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Web 3.0: The Next Avatar of the Internet
Web 3.0: The Next Avatar of the Internet

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One of the trending terms which has been making rounds in technology arena is Web 3.0. The term Web 3.0, popularized by Gavin Wood, means 3rd generation of the internet which is making its way to revolutionize the internet economy model via decentralization and shifting data control from platforms to the users.

Evolution of the Internet

Internet has been in our lives since early 90’s. The Web 1.0 era started with in 1900s and gave us the access to unlimited information via webpages forming information economy. As we stepped into 2000s, we entered the Web 2.0 era where we not only consumed the information, but also created the content and shared it on various platforms. As we are becoming more aware about Web 2.0 driven platform economy and data control, concept of decentralization is making waves leading to new era of internet evolution Web 3.0.

Evolution of the Internet

Web 3.0 – Why do we need it?

As users are becoming more aware about the current platform economy model, the demand for decentralization and user-centric internet model has become one of the top debates. Web 3.0 evolution has proven to be a valuable solution to overcome the most off-putting consequences of Web 2.0 such as centralized control via single organization, leveraging end-user data for certain financial and surveillance benefits. The Web 3.0 evolution shifts the power from one single organization to all its users. In the recent times decentralized finance, NFTs, play-to-earn games, and decentralized autonomous organizations (DAOs), have proven to be beneficial to various independent artists, creators, and communities.

Centralized vs. Decentralized Network
                        Centralized vs. Decentralized Network

How soon will we be living in Web 3.0 surrounded environment?

According to Gartner’s report ~25% of enterprises by 2024, will integrate legacy applications and services with decentralized Web 3.0 applications. However, depending on the use case, level of human intervention and accountability, most enterprises will rely on Web 2.0 for most applications until 2030 or even post that. Therefore, we can expect few applications or processes which can be powered by Web 3.0; however, it is expected to co-exist or hybrid with Web 2.0 in the future depending upon the accountability and level of permissions required.

In conclusion, Web 3.0 is expected to make a huge impact on our lives and may come with great benefits. Awareness, adoption, talent capabilities and right process implementation & guidelines would be the pivotal key to unlock the full potential of Web 3.0 for the benefit of the users.

In the next blog, I would talk about current Web 3.0 use cases and innovation ideas which currently start-up companies are working on and what benefits do they bring to users.

Stay tuned!

Sources:

  1. What is Web 3.0?
  2. Web 2.0 to be Used by Enterprises till 2030, Says Gartner

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Experienced Research professional with a demonstrated history of working in the information technology consulting industry. Skilled in Customer Relationship Management (CRM), Market Research, Primer Reports, and Competitive Intelligence projects.

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