How Web 3.0 will revolutionize the Internet and send us to the metaverse

(ORDO NEWS) — What do 5G communications, a Marshmello DJ, NFT, a Gucci boutique and artificial intelligence have in common?

From this complex mixture of technologies, concepts, and diverse interests, the future of the Internet is being shaped before our eyes. Stepan Sergeev, founder and CEO of the One Way Block development studio, told why it will be completely different from the one we know.

Growth in exponential progression until 2030 is predicted by analysts from Market Research Future for the Web 3.0 market.

While it is difficult to express this dynamics in concrete numbers, simply because industry experts have not yet reached a consensus on which technology and business ideas should be taken into account. However, the general contours of the third generation Internet can already be considered.

Many publications on the evolution of the Web in the context of Web 3.0 begin with the story of hunter-gatherers roaming the African savannas. Let’s not be like “historians” and just outline each of the generations with large strokes.

Thirty years ago, Web 1.0 was built around sites where users could find the information they needed. The transition to the second generation took place when the process of visiting the Internet became interactive – in addition to reading, users got the opportunity to fill the Internet with their own content. This huge breakthrough that gave us social networks is just called Web 2.0. In it, in fact, we now live.

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Why do we need Web 3.0

As the capabilities of the Internet have expanded over the past decade and a half, not so attractive features have become stronger in it. For example, hyper-centralization, which has led to the fact that the Internet is essentially controlled by only a few multinational corporations.

You can also note the full control of platforms over user data, including personal data. Now the social network knows more about you than your family members, and conditional Facebook does not hesitate to make money on this knowledge.

Many advertising companies buy and accumulate information about different audiences. And the use of this data is by no means limited to targeting us with suitable commercial banners. Everyone could be convinced of this by the example of Cambridge Analytica. The growing polarization of communities around the world in recent years is largely due to these technologies.

Over-centralization, the practice of commercial use of personal data, global manipulation of public opinion, the ability to disable entire segments of the Internet – this is far from a complete description of the situation in which we find ourselves thanks to Web 2.0.

Enthusiasts of transition to third generation technologies are confident that WEB 3.0 will solve these and many other problems, at the same time turning the Internet into a democratic and user-friendly environment, which will be controlled exclusively by the community itself.

Here are a few principles behind WEB 3.0:

  • Total decentralization of information storage and transmission systems based on blockchain technologies.
  • The absence of a single control center due to the introduction of consensus based on solutions to the “tasks of the Byzantine generals” .
  • Building the Internet based on the principles of the “semantic web” , which will make it understandable and transparent for systems based on artificial intelligence (AI).
  • Widespread use of AI and machine learning technologies.
  • Net neutrality.
  • Bottom-up design, which implies open and completely transparent development of the code under the control of the public.

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How can decentralization help us?

Decentralization of the Internet, turning it into a peer-to-peer network, will allow users to interact with each other directly, bypassing some “central node” that would require authorization and could collect sensitive data.

In fact, we are talking about creating such a structure in which censorship is impossible purely technologically, and there is also no “switch” that would allow any interested person or organization to prevent the operation of the network as a whole or its individual segments.

Important properties of blockchain-based decentralization are the anonymity and complete transparency of all operations. These qualities have already been appreciated by users of existing blockchain platforms.

Storing information in distributed peer-to-peer networks will become more reliable, as it implies the simultaneous existence of several copies of data physically located in different places.

This will entail fundamental changes in search algorithms. At the same time, the privacy of information will increase, because it will be encrypted and distributed.

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New user experience

WEB 3.0 doesn’t come alone. It is necessary to consider the influence of the third generation Internet on user experience in the context of other dynamically developing technologies now.

In particular, we are talking about 5G communication networks, which will provide total coverage of populated areas with a signal with a bandwidth unattainable before. It is 5G that will ensure that WEB 3.0 functions correctly and without delays.

Another important milestone will be the widespread use of systems based on artificial intelligence. The “Semantic Web”, focused on the machine understanding of information, ideally will allow you to receive not dozens of pages for the search query, but one, but the most accurate link to the information you need.

At the same time, this will help AI learn not on filtered data sets, but on the entire amount of available information.

The absence of a single control center, however, does not mean that the Internet will be filled with prohibited, unethical or false information. It’s just that the decision to delete it will not be made by a separate structure that has appropriated the right to divide data into “bad” and “good”, but by the entire audience – by a simple vote.

Finally, in WEB 3.0 it will be much more difficult to create a “fake identity”, since each user (or rather, his identifier) ​​will have an immutable activity history stored in a distributed ledger.

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Economy of the New World

If we talk about what sphere of human activity is more than others ready for the total spread of WEB 3.0, then this, oddly enough, is the economy. The digital assets that have been developing over the past ten years, having come a long way from bitcoin to NFT, simply perfectly fit the principles that are declared as the basis of the third generation Internet.

Cryptocurrencies initially have a decentralized nature, they are anonymous and do not require trust between the participants in transactions. Numerous blockchains are already solving a variety of economic problems.

Decentralized finance (DeFi) platforms allow you to receive loans or borrow funds, earn on maintaining liquidity on exchanges, and all calculations are performed automatically based on transparent smart contracts.

The market for blockchain-based decentralized applications (DApps) is also developing – so far simple, but clearly moving towards WEB 3.0.

Non-fungible tokens (NFT) are almost ready to become the basis of the copyright of the future, where the creator of any content will receive his royalty simply by the fact that the audience shows interest in his creative work, and do it without any intermediaries. And all this will be of great use to us when we enter the dusty paths of the metaverses.

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Road to the Metaverse

In its December report , Goldman Sachs recognized the metaverse as an important part of the now emerging WEB 3.0 . According to the investment bank, it will be the main source of virtual and immersive user experience, the place for the formation of online communities and the environment of the “creative economy”.

The popularity of virtual spaces around the world is growing, as is the acceptance of this type of media content consumption. What is worth only one DJ Marshmello concert in Fortnite, which was attended by 11 million players and watched by 27 million YouTube users.

The Roblox platform, which hosts 49.5 million users every day, also feels great. This figure is expected to grow to 78 million by 2024.

The game’s economy is based on the sale of virtual items, including digital avatars: 20% of users change them daily, which is already attracting traditional business. Not so long ago, the Gucci brand opened its representative office here, giving visitors the opportunity to “try on” a whole collection of skins on their characters.

Serious efforts to build metaverses are being made by both Meta and Sony, Sandbox, Cryptovoxels, Decentraland and many others. The latter, by the way, looks like one of the most promising, as it was originally conceived as a decentralized project.

Why is it important? The already mentioned Goldman Sachs report points out one of the main problems with today’s experimental virtual spaces – almost all of them are “gardens behind a fence.” They are isolated from each other and in competition for the audience’s far from rubbery attention.

Here, the same Decentraland, where you can already go and put on a branded NFT cap from the Binance cryptocurrency exchange or an NFT jacket from Coca-Cola, looks fundamentally more similar to what the metauniverses, which are still disparate, should come to.

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