Web 3.0, The Possibilities and Its Future Contributions to Decentralized World Wide Web

by jieun

Introduction

Web3 or, in my research, the Web3.0, is the third version of the World Wide Web or (www). In my understanding of this topic, it is stated that, Web3 is a decentralized World Wide Web and it is open to everyone or has freedom without limitations or censorship on the Internet. I am pretty sure that Web3 will be revolutionary in the future and in years because technology is always evolving, leading to better technology, equipment, enhancements, eco-friendly equipment or products and, in general, improved products or services that have energy efficiency or increased speed and service such as Web3 in the Internet perspective.

The Web3 or the 3rd generation of the World Wide Web is the representative of the decentralized World Wide Web and focuses on blockchain companies to enable secure, transparent and democratic web applications. The possibilities of Web 3.0 development constitute a revolution in various industries by providing decentralized solutions for data storage, sharing and governance. It has the perspective of giving individuals and organizations the opportunity to control their own data while participating in decentralized decision-making processes. Although it has all the good news and good possibilities in the Internet world, it is still young and is still in development to be in its prime position. When we reach that time when Web3 reaches its maximum potential, it will be revolutionary.

This now leads to the question of how Web3 can rise and surpass it in the future and companies and the possibilities of using Web 2.0 as a partner or migration to Web3 for social media platforms, the Internet, SDKs, etc. In my own understanding and opinion when typing and writing this article, the Web 2.0 is based solely on old systems such as advertising or any revenue model system. The Web 3.0 disrupts it in a way that is greatly due to decentralized finance or (DeFi) and tokenization. (DeFi) introduces a new wave that forms value creation and distribution between users such as us, companies or governments or content creators, etc. This wave change towards a new system would have a major impact on it due to tokenization and their contributions to the Web3 economy.

Today, the Web 3 technology as well as (dApps) or so-called decentralized applications can improve user experience on social media platforms. It can also potentially reduce, filter and monetize false news, abusive behaviours and so on. The operations of (dApps) on platforms greatly improve and promote diversity innovation in the social media landscape, providing users with a more stable, smooth and much more connected experience. The robust protocol of Web 3.0 and its commitment to a decentralized platform strongly challenges Web 2.0. So, it is still a questionable situation whether it is feasible or a good investment in the long term, what benefits and improves the Web 2.0 old systems. The Web3 technology protocols and data systems enable users to move their data and interactions smoothly between different services, which I think would be a good approach to the social networks and applications available on the Internet we use today.

Towards the end or conclusion of writing my article for the December writing competition by Bulb and the topic is “How can Web 3.0 disrupt traditional Web 2.0 social media platforms?”, is that the important keywords would be the rise of Web 3.0 technology and it creates a shock wave for Web 2.0 applications including social or the Internet landscape. The Web3 technology commitments and assurance to have a decentralized, user-owned data, innovative values, and improved user experiences. The open network and standards potential have the responsibility and power to reform or reshape the system dynamics of online Internet and online interactions in the World Wide Web. The Web3, in my opinion, can empower users, create crystal clear transparency, and create a more diverse and innovative Internet landscape or economy in the coming years. As we approach and embrace it slowly from time to time of its development, its changes would be transformative in such a way that Web3, as long as it is used in a good way, will give a vision for a future Internet experience that is decentralized, secure, Web3 organized and user-centric.

References:

What Is Web 3.0 (Web3)? Definition, Guide and History. (2023, September 1). Retrieved from https://www.techtarget.com/whatis/definition/Web-30

Kades, C. (2023, April 17). “How did we get here?” The shift from Web 2.0 to Web 3.0 is happening, now. Retrieved from https://holon.investments/how-did-we-get-here-the-shift-from-web-2-0-to-web-3-0-is-happening-now/

A Simplified Guide to Web 3.0: Key Features and Benefits - Spiceworks. (n.d.). Retrieved from https://www.spiceworks.com/tech/tech-general/articles/what-is-web-three/

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