Web 3.0 is one of the biggest buzzwords in tech right now. Promising a free and open internet with unprecedented technological innovation it is important to take notice.
But what exactly does it mean and what are the pros and cons?
Don’t worry in this article I will be answering those questions so that you can navigate the space with ease. So without further ado, let’s jump right in.
What is web 3.0?
Web 3.0 is the 3rd generation of the internet. The key technological infrastructure components include AI, cryptocurrency, the internet of things, and blockchain technology. Ultimately, this creates a decentralized open system that leverages machine learning to create a dynamic service with rich data.
Empowering individual users – thanks to the decentralized nature of blockchain technology users can shape the development of the ecosystem. Instead of a centralized authority dictating the terms of the service the users vote on proposals. As a result, it creates a system that is more democratic.
Data ownership – continuing from the previous point this also facilitates data ownership. Essentially, in the web 3.0 world users have complete control over their data. They can decide who owns it while also trading it on the open market.
Censorship resistance – in an era that is riddled with censorship from big tech this is extremely important. Rather than authoritative powers dictating the terms, web 3.0 rules are decided by a decentralized community. Ultimately, this combats censorship in an unprecedented fashion.
Security – the decentralized nature of cryptocurrency and blockchains creates a secure system without a single point of failure. Rather than a centralized server, web 3.0 is secured by a network of distributed nodes. If one of these nodes goes down it can still operate. Moreover, they utilize various encryption methods to protect against hacks.
Community – web 3.0 facilitates a community outlook. As the development of decentralized applications is often determined by the community it fosters collaboration and discussion between founders and users. Moreover, there is usually a financial incentive attached as each member holds a stake in the service.
Tailored content- the AI technology leveraged in web 3.0 can be utilized with various algorithms to tailor advertisements and content to consumers. Therefore, users will discover relevant content that fits their needs, while creators and advertisers get higher conversion rates.
Transparency – the open-source nature of blockchain facilitates transparency. Web 3.0 utilizes distributed ledgers that allow information to be verified. This highlights bugs and malicious activity.
Easy access to sensitive data – as outlined previously, transparency is both a blessing and a curse. In certain situations, an open system can lead to problems. For instance, businesses can look at competitors’ information and exploit it to their detriment.
Energy intensive – web 3.0 requires significantly more computational power when compared to web 2.0. This not only costs more but also puts a greater strain on the environment.
Self custody – as ownership of data and assets is in the hands of individuals it requires them to be in charge of security. Therefore, if their assets are compromised or stolen they will likely not be compensated.
Slow development – in most web 3.0 applications the development is decided by the community. This takes a significant amount of time as each member’s vote has to be taken into consideration. Not to mention, the time difference between them.
Hacks – there is no denying that web 3.0 and blockchain technology is riddled with hacks. At the end of the day, this technology is extremely complex which leads to bugs in the code that can be exploited. On a side note, if you are interacting with web 3.0 crypto applications it is vital to use a hardware wallet. The one that I recommend is the Ledger Nano X. Click here to check out my review.
Overall, web 3.0 is an exciting new technology that is likely to revolutionize the internet. It creates a truly democratic and open system that provides rich information thanks to AI and blockchain technology.
However, it is not without its weakness. From hacks to high computational requirements there are several to take note of.
That being said, this technology will only improve as time goes on. I hope you found this article useful and thanks for reading it.
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