leaf

The goal behind Web 3.0 is to make internet searches faster, simpler, and more efficient, even allowing complex search terms to be processed in record time.

Users must use the frontend of Web 2.0 applications, which connects to the backend, and the backend communicates with the database. The complete code is hosted on a central server and sent to users via internet browsers.

Web 3.0 does not have a centralized database that stores application information, nor does it have a centralized Web server that houses backend code. Instead, it relies on blockchain technology, which allows developers to build programs on a decentralized state machine maintained by anonymous nodes on the internet. The logic of your application is specified in smart contracts developed by programmers and deployed on the decentralized state machine.

Main Features of Web 3.0#

Here are the main elements of Web 3.0:

• Open — It is "open" because it is created by an open, accessible developer community using open-source software and completed under public scrutiny.

• Trustless — The network allows users to communicate openly and privately without intermediaries, putting them at risk: hence, "trustless" data.

• Permissionless — Anyone, including providers and consumers, can participate without needing permission from a governing organization.

• Ubiquitous — Web 3.0 will enable everyone to access the internet anytime and anywhere.

Connected devices will no longer be limited to computers and smartphones as in the Web 2.0 era. The Internet of Things (IoT) will create a multitude of new smart devices.

Web 3.0, as a semantic web or read-write execution, heralds an era of the future of the internet (starting in 2010).

Artificial Intelligence (AI) and Machine Learning (ML) allow computers to evaluate data in the same way humans do, enabling the intelligent development and dissemination of useful information based on individual user needs.

Despite several major differences between Web 2.0 and Web 3.0, decentralization is at the core of both.

Web 3.0 developers almost never build and deploy programs that run on a single server or store data in a single database (typically hosted and managed by a single cloud provider). On the other hand, Web 3.0 applications are blockchain-based, forming a decentralized network made up of many peer nodes (servers) or a combination of both. These applications are referred to as decentralized applications (DApps), a term frequently used in the Web 3.0 ecosystem.

Participants in the network (developers) are rewarded for providing the best quality services to maintain a robust and secure decentralized network.

Layers of Web 3.0#

Web 2.0 was primarily driven by the emergence of mobile, social, and cloud technologies, while Web 3.0 is propelled by four additional layers of technological innovation:

• Edge Computing

• Artificial Intelligence and Machine Learning

• Blockchain

1. Edge Computing

While the commoditized personal computing technologies in data centers changed during Web 2.0, the transition to Web 3.0 is pushing data centers toward the edge (i.e., edge computing) occasionally directly into our hands. Data centers are supplemented by a vast array of modern computing resources distributed across phones, laptops, appliances, sensors, and cars, generating and consuming 160 times more data than in 2010.

2. Decentralized Data Networks

Decentralized data networks allow different data producers to sell or trade their data without losing ownership, compromising privacy, or relying on intermediaries.

Thus, in the emerging "data economy," decentralized data networks will have a multitude of data suppliers. For example, whether you log into an application with your email and password, watch a video, or ask Alexa a question, all these actions will be recorded and analyzed by internet giants like Google and Facebook to better target their advertisements. However, in Web 3.0, data is decentralized, meaning consumers will control their data. Decentralized data networks allow different data producers to sell or trade their data without losing ownership, compromising privacy, or relying on intermediaries. Using internet identity allows you to log into the internet securely without being tracked.

3. Artificial Intelligence and Machine Learning

AI and ML algorithms have matured to the point where they can make significant, sometimes even life-saving predictions and actions. When built on new decentralized data structures that allow access to the vast amounts of data required by today's tech giants, their potential uses far exceed targeted advertising, extending into areas such as:

• High-precision materials
• Medical creation
• Climate modeling

While Web 2.0 has considerable capabilities, it remains primarily human-based, allowing for corrupt practices such as biased product reviews, manipulated ratings, and human errors.

Paying large numbers of individuals to write excellent product or service reviews. Therefore, to provide reliable data, the internet needs AI to learn how to distinguish between legitimate and false data.

Following the Gamestop trading collapse, Google's AI algorithms recently removed about 100,000 negative reviews for the Robinhood app in the Play Store after discovering that someone was deliberately manipulating ratings to undermine the app.

This is AI at work, which will soon be integrated into Web 3.0, enabling blogs and other online platforms to filter data and adjust based on each user's interests.

4. Blockchain Technology

Simply put, blockchain is an additional technological layer under Web 3.0.

More accurately, blockchain is the backbone of Web 3.0 as it redefines the data structure of the semantic web backend. Blockchain is a decentralized state machine that allows for the deployment of smart contracts. These smart contracts outline the logic of Web 3.0 applications. Therefore, anyone wishing to create a blockchain application must deploy their application code on a public state machine.

What are the Attributes of Web 3.0?#

The transition from Web 2.0 to 3.0 is quietly happening, and the general public may not notice it. Web 3.0 applications look and feel similar to 2.0 applications, but the backend is entirely different. The future of Web 3.0 will provide universal applications that can be read and used by a wide variety of devices and software types, making our business and entertainment activities easier. The emergence of technologies like distributed ledgers and blockchain storage will challenge the centralization, surveillance, and exploitative advertising of Web 2.0, allowing for the decentralization of data and the construction of transparent and secure environments.

As decentralized infrastructure and application platforms replace centralized tech enterprises, individuals will be able to appropriately own their data on decentralized networks.

Let’s look at some characteristics of Web 3.0 to better understand its complexities and nuances.

Semantic Web

The "semantic web" is a crucial component of Web 3.0. Tim Berners-Lee created this concept to describe a data network that machines can evaluate. So, what does it mean in layman's terms? What is the exact meaning of the phrase "semantics"? What is the difference between saying "I love Bitcoin" and "I <3 Bitcoin"?

The same. Semantics focuses on the meaning or sentiment represented by facts; in the above example, both statements convey the same sentiment.

The semantic web and AI are the two foundational elements of Web 3.0. The semantic web will help educate computers about the meaning of data, enabling AI to create real-world use cases and better leverage data. The main idea is to create a knowledge spider web across the internet, helping people grasp the meanings of words and generating, sharing, and linking materials through search and analysis. Due to semantic information, Web 3.0 will enhance data transmission.

Thus, the user experience is elevated to a new level of connectivity, leveraging all available data.

3D Graphics

Web 3.0 will change the future of the internet, transitioning from a two-dimensional network to a more realistic three-dimensional network world. E-commerce, online gaming, and real estate markets widely use 3D designs on Web 3.0 websites and services.

While it may seem odd, thousands of people from around the globe are currently working in this field. Take online games like "Second Life" or "World of Warcraft," where users care more about the health of their virtual avatars than their real-life peers.

Ubiquity

Ubiquity refers to the concept of existing or appearing in several locations simultaneously, also known as omnipresence.

This feature already exists in Web 2.0. Take Instagram, for example, a social website where users take images with their phones and then share and distribute them online, making these images their intellectual property. Once uploaded, the images become widely disseminated or available everywhere.

With the growth of mobile devices and internet connectivity, the Web 3.0 experience will be available anytime and anywhere. The internet will no longer be limited to your desktop computer as in Web 1.0, nor to your smartphone as in Web 2.0. This will be unstoppable. Because most objects around you are online-linked (IoT), Web 3.0 may be labeled as the "ubiquitous web of everything."

Here is an example of how a Web 3.0 application works:

Web 3.0 Architecture#

The architecture of Web 3.0 essentially consists of four elements:

• Ethereum Blockchain — These are global state machines maintained by a peer-to-peer node network. Anyone in the world can access and write to the state machine.

Essentially, it is co-owned by everyone in the network, rather than owned by any single company. Users may add new data to the Ethereum blockchain, but they can never change old data.

• Smart Contracts — These are programs that run on the Ethereum blockchain. Application developers write this code in high-level languages like Solidity or Vyper to specify the logic behind state changes.

• Ethereum Virtual Machine (EVM) — These machines are responsible for executing the logic expressed in smart contracts. They handle state changes occurring on the state machine.

• Frontend — Like any other program, the frontend defines UI logic. However, it can communicate with the smart contracts that describe the application logic.

DApps — Portals to Web 3.0

We will continue to use the same browsers and the internet. However, internally, it will undergo significant modifications. New technologies in the works take time to develop, but once developed, there will be a plethora of new opportunities to explore (at least technically). The learning curve for the typical user will be shorter. To prepare for the future, organizations must fundamentally change their tech stack and integrate blockchain and related technologies like AI, big data, etc. In this context, we will primarily adopt decentralized applications (DApps). Before submission, every internet (Web 3) transaction will be signed and verified. This will make the internet more secure. Users will also feel more secure when using new websites. We will use various additional applications that leverage new technologies.

Real Examples of Web 3.0#

Web 3.0 has already been applied in many areas, such as virtual assistance, education, social networking, messaging, exchange services, browsing, and more. For example, if you want to know how much food you left at work, you can have your digital assistant analyze what’s in your fridge by connecting to your smart devices at home. Additionally, you can utilize the ubiquitous connected devices in your home to coordinate your holiday plans, business trips, weekend gatherings, household management, and even protect your home security. Customized suggestions from virtual assistants will guide you in planning the ideal weekend, from ordering discounted tickets to discovering charming new attractions to booking accommodations.

Examples of Web 3.0 Applications#

Here are some notable examples of Web 3.0 applications that showcase their range of applications:

• Apple's Personal Assistant Siri

Siri is a great example of voice recognition software as a key component of Web 3.0. Siri and other personal assistants use this technology to interact, exchange information (via connected blocks), and provide users with more useful search results, including how, why, and what to do. Previously, Siri could only perform basic tasks like reminders and guiding to the nearest grocery store using pre-programmed algorithms.

• Wolfram Alpha

Wolfram Alpha is a computational intelligence platform currently using Web 3.0. The software can compute answers for users in areas like mathematics, nutrition, and science. It can interact instantly with other applications, pulling data from their databases and simplifying it for end users. Thus, it is now faster and produces more accurate results than Web 2.0. Siri often consults Wolfram Alpha.

• Steemit

Steemit is a great example of a Web 3.0 social networking platform. It is a decentralized reward network entirely based on the Steem blockchain's social media paradigm. It pays content creators or bloggers in cryptocurrency for their contributions to the platform. This is where Web 3.0 shines, as it allows the platform to reward contributors with cryptocurrency in a secure environment.

• Sola

Sola is another example of a Web 3.0 social networking site. It is a decentralized social network supported by distributed nodes, IPFS, and the Ethereum blockchain.

Unlike Steemit, Sola uses blockchain AI to create a blend of social networking and media. It rewards and incentivizes all stakeholders, including users, third-party developers, and the core team of viral content. The site employs AI algorithms to select only high-quality material for encouragement, rather than relying solely on human reactions to spread posts. Additionally, Sola rewards users with its virtual currency, known as action points, which users can spend on their content or support other users' content.

• IDEX

IDEX is a well-known decentralized exchange platform for trading Web 3.0 compatible ERC-20 tokens. As IDEX is an Ethereum-based exchange, users must have an Ethereum wallet to trade on the site. They also need to utilize MetaMask (a cryptocurrency wallet that interacts with the Ethereum blockchain) to fully leverage IDEX.

• e-Chat

e-Chat is a decentralized blockchain-driven Web 3.0 application. It primarily serves as a secure messenger but is also one of the fastest-growing social networks. Users benefit from the ability to share any data without worrying about it being stolen. Therefore, it is often used for transferring cryptocurrencies. Users can download the e-Chat application from the App Store or Play Market.

• Storj

Decentralized storage is one of the core features of Web 3.0, and Storj makes good use of it. It is one of the oldest and most widely used decentralized storage systems, powered by blockchain technology, allowing users to rent out their spare disk space.

Storj has its native coin as a payment mechanism on the network. Users can earn money based on the amount of shared disk space rented by the website.

• Everledger

Everledger is an example of Web 3.0 insurance and banking. This distributed digital global registry aims to enable users to store their data digitally and access it anytime and anywhere while ensuring data security. Since the advent of the web, Everledger has been able to protect data and reduce the risk of fraud for users, banks, open markets, and insurance companies, incorporating data encryption features.

• LBRY

LBRY is a Web 3.0 video and music site that collects various types of materials, including books, music, and videos. The decentralized digital library publishes and monetizes content through an integrated payment system powered by blockchain technology.

• Ethlance

Ethlance is a remote job platform operating on Web 3.0. The decentralized platform runs on the Ethereum blockchain, allowing anyone to recruit and start working in exchange for Ether, which was previously unfeasible.

How Identity Works on Web 3.0#

The role of identity in Web 3.0 is vastly different from now. In most cases, IDs in Web 3.0 applications are associated with the wallet address of the person using the application.

Unlike Web 2.0 authentication technologies like OAuth or email + password (which almost always require users to provide sensitive personal information), wallet addresses are completely anonymous unless users choose to disclose their identity. If users use the same wallet across several DApps, their identity can also be effortlessly transferred between applications, allowing them to build their reputation over time.

Protocols and technologies like Ceramic and IDX currently enable developers to include self-sovereign identities in their applications as an alternative to standard authentication and identity layers. The Ethereum Foundation also has an active RFP to establish a standard for "Ethereum Login," which will help provide a more streamlined and documented approach to achieving this in the future. This is also a great topic for discussing how to improve the typical authentication process.

Advantages of Web 3.0#

Web 3.0 will make the web smarter, safer, and more transparent, leading to more efficient surfing and more effective human-computer interactions.

Here are the main advantages of the semantic web (often referred to as Web 3.0):

1. Data Security and Control

The biggest benefit of data encryption is protecting end users' information from being leaked. In every case, encryption is unbreakable. It will prohibit large companies like Google and Apple from controlling or exploiting people's personal information. Therefore, consumers will have complete control and privacy over their data.

2. Consistent Service

Decentralized data storage ensures users can access their data in any situation. Users will have multiple backups, which is beneficial even if a server fails. Additionally, no company or government agency can stop any service or website. Thus, the likelihood of account suspension and denial of distributed services is minimized.

3. Accountability

End users will track their data and analyze the underlying code of applications, regardless of what blockchain platform they use. Most blockchain systems are developed by non-profit organizations, meaning they provide an open-source blockchain platform that allows for open design and development processes. Therefore, users will reduce their reliance on the organizations producing the platforms.

4. Unrestricted Data Access

This data can be accessed from any location and device. The goal is to extend data collection and accessibility to people worldwide by enabling smartphones and other connected devices to access data on computers in a synchronized manner.

Web 3.0 will further broaden participation, with functionalities ranging from frictionless payments to richer information flows to trustworthy data transfers.

This will happen because Web 3.0 will allow us to connect with any machine without having to pay intermediaries.

5. Unrestricted Platforms

Users can create their own addresses and join the blockchain network because it is open to anyone. This network does not allow users to be restricted by gender, income, geographic area, or social characteristics. This feature will allow customers to quickly transfer their assets or wealth anywhere in the world.

6. Creation of a Single Profile

Users do not need to create separate personal accounts for multiple platforms using Web 3.0. A single profile will operate across each platform, and users will have complete control over any information provided. No company may access or verify their data without user authorization. On the other hand, users can choose to share their profiles and sell their data to advertising companies or corporations.

7. Improved Data Processing

Web 3.0 facilitates problem-solving and heavy knowledge development work. It leverages AI to extract useful information from vast amounts of data. Users will also benefit from its ability to forecast customer needs and personalize customer service, both of which are essential for thriving businesses.

Disadvantages of Web 3.0#

Adopting Web 3.0 also comes with some challenges. Personal data management and reputation management will be more important than ever. Here are the most significant issues related to the deployment and use of Web 3.0:

1. Need for Advanced Devices

Weaker computers will not be able to provide the benefits of Web 3.0. The performance and quality of these devices will need to scale to allow more people worldwide to use this technology.

Given the current situation, only a small portion of users can access Web 3.0.

2. Web 1.0 Websites Will Become Obsolete

If Web 3.0 becomes the mature internet standard, all websites built using Web 1.0 technology will be phased out. Old technologies cannot be updated to accommodate new features.

This means that such websites will become increasingly outdated, losing their competitive edge relative to new sites.

3. Not Suitable for Widespread Adoption

Web 3.0 technology is smarter, more efficient, and easier to use. However, this technology is not yet ready for widespread use. More efforts are needed in technological innovation, privacy legislation, and data usage to meet user demands.

4. Increased Demand for Reputation Management

As the accessibility of user information provided by Web 3.0 increases and privacy decreases, reputation management will be more critical than ever. In other words, brands and businesses need to maintain their online reputation, name, and image. To stay ahead in competition, businesses need to help consumers gain critical market knowledge, useful business insights, engaging content, and cutting-edge internet marketing. Therefore, reputation management will be more important than ever.

5. Complex Functionality

For every new user, Web 3.0 is a difficult technology to understand, making them hesitant to use it. It combines old online tools with cutting-edge technologies like AI and blockchain, connecting users and increasing internet usage. Therefore, only complex devices can handle Web 3.0, making it impossible for any individual or organization that cannot afford such tools to do so. The complexity of Web 3.0 is likely to limit its widespread adoption.

Why Web 3.0 is Important for the Future#

Web 3.0 is a creator-driven platform form, designed by users for users.

Here are five reasons why Web 3.0 will become increasingly important in the coming years:

• Reduced Dependence on Centralized Repositories:

Web 3.0 will seek to diversify the internet to minimize hacking, leaks, and reliance on centralized repositories. Due to the scarcity of verified data and tokenized digital assets, users will be able to own their data and digital footprints. There is no accountability for data consumption on any platform.

• More Personalized Interactions:

Web 3.0 will become more important in the future as most users seek customized and unique online surfing experiences.

• Better AI-Driven Search Assistants:

The demand for humanized digital search assistants will grow increasingly, as these assistants become smarter, broader, and supported by semantics, blockchain, and AI.

• Reduced Dependence on Intermediaries:

It will help businesses decentralize, eliminating rent-seeking intermediaries and transferring value directly to consumers and suppliers in the network. Network users will collaborate to solve previously tricky challenges through the shared ownership and governance of these new decentralized intelligence structures.

• Increased Peer-to-Peer Connections:

As new internet innovations emerge, connections between members and organizations will remain inherently resilient to keep pace with more adaptive peer-to-peer interactions and governance. Humans, organizations, and robots will be able to exchange more data while retaining more privacy and security due to peer-to-peer networks.

• Increased Trust:

By understanding the next generation of the internet, we can reduce reliance on specific platforms and entrepreneurial and investment activities that can withstand the test of time.

Many Web 2.0 companies are taking note of this. Initially confusing, Web 3.0 is becoming increasingly popular, and IT companies are beginning to pay attention. NFTs, or non-fungible tokens, are digital collectibles and other online files that can be bought and sold with cryptocurrency, driving the Web 3.0 movement. Then there’s the PR hype. Recently, a group of cryptocurrency enthusiasts came together to try to use digital currency to purchase a copy of the U.S. Constitution. They united under the banner of the Constitution.

(DAO, or Decentralized Autonomous Organization, is an online community of crypto enthusiasts who gather around a group managed by blockchain and tokens. It has a strong Web 3.0 flavor.) Dryhurst agrees that trying to describe Web 3.0 can be frustrating because it is a loosely defined phrase that varies slightly depending on the definer, but he says all new technological frontiers are like this.

"Every new network development is confusing at first," he says. For years, Web 3.0 has been a theoretical grand vision for engineers and cryptographers. However, in recent months, the blockchain-driven future movement has dominated discussions at some tech conferences and on social media. It has even forced large IT companies to form Web 3.0 teams.

In principle, this also requires avoiding the fees, regulations, and restrictions imposed by T companies. Nevertheless, large digital platforms are also taking action. Esther Crawford, a senior project manager at Twitter, says, "This means that all created value can be shared by more people, not just owners, investors, and employees." Crawford states that Twitter is looking for ways to incorporate Web 3.0 principles into social networking, such as being able to log in and tweet from accounts associated with cryptocurrency instead of Twitter accounts one day. She has a different vision for the future: not a cryptocurrency version of Twitter to replace Twitter. Instead, Twitter will offer Web 3.0 functionalities on top of traditional Twitter.

The network will be built on advances in distributed computing, ultimately leading to true artificial intelligence. In distributed computing, several computers work together to complete a massive processing task. Each computer is responsible for a small part of the entire job. Some predict that the network will be able to think by distributing workloads across thousands of computers and referencing deep ontologies. The network will evolve into a massive brain capable of evaluating data and inferring new ideas based on that data. The far-reaching impact of the network will extend far beyond computers and smartphones.

From watches and televisions to clothing, everything will be connected to the internet. Users will continuously access the internet, and vice versa. By electronically observing specific user behaviors, each software agent will learn more about him or her. This may spark discussions about how to balance personal privacy with having a tailored online surfing experience. The internet will merge with other forms of entertainment until the distinctions between all media types are eliminated. The network will be used to distribute radio broadcasts, television shows, and feature films.

It is still too early to say which of these future versions of the network (if any) will come to fruition. The true future of the internet may be more splendid than the most bizarre predictions. We can only hope that when the future of the network arrives, we will all have agreed on a name.

The Rise of Web 3.0 Business Models#

Looking back over the past decade of Web 3.0, early business models were either non-replicable, non-scalable, or simply attempted to recreate Web 2.0 concepts. While there is some skepticism about their practicality, we are confident that the ongoing experiments of some of the sharpest builders will lead to the construction of very useful models in the coming years. We hope to understand how some more mature and experimental Web 3.0 business models will accumulate value in the subsequent years by exploring them.

• Creating and Publishing Native Assets, Retaining Native Assets, and Expanding Networks:

• Speculative taxes (forex), payment tokens, burning tokens

• Working tokens

• Other types of models

Creating and Publishing Native Assets:

Bitcoin was the first. Proof of work, combined with Nakamoto consensus, led to the first Byzantine fault-tolerant and fully open peer-to-peer network. Its inherent economic model is based on its original asset: BTC, which has proven to be a scarce digital token distributed as bulk rewards to miners.

Others like Ethereum, Monero, and ZCash have followed suit, issuing ETH, XR, and ZEC. These native assets are necessary for the network to function and derive value from the security it provides: by offering sufficient rewards to honest miners to provide hashing power, the cost for malicious actors to attack rises with the price of native assets, while increased security drives further demand for the currency, thus raising the currency's price and value. The value of these natural assets has undergone thorough scrutiny and measurement.

Retaining Native Assets and Expanding Networks:

Some of the earliest companies that emerged around crypto networks had only one goal in mind: to make their personal networks more successful and profitable. Therefore, their business models can be summarized as "growing their native asset base: building and expanding ecosystems." As one of the main core maintainers of Bitcoin, Blockstream derives value from its BTC balance sheet. Similarly, ConsenSys has expanded to 1,000 employees to build critical infrastructure for the Ethereum ecosystem to increase the value of the Ethereum it holds.

While this approach appropriately connects businesses with networks, it is challenging to replicate outside of a few companies: after a while, collecting enough local assets becomes impractical. Unless there is a sufficiently large stake in exponential returns, the blood, sweat, and tears of starting and running a business are unreasonable. For example, it is illogical for any company (i.e., a U.S. remittance provider) other than a central bank to base its business on holding significant assets.

Dual-token models, such as MKR/DAI and SPANK/BOOTY, absorb the volatility of their use while another asset remains stable for optimal trading.

• Governance tokens provide opportunities to control features such as fees and development priorities and can be seen as insurance against forks.

• Tokenized securities are digital representations of existing assets (stocks, commodities, notes, or real estate) that may command a premium due to divisibility and borderless liquidity.

• Functional trading fees, such as BloXroute and Aztec protocols, have been experimenting with a treasury that accepts a small amount of transaction fees in exchange for its enhanced functionalities (such as scalability and privacy).

• Tech4 tokens are provided by the Starkware team, who intend to invest their technology in exchange for tokens, thus creating a treasury of all the projects they collaborate on.

• Providing UX/user interfaces for protocols, as Veil and Guesser do for Augur and Balance for the MakerDAO ecosystem, charging only nominal fees or through referrals and commissions.

• The rights include specific services for stake providers in the network (e.g., Staked.us), CDP managers (e.g., topping up MakerDAO CDPs before under-collateralization), or market management services (e.g., OBI on OpenBazaar) that can charge regular fees (subscriptions or as a percentage of revenue).

1. Social Networks

Social networks play a significant role in our lives, changing the way we communicate, engage, and build communities. However, contemporary social networks are not without flaws. They are constrained, censored, and serve internal purposes. Social networks can also be used by large organizations or governments to influence users' opinions and attempt to shape them appropriately. Web 3.0 will fundamentally change how social networks operate.

With the use of blockchain, social networks will not be subject to any form of restriction. Anyone, anywhere, is welcome to participate. Not to mention that these social networks completely control the data exchanged and stored on their sites. For example, Facebook is now embroiled in the Cambridge Analytica scandal. Facebook exposed the personal information of millions of users, largely infringing on their privacy. On the other hand, Google is also not immune to the exploitation of user data. Overall, if you use any existing social network, you are essentially trading your data for the privilege of using them.

The entire landscape will change with the emergence of Web 3.0 social networks like Sapien, Steemit, Sola, Indorse, onG, and other promising platforms. They all leverage next-generation technologies like blockchain and AI. Let’s look at a few examples.

Examples of Web 3.0 Social Networks#

• Sapien: Sapien is a unique Web 3.0 concept. It is a decentralized social news site that uses the Ethereum blockchain. It is also highly configurable. When it comes to social news, it is a good alternative to Google or Facebook.

• Steemit: Another great example of a Web 3.0 site is Steemit. It is entirely based on the Steem blockchain. It is best defined as a decentralized reward network that helps contributors monetize their materials. It is an alternative to Reddit.

• Sola: Sola uses blockchain AI to create a blend of social networking and media. It disseminates relevant information to readers based on their preferences, all aided by AI algorithms. Users get what they want in this way, and it is high-quality information.

The list of Web 3.0 social networking sites ends here. All these Web 3.0 application examples fully comply with Web 3.0 standards.

Advantages of Decentralized Social Networks#

1. No central authority collecting and exploiting data.

2. Users are empowered with assets when they receive some form of reward.

3. It outperforms Web 2.0 social networks in almost every aspect.

4. Users' privacy is protected. Users decide what they want to share and when to share it.

5. Exchange Services

In exchange services, centralization is ineffective. The most shocking failure occurred when the exchange Mt. Gox was hacked. In 2014, this attack cost them $460 million in Bitcoin. Its value is at least 1,000 times what it is now. Decentralized exchanges are becoming increasingly popular as they offer a smooth user trading experience without the risks of hacking or lack of transparency. This also means there is no centralized power or conflicts of interest on the owner's side. To simplify services, they primarily rely on an excess of decentralized finance applications. We already know that Web 3.0 is built on trust; it is entirely about decentralized trade.

Let’s look at a few available decentralized exchange providers.

Examples of Web 3.0 Decentralized Exchanges#

• IDEX: IDEX is a well-known decentralized exchange where ERC20 tokens can be traded. It has a user-friendly design, and anyone with an Ethereum wallet can start trading on the site. To fully utilize IDEX or any other Ethereum-based decentralized exchange, you should use MetaMask.

• EOSFinex: EOSFinex is a decentralized exchange built on the EOS software platform. Bitfinex is one of the largest centralized trading markets and is currently developing it. More dApps are available in the EOS ecosystem. This gives us a glimpse of the end of centralized cryptocurrency Web 3.0 sites. The examples we provide correspond to Web 3.0 examples.

3. Information Transmission

Since the day we first connected to the internet, information has become a part of our lives. For most of us, it’s either WhatsApp or Facebook Messenger. Telegram is another messenger often used by startups, companies, and other types of professional work. On the other hand, governments use their intelligence networks to track communications, which is only feasible due to centralized solutions. Web 3.0 programs like e-Chat, ySign, Obsidian, Riot, and others are the answer. They all leverage blockchain and guarantee consumer privacy protection.

Messenger Web 3.0 Examples#

• e-Chat: e-Chat is a decentralized blockchain-driven Web 3.0 software that provides secure messaging services. It is also one of the fastest-growing social networks. Users gain true independence by utilizing this messenger, and they may even use it to transfer Bitcoin. The e-Chat application is already available on the App Store and Google Play. This is a great example of a Web 3.0 site.

• Obsidian: Obsidian is a Web 3.0 project with great potential. It is built on STRAT and runs on their Stratis token. It is a pipeline for the next generation of users. It also provides a secure environment where users can chat and even pay each other.

• ySign: ySign is another communication messenger and an excellent example of Web 3.0. In this way, it intends to change the world of messengers.

This brings us to the conclusion of the Messenger Web 3.0 site directory. These examples fully comply with the description of Web 3.0.

Advantages of Decentralized Messengers#

1. Privacy

2. Fast and secure asset transmission.

3. Your information will not be used for advertising purposes.

4. Transactions are completed quickly.

Despite the many benefits of Web 3.0 messengers, they also have some drawbacks. For instance, criminals may use decentralized platforms to transmit data and information that authorities cannot track. It may also be used to facilitate the transfer of illegal assets.

4. Storage: Reserves

Data storage requires a lot of creativity. However, technologies like blockchain and big data in Web 3.0 have the potential to change the status quo of data storage. We, like ordinary users, store data in Google Drive and other cloud storage options on the internet.

For businesses, it is a very different scenario as they need a more robust and centralized solution to store their valuable data.

The LinkedIn data breach was the most severe, exposing the usernames and passwords of 1.17 billion LinkedIn members.

Uber faced a similar fate, with the personal information of 57 million Uber users being stolen. These breaches were partly caused by the data storage they used. Current storage systems are also centralized, meaning data can be modified or exploited for other reasons, such as selling data to other parties for advertising purposes.

The Foundation of Decentralized Storage#

The core concept of decentralized storage is sharing files and data through peer connections. Decentralized storage offers excellent security, as senders can easily encrypt data before sending it to recipients. It can also split files and transmit them in chunks. With a decentralized approach, hosting will also be entirely feasible. Hosts will only store fragmented files with encrypted content. Private keys can also be used to retrieve hosted files. Some of these applications utilize the Hyperledger blockchain to enable their functionalities.

Examples of Web 3.0 Decentralized Storage#

• Storj: Storj is a well-known decentralized storage system. It is also one of the oldest. Anyone can use Storj to store data. It is free and easy to use. Anyone can start using it with just a click. This payment method is user-centered, as they may pay as they go.

Storj coin powers the Storj platform.

• Sia: Sia is a promising decentralized storage system and is seen as a major competitor to Storj. Sia divides files into 30 segments before distribution. It also encrypts files when sending them.

• Filecoin is a project that has recently caught my interest. It is a protocol laboratory project that employs a dual approach and two types of network nodes.

The list of Storage Web 3.0 sites ends here. All examples fit the definition of Web 3.0.

Advantages of Decentralized Storage Solutions#

1. It can work effectively across multiple platforms, including blockchain solutions.

2. High-level encryption is used to protect data being sent.

3. Because there is no centralized organization, no one can access the data.

4. It is cost-effective and compatible with next-generation technologies like IoT.

5. Banking and Insurance

Insurance and banking are two of the most damaged industries in our society. For example, they are based on profit-driven ideologies. On the other hand, the banking industry is not entirely without negative impacts. Overall, we can confidently assert that the existing system is dysfunctional and needs to be more open and secure for users to thrive. Blockchain technology has the potential to revolutionize the insurance and banking industries. This technology has various applications, and its impact will manifest faster than previously expected. This transformation will be achieved by utilizing blockchain features such as transparency, security, and reversibility. This means that no one can commit fraud in banking or insurance.

Blockchain can now store records.

Additionally, smart contracts can be used to automate most processes that do not require human intervention. Users will benefit the most from the deployment of blockchain. Insurance claims will be straightforward, and the entire process will require almost no paperwork. Fraudulent claims will also be deterred. Technologically savvy users will also benefit from the adjustments.

Examples of Web 3.0 Insurance and Banking#

• AiGang: AiGang is a DAO insurance protocol that uses crowdsourcing to find insurance pools. Users hoping to earn rewards by using DAO smart contracts for predictions can utilize it.

• Cashaa: Cashaa is a next-generation banking platform that offers regulation, compliance, and security. It provides fast crypto bank loans and cryptocurrency trading.

• Secure Sharing: The company is actively developing insurance solutions using shared networks like blockchain. It enhances the company's confidence and helps it reach new heights.

The list of insurance and banking Web 3.0 sites ends here. All these examples fully comply with Web 3.0 standards.

Advantages of Blockchain in Insurance and Banking#

1. No or very little fraud.

2. False claims can be disabled and deleted.

3. Customer satisfaction has increased.

4. Increased digital knowledge.

5. Internal audits in banks are easy to conduct.

6. With blockchain, international payments and cross-payments can now be made.

7. Streaming (Video and Music)

Streaming is a major business. This figure is expected to grow even faster in the coming years. As a user, you already know the major players around us. Even if they provide excellent customer experiences, the idea of monopolies is harmful to businesses in the long run.

Many concerns, including vague regulations, also plague existing streaming services. They also exploit user data for advertising purposes, infringing on people's expectations of privacy online. In terms of pricing, almost all streaming services are free.

In this situation, you become their product. Additionally, regarding content creators, Twitch and YouTube cannot justify low compensation. New streamers find it challenging to get started on both platforms, and neither has provided a solution to this issue. The centralized control of streaming platforms does not give everyone in the middle a fair chance.

Understanding the video and audio capabilities of Web 3.0 applications.

Examples of Web 3.0 video include Livepeer, Viuly, Flixxo, Videocoin, LBRY, and others.

All the platforms mentioned above are promising and address the issues of video and music streaming in their unique ways.

Examples of Web 3.0 Video and Music Websites#

Let’s better understand Web 3.0 through a few video and music websites.

• LBRY: LBRY is a decentralized digital library that stores content across many categories. As a user, you can read, watch, and play on the site. This means you can read books, listen to music, and watch videos, which seems to be the first step of Web 3.0.

• UjoMusic: UjoMusic is a music platform where musicians can publish and share their songs without worrying about copyright or royalties. It is powered by cryptocurrency and smart contracts.

• Maestro: Maestro is a music streaming network provided by blockchain for users and musicians.

Advantages of Blockchain in Streaming#

1. Content creators can work in an open environment.

2. Everyone has an equal opportunity to promote their work.

3. Smart contracts will make copyright issues obsolete.

4. There will be no ridiculous policies for streaming and content providers, as there will be no central authority.

5. Remote Work

The world is shifting toward remote work. Freelancers and remote professionals make up a significant portion of the U.S. workforce. It is interesting to see where we are headed, as we prefer to work from home rather than in an office. Whatever the reason, centralized remote employment platforms are insufficient. Decentralized remote work/freelancer networks easily address these issues. Examples include EthLance, Atlas.Work, CryptoTask, and others.

Examples of Web 3.0 Remote Job Platforms#

Let’s better understand Web 3.0 through a few Jobs Web 3.0 websites.

• Ethlance: Ethlance is a decentralized remote job network running on the Ethereum blockchain. Anyone can hire and work for Ether cryptocurrency in exchange for payment. The biggest advantage of using this platform is that there are no service fees, no membership restrictions, and so on.

• Atlas.Work: Finally, Atlas.Work is a scalable blockchain-driven freelance platform that utilizes smart contracts and machine learning to support the freelance ecosystem, benefiting both freelancers and employers.

It charges a fixed fee of $2 for each job.

• CryptoTask: CryptoTask is another Web 3.0-driven startup that charges no fees to users and does not conduct reviews. It also employs a sophisticated algorithm to connect freelancers with jobs.

Browsers are the gateway to the internet. Google Chrome and Firefox are the two most popular browsers. They control most of the market. Google's dominance is undeniable. We use web browsers to access the internet. We need a browser that is ideologically compatible with decentralized networks to surf Web 3.0. Additionally, contemporary browsers are not secure in terms of user protection. When users visit malicious websites, their computers may become infected. If a browser is not built according to current security standards, it may leak data. For example, your browser retains information about your location, hardware and software information, connection information, social network information, and more.

Due to the additional components provided by these current browsers, users are also affected. The answer is to utilize a decentralized browser that employs blockchain technology to provide a better ecosystem. Brave and Breaker browsers are two examples of Web 3.0 browsers. All these instances fully comply with Web 3.0 standards.

Examples of Web 3.0 Browsers#

• Brave: Brave is about privacy; people are the product, not the users. The browser comes pre-installed with an ad blocker. Users can also sell their data for Bitcoin. It is a community where anyone can join, share, and improve their applications. It is also a creative tool that everyone can try. It is a browser that supports Web 3.0.

Advantages of Decentralized Browsers#

1. Users can browse the internet confidentially.

2. There should be no or very few security flaws.

3. Users can sell their data to a company and get compensated.

4. Fast and secure.

How Blockchain is Paving the Way for Web 3.0#

The introduction of Bitcoin is one of the initial milestones in outlining the framework of Web 3.0. The Bitcoin blockchain and other protocols help create a network where hackers must break into several residences worldwide to access data in a single residence.

Because it allows data to be stored in numerous copies across a P2P network, blockchain lays the foundation for the definition of Web 3.0. In the protocol, the protocol helps manage the formal definition of standards. Additionally, the protocol guides data security through the majority consent of all network members.

Participants are rewarded with local network tokens for their contributions to network security and maintenance. Blockchain is essentially the cornerstone of Web 3.0, especially when considering how it modifies the data structure of the web backend. Most importantly, it helps build a governance layer that will run on top of the current internet. The governance layer now allows two distrustful strangers to reach agreements and settle transactions over the internet.

The functionalities of blockchain in Web 3.0 will primarily focus on revolutionizing backend delivery. From a technical perspective, Web 3.0 can be considered a set of blockchain-based protocols designed to transform the backbone of the internet.

Most importantly, it is easy to imagine blockchain as a distributed global computer that will change our perception of the internet.

Examples of Blockchain in Web 3.0#

Here is a well-known example of Web 3.0 that has explicit blockchain functionality. This autonomous, decentralized organization creates a groundbreaking decentralized social protocol for the next generation of online applications. The social protocol located on the blockchain aims to provide individuals with ultimate control over their social identity and data. The development of Web 3.0 also focuses on establishing new social infrastructures that must adhere to the key principles of the internet. Blockchain eliminates the need for trusted intermediaries while allowing the network to collectively recall user interactions or previous occurrences. Therefore, blockchain is undoubtedly a significant driving force in expanding the potential of the internet through improved decentralization.

To summarize:

The role of blockchain in Web 3.0 is very clear based on fundamental observations of the third generation of the web. Blockchain emerges as a powerful force, changing traditional business processes with its unique characteristics. However, decentralization is the most important feature of blockchain, making it a suitable foundation for Web 3.0.

The significant difficulties of Web 2.0, including centralized management and data integrity issues, highlight the necessity for a new version of the internet. With the emergence of the third generation of the web, users may gain access to an independent and open internet. Meanwhile, it is crucial to consider how machine learning, artificial intelligence, and the Internet of Things will aid the development of the third generation of the web.