How Web 3.0 is more than Crypto and the future of Web 3.0 with full potential?

Everyone knows nowadays there is a hype about web 3.0. Because everyone from Silicon Valley is talking about or obsessed with this. So, let’s have a look at what is this big thing? Before we started with web3 we must know about web1 and web2.

In Hierarchy web1.0 is a Tim Berners-Lee inception that was created in 1989 and is known as web1.0. And the purpose was only to share information from anywhere on the earth. There was zero interaction between users, so it is called a Read-only web. And it covers the 1990–2004 span of years.

Then the world moved towards the web2.0 era which started from 2004 to the present with the emergence of social media platforms. Web2.0 is not only giving content to users but also creates the opportunity for shared content platforms. Web2.0 has an advertising revenue model. It provides monetary value to the user’s content that is divided between tech giants and content creators. Therefore, it is called a Read-Write web.

As this article is discussing web3 and crypto. So, we must know exactly what is crypto? Let’s have a short look at crypto. Crypto, commonly referred to as a cryptocurrency, is a type of virtual money created to be used as a medium of transaction. It operates on the blockchain mechanism with distributed computer networks for distributed ledger enforcement and uses cryptography methods to safeguard and verify transactions.

Now come to the big thing, how web3 is more than crypto?

Web3.0 is the rebranding of crypto and blockchain that came up with the idea of ownership and decentralization. That is the main difference between traditional crypto and web3. You will mostly hear web3 with crypto because most web3 algorithms are relying heavily on cryptocurrencies.

The idea of a new, improved internet has taken on the umbrella title “Web3.” At its foundation, Web3 uses blockchains, cryptocurrencies, and NFTs (Non-Fungible Token) to return ownership and authority to the users. Web 3.0, also known as Semantic Web or read-write-own, is the timeframe (beginning in 2010) that refers to the future of the web. By enabling computers to examine data in a way like humans, artificial intelligence (AI) and machine learning (ML) facilitate the intelligent creation and dissemination of valuable content tailored to the demands of a user.

As we already know Ownership and decentralization are key concepts in Web 3. Ownership is the more fascinating of the two, in my opinion, as no one is very interested in decentralization. The hype surrounding ownership is that anything you post on Web 3 would be yours, not Twitter’s, Quora’s, or Facebook’s. The Web 3 infrastructure can also be “owned and controlled” by investing in its governance tokens (NFTs). Finally, tokenizing in Web 3 allows you to buy and sell any content you create.

Web3.0 Vs. Crypto

Crypto is a part of web3 but the difference is why we need to move from traditional crypto to web3 crypto. There are a lot of reasons and motivations that can prove how web3 is more than traditional crypto. For example, in the early days of the bitcoin invention and then to peak value we were only able to see whether its value is going up or down and can purchase bitcoin against bitcoin. Mean we have nothing to do with it in real assets purchasing. But now with the web3 feature of non-fungible tokens (NFTs), you can make your digital assets. Mean you can buy and sell something. As the event happened in January 2022 in Seattle NFT Museum, they present the concept picture between Traditional and web3 cryptos.

According to the 1 Bitcoin = 1 Bitcoin as the bitcoin is the fungible token means you can purchase bitcoin with bitcoin and no other digital assets. But NFT uses in web3 are non-fungible 1 NFT ≠ 1NFT as we can purchase any other digital asset like art collectibles and in-game items. This is the reason why web3 is more than crypto.

The next motivation to move on web3 is the scalability issue in cryptocurrency as the adoption and usage of crypto is increasing day by day so the transaction processing time is an issue. As compared to other giants like VISA and MASTER CARD they have scaled systems that dwarfed the crypto scaling system. In contrast, web3 has overcome this issue by making permissionless and trustless transactions with no time. As ubiquity is the main feature of web3 that makes it perfect for large-scale transactions.

As we already know cryptocurrencies suffer a lot of drawbacks among those in cybersecurity. It is another reason to move on web3 as we are witnessed that many ICOs and cost investors have lost their millions of dollars in hackers’ hands. So, we need to make crypto security infrastructure continuously upkeep according to technology needs. However, web3 gives us a great feature of blockchain with no permissions and the involvement of a few intermediaries. That makes our transactions more transparent and non-vulnerable.

The next thing in favor of web3 is the volatile price and low inherent value of cryptos. In recent times Buffet’s statement, “Crypto ecosystem is like a bubble” gave thinking to investors about its future. Furthermore, the value of crypto like bitcoin fluctuates dramatically therefore people are confused to convert real money to bitcoin. Additionally, it comes not under any financial regulatory authority so it could lose value anytime or investors and companies switch their businesses to other currencies. There must be a mechanism for converting digital nontangible things to tangible things and web3 is doing this by NFTs. That is a great breakthrough.

Behavioral advertising is another feature of web3 that makes it more than crypto. Crypto uses interactive advertising using the phenomenon of web2 which depends on the interaction between users and the contents created by them. But web3 will use the behavioral advertising model that works on the browsing or surfing behavior of the user. And the buyers will be exposed to more relevant and informative advertisements.

Blockchains in web3.0, including Ethereum, provide a safe environment where rules are impenetrable, and data is completely guarded. Because of this, the equation no longer requires intermediates. Users’ data won’t be in Apple’s or Google’s hands anymore. A single person won’t be able to control the identities of others, and neither will any government or company be able to shut down services or websites.

Cryptocurrencies are still not a long-term currency and It’s important to keep in mind that cryptocurrencies have only been existing for a little over ten years, even though they have gained widespread recognition and are continually growing in popularity. The idea didn’t fully take off until a white paper on Bitcoin was published in 2008. In contrast, the history of stock markets spans many decades. One example is the 1801 founding of the London Stock Exchange. For thousands of years, gold has been known to be a reliable keeper of value. But what about cryptocurrencies? Nobody is truly sure what the future holds for cryptocurrencies, therefore it takes courage to invest in these new waters.

Advantages of Web3.0:

1- Web3 is a semantic web so you will not only simply search for content, but you will get personalized content.

2- The “read-write-own” phase of the web is web 3.0. where computers can comprehend data similarly to humans and provide content that is tailored for users.

3- Users using Web 3.0 can also take advantage of 3D graphics and visuals.

4- Web 3.0 is user-centered and leverages AI and ML to display customized content based on previous searches and interactions.

5- Peer-to-peer networking is a feature of Web 3.0. This allows for file sharing among the group by using each machine as a node. Every computer behaves as a server when there is no central network to store data.

6- Web 3.0 incorporates AI, which enables it to comprehend information like humans, and this is one of its key features.

Future of Web3 with full potential:

Web3 has the potential to revolutionize how the internet works. In essence, Web3 is a vision for a more open, decentralized, and secure internet, made possible by developments in technologies like blockchain and machine learning. The possibilities appear endless, particularly in the context of the business and web world. Web3 is poised to significantly change several important sectors of the business world, while its full impact on the future of business and the internet is still unknown.

There is a strong indication that Web3 will lead to new incentives infrastructure for businesses and investors. Investors and other business owners desire to actively participate in every stage of the web3 emergence, from idea to execution. Followers can accomplish this goal and turn into long-term investors in web3 success with the use of non-fungible tokens (NFTs), which are the foundation of Web 3. Additionally, NFTs give end-users the chance to reward early adopters as well as followers who have faith in their future potential. If everything goes as planned, the result will be the development of a sustainable community that is unified by a belief in the future potential of an investor or business company and a positive feedback loop.

Before the advent of Web3, platform oligopolies dominated the control of the business world. Though time will ultimately decide if this desire materializes, Web3 aims to shift control from massive platforms to creators. Numerous new ownership structures are made possible by shifting incentive mechanisms. When investors stand to gain more profit financially when content does well, they are more likely to promote the content, and creators can take advantage of the audience’s willingness to pay more, ultimately enabling them to maintain control of their work from the inception.

Web3 will open new monetization avenues that will not be protected by strong intermediaries. The development of new Web3 monetization avenues may improve how creators are paid for their services. A higher percentage of sales can be retained by content creators by using NFTs. Additionally, new Web3 platforms like Socius and Roll give creators the tools those who must directly monetize their work and reputation without the use of intermediaries.

Finally, web3.0 is paving the path to the future of business and content creators. And many have great hopes that Web3 would help to build a fairer and more powerful ecosystem for content creators to thrive by enabling drastic transformation in incentives, ownership infrastructures, and monetization channels.