Web 2.0 brought us the "'Web as Platform,' where software applications are built upon the Web as opposed to upon the desktop,". Web 2.0 was largely driven by three core layers of innovation: mobile, social, and cloud.
Web 3.0 is built largely on three new layers of technological innovation: edge computing, decentralized data networks, and artificial intelligence.
Web 3.0 is being built on blockchain technology.
Blockchain is an electronic distributed ledger. Distributed ledgers provide a digital record (such as asset ownership) that is maintained without a central authority. It is relatively faster in closing a transaction as the need for manual processing and authentication by intermediaries is eliminated as it deploys a distributed consensus.
Moreover, as blockchain uses distributed consensus, it isn't easy to alter data on the system without alerting the entire network. This makes the system extremely secure.
It should be noted that blockchain is the technology behind many major cryptocurrencies and also non-fungible tokens (“NFTs”).
Therefore, based on blockchain technology, Web 3.0 holds the potential to revolutionize the Internet world. The concept promises to provide peer-to-peer internet services with no single authority, thereby offering users to have more control over their data. Web 3.0 will bring us a fairer internet by enabling the individual to be a sovereign. True sovereignty implies owning and being able to control who profits from one’s time and information. Web 3.0’s decentralized blockchain protocol will enable individuals to connect to an internet where they can own and be properly compensated for their time and data, eclipsing an exploitative and unjust web, where giant, centralized repositories are the only ones that own and profit from it.
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