Web 3.0: Scam, Myth, or Future of Web
Web 3 has been dubbed the internet of the future and is a collection of technologies that will create a more open and decentralized internet rather than a single platform like the one we use today.
The blockchain, the technology that powers cryptocurrencies like Bitcoin, was created as the first step toward this new Web. With the development of a new generation of decentralized services and apps that give users unprecedented control over their data, we are currently witnessing the next stage in the evolution of the Web.
Web 3.0 is viewed differently by different industry experts; some consider it a hoax, while others believe it to be the future. In this article, we’ll discuss both of these viewpoints. However, it is crucial first to comprehend what web 1.0 and web 2.0 are to appreciate the significance of web 3 fully.
What is Web 3.0, and why is it important?
The third iteration or version of the Internet, called Web 3.0 (also known as web3), connects data in a decentralized manner to provide a quicker and more individualized user experience. Your information is safe and secure because it is built with the help of artificial intelligence, machine learning, and the semantic web. It also makes use of the blockchain security system.
Web 3.0 is characterized by decentralization, openness, and incredible user utility.
An automated computer network organization model is known as a decentralized autonomous organization (DAO). It is one whose transaction records are kept on a blockchain and are controlled by its community as opposed to a single entity like the government or a financial institution. For more detail about DAO consult DAO development company
The semantic web is intended to comprehend and interpret the context and concept of the data. As a result, when a user searches for an answer, web 3.0 provides the most precise and pertinent result.
Web 3.0 Feature
Web 3.0’s primary attributes are:
It’s “open” because it was created using open-source software by a community of developers. Who were accessible to the public and worked on it in plain sight.
The network allows users to interact publicly and privately without exposing them to risks through a middleman, thus “trustless” data.
Permissionless – Anyone, including users and providers, can participate without requesting approval from a governing body.
Read more: Introduce your dApp game on an NFT gaming platform like Cryptokitties
All of us will have access to the Internet through Web 3.0, whenever we want and wherever we are. At some point, unlike in web 2.0, Internet-connected devices won’t just be limited to computers and smartphones. Technology will make it possible to create a wide range of new intelligent devices thanks to the IoT (Internet of Things).
Why do some Business Experts Believe that Web 3.0 is a Fraud?
The law of supply and demand still holds in web 3.0. People in poverty are more willing to work for less pay than people in wealth with the same qualifications. Axie Infinity provides the best example of it. In the Philippines, the play-to-earn game’s popularity has increased, creating a workforce. As a result, it has given people a fresh way to make money while having fun. Due to the game’s reliance on cryptocurrency tokens, there is a chance of instability and severe loss, as was the case for players last year.
In this situation, the regulator’s role is crucial. Most Web 3.0 applications use crypto tokens, which are currently in the gray area for regulators worldwide. Gary Gensler of the Securities and Exchange Commission asserts that platforms that issue tokens must adhere to regulations similar to those that apply to companies that sell investors stocks and bonds.
The development of Web 3.0 is still in its infancy. It would be fascinating to follow recent developments and introduce new products. If investing in technologies like Web3, you should consult Web3 Marketplace Development Company.