Web 3.0: What it is, Advantages, Disadvantages and the Impact

Web 3.0 is an umbrella term for a group of emerging technologies that aim to provide a more decentralized, open and user-centred web experience. These technologies include decentralized storage, social networks, and blockchain-based applications. 

The previous version was about connecting people and information; Web 3.0 is about connecting people and data. By decentralizing the Web and giving users more control over their data, Web 3.0 technologies have the potential to create more democratic, open and secure online experiences.

In this article, we take a look at what exactly Web3 is and what will be the impact of its rise.

What is Web 3.0, and why it matters?

Web 3.0 is the latest version of the internet which is solely based on Decentralised Open Source (DOS). It can be managed and owned by the users themselves for interactions with the devices and software with other software. It is a decentralized format and can be run on blockchain technology to store the user’s data through a network of smart contracts in a decentralized network, ensuring maximum protection.

Blockchain technology is useful for tracking transactions on a distributed ledger with the facility of decentralizing data transfers. It is designed to help the user to produce digital goods instantly. The provision of non-fungible tokens will protect Personally identifiable information (PII) and the user’s intellectual property.  

Web 3.0 will help the entertainment sector have better revenue and the general user to sell his data as and when desired to anyone of his choice. In addition to that, Web 3.0 provides the solution to the problems being felt with Web 2.0 to a large extent, it will play a vital role in future life.

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How to invest in Web 3?

Web 3.0 provides enormous investment opportunities. It offers two choices – authoritarian control or a democratized future through decentralization. In authoritarian control, there is an example of China which issued a digital Yuan some time ago, fixed a timeframe for the users to spend the digital money. 

Mr.Gavin Wood has expressed his fear that sooner or later, some countries may declare cryptocurrencies as unlawful and roll out some other centralized alternatives to have final control.

For investment in Web 3.0, one has to get Non-Fungible Tokens (NFTs) which is a form of currency to pay to the content creators. This currency can be used for document verification like vaccine passports, with the data available on the NFTs. These tokens can be used for logistics also. Other investment avenues are The Internet Computer, Metaverse built by Adidas, Fortnite, The Sandbox, Nike and Roblox, and cryptocurrencies like Ethereum, Helium, Theta, Decentraland, Filecoin Polkadot, Chainlink, and The Graph (GRT-USD).

Advantages And Disadvantages Of Web 3

Web 3 is an advanced version of the internet as we all know that every advanced technology has some advantages and disadvantages that are mentioned below:- 

Advantages of Web 3.0:

Data Ownership

They can pick any information relating to themselves and share it with anyone of their choice without any interference from a third party. Further, the information can not be leaked to any business house/advertisement agency/analytics etc., if the user does not wish to share. 

Lesser intermediaries After decentralization:

In financial transactions, the government/authorities can be intermediaries to have revenue benefits by taxation on electronic transactions.

Full Transparency: 

In every financial deal, all the stakeholders will be well aware of the quantum of the value in real-time as they will remain linked with every development.

Efficient communication:

The semantic Web ensures a better flow of communication to the users.

Disadvantages of Web3.

1. To access Web3, the users may need to change their present devices, undertake a little bit of training to understand the working and update the websites.
2. Monitoring and regulating the working in the decentralized internet would be difficult for the authorities.

What Will Be The Impact Of Web 3?

Web 3.0 provides a great opportunity for human society in many ways:  

Personalized Working

The third generation of the internet provides the opportunity to use it in a more personal way. It will integrate the real-time data available on various platforms and ensure privacy through smarter distribution under the nodes controlled by the users themselves.

Integration with Mobile Sets

It will help the user to communicate better with the clients through the mobile sets. Digital presentation of the products, their specifications and applicability to the consumer’s needs can be well explained, which is not so smooth. 

Having Enormous Data At Hand

The maximum quantity of data allows businesses house to arrive at a viable decision, Web 3.0 shall provide the same in real-time, which will improve productivity. 

Conclusion

After reviewing the benefits of Web 3.0, it is analysed that it will offer a fantastic opportunity to change how the Web is being used so far. It may have certain disadvantages, but its benefits will exceed them, and with the experience to be gained, necessary improvements by research and development are bound to come about. It may prove a boon to business houses, digital learning and better life.