What Is Web 3.0? What Difference Will It Make In The Future

Introduction

There is a lack of interest among people nowadays, and it is hard to build trust. But thankfully, we have been able to solve past problems- like mastering flight, building skyscrapers, and demonetizing information.

Besides this, we have been able to develop a new technology that obligates trust issues of people. It’s called Web 3.0!

Understand Web 3.0

We are going to start from the very basic level. Intermediaries do the following:

• Accept messages from sources that are outsiders. In the case of a bank, the message will be from customer A to send money to customer B.
• It acts on such messages once authenticated. When the bank gives the confirmation that the customer’s A account has the funds and is authorized to send, they initiate the transfer.
• The results of such actions must be computed. It is the bank that confirms that the transfer is successful or not.
• The results of the computation must be stored and potentially used as messages in another interaction.

Authority And Authorization

One of the key roles of intermediaries is to decide who’s right or wrong in a certain claim. If customer A was to send money to customer B claims that he didn’t receive money, the issue can be settled by visiting the bank that stores the records.

The bank can intervene because it has the authority, and the authority has been given to it by the customers. We give authority to intermediaries over our fate with the click of a button, the scan of a fingerprint, or the input of a password.

Paypal has let us send money, Twitter has turned us into ruthless keyboard warriors, and Facebook has enabled us to catch our lost friends. A few things like Tinder have also improved our lives.

There is a GitHub through which you can work computer code with anyone in the world, and Airbnb lets people earn something from their empty apartments without meeting the renter face to face.

Isn’t it mind-blowing that so many things are possible now with just a click? Paypal and Transferwise have gained popularity for closing customer’s accounts without providing a reason, cutting off the revenue that people need to survive.

Imagine, one day, you see that your $5,000 has collapsed without any reason. You can also consider the case of GitHub when it obliterated the accounts of all Iranian developers.

We can thank the history that we can have a look at some of the instances where there is hoardable power, where certain people are bound to hoard that power.

There is no problem with hoarding power if it is being hoarded by some noble person or for a noble cause. Unfortunately, humanity is vanishing from the world, and very few people have it.

The Change

In order to free ourselves from intermediaries, we need to read and pass data between machines. For that, we need linked data.

It is a type of data that computers can read from each other without human or human-made adapters and translators.

You can say it to be computer-to-computer communication.

That’s not it! Computers need to be able to get data from the rest of the computers and need to be able to get it at any time. This vital step is known as distributed data, which is retrievable from every node of the network.

When this data is linked, any computer in the network can have and understand data from another computer at any time. In case you are familiar with torrents, then seeds and pear mean that computers are sending data.

And other computers are downloading this data. This was not enough, and trust was the missing point. That’s why came the blockchain brings some spark.

Web 3.0

In the beginning, there were some wires, and then came Web 1.0, which was the read-only static web. It was something that cleansed the environment, and tech-savvy saw this change.

When Web 2.0 came, the read-write web, we got the services that changed our lives. All amazing things like Uber and Paypal are a result of this technology.

Enter Web 3.0 is one that allows the user to have full control of their identity, their actions, and finances. It is a web, which is like your own web.

With Web 3.0, anyone and anywhere in the world can make an investment in any company. Now, you can think of the freedom that such kinds of systems ensure.

We are sure that Web 3.0 has come with all the necessary changes that the world was seeking.

Irrespective of what the world thinks, the builders of Web 3.0 are enthusiastic about bringing this new paradigm to the mainstream. It’s time to welcome Web 3.0.

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