech companies, the idea of Web 3.0 was formed in order to give users increased privacy and security when it comes to their personal data and information. However, there are several concerns over reduced regulations over cybercrime, cyberbullying, hate speech, and online harassment that will ensue if the internet takes a more decentralized route.
With the idea and development of Web 3.0 in the works, many users and tech enthusiasts wonder how Web 3.0 will be connected to the metaverse (for more information visit metaverse news). The metaverse is a 3D world where users can interact with their friends, different objects, and places virtually. Since Web 3.0 is mainly concerned with who will own data and content, it will make use of metaverse technologies and software to enable users to buy, sell, create, and own their own content.
Both, Web 3.0 and the metaverse, will use blockchain technologies in order to develop. Web 3.0 will use such technologies to make sure that users own their own data, while the metaverse will use such technology in order to help businesses and companies to develop a VR space for their business engagements.
Some good examples of where Web 3.0 is used are Bitcoin, Apple Siri, Google Cloud, and Opensea. All four of these softwares use Web 3.0 technologies, including blockchains and decentralized transactions.
Web 3.0 is still just an idea at this moment in time; its development is still in the works. But, it still remains an exciting development in the tech industry. In many ways, Web 3.0 and the metaverse have their similarities, which connect them; but more often, they are on separate paths.