DeutschIn the digital world, it usually doesn’t take long for one trend to be followed by the next. The so-called Web 3.0 is currently one of the most discussed topics in the crypto and blockchain world. For fans, it is clear that this is the logical third stage of evolution of the Internet. But there are definitely critical voices that point to various problems and disadvantages of digital development. Supporters of Web 3.0 consider the new concept important, among other things, because the protocol – working on a decentralized level – represents the long overdue alternative to WWW versions 1.0 and 2.0. A central linchpin of Web 3: Every user automatically becomes a stakeholder. As a result, each user retains ownership of all personal data on the one hand and digital assets on the other. With its predecessor, Web 2.0, management is often the responsibility of leading service providers such as Facebook or the Internet giant Google.
Thus, data sovereignty lies with large providers, which is at least indirectly linked to the release of personal data. Web 3, according to its advocates, gives data control back to users. At the same time, monetization by the users themselves takes place throughout the WWW – without the participation of the market-leading organizations mentioned. But this is where the criticism of crypto professionals like Signal CEO Marlinspike begins. We will discuss the pros and cons of Web 3.0 elsewhere. First, we will discuss its characteristics, advantages and disadvantages.
The Definition of Web 3.0
The background of Web 3 as the next generation of the Internet is that applications (apps) as well as Internet pages will/should be able to process a wide variety of information both intelligently and in a similar way to users themselves. This involves important topics such as decentralized ledger technology (DLT), machine-based learning or the aspect of “Big Data”. Tim Berners-Lee, the founder of the Internet, also calls Web 3 the Semantic Web. By definition, Web 3.0 is intended to change and improve the WWW in three key ways. The Internet should be
- more autonomous
- more open/transparent
- more intelligent (smarter)
become. Compared to Web 2.0, the technological optimizations are intended to become essential, decentralized links between data of various kinds. So far, data storage has been largely centralized. At the same time, Web 3.0 is intended to guarantee both user- and machine-based data interaction. However, involved programs must be able to correctly understand the concepts and context of information. This results, among other things, in the designation as a “semantic” Web as a core aspect of Web 3. Artificial intelligence also plays a major role. The blockchain is the basis of Web 3.0.
The difference between Web 2.0 and version 3.0 can be represented as follows: The second version of the Internet was primarily about generating information and data that is “evaluable” for machines. Web 3.0 focuses on the clear assignment of meaning to all generated information. Its semantics must enable processing by computers. If this data usage is ensured by machines, this puts web users in a position to be able to access corresponding information. This information can be made accessible in very different thematic contexts (locations, historical information, etc.).
The Historical Background of Web 3.0
The temporal roots of Web3 go back to the 1960s. Even then, numerous scientists from different fields were concerned with the aspect of semantic networks and their future. Once again, thoughts on artificial intelligence played a central role here. Internet pioneer Tim Berners-Lee was also concerned with connecting the aspect of “user-driven information” with the clearly defined meaning of this data. In the future, not only should people be able to read, understand and evaluate information in combination. First applications have existed for some time, being able to recognize and evaluate data characteristics. One application is online stores, in which automated systems (for example, based on buyer preferences) can filter out meanings and make individual offers and recommendations. An interesting aspect of a realized Web 3.0 would also be that users can retrieve information from scientific textbooks beyond their personal level of knowledge. From an expert perspective, Web 3.0 would be an important source, especially in specialist areas such as medicine or law.
The third version of the Internet could and should help to sort the mass of digital information here. Important: In the future, computers could not only manage or make data/information accessible, but also guarantee its needs-based structuring and filtering between Internet instances such as users, service providers and the countless sources of information. What is essential about the third version of the WWW is that previously unrecognizable connections between data are revealed. This is advantageous not only for users, but also for manufacturers and providers – for example, anyone who books a vacation ideally receives offers for suitable fashion or weather information in addition to travel offers in Web 3.0. The semantic web makes it possible. Basically, there are hardly any areas that cannot benefit from the innovative concept. Statistical Internet pages are gradually being replaced by services that offer more and more scope for interaction between different participants on the Internet.
These Advantages and Disadvantages are Causing Discussion about Web3
As with any trend, insiders are not only predicting positive developments. Reason enough to briefly and concisely summarize the pro and con arguments in bullet points at this point.
The opportunities of Web 3.0:
- the influence of larger Internet portals and corporations (Google, Facebook and Co.) could shrink
- users can hope for more security and data protection as well as better scalable networks
- Participants in systems will mutually control each other in the future → development away from control by large corporations
- the Internet is likely to experience a “democratization”
- users should retain full data control & receive fair data access
- new, more efficient technologies are emerging, the risk of censorship will decrease
These aspects could speak against Web3:
- Anarchy risk in the third Internet phase due to less possibility to influence and regulate Web 3.0 → threatening end of control by state institutions
- significant increase in energy consumption as a result of the switch to blockchain technologies with a large need for computing capacities
- possibly problematic temporary transition phase from Web2 to Web3 browser
- service providers who already play a leading role in the concept of Web 2.0 could also take a dominant position when switching to Web 3.0
When Will Web 3.0 Become a Reality?
There is no exact roadmap for the third stage of the Internet revolution. As mentioned, first approaches are already emerging. However, it will probably take years before Internet users can finally use the WWW like a kind of outsourced brain. But the wait is worth it, according to experts. Because the combination of user knowledge with the data of Web 3.0 could become a milestone in digitization. The basis for success will be the advantages of Web 2.0 that are already obvious. Progress in the field of digital currencies such as Bitcoin and even more so the Ethereum network, which is an elementary foundation for the further development towards Web 3.0, are indispensable for the trend. It needs far-reaching interfaces between cryptocurrencies, the blockchain and decentralized protocols.
Smart contracts, which are popular in many countries without financial systems accessible to the entire population, are also of crucial importance with regard to automation and interoperability. The same applies to DeFi protocols, which have been on everyone’s lips for some time.
These Functions Have Characterized Web 3.0 so Far
An important term is ubiquity, also known as omnipresence. This is about data/information in its entirety being accessible to all users at all times. The “Internet of Things” already serves as an important foundation today. The aspect of semantics – i.e. the relationship between different words – is just as indispensable. Point three is the role of artificial intelligence, which illustrates the relevance of machines in Web 3.0. The ability to even decipher feelings and meaning on the user side is of crucial importance for Web 3.0 computers. Even the dissolution of physical and digital boundaries plays a role. This point refers to upcoming developments in the graphics technology sector, which, for example, make the creation of three-dimensional virtual worlds within Web 3.0 possible in the first place. The digital gaming universe Decentraland is one example of many here. Digital voice controls (keyword: Apple’s Siri) should continue to be mentioned as an example of the increasing AI skills.
Crypto Community is Actively Discussing the Latest Developments
What is causing concern for some experts is the fact that most developments of Web 3.0 platforms have so far taken place in the Ethereum network in particular. It is precisely this rather central trend in the actually decentralized Web 3.0 trend that is the reason for the criticism of industry experts such as Signal boss Matthew “Moxie Marlinspike” Rosenfeld. Marlinspike recently warned several times that the supposedly decentralized Web3 could lose efficiency and ultimately even lead to less privacy than in the Web 2 Internet. Rosenfeld repeatedly complained that developers lacked “new ideas” when creating decentralized programs. The hoped-for decentralization, according to the expert, could fall by the wayside because fewer and fewer players like Google would take on a key function.
Ethereum co-founder Vitalik Buterin responded to this assessment at an early stage. For example, “Moxie” takes too little account of the current developments in the blockchain ecosystem. There is agreement on one topic in all discussions. For most investors, the extent of decentralization in Web 3.0 will be largely irrelevant as long as they record sufficiently high profits. Especially in the growing sector of non-fungible tokens (NFTs), the profit prospects should be secured for a long time to come.
