Understand Web 3.0 in just 3 minutes

The 1990s saw the emergence of the first consumer version of the Internet (Web 1.0). Very limited in the interaction with the web pages, the exchanges were mainly done via chats, forums, blogs.

Then appeared a more elaborate internet in the 2000s which gives pride of place to social interaction via the explosion of social networks. The speed of data transmission thanks to ADSL and optical fiber have participated in interconnection, digitalization, 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 address a major issue: giving the user control over the management of his personal data thanks to the security offered by blockchain technologies. It thus 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 (staking, mining, etc.), smart contracts and decentralized applications, not to mention the ultimate revolution: that of the metaverse.

How does Web 3.0 work?

In addition to the fact that the user finds himself at the heart of the process and has complete control of his personal data, this Web 3.0 is also based on the tokenization of content, their monetization and then their monitoring in a decentralized manner.

This next evolution of the Internet offers users a direct interaction between them without intermediation. Users will interact by joining a Decentralized Autonomous Organization (DAO), that is, a collective entity owned and managed by its own community members.

First of all, the adoption of this Web 3.0 will go through the use of “wallets”. In other words, by the mass opening by individuals of digital wallets dedicated to tokens. A necessary element in the same way as the creation of mailboxes was twenty years ago to exchange all kinds of data with other users.

What can we expect from Web 3.0?

  • The data will use smart contracts (smart contracts) universally accessible.
  • The transactions will be recorded within the blockchain.
  • The tokenization (via NFT) will allow creators to retain authenticity and full ownership of their works.
  • Data integrity will no longer depend on a central authority (bank).
  • the metaverse will offer a new virtual experience with significant revenue potential for the entertainment and marketing industry.
  • Full use of the following services: payment in cryptocurrency, machine learning, legal acts instant translation, augmented reality, geolocation services

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What are the advantages and disadvantages ?

There are many advantages for Internet users, including:

  • The full exploitation of blockchain technology to provide users with full 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 suffers from many criticisms:

  • 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 which leads to the theft of huge sums of money or personal data.
  • Despite increased media coverage, cryptocurrencies and blockchain remain fuzzy concepts for many who do not yet understand their inner workings.

Conclusion: what prospects for this Web 3.0?

New revolution for the coming decade, the use of the blockchain offers hitherto unsuspected and unequaled possibilities. But this will require massive buy-in from the general public and will depend on how the latter appropriates the technology.

Pure utopia for some, it’s hard to believe that web 3.0 will make web 2.0 disappear easily. Regulators (central banks and governments) will not allow themselves to be ousted. Similarly, intermediaries (GAFAM in particular) intend to intervene to keep a certain hold on the Internet user.

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