Understand Web 3.0 in just 3 minutes

The first consumer version of the Internet (Web 1.0) appeared in the 1990s. Very limited in the interaction with the web pages, the exchanges mainly took place through chats, forums, blogs.

Then, in the 2000s, a more expansive internet appeared that gives prominence to social interaction through the explosion of social networks. The speed of data transmission thanks to ADSL and fiber has contributed to interconnection, digitization, consumer targeting, etc.

How can this new internet be defined?

the ” web3 or “Web 3.0” is therefore the worthy heir of Internet 2.0 and aims to tackle an important problem: give the user control over the management of his personal data thanks to the security provided by blockchain technologies. So it marks a transition to a community internet where users participate in the future of platforms and emancipate themselves from the control of GAFAM like Facebook, Google…

Added to this is the birth of NFTs, financial transactions in cryptocurrencies (striking, mining, etc.), smart contracts and decentralized applications, not to mention the ultimate revolution: that of the metaverse.

How does Web 3.0 work?

Besides the fact that the user is at the heart of the process and has full control over their personal data, this Web 3.0 is also based on the tokenization of content, monetization and then their monitoring in a decentralized way.

This next evolution of the internet allows users to interact directly between them without intervention† Users will interact by joining a Decentralized Autonomous Organization (DAO), ie a collective entity owned and managed by its own community members.

First of all, the adoption of this Web 3.0 continues through the use of “wallets”† In other words, through the massive opening by individuals of digital wallets dedicated to tokens. A necessary element, just like creating mailboxes twenty years ago, was to exchange all kinds of data with other users.

What can we expect from Web 3.0?

  • The data use smart contracts (smart contracts) universally accessible.
  • The transactions are registered within the blockchain
  • The tokenization (via NFT) allows creators to maintain authenticity and full ownership of their works
  • Data integrity no longer depends on a central authority (Bank).
  • the metaverse offers a new virtual experience with significant revenue potential for the entertainment and marketing industry.
  • Full use of the following services: cryptocurrency payment, machine learning, instant translation of legal acts, augmented reality, geolocation services

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What are the pros and cons?

There are many benefits to Internet users, including:

  • The full exploitation of blockchain technology to give users complete control over their data, content and privacy.
  • Emergence of a new decentralized digital economy through the use of cryptocurrencies.
  • Unlimited development possibilities thanks to the use of DeFi.

Despite undeniable advantages, Web 3.0 still has a lot of criticism:

  • The lack of maturity of blockchain technologies because they remain vulnerable. Security is not always guaranteed and depends on the projects and their architecture.
  • Piracy is a plague leading to the theft of huge sums of money or personal data.
  • Despite increased media attention, cryptocurrencies and blockchain remain vague concepts for many who do not yet understand their inner workings.

Conclusion: what prospects for this Web 3.0?

New revolution for the next decade, the use of the blockchain offers hitherto unsuspected and unparalleled possibilities† But this requires massive commitment from the general public and depends on how the latter appropriates the technology.

Pure utopia for some, it’s hard to believe that web 3.0 will easily make web 2.0 disappear† Regulators (central banks and governments) will not be deterred. Likewise, intermediaries (particularly GAFAM) are planning to step in to keep the internet user in their grip to some extent.

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