Web 3.0, Evolution of the Internet

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Last Updated07/01/2022

With the World Wide WEB celebrating its 33rd anniversary, the internet has become essential for many of our day-to-day activities.
Web 3.0 is a revolution already underway.
Will it really revolutionise the internet? Whether it’s a mere buzzword or a real revolution, Web 3.0 seems to be a term that’s on everyone’s lips.

At Facebook's developer conference this year, founder Mark Zuckerberg laid out his vision for Web 3.0 and the metaverse.
∞ Meta
He even changed the name of his company to 'Meta' to signal a new age of development.

Web 3.0 is a natural progression where Cryptocurrency and other services operate on what's called the blockchain or distributed networks.
Web 3.0 is the next version of the internet, where services will run on 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 reliable, decentralised with control in the user's hands enables socialising for work and play through the metaverse, and makes it cheaper as well as easier to make payments.

Web 1.0
: In this stage the internet was created as a distributed set of computers communicating with one another, and sharing the load of managing the network.
: It worked very well but had one big problem there was no way to make money off it. For instance, a Web 1.0Web 1.0 startup called Google had heavy traffic, but could not encash it.
Web 2.0
: In 2001, Google developed AdWords, a pay-per-click, auction-based 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.

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.
The key difference is that the cloud is controlled by giants such as Amazon, Google and Microsoft, and on-premise is controlled by companies/organisations, and is centralised.
In the case of blockchain, data is distributed across networks and no single entity owns the information.
Web3 is all about a decentralised internet that runs on a public blockchain, which is also used for cryptocurrency transactions.

Blockchain aims at keeping the insights organized as blocks, with cryptographic hash entrusted to make them immutable and secure.
Blockchain is paving the way for a more democratic form of internet and it would finally come down to dApps and Smart Contract to automate specific processes.
Hence Crypto players that would offer the best technology to contribute to the Web3.0 ecosystem will get the maximum attent.

Example of the Web 3.0 universe is NFTS or non-fungible tokens, which are bought using crypto coins.
They might be JPEGS (oversimplification 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.

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 are not really specific and can be extremely vague at the best of times. Fuzzy logic is used to deal with vagueness.
Uncertainty : The internet deals with scores of uncertain values. For example, a patient might present a set of symptoms that correspond to many different distinct diagnoses each with a different probability. Probabilistic reasoning techniques are generally employed to address uncertainty.
Inconsistency : Inconsistent data can lead to logical contradiction and predictive analysis.

Indian TikTok rival Chingari recently raised almost $38 million from 30 investors and the public sale of its crypto token GARI.
This will be integrated with the app, allowing creators to earn in its crypto token GARI.
It is also working on its own NFT marketplace.
Polygon, founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, is a made-in-India cryptocurrency protocol that crossed a market capitalization of $10 billion recently.