The Web 3.0 era will reach its true potential when most current and future web applications and websites have adopted a decentralized web infrastructure. Today, it is clear to everyone, from each college essay writer to artists to Wall Street economists.

Web 3.0 promises a substantial change in the future of the Internet, with a strong emphasis on consumer privacy, a recurring problem that has not been adequately addressed to date. But what does Web 3.0 consist of?

Web 3.0, also known as Web3, refers to a decentralized network that allows operating computer and web systems, driven by blockchain technology, which allows creating “blocks” and forming data chains, what we know above all from cryptocurrencies.

This decentralized network is peer-to-peer (P2P) technology, which allows processing power to be distributed across hundreds of thousands of servers, where everyone is part owner of the network. As we can see, there is a big difference with the centralized network, such as Amazon and Google servers, where they have complete control of the flow of information and, in addition, are the ones in charge of determining its use.

In recent releases, we have seen how blockchain technology, particularly NFTs, allows users to participate in virtual reality as the metaverse. Metaverses are 3D digital universes that run on the blockchain and allow anyone to create assets, socialize, play games, invest, and more.

Similarly, Web 3.0 can provide the basis for people to create, buy and sell products, such as NFTs. Web 3.0 is expected to be highly interoperable and facilitate trading and communication because it is a collection of applications and user interactions on a decentralized platform.

The truth is that blockchain is just one of the highly advanced technologies that are contributing to this revolution. Other technologies that are playing a key role are: virtual reality (VR), augmented reality (AR), artificial intelligence (AI), and machine learning (ML).

Given this scenario, there is no doubt that Web 3.0 is the future of the Internet. Why? Firstly, because of the transparency it will provide. With it, it will be possible to see transactions and movements publicly. Blockchain data is completely open and public, so participants can see what is happening and track the data.

Secondly, it is necessary to emphasize the improvement of identity and privacy that it will grant. Identity will be linked to the user’s wallet or digital wallet. While in Web 2.0, authentication methods almost always require the user to provide private and personal data, in Web 3.0, digital wallets are completely anonymous unless the user decides to link them publicly to his or her identity. In short, with Web 3.0, we will have more control over our data, information, and digital content.

Many technology specialists maintain that this “new phase” of the Internet will provide a more democratic, decentralized, open, and equitable Web. In other words, what will be sought with it will be to return to the essence of what the Internet was: that no one controls this communication tool to a large extent, i.e., to take power away from the “Internet giants.”

In this regard, it is worth noting that Amazon, Google, and Microsoft currently lead the cloud data storage market. The first company, with its subsidiary AWS, controls 41.5% of the total, according to McAfee data from 2019. It is followed by Microsoft’s Azure, with 29.4%, and Google Cloud, with 3%. A Synergy Research Group report states that these three companies have half of the 600 large data centers globally.

In summary, we can say that what Web 3.0 is all about is changing the architecture of the current Web. While there are already several early-stage Web 3.0 applications, the Web 3.0 era will only reach its true potential when the majority of current and future Web applications and Web sites have adopted a decentralized Web infrastructure.

While there is still a long way to go, I would venture to predict that we will see a massive migration to blockchain in the next three years. What does this mean for you? You can anticipate the trend and prepare your company for the technological transformation that is already taking place.

So take advantage of this time to soak in the fundamental concepts of Web 3.0 so that you and your company are ready to be part of the future of the Internet.

• Coinsmart. Europe’s Best Bitcoin and Crypto Exchange. Click Here
• Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
• Source: Plato Data Intelligence: Platodata.ai