Glossary

Justin Sun

NFT: Non-Fungible Token

Off-Chain Blockchain Analysis

USD Coin (USDC)

Web 3.0

Web3 or Web 3.0 is the third generation World Wide Web. The internet will be decentralized leveraging several technologies including blockchain, artificial intelligence, augmented reality, virtual reality, Internet of Things, autonomous technology, machine learning, and others. Web 3.0 will offer improved security, scalability, transparency, and privacy to its users.

History and Development

The term “Web 3.0” was coined by Ethereum co-founder Gavin Wood in 2014 giving the idea of the decentralized internet based on blockchain technology. The Web3 internet depends on concepts of the digital world such as cryptocurrencies, non-fungible tokens (NFTs), metaverse, etc.

Despite the idea being around for many years now, the interest in Web3 has grown in the last 2 years. The recent growth and adoption of cryptocurrencies, NFTs, and metaverse have cleared the possibilities of a decentralized internet in the future.

Many technology companies, governments, and venture capital firms have invested time and money in developing these future technologies. Blockchain companies and institutions associated with Ethereum, Polygon, Solana, Cardano, etc. have received funds for Web3 development.

How Web 3.0 Will Transform Internet?

Web 3.0 aims to replace all traditional industry practices in an innovative and advanced way by using Web3 technologies. The most important concept is decentralized finance (DeFi), replacing the traditional finance system.

Moreover, other industries including retail, marketing, advertising, real estate, e-commerce, video gaming, etc. will also benefit from the Web3. The Web 3.0 will work on special hardware and devices, software, and decentralized applications (DApps) to communicate and interact in the Web3 ecosystem.

Web 3.0 vs. Web 2.0

Web 3.0 and Web 2.0 are similar technologies, but they approach problem-solving differently. The primary distinction is that Web 2.0 focuses on reading and writing content, whereas Web 3.0 is fundamentally about creating content (Semantic Web).

Web 2.0 allows users to contribute to and occasionally collaborate on website content, whereas Web 3.0 will probably hand these responsibilities over to the semantic web and AI technologies. Web 3.0 places a strong emphasis on decentralized services and power, which contrasts sharply with Web 2.0’s centralization.

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About author
Disclaimer

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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