3 Technologies That Qualify as Web3
The third version of the Internet, Web 3.0 or Web3, interconnects data in a decentralized fashion by delivering a faster, more personalized user experience. It employs artificial intelligence, machine learning, and the semantic web to keep your information safe and secure. But it is still too early to predict the exact shape of the future web, as we are somewhere between Web 2.0 and Web 3.0.
Let’s examine the latest technologies that qualify as Web3 while determining what the future holds. One of my articles has already discussed blockchain, NFT, and Cryptocurrency.
Now let me mention some less talked about technologies that will shape the Internet of the future:
1. Decentralized Autonomous Organizations (DAOs)
The structure of an organization is centralized, such as that of a business or a charity. At every level of management, several people are in charge of coordinating the work that has to be done between all the different people who are involved in it.
This whole structure of an organization can be flattened out with the help of DAO. There is no CEO, CFO, or anyone else who represents the company in any way solely. There is a democratic process whereby each member of the organization has a voice and can determine when and how money from the treasury is spent.
Using permissionless blockchain technology, the organization's rules are encoded. To keep everything running, traditional organizations will not need complex administrative departments. Due to the public scrutiny of all transactions and their histories, DAOs make it virtually impossible to commit fraud.
2. Distributed Computing or Edge Computing
Edge computing aims to deliver online data and services near where they are requested or generated. Computing at the edge is almost the opposite of “Big Data” computing, which occurs within centralized computer centers.
3. Smart Contracts
Today, if you take out a bank loan, you have to fill out a lot of paperwork. Upon defaulting on your payment, the bank has the right to enforce specific actions as stipulated in the contract.
The idea behind smart contracts is that they can do precisely the same job as traditional contracts but without the need for a central authority to enforce or monitor anything. It is all handled automatically as predetermined by the contract rules and logic, leaving no room for manual intervention.
Unlike traditional contracts, smart contracts offer the opportunity for financial services to be provided or legal agreements to be drafted quickly and more affordably between parties than they would be under traditional contracts. In addition to being much fairer, once the system is activated, it cannot be manipulated in any way.
From personalized search results to cross-platform development tools and 3D graphics, Web 3.0 will accelerate the fair and transparent use of user data within the web. There will be an increase in the level of immersion and interaction on the web.
It won’t be long before we see and live with the new Internet. So let us welcome Web3 with all our hearts.
For more information, listen to the full conversation here.
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