What’s Web 3.0?
Web 3 is a natural progression where cryptocurrency and other services operate on what’s called the blockchain or distributed networks.
Web 3 is the coming version of the internet, where services will run on the blockchain.
Web 3.0 is looking to change the way the internet functions only in a much bigger way.
Web 3.0 promises to be more dependable, decentralized with control in the user’s hands enables socializing for work and play through the metaverse, and makes it cheaper as well as easier to make payments.
Pervious Versions of Internet Era?
In this stage, the internet was created as a distributed set of computers communicating with one another, and participating in a load of managing the network.
It worked very well but had one big problem there was no way to make money off it. For case, a Web 1.0 startup called Google had a heavy business, but couldn’t encash it.
In 2001, Google developed AdWords, a pay-per-click, transaction-grounded search advertising model, backed by search and monetization algorithms.
Google’s revenues rocketed to $2.7 billion from $87 million in three years when it went public, and now in 2020, it sits on a trillion-dollar valuation.
The internet got monetized with stage Web 2.0.
Difference between Web 3.0 and former versions?
The cloud platforms or on-premise infrastructure form the foundation for services in Web2, whereas, in Web3, all services are built on top of a blockchain.
In the case of blockchain, data is distributed across networks and no single reality owns the information.
Web 3 is all about a decentralized internet that runs on a public blockchain, which is also used for cryptocurrency deals.
Web 3.0, blockchain, and crypto: How are they linked?
Blockchain aims at keeping the perceptivity organized as a block, with cryptographic hash entrusted to make them inflexible and secure.
Blockchain is paving the way for a further popular form of the internet and it would eventually come down to dApps and Smart Contract to automate specific processes.
Hence Crypto players that would offer the best technology to contribute to the Web 3.0 ecosystem will get the maximum attention.
Example of web 3.0?
Example of the Web 3 macrocosm is NFTS or non-fungible commemoratives, which are bought using crypto coins.
They might be JPEGs ( conception again), but with Bollywood actors from Amitabh Bachchan to Salman Khan entering the NFT space, the sector is ripe for action.
Recently, Bachchan’s NFT collection was auctioned for close to $1 million.
Challenges with Web 3.0?
Vastness: The internet is huge and It contains billions of pages and the SNOMED CT medical terminology ontology alone includes 370,000 class names, and existing technology has not yet been able to eliminate all semantically duplicated terms.
Vagueness: User queries aren’t really specific and can be extremely vague at the stylish of times. Fuzzy sense is used to deal with vagueness.
Uncertainty: The internet deals with scores of uncertain values. For example, a case might present a set of symptoms that correspond to numerous different distinct judgments each with a different probability. Probabilistic logic ways are generally employed to address uncertainty.
Inconsistency: Inconsistent data can lead to logical contradiction and unpredictive analysis.
Web 3.0 applicability in India?
Indian TikTok rival Chingari lately raised nearly $38 million from 30 investors and the public trade of its crypto token GARI.
This will be integrated with the app, allowing generators to earn in its crypto token GARI.
It’s also working on its own NFT marketplace.
Polygon, innovated by Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun, is a made-in-India cryptocurrency protocol that crossed a request capitalization of $10 billion lately.
Indian gaming platforms like Dream11, Mobile Premier League, and Nextwave Multimedia, an attachment of gaming company Nazara Technologies which owns the World Cricket Championship ballot, are looking to launch their own NFTS.
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