In the ever-evolving world, the only constant thing is change, and it will continue to live forever. The world has changed beyond what the human mind could ever have imagined, thanks to the great minds that live with us. One tap of the finger and one innovative idea can make the world an entirely different place to live in, good or bad. And this is exactly what also happened with the best-known technology – the internet!
When the internet was first invented in 1983, it revolutionized the way we communicate. The global computer network, known as the Internet, enabled the sharing of many different types of information beyond borders in a newer and faster way. No more did people send pigeons or ravens to carry news from one place to another, nor were they writing letters with their inked feathers under the candlelight. Since the internet came out as a huge global network of interconnected computers, it has made communication not only easier but also faster.
Even though the terms “internet” and “web” have often been used interchangeably, they are no more than two different names for one thing. The internet, which connects computers worldwide, is the computer network, while the web operates on the internet itself and has a lot more to do.
When the web was introduced, it first came out as Web 1.0 and had a number of personal web pages connected along the network chain. Later, it evolved into its second generation, which is Web 2.0. Now in this stage, the web pages still existed but were predominantly interactive and less complex. You could also refer to it as the social web, where people not only had web pages with a “read-only” format but, in fact, a “read and write” format for participative activity over the internet.
And now, in modern times, Web 3.0 is taking over the world by storm as it not only allows internet activity to be participative but also serves as a database. The concept of Web 3.0 greatly revolves around the idea of decentralization, where data is not only stored or owned but also shared.
Lately, the centralization of the Web has given some firms authority over its management, which has frequently been rigid as users took advantage of the cutting-edge technologies being made available to them. The web’s decentralization benefits cryptocurrency markets and would facilitate the conversion to a decentralized network much simpler. By managing the fragmentation and offering incentives for improvement, cryptocurrencies would aid in the problem’s solution.
It is evident that anything a scientist discovers or invents is based on earlier discoveries and inventions, according to Lukas Foss. The same is true for Web 3.0 and Blockchain. Based on what we believe we need and how much more effectively we can act, we humans have been actively shaping the future. And the development of Blockchain technology and Web 3.0 is the next big thing of the future. It wouldn’t even be wrong if we said, Blockchain technology and Web3.0 IS THE FUTURE!
BLOCKCHAIN – the term that seems to be in fashion right now – is one of the most significant technological developments since the internet and a game-changing innovation that will change how the internet operates in the future. In the coming years, every industry is expected to experience a significant upheaval as a result of this blockchain technology. This will serve to be a network where clients can come to agreements without needing to believe in one another. However, our understanding of the blockchain is still insufficient for us to fully comprehend all of its concepts.
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As the world transitions to a digital workplace, Web 3.0 will be crucial. The world is being taken over by computers, which are mimicking some of the ideas that humans use in the actual world. One such item that the digital world is attempting to imitate is the registry. The blockchain is a distributed ledger that records information about user transactions.
Computer programmers, specialists, and world leaders have dominated technology up to this point, where it has become a necessity and a growing need of the world. The Internet was a centralized authority system when it first appeared, but the blockchain is different. With the help of blockchain technology, the global tech ecosystem will become more democratic, giving each user control over their own data because the infrastructure for both computing and storage will be owned and run by the community as a whole. The government or business entities would no longer have control over this.
Blockchain, NFTs, cryptocurrencies, the metaverse, and other Web 3.0 technologies are made possible by the fundamental decentralized principle. It is helping people grow into businesses and is breaking down the imbalance of wealth and authority since using blockchain technology or smart contracts; people can create their own organizations free from a centralized authority.
Since people are interested in selling their work digitally as NFTs for which they may be compensated using cryptocurrency or fiat currency, the introduction of web 3.0 has helped NFT become a platform for aspiring artists as well. It is not only serving as a network anymore but also a platform, a database, and a second world to many people around us. Even businesses are now becoming active members of the metaverse using blockchain technology, and there is no going back now.
The simplest way to understand blockchain is probably to view it as returning to the original digital ideal of pure democracy while incorporating security mechanisms that weaken the dynamics that encourage the consolidation of gatekeepers. In a nutshell, it is the architecture that fulfills the original goals of the world and businesses.
Aniket Jindal, co-founder, Biconomy – “With its roots in decentralization, Web3 can enable a metaverse where a user has freedom and control over its own finances, content, merchandise, real estate, etc., without having to pay or deal with intermediaries. Through Web3, creators can earn directly for their curated content or products without having to accommodate third parties; thus, for the entertainment sector, the intersection of Web3 and metaverse has led to innumerable opportunities to earn, innovate, and interact with their fans.”
Tarusha Mittal, co-founder, and COO, UniFarm – “Blockchain is among the 3 pillars (AI, IoT, and Blockchain) of Web 3. While AI helps in decoding and filtering data, Blockchain helps in achieving decentralized data storage offering the much-needed security (which is a challenge in Web2) and finally IoT which helps with the interoperability of Web 3 to connect the internet to smart devices.”
