Web 3.0 is a possible future version of the Internet based on public blockchains, a record-keeping system best known for facilitating cryptocurrency transactions. The appeal of Web 3.0 is that it is decentralized, meaning that instead of consumers accessing the Internet through services mediated by companies such as Google, Apple or Facebook, individuals, themselves, own and govern sections of the Internet. Web 3.0 will further expand the scale of interaction, from seamless payments to richer information flows and reliable data transfers. Web 3.0 enables a future in which users and distributed machines can interact with data, value and other counterparts across a peer-to-peer network substrate without the need for third parties.
With the advancement of mobile devices and an Internet connection, the Web 3.0 experience will be accessible anywhere, anytime. Tim Berners-Lee imagined the Semantic Web as Web 3.0, where machines eventually process information like a human brain. With the easy availability of a user's information and less anonymity through Web 3.0, reputation management will become more of a concern than ever. He defined Web 3.0 as a series of scalable technology frameworks that provided an unprecedented approach to building new applications.
Thus, Web 3.0 will accelerate the honest and transparent use of user data, from custom search results to cross-platform development tools and the use of 3D graphics. Web 3.0 developers rarely build and deploy applications that run on a single server or store data in a single database (usually hosted and managed by a single cloud provider). In this post, we'll look at how the web has evolved, why everyone is talking about Web 3.0, what Web 3.0 is used for, what is Web 3.0 in crypto, where it's going, and why this is important. As mentioned earlier, the semantic web version of Web 3.0 describes a promising future for the Internet, but it does not solve the existing problems created by Web 2.0.
Reddit, for example, is attempting to make inroads into Web 3.0 by creating a mechanism for employing cryptocurrency tokens that allows users to essentially control parts of the on-site communities in which they participate. Web 3.0 aims to build a new scalable economy in which transactions are based on blockchain technology, avoiding the need for a central intermediary or platform. Another stellar project on Web 3.0, Blockstack, is a blockchain browser application that integrates decentralized data, decentralized applications, and user data. More specifically, blockchain is the foundation of web3, as it redefines data structures in the backend of the semantic web.