Reforming the World Wide Web

Web 3.0 and Cryptocurrencies

Web 3.0 or else the Semantic Web refers to the third generation of the internet based on standards set by the WWW Consortium (W3C).

The Historical Background of Web 3.0

The term Semantic web was introduced by Tim Berners-Lee, the inventor of the World Wide Web. He said in 1999: “I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A "Semantic Web", which makes this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy, and our daily lives will be handled by machines talking to machines. The "intelligent agents" people have touted for ages will finally materialize.”

Why Blockchain?

The massive acceptance of blockchain technology opens the way for the full implementation of web 3.0 long before it was anticipated a few years ago. Blockchain and web 3.0 share a common vision, and that is to create a fully decentralized, trustlessness, and permissionless new world of internet services.

 

Introduction to Web 3.0

Web 3.0 aims to use artificial intelligence (AI) and machine learning to improve all internet services by introducing a dynamic interaction between humans and machines.

Web 3.0 Features:

  • Offers new data-driven and intelligent internet services (based on machine-learning)
  • Enables the ‘Semantic web’ which means a world wide web capable of analyzing all the data on the internet without human intervention
  • Enables machine-readable data and the Internet of Things (IoT)
  • Takes advantage of the network effect when connecting different devices in the same workplace (Ubiquitous Computing)
  • Facilitates the P2P (peer-to-peer) exchange of data and its applications (such as the Blockchain)
  • Enables virtual assistants based on artificial intelligence

Web 3.0 Advantages:

  • Offers more relevant content and new internet services to end-users
  • Enhances human privacy and security via the use of cryptography
  • Allows the interaction between humans and machines without the need for a middleman
  • Expands the scalability and scope of both human and machine
  • Minimizes the trust required for coordination on a global scale
  • Promotes new global co-operatives through autonomous and decentralized organizations
  • Allows the introduction of self-sovereign data marketplaces
  • Enhances interoperability between different networks

 

 

Blockchain Networks and Web 3.0

Web 3.0 enables users to interact with each other without the need for a middleman and the limitations of censorship. However, that is exactly the mission of blockchain technology. Blockchain networks such as Bitcoin and Ethereum are already fully decentralized ecosystems governed by their underlying protocols without the need for a middleman. Therefore, the adoption of blockchain technology is a vital step toward the realization of a Semantic web, as Tim Berners-Lee has dreamt in 1999.

Web 3.0 Cryptocurrency Tokens

As the use of blockchain networks grows, Web 3.0 is coming closer. The importance of cryptocurrency to Web 3.0 explains why the crypto industry is never going to be banned.

These are some categories of cryptocurrency projects that are essential for the implementation of web 3.0.

(1) Smart-contract platforms

Smart contracts (Nick Szabo, 1994) enable the automation of web processes without the need for middlemen:

(2) Interoperable Blockchain Networks:

Interoperability refers to the ability to share and access information across various blockchains. That is absolutely necessary for implementing web 3.0.

Storage of Data:

Censorship-resistant data requires the use of P2P file storage systems:

Peer-2-Peer:

3D Graphics:

3D graphics enhance the connectivity between the physical and digital worlds.

There are additional categories of cryptocurrency projects that are essential for the implementation of web 3.0. For example, Bitcoin serving the role of ‘digital gold’, and NFTs. Moreover, the concept of a Semantic web will create new categories of cryptocurrency projects.

 

Sources:

https://www.w3.org/2007/Talks/0123-sb-W3CEmergingTech/Overviewp.pdf

https://en.wikipedia.org/wiki/Semantic_Web

https://medium.com/fabric-ventures/what-is-web-3-0-why-it-matters-934eb07f3d2b

 

Web 3.0 and Cryptocurrencies -Reforming the World Wide Web

G. Protonotarios, Financial Analyst for ExpertSignal.com

October, 19th, 2021

 

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