While the Web 2.0 continues to grow and quickly accelerating as a result of Covid 19, we are now starting to seeing the the next major shift in internet applications – Web 3.0. Web 3.0 has the potential to be even more disruptive by bringing control back to the users through open, trustless and permissionless networks.
What Are Open, Trustless & Permissionless Networks?
Open: Open-sourced code built by an accessible community of developers and executed in full view of the world.
Trustless: The network will allow direct interaction without going through a trusted intermediary
Permissionless: Anyone can participate without authorisation from a governing body
The Ultimate Goal for Web 3.0
As web 2.0 has grown, so has the power between the corporations in the space such as Google and Meta. What once started as an ecosystem created by users, has turned into an economy controlled by few centralised institutions. The currency of web 2.0 is content and data, and the owners and creators are often the least to benefit.
The ultimate outcome for web 3.0 is a fairer society, controlled by its participants and who are rewarded for their contribution. This society can become more efficient by removing intermediaries and returning this value directly back to the users in a network.
What Are The Most Interesting Trends in Web 3.0?
Although Web 3.0 is still in its infancy, there are already 18,000+ developers and 34,000+ developers committed code in 2021.
1. Blockchain meets Social
It is only a matter of time before a challenger in the social space is able to pull off a decentralised social network. Privacy concerns, censorship, data breaches and transparency are all important topics and can be addressed through blockchain. Can blockchain give power back to the users? Adoption will take time, but projects are already being built with hundreds of apps.
2. NFTs Beyond Apes
Non-fungible tokens are one of the most misunderstood categories in blockchain. A non-fungible token is a unique item that cannot be replaced with anything else. Popular culture tends to focus on NFT art speculation for investments. However, NFT use cases extend far beyond Bored Apes. We are now beginning to see creative and useful examples of how NTFs can become a part of our day to day lives through control of our identities, buying physical properties in an instant and easy access to events with verifiable ownership of tickets.
3. Low-No Code Applications
Adoption of Web3.0 can be accelerated through minimising barriers to entry. Several projects have launched that allow you to create apps with zero coding experience. A movement called No-Code envision a society where more people can be the creators of technology that that was limited to programmers and developers.
4. The Decentralised Knowledge Graph
Knowledge graphs power trillion dollar industries and is the technology that powers Google. Knowledge graphs illustrates the relationship between a network of real-world entities such as objects, situations, events, and concepts. The world’s first decentralised knowledge graph has now been launched.
5. Web3.0 Browsers
Web3.0 browsers are continuing to grow in popularity, allowing you to browse the decentralised web with a focus on privacy, monetisation and cryptocurrency integration. Presently, Brave lead the pack of decentralised browsers with 25 million users. The browser supports P2P filesharing as well as crypto wallet integration.
The future of the internet is Web3.0 and we are still in early stages of adoption. Some of the examples above are just the very beginning.