WEB 3.0 AND ITS APPLICATIONS [2021]

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WEB 3.0 is the new internet standard which is decentralised in nature and based on the blockchain technology.

WEB 1.0 and WEB 2.0 were the previous versions of the internet.

WEB 1.0 ( Roughly between 1990 – 2004 ) was mainly providing static content to the users. Most of the users were just consumers rather than producers of content. This involves static HTML pages with lots of information. This is the most rudimentary form of WEB.

The WEB 3.0 era kind of started in 2014.

The name WEB 3.0 was given by a British Computer Scientist, Gavin Wood, who is also the co-founder of Ethereum and the founder of polkadot( another crypto currency ). WEB 3.0 got atten recently in the year 2021.

WEB 2.0 was mainly focused on user created content and we got facebook, instagram etc as a result. This era mainly focused on blog posts and other contents created by users etc.

Table of Contents

Features of WEB 3.0 :

Ubiquity : This means the ability to be present everywhere especially at the same time. Web 2.0 was also ubiquitous in a way you could upload images and videos and post in Facebook or other social media. Now WEB 3.0 is taking this to another next level by adding 3D graphics and the sharing of content is not limited to only between computers and smartphones but also within the smart devices. WEB 3.0 is more advanced in a way to make the internet accessible to everyone anywhere at any time

Semantic Web : Semantic Web means the WEB that can understand content, transactions and links between persons. Semantics mainly deals with the meaning or emotions of the content.

Artificial Intelligence : WEB 2.0 was already AI driven where it can ignore potentially harmful comments or block a person’s hat based on the content they are writing. WEB3.0 is a further advancement on this and it will be able to provide seamless data.

Connectivity: Connectivity is another key feature of Web 3.0. This aims to improve user experience and leverages the usability of all the available information.

3D Graphics : WEB 3.0 will enforce the exchange of information in the form of 3D graphics and Virtual Reality content. Already exchanges of 3D graphics are happening in gaming but in WEB 3.0 we will see more in the area of Health Care and E-Commerce etc.

Applications of WEB 3.0

SIRI : SIRI is one of the most amazing AI based voice recognition systems. Unlike google search, which gives us back a bunch of web pages to search from , it directly gives us the answer and saves us time.

AMAZON – ALEXA : Alexa is another genius invention by Amazon which does a lot many things e.g voice recognition, connecting IoT devices and making them work, placing an order on Amazon etc.

Wolfram Alpha: is a “computational knowledge engine” that answers your questions directly by computation, as opposed to giving you a list of webpages like search engines do. If you want a practical comparison, search “england vs brazil” on both Wolfram Alpha and Google and see the difference.

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DeFi, NFT and DAO

DeFi : stands for decentralised finance, is an umbrella term which means finances on public blockchain. DeFi enforces the use of Ethereum. With DeFi, you can do most of the things that banks support — earn interest, borrow, lend, buy insurance, trade derivatives, trade assets, and more — but it’s faster and doesn’t require paperwork or a third party. DeFi ensures there is no centralized authority to validate any transaction. Its a pure peer to peer transaction between two parties. DeFi is a digital alternative of Wall Street.

DAO : The DAO is a digital decentralized autonomous organization, and a form of
investor-directed venture capital fund. It launched in April 2016 after a
crowdfunding campaign via a token sale, and it became one of the largest
crowdfunding campaigns in history.

NFT : Non-fungible tokens or NFTs are cryptographic digital assets e.g. digital artwork etc on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.