The new era of computing has begun. You must have noticed that Internet technologies have evolved immensely for the past decade, becoming increasingly sophisticated and complex. The Internet of Things (IoT), 3d digital twins, blockchain, augmented reality, and other technologies have expanded opportunities so much that the old Web 2.0 term no longer describes the new Internet reality. Web 3.0 is now entering the vocabulary, even though there is still uncertainty about its meaning. Experts believe that Web 3.0 makes Internet communication more transparent, decentralized, and efficient, meaning that it has immense potential for business, finance, governance, and other spheres. In an attempt to keep up with the fast technology development, this article seeks to define Web 3.0 and examine its role in online business. By exploring Web 3.0 tools, characteristics, strengths, and Web 3.0 examples, we can better understand how its potential can be harnessed in different industries.
Web 3.0 Definition
You probably wonder, “what is Web 3.0 technology?” Before you type “definition Web 3.0” into your search, let us explain this term. Due to the novelty of the concept, there is currently no unanimity as to how it should be defined. Web 3.0 is also called the Internet 3.0, and it normally refers to the third generation of Internet technology, which allows for more sophisticated and advanced interaction between devices and users. Tim Berners-Lee, the WWW creator, was among the first to call Web 3.0 the Semantic Web, and these terms are still sometimes used interchangeably. Semantic Web refers to the system relying on machine-readable semantic data created with the help of RDF (Resource Description Framework) or XML (eXtensible Markup Language). The use of Web 3.0 to refer to Semantic Web allows highlighting the natural evolution of the Internet and its marketing value.
Moreover, the most recent definitions of Web 3.0 mention its connection to the distributed ledger technology and blockchain, which is not surprising given its focus on authenticating and decentralizing information and the widespread adoption of these technologies. Although more efforts should be made to define Web 3.0, there are no doubts that this technology possesses immense potential in terms of efficiency, transparency, connectivity, and productivity.
Evolution of Web: From Web 1.0 to Web 3.0
Web 3.0 did not emerge out of nowhere. The Internet evolved gradually over decades, transitioning from the passive to the interactive experience. The static, document-based Web has developed into an interactive and dynamic social space, which now allows linking documents, people, and data. So, what is Web 3.0 compared to Web 1.0 and Web 2.0?