• TechFin Consulting

Key Features of Web 3.0 You Should Know

Updated: Nov 23


Globe with Words Web 3.0
Source from Diamond Signal

Introduction


Highly raved as the next generation of the internet, Web 3.0 is the evolution that many have been anticipating. Built upon the concepts of openness and greater user utility, it is strongly emphasised through technological advancements that are the next breakthrough of the internet. With the ability to revolutionise industries and business operations, this is something you would not want to miss out on. Moving on, we will be taking a closer look at the following Web 3.0 features; Decentralisation, Artificial Intelligence (AI) and Blockchain which you should know in detail that could potentially cause a paradigm shift as substantial as the introduction of Web 2.0.


Key Features of Web 3.0


1. Decentralisation


Simply put, decentralisation focuses on allowing collective organisations to be governed without centralised leadership. To achieve this, decentralisation leverages technologies like Decentralised Autonomous Organisations (DAOs) and Blockchain. With DAOs, information will be freely exchanged and stored in varying locations. Whereas blockchain administers the privacy of that information through safekeeping data in “blocks” and “nodes” scattered across a vast network of computers.


Now here is where Decentralised Applications (dApps) come into play. New to the term dApp? dApps are digital applications that run on a blockchain or peer-to-peer network of computers, instead of a sole computer. Through decentralisation, it removes the authority of an organisation exercising exclusive authority over its users, where end users exercise control over their personal data and hold the privilege of decision-making over their precedents.


List of Web 2.0 Apps and Web 3.0 dApps
Source from Appinventiv

As seen in the illustration, various sectors have been adopting the use of decentralisation in Web 3.0 landscapes to transition from Web 2.0 applications to Web 3.0 dApps. Focusing on the browsing sector, Brave is a Web 3.0 dApp browser which has similar features to Google Chrome, which many of us are familiar with. However, in contrast to Chrome, Brave dApp claims to offer a striking three times faster page load times, 33% lesser memory usage and up to one hour more battery life. These are all done through the default blocking of all-privacy-invading ads and trackers which delivers a safer online surfing experience for users, proving the potential of decentralisation and its crucial role amidst the growing concern over data privacy.


2. Artificial Intelligence (AI) & Machine Learning


In Web 3.0, elements like semantic analysis are heavily dependent on AI technologies and machine learning to boost the internet experience for users. Machine learning is a subset of artificial intelligence that mimics human learning using data and algorithms. With that, users would be able to understand and decipher the meaning and emotions behind the information provided. Basically, to contextualise information just like the human brain.


For instance, in Web 2.0, reviews are mostly handwritten and analysed according to the owner of the particular review site. This means non-genuine or fake reviews can be undetected which can harm or boost the business. From here, AI will eventually tamper with the process and reduce these indecent happenings as reviews will become open-sourced and algorithms will do a supervisor job at sussing out suspicious reviews from the authentic ones. Through the advanced way of learning in AI, it could also create new medicines or even manufacture new products. For example, in March 2021, an AI-generated image named “The First Ever Neutral Network Portrait “ with a portrait of Edmond Belamy was sold as a Non-Fungible Token (NFT) for USD 432,000. Which was the highest price ever paid for an NFT then. These are just simple examples of how AI could value-add to the Web 3.0 ecosystem.


Image of an artwork and its co-founder
Source from abc news

3. Privacy Through Blockchain


On Web 3.0, ownership of things will be registered on a blockchain, a transparent and publicly accessible data system. Commonly when registering for digital transactions for assets like NFTs and cryptocurrencies. With blockchain, it permits the transfer of digital assets seamlessly without the need to know the information of the other parties involved. Essentially protecting the privacy of users which is a huge advancement from Web 2.0


In the coming Web 3.0, it will be more secure and private than Web 2.0. Hackers and criminals will find it more challenging to penetrate the internet and create elaborate scams with each transaction to be agreed on together on the blockchain. If not, the transactions will be revoked and even tracked if attempted to do so. Improving security and privacy in the long run, are reasons why businesses have been looking into the adoption of blockchain as seen in the image below, specifically in an e-commerce landscape.


Image of a Blockchain Process in an E-Commerce Landscape
Source from CleverTap

Applications of Web 3.0


As technology evolves, it has been bringing Web 3.0 closer to reality. Here are some of the concepts which demonstrate the possibilities and capabilities of Web 3.0 with the key features mentioned earlier.


Apple Siri


Siri, which is a familiar term to many, is a built-in virtual AI assistant chatbot that is capable of conducting basic commands like starting a call, scheduling events, and web searching. These are done through the pre-programmed algorithms behind the scenes. Acting as the key component of Web 3.0, the voice recognition software that Siri uses is becoming the wave of the future.


Image of a Siri Programme
Source from Analytics India Magazine

Moving forward, Web 3.0 is progressing to the stage where communication with fingers will become a thing of the past. With plans put in place, Web 3.0 is striving to bring personal assistants to complete commands without the referral to other sources. For instance, developers can combine other varying technologies like text-to-voice to provide a step-by-step guide without having to click on articles or websites referred to by Siri. With Web 3.0, the opportunities are endless. Improved direction accuracy, focused search results, and advertisements are many more possibilities which are in the midst of development.


Wolfram Alpha


Suitable for students and professionals from varying fields like mathematics, nutrition and science, Wolfram Alpha is a computational intelligence platform where one can compute answers. It presents data to you with relevance to your search query. With the integration of Web 3.0, this platform gathers information for users using databases on the web and streamlines the information for end users. As seen in the image below, Wolfram Alpha is a platform which provides comprehensive resources through the demonstration of AI and machine learning on a distributed system. It leverages tens of thousands of computers to analyse data and respond to inquiries on related topics in Mathematics, Science and Technology, Society and Culture and lastly, Everyday Life.


Image of the Wolfram Alpha Website
Source from Tech Radar

Conclusion


To sum up, Web 3.0 is a plausible concept that corporations from industries have been making moves to incorporate into their business propositions. While many hope to become Web 3.0 pioneers and take a step to lead the industry through Web 3.0 technologies and advancements. It is clear how Web 3.0 offers endless possibilities with its capabilities to transform industries and opens up a field of opportunities.


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