What is Web 3.0 (Web3)? Definition, guide, and history

Imagine an Internet that gives you exactly what you are looking for, in the perfect format, even before you know how to ask for it.

Strange, isn't it? Perhaps even a little unsettling. This experience could, however, become our reality with Web 3.0, the next generation of the Internet.

Fans of Web 3.0 see it as an Internet powered by artificial intelligence. A web where all global data merges into what is called the semantic web. Ordinary users would regain control of their data against tech giants. No more banks! People would exchange their digital currencies directly.

Will we really see this Web 3.0 materialize? Hard to say. The interest has never been stronger, that's for sure. Companies are interested, trying to determine whether they should hop on the bandwagon.

This guide answers essential questions about Web 3.0 and explains its fundamental concepts. Decentralization, data management, business opportunities... it's all there.

Web 3.0 (Web3) - what exactly is it?

Web 3.0 represents the next evolution of the World Wide Web, this interface that gives us access to the content of the Internet.

Its definition remains vague. Normal, it is still under development. Even the spelling varies! "Web3" or "Web 3.0"? Analysts like Forrester, Gartner, and IDC use both forms.

One thing seems clear: Web 3.0 is heavily betting on decentralized applications and blockchain. Artificial intelligence will play a major role in creating a smarter network.

The internet has changed a lot...

Web 3.0 would follow two previous generations.

Tim Berners-Lee invented the Web 1.0 in 1989. A brilliant British computer scientist! He was inspired by the concept of hypertext proposed by Ted Nelson in 1963. Berners-Lee created HTML, HTTP, and began to develop the "Semantic Web". The computers of that time were not powerful enough to realize his complete vision.

The general public discovered the web in 1993 with Mosaic, later Netscape Navigator. Other browsers followed. The first search engines like Yahoo! made their appearance. Google surpassed almost all of them by around 2004.

By the year 2000, people began to talk about Web 2.0, which was more interactive. Berners-Lee clarified his vision of the semantic web in Scientific American. Tim O'Reilly popularized the concept of Web 2.0 with his conferences.

Facebook embodied this dream of interactive Internet. The W3C consortium published standards for the semantic web. It was also around this time that two crucial technologies emerged: cryptocurrency and blockchain. Gavin Wood, co-founder of Ethereum, began to speak of "Web 3.0" and "Web3" to describe a decentralized and semantically intelligent Internet.

Why be interested in Web 3.0?

Decentralization could radically change our online interactions. Totally!

Giants like Amazon, Google, and Meta have grown by accumulating our data. A global peer-to-peer network would change the game. Individuals would regain control. They could even profit from their own data.

Companies will need to adapt. The business opportunities of Web 3.0 will focus on service personalization. Marketing will have to find a new balance between privacy and personalization. Not easy.

The transparency of blockchains could improve customer service. Supply chains would become more efficient through real-time information sharing.

Web 3.0 will also serve as the infrastructure for the metaverse, this much-discussed 3D virtual world. The two concepts are related and will likely evolve together. The metaverse will only become a reality once the foundations of Web 3.0 are well established.

How will Web 3.0 work?

HTML will remain essential, just like for Web 1.0 and 2.0. But the data sources? Everything is going to change.

No more centralized servers! Web 3.0 applications will rely on decentralized blockchains. No more central authority. This approach seems more democratic, giving users more control over their data.

AI will play a crucial role. It will deliver relevant content to each user, rather than content imposed by others. The semantic web will organize data more logically.

Decentralized autonomous organizations (DAO) could revolutionize network governance. Power would shift from central authorities to digital communities.

Financial transactions? On blockchains, not through traditional banks. IPv6 will provide the additional Internet addresses needed.

Key Elements of Web 3.0

Some essential features of this third generation of the Internet:

• Decentralized. No more centralized services! Everything will be distributed, without a central authority.

• Blockchain. It is the backbone of Web 3.0. A peer-to-peer network with an immutable ledger of transactions.

• Cryptocurrency. It will partly replace traditional money issued by governments.

• Semantic organization. The data will be structured so that the AI understands their meaning. Websites will interpret requests like a human.

• Artificial Intelligence. AI and machine learning will be everywhere. Computers will process information almost like we do.

The forecasts are impressive: the Web 3.0 sector could reach $339.1 billion by 2034. Decentralized finance, NFTs, and enterprise blockchain solutions are booming. The ecosystem already has over 3,200 startups and employs around 460,000 professionals worldwide.

The tokenization of real assets seems promising. It remains to be seen how regulation will evolve, a crucial factor for the future of this rapidly advancing sector.