What is Web 3.0, exactly?

Web 3.0, also known as Web3, is the third generation of the World Wide Web. Web 3.0 is meant to be decentralized, open to everyone (with a bottom-up design), and built on top of blockchain technologies and developments in the Semantic Web, which describes the web as a network of meaningfully linked data.

Web 3.0 is based on a specific set of principles, technical parameters, and values that distinguish it from earlier iterations of the World Wide Web: Web 2.0 and Web 1.0. Web 3.0 envisions a world without centralized companies, where people are in control of their own data and transactions are transparently recorded on blockchains, or databases searchable by anyone.
Web 2.0 vs Web 3.0
The main distinctions between Web 2.0 and Web 3.0 involve data storage, connectivity, currency, and decentralization. Web 2.0 is about creating content and interacting with websites. Web 3.0 means immersing yourself in the digital experience, and it involves concepts like individual control of personal data, cryptocurrency, and decentralized record keeping on the blockchain.

Whereas Web 2.0 operates on fiat money, Web 3.0 relies on cryptocurrencies and a decentralized finance (DeFi) model. This is part of the decentralization objective, which shifts control from centralized companies or governments to users or the collective. The premise of decentralization extends beyond currency, covering everything from apps to data.

Performance-wise, Web 3.0 will likely be slower than Web 2.0, at least at the beginning. That’s because transactions are processed over multiple servers (independently operated), instead of on one or a group of centralized servers.

It appears that we’re now in the process of moving from Web 2.0 to Web 3.0. In fact, some people say that we’re already living in Web 3.0
Web 3.0 exists in a technical manner, like blockchain, and a user experience manner, like a Web 3.0 app that can decipher your intent. Here are some examples of Web 3.0 that already exist:

Blockchain technology: a decentralized record of transactions that are stored on a huge number of computers across the internet. All transactions can be publicly viewed, rely on sophisticated encryption, and are permanent.

Cryptocurrency: a decentralized currency that isn't controlled by any government or central bank, using blockchain technology to record transactions. There are thousands of cryptocurrencies that currently exist, with Bitcoin being the most well-known.

NFT: a non-fungible token linked to a unique digital or physical asset that can't be replaced with something else. NFTs are not cryptocurrencies, which consist of fungible or tradable tokens. This creative example of Web3 technology is bound to evolve in the future.

Distributed computing or edge computing: this technology aims to deliver online data and services as close to where it's being requested or generated as possible. Edge computing leverages the processing power of many devices linked together, working as a kind of decentralized supercomputer. Decentralized computing is closely linked to the Internet of Things. #ContentStar# #BountyCreator# #NewYearCelebration# #GateioBountyCreator# #HotTopicDiscussion#