Web 3.0 can be understood as an idea for duplication of the World Wide Web. The idea of Web 3.0 would be conceptualized on the technology of Blockchain. The technology includes the concept of decentralization among its users.
Web 3.0 is also known as Web3. In 2014, the term Web 3.0 was first used by Ethereum co-founder Gavin Wood, and the idea of Web 3.0 acquired attentiveness in 2021 from cryptocurrencies enthusiasts, huge companies of technologies, and capital venture organizations.
Web3.0 is the next evolution of the internet. According to the internet, when the next internet launch i.e. Web 3.0 then you will be the owner.
You will have all the control over your data. In Web 3.0 specialists and experts claim that we will accomplish a stage of the internet where every business and company would be run by a group that would be decentralized.
The decentralized group that would be running the businesses and the companies are known as Decentralised Autonomous Organisation, also known as DAO.
What is DAO?
A decentralized Autonomous Organisation would be an organization or a group of people where there would be no owners, no presidents, and no CEOs. however, the company would be operated by the stakeholders and the decisions and policies that would be formulated would be based upon votes.
This organization would not be limited by any government’s rules and policies. The organization would not even be affected by any family traditions.
Who will be the Owner?
In the new internet, Web 3.0, there would be no censorship for any social media handles such as Facebook, Twitter, Instagram, Snapchat, and so on. One controlling authority would not be able to shut it down.
According to the internet, one of the major things about the internet is the digital identity which you would be using in the evolved internet ie Web 3.0, which would not be entirely interlinked to your identity in the real world.
In other words, you would not be traced when you watch movies and videos, download different stuff, make purchases, listen to podcasts and kinds of music, and various other activities on the internet.
The evolution of the whole new internet Web 3.0 might not take place in a very short period or evolve at a very fast rate. However, the evolution of the whole internet would take time, maybe a lot.
It can also be defined as a series of ideas and innovations that would develop together and which would lead to disassembling of the centralized companies like Google, Facebook, Twitter, etc by the legislature. And the unregulated Decentralized Autonomous Organisation or DAOs.
What is the Web 3.0 foundation?
A company named Web 3.0 Foundation support and upholds the ideas of Web 3.0 and also supports the idea of expanding decentralization on the internet. There are three huge projects namely Polkadot’s Test Chain, Blockchain Polkadot, and Web 3 summit. However, the project Web 3 Summit is not an appropriate recapitulation of what Web 3.0 is actually about.
As per the sources on the internet, numerous companies might be fulfilling their agenda by using the name of Web 3.0. Web 3.0 is a huge concept that can be initiated or regulated by one or more than one idea.
Web 3.0 is the evolution of web use and interaction which comprises the transformation of the Web into a database. Web 3.0 claims to set up the information of the world in a more rational manner than Google could ever achieve from its existing engine scheme.
Characteristics of Web 3.0
1. 3-dimensional designs and graphics would be used in websites and services under Web 3.0.2. The information would be available with more interconnectivity.
3. Numerous applications can access the pieces of information and contents anytime and anywhere.
4. Under Web 3.0, computers would be able to distinguish between various things like humans.
5. Web 3.0 would be more systematic as compared to Web 1.0 and Web 2.0.
Top 5 Web 3.0 Cryptocurrencies to Eye on in This Year
Polkadot (DOT) - Market Capitalization- $24 BillionFileCoin (FIL) - Market Capitalization- $4.2 Billion
Helium (HNT) - Market Capitalization- $3.3 Billion
BitTorrent (BTT) - Market Capitalization- $2.4 Billion
Theta Network (THETA) - Market Capitalization- $4 Billion
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