Is Web 3.0 the future?
The term Web 3.0 refers to the development for technological implementation through Machine Learning and Big Data adaptation. Though it is a work in progress, the evolution is an intriguing matter as it aims to apply technology to efforts of servicing needs of users, while also achieving results in a faster way.
It is believed that the application of Artificial Intelligence (AI) information analysis will resolve processing difficulties and exhibit information suitably as well. For instance, when traveling abroad, Web 3.0 could aid in displaying tourist attractions, flight details and related activities and services for users in relevance to their preferences.
As for Web 2.0, the form of websites popularly used today, they are commonly known for being able to store information and user preferences for better user experience. This technology limits information reach, differentiating from Web 3.0, which works in a decentralized manner, without central authorities owning user information.
Past to present
Up until the modern day, websites have developed in three forms with different goals aimed to be achieved. For instance, there have been efforts to push websites for displaying information and storing them.
The websites used today are Web 2.0, first used in 2004 and is also known as the Dynamic Website variation as service providers can manage their databases, pull stored information for external use, as well as erase, modify and upload information as well. This further changed the dynamics of adjusting information display to relate to user preferences.
Web 3.0, or the Semantic Website model, is in development. It was initiated for the purpose of computing large quantities of information through the use of AI, which can do so with its own will, algorithm, analytical and decision making abilities, given through Machine Learning to be able to display information in accordance with users’ preferences.
The development of Web 3.0 is to fully eliminate the inclusion of middlemen that control information, while also preventing DoS Attacks and mitigating risks of unauthorized information leakage commonly performed by firms and corporations.
With gradual increases in users, data analysis can be a more diligent task. Web 3.0 is able to analyze information to respond to users’ preferences more accurately, in terms of both search information and the AI algorithm usage.
Nowadays, marketing and advertisements on websites can be considered as a two-pronged sword as it can help users discover goods and services more suitable to their preferences, but it can also be a nuisance to users that do not desire this functionality. Therefore, future Web 3.0 implementations are aimed to solve this problem.
Supplying online service is an integral part of responding to customers’ needs, but not every provider can scale to provide matching amounts of personnel to respond to such needs. Web 3.0 aims to implement the Chatbot function, an automated chat response system to meet customers’ demands.
Data from 2020 suggests that around 4.9 billion people currently use devices computers, laptops, tablets and mobile phones in their daily lives. Therefore, the development ahead would be highly promising and beneficial, but, nevertheless, challenging.
Relevance to Cryptocurrency
Web 3.0 relates to cryptocurrency and blockchain due to its decentralized nature, allowing users’ the freedom to access information through technology and the elimination of middlemen. If the three technological developments were to work collaboratively, we could see the implementation of Web 3.0 on smart contracts and the blockchain network, which would further respond to users’ demands and preferences in a more efficient way.
On the Polkadot blockchain network, users are able to enjoy the usage of the Proof of Authority (PoA) consensus algorithm which is used in cooperation with Web 3.0 users, Web 3 Foundation, in the verification and validation of transactions.
Though incomplete, Web 3.0 has sent rippling signals of important development throughout the world. Operations that have been non-trackable and centralized could even be potentially ridden.
True decentralization would not only support the notion of collective governance and development, but also the ability to access and verify information to prevent people from being taken advantage of or other harmful acts.