The arrival of Web3 is bringing and revolutionizing business practices. Because of the dizzying rate at which technology is advancing, it appears that the Internet’s explosive growth occurred in the span of a single eyeblink.
However, the evolution of the Internet has occurred in distinct waves beginning in the 1990s.
Web 1.0
The predominance of static pages characterized the Internet era from the 1990s to the 2000s. Users couldn’t provide comments or ratings.
Web 2.0
The era of this Web began in the 2000s and is still going strong today. This type of network is often referred to as a “social web” due to its users’ central role in disseminating data. In the era of social media like Facebook, Twitter, and YouTube, user-generated content is king.
Web 3.0
Web3 is the era of machine learning when computers learn to interpret data and provide targeted recommendations. The very infrastructure of the Web depends on decentralized systems.
Main Components of Web 3.0
Web 3.0 is a more robust, user-focused, and interactive version of the Internet than its predecessors. It’s undeniably more cutting-edge in terms of tech.
The Feature That Web3 Relies on Include:
Semantic Web: Semantic Web features software and hardware that give computers human-level data comprehension.
Artificial Intelligence (AI): Artificial intelligence (AI) is used extensively in today’s web-based apps and services because it allows computers to mimic human perception and data processing.
3D Interactive Web completely revolutionizes traditional digital entertainment, education, and commerce.
Ubiquity: Access to the Internet is provided by web-connected IoT sensors, in addition to laptops and smartphones.
The Social Web: The concept of a user-centric network, which encourages users to share and generate content, is a holdover from the Web 2.0 era.
Decentralized Technology: It’s a huge step up from building websites in a basic text editor.
Why Should Businesses Embrace Web 3.0?
Data Ownership and Control
With Web 3.0, users can exercise complete ownership over their information. Since users will have full control over their data, businesses won’t have to worry about complying with stringent regulatory mandates.
Interoperability
This is excellent news for those versed in creating apps for the Web. The availability of Web 3.0 tools will be unaffected by the devices or platforms they are used on.
Permissionless Blockchain
With this, companies can quickly transfer digital assets across international borders reliably and without much hassle.
Anti-Monopoly
By giving users complete access to their data, the monopoly of tech giants can be broken. As a result, we can expect a more open market governed by equitable standards.
Web3 Business Models
Revenue Sharing
The incentive to create new products and services is increased when profits are shared among all those involved in a business venture.
Percentage Fees
Every time a transaction is made on a marketplace, a small fee may be assessed.
Income Sharing
All participants in the value chain receive a cut of the profits generated by the income-sharing model.
ICO’s
Initial coin offerings are an abbreviation for this process. One way a company can generate capital is to sell its cryptocurrency.
Continuous Funding
Web 3.0 businesses typically use a perpetual funding revenue model as well. This model assumes token sales will occur continuously over time rather than in a single burst.
Curved Bonding
This scheme averages token costs out over an asset’s expected growth in value. Token costs rise in tandem with the underlying asset’s value. With this scheme, investors can profit from buying tokens before their prices rise.
Real-Life Web 3.0 Examples Across Industries
The transition to Web3 is well underway now. This is notable because decentralized applications and services (dApps) are increasingly being developed and deployed on blockchain networks rather than centralized servers.
Below are some of the most eye-catching decentralized services operating on distributed networks in the Web 3.0 era.
Social Networks
Web 3.0 social networks prioritize user discretion, openness, and shared benefits and revenues over those of web 2.0 sites.
Inspiring cases of web-based applications:
Sapien is a Facebook-like social news network built on Ethereum’s blockchain. The platform compensates content creators and equips users with an NFT passport to access the Sapient metaverse.
Mastodon: Similar to Twitter, except it is owned by its users and has no advertisements.
Exchange Services
There are many benefits to using a decentralized exchange over a centralized one, including reduced vulnerability to hacking and lower transaction fees. In addition, they support hardware wallets and give customers the power to manage their finances.
Web3 Messaging Apps
Status: Integrates a digital Web 3.0 browser, a decentralized messaging app, and a cryptographic wallet in one place. Cryptocurrency transfers are also possible via an app.
Secretum: Another app that combines messaging and commerce and requires nothing more than an electronic wallet to join. Tokens and currencies can both be sent and received using this dApp.
ySign: Using blockchain technology, it combines a messaging system, a telephony app, a cryptocurrency wallet, and a means of exchanging digital currency.
Storage
The clear advantage of distributed storage services over conventional cloud storage is that no one else can access or control users’ data. Other benefits include high speeds and excellent interoperability.
Financing and Safety
Improved safety, openness, and regulation adherence result from the financial services industry’s adoption of Web 3.0 tools and technologies. Smart contracts eliminate paperwork and automate routine processes, while a decentralized system prevents fraud.
Streaming
Web3 streaming platforms do away with copyright issues for online music and video streaming services. Additionally, web applications guarantee even playing fields for all streamers, performers, and content creators to advertise their wares.
Here are some vivid instances of streaming Web 3.0 applications:
- Livepeer
- LBRY
- UjoMusic
Last Words
Web 3.0 is the wave of the future in terms of website design and development. In the end, Web3 means better protection, more openness, quicker transactions, lower data storage costs, and a more satisfying user experience.
As the third generation of the Internet is still in its infancy, most organizations still need staff with sufficient knowledge to implement its features. In light of this, it is prudent to seek out a web development firm with experience creating applications for websites and distributed apps.
