Explained: Can Web 3.0 deliver on its hype?
Web 3.0, despite its recent backlash, offers a society that is more productive and interconnected.
Web 3.0 is the next major development in internet technology. Artificial intelligence will be used to improve the user experience. Blockchain technology will also allow the service to be supported by decentralized networks, since Web 3.0 forms the basis for cryptocurrencies such as Bitcoin and Ethereum. This is a radical move that could have a significant impact on businesses, how they operate and individual users. Site owners will no longer have to depend on large companies like Amazon (AWS), Google, and others to purchase server space.
Web 2.0, the current version of internet, has become overly centralized. A small number of large tech companies and government agencies control the industry. Web 3.0 promises a decentralized ecosystem built on blockchain technology, the newest of which is still in its infancy. Web 3.0, first coined by computer scientist Gavin Wood in 2014, also helped to create Ethereum, the blockchain decentralized system that powers the Ether coin.
Wood says that the main problem with Web 2.0 is not trusting those who are running the services. In a CNBC podcast, Wood said: \”We’ve built ourselves into a fairly dystopian vision of the future.\” Many believe that Web 3.0, with its emphasis on decentralization, will create a more democratic view of the Internet. It’s also hailed as a key component of the metaverse, a new immersive online world. Some are skeptical, referring to Web 3.0 as a marketing scheme and even a pyramid plan. However, venture investors pour billions of dollars in this futuristic vision. Many in the tech industry, including Elon Musk and Jack Dorsey (former CEO of Twitter), are reportedly against the idea.
Web 3.0 advocates have had a rude awakening in recent months: market prices for significant cryptocurrencies are down precipitously; the trading volume for non-fungible (NFT) tokens has decreased, and most importantly, pioneering businesses have declared bankruptcy because of poor risk management, misappropriation, and misuse of investor funds. Many argue that executives shouldn’t confuse market volatility and dishonest people with the potential of digital assets and technology that supports them. This is despite the fact that the debris continues to fly and many retail investors have lost their savings.
Source:
https://interestingengineering.com/innovation/will-web-3-live-up-to-hype
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