Data ownership is central to Web 3.0. In 1.0 or 2.0, whoever is a provider store all information about how you interact with the content. Which one is it: Google, Netflix, or Facebook? As a result, you, as a consumer, do not own the data acquired during your online session.
So Web 3.0 is really about how all of the various stakeholders in a given internet business ecosystem keep ownership over their data and how I create a new business model built on truly monitoring the data.
Let me give you an example. For example, let’s say you’re curious about your ancestors. You swab your mouth, nose, or whatever you choose, and send it to a business that examines it. You pay $50, and after a few weeks, you learn that Scott is half Irish, 25 per cent German, and so on. That information is now essentially in the hands of the corporation that performed genetic profiling on you.
They’re presumably going to commercialise it in a variety of ways, OK? So they’re going to sell that in bulk to a pharmaceutical business because the pharmaceutical firm needs to test the efficacy of their new medicine on diverse genomes. And, rather than conducting trials, they may now do so using highly complex models. You handed up vital information, your genetic makeup, simply because you wanted to know your ancestry line, and others profited from it.
Will this be accomplished by legislation?
This will be accomplished by law, but it will also be accomplished through competitive pressure. Now that we have the technology, there will be companies who will supply this to you on a smaller scale. Sooner or later, Amazon or Facebook will notice that their subscriber base is dwindling because individuals are finding better deals or prefer to retain control over their data. As a result, they would need to provide identical services to those new Web 3.0 service providers.
But you are correct — at some point, to expedite that, we would need some kind of legislation that will essentially support this transition and make things, I would say, more structured, so that you don’t have all those participants who may not always have the best of intentions. They’re just trying to obtain data or benefits while we have these grey zones where they can play all kinds of games.
Web3 is distinct from Tim Berners-1999 Lee’s semantic web notion.
Berners-Lee defined the semantic web as a component of Web 3.0 in 2006, which differs from the term Web3 in blockchain contexts.
Polkadot CEO and Ethereum co-founder Gavin Wood popularised the phrase “Web3” in 2014 to refer to a “decentralised online ecosystem based on blockchain.”
The concept of Web3 gained traction in 2021. The particular interest peaked near the end of 2021, owing partly to cryptocurrency fans’ enthusiasm and investments from high-profile technologists and companies.
In October 2021, executives from venture capital company Andreessen Horowitz flew to Washington, D.C. to pitch the notion as a potential solution to problems regarding web regulation that politicians have been wrestling with.
Web3 ideas vary, and the phrase has been called “hazy” by Bloomberg, but they all revolve around the concept of decentralisation and frequently involve blockchain technologies, such as multiple cryptocurrencies and non-fungible tokens (NFTs). According to Bloomberg, Web3 is a concept that “would integrate financial assets, in the form of tokens, with the inner workings of nearly anything you do online.” Some visions are built on the idea of decentralised autonomous organisations (DAOs). Another significant notion is decentralised finance (DeFi), in which users exchange currency without the involvement of a bank or the government.
Self-sovereign identification enables users to identify themselves without relying on an authentication system like OAuth, which requires a trusted party to be contacted to assess authenticity. According to technology experts, Web3 sites will most likely coexist with Web 2.0 sites, with Web 2.0 sites likely adopting Web3 technologies to keep their services current.
Web 3.0, often known as the third-generation internet, is the World Wide Web’s next iteration. It offers a data-driven Semantic Web that uses a machine-based understanding of data to create a more intelligent and connected web experience for users.
Today’s Web is immobile and unable to adapt to the unique demands of each person who uses it. Web 3.0 is expected to be more dynamic and interactive than previous versions. It will reimagine the web experience with structural improvements to assure democratisation across all elements of the internet by utilising artificial intelligence and blockchain technologies.
Data is safely saved and spread across multiple devices in Web 3.0, eliminating the need for centralised servers. Because data is no longer housed centrally, such a design decreases the possibility of massive data leaks, making it more resistant to compromise.
Data Expansion and the Road to Web 3.0
- What exactly is Web 3.0?
Is this the internet’s future? If you look for a Web 3.0 definition, you are unlikely to discover a clear and distinct explanation. “People keep asking what Web 3.0 is,” Tim Berners-Lee commented in 2006. Perhaps when you have an overlay of scalable vector graphics —
everything rippling and folding and looking misty — over Web 2.0 with access to a Semantic Web integrated across a massive data space, you’ll have access to an incredible data resource…”
To get a sense of how much web data is generated, consider that consumer IP traffic will triple from 2017 to 2022 at a compound annual growth rate of 27%. By 2022, global consumer IP traffic will exceed 332.7 EB each month. In 2020 alone, 2.5 quintillion bytes of data were generated per day, with machines accounting for 40% of that total. By 2025, 152,200 IoT devices will be connected to the internet every minute.
While it is indisputable that data volumes are increasing faster than ever before (and we will continue to create more information to manage every second), the discussion over a Web 3.0 definition and its linkages to the digital universe of data remains open.