WEB 3.0 -Reforming the World Wide Web

Web 3.0, also known as the Semantic Web, refers to the third generation of the internet, built on standards established by the World Wide Web 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. In 1999, he said:

“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.”

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Why Blockchain?

The widespread adoption of blockchain technology has accelerated the implementation of Web 3.0, far earlier than many anticipated just a few years ago. Blockchain and Web 3.0 share a common vision: to create a fully decentralized, trustless, and permissionless new generation of internet services.

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Introduction to Web 3.0

Web 3.0 aims to leverage artificial intelligence (AI) and machine learning to enhance internet services by fostering dynamic interaction between humans and machines.

 

Web 3.0 Features:

• Delivers new data-driven and intelligent internet services (powered by machine learning)

• Enables the Semantic Web—a web capable of analyzing and understanding data without human input

• Supports machine-readable data and integration with the Internet of Things (IoT)

• Utilizes the network effect by interconnecting devices in the same environment (Ubiquitous Computing)

• Facilitates peer-to-peer (P2P) data exchange and applications, such as those built on blockchain

• Powers virtual assistants using artificial intelligence

 

Web 3.0 Advantages:

• Provides more relevant content and innovative services to end users

• Enhances privacy and security through the use of cryptographic technologies

• Enables direct interaction between humans and machines, eliminating the need for intermediaries

• Increases scalability and expands the capabilities of both humans and machines

• Reduces the need for trust in global coordination

• Encourages the creation of global cooperatives via decentralized autonomous organizations (DAOs)

• Supports the emergence of self-sovereign data marketplaces

• Improves interoperability across different networks

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Blockchain Networks and Web 3.0

Web 3.0 empowers users to interact directly with one another, free from intermediaries and censorship. This vision aligns perfectly with the mission of blockchain technology. Blockchain networks like Bitcoin and Ethereum are already functioning as fully decentralized ecosystems, governed by their core protocols without reliance on central authorities. As such, the adoption of blockchain technology is a crucial step toward realizing the Semantic Web—a vision first outlined by Tim Berners-Lee in 1999.

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Web 3.0 Cryptocurrency Tokens

As blockchain networks continue to expand, the development of Web 3.0 accelerates. The critical role of cryptocurrencies in this evolution is one of the key reasons why the crypto industry is unlikely to be banned.

Here are some key categories of cryptocurrency projects essential to the implementation of Web 3.0:

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(1) Smart Contract Platforms

Smart contracts—a concept introduced by Nick Szabo in 1994—enable the automation of web-based processes without requiring intermediaries. They are foundational to building decentralized applications and services on Web 3.0.

• Ethereum
• Binance
• Cardano

(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.

• Kusama (KSM)
• Polkadot (DOT)
• Cosmos (ATOM)

Storage of Data:

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

• Filecoin (FIL)
• The Graph (GRT)

Peer-2-Peer:

• Livepeer (LPT)
• Helium (HNT)
• Bittorrent (BTT)

3D Graphics:

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

• Decentraland

There are additional categories of cryptocurrency projects that are essential to the implementation of Web 3.0. For example, Bitcoin serves as a form of digital gold, providing a decentralized store of value. Non-Fungible Tokens (NFTs) also play a significant role by enabling digital ownership and verifiable uniqueness across decentralized platforms. Furthermore, the emergence of the Semantic Web is expected to give rise to entirely new categories of cryptocurrency projects designed to support machine-readable data, autonomous agents, and intelligent contract execution.

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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