LeoGlossary: Web 3.0

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What Is Web 3.0?

Web 3.0 is considered to be the next generation of the Internet. It is discussed heavily in the cryptocurrency world since many feel that blockchain will be at the core of it.

A key concept is the idea of decentralization. As compared to Web 2.0 which uses servers controlled by the associated companies, Web 3.0 is designed to have nodes that are run by individuals all over the world. These networks are permissionless meaning that anyone can build upon them.

The true evolution of this can only be seen in hindsight. Monetization, for example, will go through many experiments. That said, we are likely to see cryptocurrency as a major part of this transition. It already operates in the digital realm and showed the ability to expand as the Internet does.

Another basic concept, according to proponents, is the ability to have immutable data storage along with true account ownership. Most of the present web applications require a sign in that the platforms control. Web 3.0 offers the potential where individuals cannot have their accounts cancelled.

The underlying belief is Web 2.0 became siloed. A major promise of the next generation is creating layers that are not controlled by major technology companies.

Web 2.0 allows people to read and write to the Internet. Web 3.0 is going to allow people to own the Internet.

The infrastructure of Web 3.0 is being constructed. Many look to the development around blockchain as evidence of this transition. This uses Distributed Ledger Technology (DLT) to have all transactions and other information stored in a decentralized manner.

It is impossible to know what Web 3.0 will look like until we view it in from the future. There will certainly be some technological developments that most are not expecting.

An example of a Web 3.0 application is Metamask. This wallet requires no 3rd party involvement. At the same time, transactions are not processed by a company. There is no verification process on the individual.

Most, if not all, industries will be affected. At the head of the list is the gaming industry. We see this sector filled with the use of in-game assets and tokens. The present challenge is all value is locked in the game. It disappears the second the game is turned off.

With Web 3.0, all digital assets reside on a blockchain and are accessed via a wallet housed outside the game. This radically alters the ownership model of anything tied to gaming.

Social media is another industry that will see a paradigm shift due to the emergence of Web 3.0. Since these are going to be built upon decentralized databases, the data is available to any application that integrates with it. Here we again see a shift in the value, from the company to the data written to the network.

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