Web3: What are Its Benefits and What can We Expect from It?

Web3: What are Its Benefits and What can We Expect from It?

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by Amelia Scott — 3 months ago in Development 5 min. read
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Web3 is just around the corner, or will it be decades away? How will it change? Let’s look at some possible options and projects.

Web3, or Web 3.0, has been a topic of excitement in the tech community. Analysts believe it’s the next generation internet and that it will be vastly different from the one we use now.

What Are Some of the Major Expectations for Web3?

As Web3 development continues to evolve, people are still working hard to figure out how it will look. There is some agreement on its key characteristics. These are just a few of the main characteristics.

More Decentralization

Many Web 3.0 discussions include the topic of blockchain. People believe that they will be closely linked. Because decentralization is a key feature of the next generation of the internet.

Protocols Labs is working on a project to show what’s possible. It’s the InterPlanetary File System stack, and it is an important part of a peer-to-peer network that works alongside the central system.

There are layers that allow for data definition, naming, and networking as well as the information itself. Web3’s decentralized nature should allow people to take more control of their personal information than large organizations that manage it for them.

Improved Artificial Intelligence (AI)

When people think about the future of Web3 development they often consider highly intelligent machines that will allow them to have richer, more meaningful interactions with them. You can see the potential in how smart speakers interact with people to place orders, get information, and play games.

According to one source, there will be around $1.25 billion worth in the global chatbot market by 2020. Web 3.0 is one factor that could help us get there. Currently, chatbots are accessed via keyboards. As the internet becomes more advanced, users will be able to use multimodal user interfaces to listen or read the responses of bots and touch to interact with them.

Also read: Top 3 Lessons I Learned from Growing a $100K+ Business

The Rise of the Semantic Web

Web3 is also believed to lead to the creation of the Semantic Web. This means that computers and programs will be able to understand more than keywords or numerals. They will process the meaning of a user’s query to allow machines to make more intelligent and useful interactions. Many people use the terms Web 3.0 or the Semantic Web interchangeably.

Natural Language Processing (NLP), has allowed computers to make substantial progress in data handling. Wefarm, a company that creates text-message shortcodes, helps approximately 2.6 million smallholder farmers to ask their peer’s questions and get the answers to the right people.

Web 3.0 should allow for similar interactions at higher levels. Computers will be able to analyze the inputs of people with the right context. Users should receive more accurate and relevant results when that happens.



When can People Start using Web 3.0?

Web 3.0 will not become available at once. Web3 development will occur slowly, especially as more companies develop related products. Users will sometimes need devices that can work with the Web 3.0 infrastructure.

It is possible to use services that are built for Web 3.0. Follow is one example. It was launched in September 2021. It is a social protocol that allows people to get involved in Web3 development.

It is possible to make applications by anyone, as Follow offers basic development tools on its blockchain-based platform. You can make a music player, or something similar to Instagram. Follow is different from other platforms because people have full control of their data as well as their identities when they use any app made in it.

Moledao, another company that aims to make Web 3.0 a reality is Moledao. It is a social network that allows blockchain enthusiasts to keep up-to-date with the latest news and development opportunities. Moledao launched a Web3 hackathon in November 2021. It was open to all participants worldwide and ran until January 2022.

What can People Expect from Web3 in the Future?

There are many perspectives on Web3 in the media. It can be difficult to discern between what might happen quickly and what is more likely the result of people’s optimistic but overactive imaginations. Here are some details about projects that are in progress.

A New Way of Paying for Things

Recent changes in payment options have seen a shift, thanks to the increased acceptance of contactless solutions. They’re set to become even more sophisticated as Web3 develops.

Twig, a financial technology startup, recently raised $35M in a Series-A funding round. It will use the money to fund Web 3.0 plans, which allow users to trade in their clothing and electronics to purchase cryptocurrencies and nonfungible tokens.

Twig is a “bank” of things. Its leaders see a platform that caters more to the younger generation who are conscious about being sustainable and not hoarding too much stuff. Users can exchange cash for clothes and electronics. The company is headquartered in the United Kingdom but plans to expand internationally.

These new payment methods could have a positive impact on e-commerce sites all over the internet if they are successful. Recent changes include the proliferation of services that allow people to buy items now and then pay later. Shoppers might also be able to see a growing number of products that they can use to make loan-based or immediate payments.

Also read: Best Online Courses to get highest paid in 2021

A Decentralized Organization Offers Inclusion to Climate Change Discussions

Although climate change will not affect everyone equally, most experts agree that it is a global problem. The problem is that the majority of people most at-risk for experiencing global heating-related consequences don’t have an opportunity to take part in discussions about how to address them.

The other problem is that the push for sustainability improvement seems to be erratic rather than showing progress. Earth Fund, an organization that uses Web 3.0 technologies for aid, is one example.

It is a decentralized autonomous organization (DAO), which believes Web 3.0 could spur much-needed progress on the climate fight. Earth Fund’s platform features allow people to learn more about and vet organizations before they contribute to their projects.

Earth Fund will also issue the 1Earth coin, a native cryptocurrency. Those who own them will be able to vote and have an influence on the operation of the organization.



A Different Destination For Social Video Sharing

TikTok was a viral sensation that enticed users with short and sometimes funny, or even fascinating video clips. ByteDance, a Chinese company, was its owner. It quickly gained popularity and gained attention elsewhere. One of the Web3 goals is to ensure that no one company holds so much power. Instead, internet users can answer the what-when, why, how, and where-based questions regarding their sharing practices.

Many see Chingari, an India-based social-video-sharing platform, as a potential TikTok competitor. It already supports Web3 principles and has many features.

The platform will eventually function as a DAO where people who have stakes in it can influence its direction. The advertising model it uses is different from what most users of social media are used to. Chingari bridges between creators and advertisers, rather than creators receiving a small percentage of advertising revenue.

Advertisers can engage directly with creators in such an arrangement. This link creates a stronger partnership which incentivizes platform creators and makes Chingari worthwhile to use and distribute their content.

Chingari has an enormous library of content that is made easy to navigate by artificial intelligence algorithms. Based on user interactions, it curates and recommends content. YouTube and other sites already offer this functionality, but Web3 will be able to take it to the next level.



Will Web3 Make a Big Impact?

This overview of Web3 technology and its characteristics will help people decide what they should be looking forward to. Analysts are excited about Web 3.0’s potential to make the internet more accessible and enable people to access content from any device. All of these things sound amazing.

It’s impossible to predict how quickly these dreams will come true. There are always unexpected problems with technological advances. Along with the many perks Web 3.0 offers, there will always be downsides.

People have plenty to be excited about in the next few years. Many people can recall when the internet was a rare commodity in many homes and how quickly it changed the world. Web 3.0 may not have as dramatic an impact but it will help people to use the internet and related technologies in new ways.

Amelia Scott

Amelia is a content manager of The Next Tech. She also includes the characteristics of her log in a fun way so readers will know what to expect from her work.

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