What is the use of web 3.0 technology

What Is Web 3.0?

Web 3.0 is a term coined by Tim O reilly in his book “The web we want”. He defines it as the third generation of the internet, where people interact directly with each other rather than through intermediaries. In short, it’s about how technology empowers individuals to connect, share, create, and collaborate without any central authority.

In the context of cannabis, Web 3.0 is the evolution of the Internet. It is the shift from centralized control over information to decentralized access. It is the end of the age of big data and the beginning of the age of small data. It is the end to the era of surveillance capitalism and the dawning of a new era of privacy-focused social networks. It is the rise of the sharing economy and the emergence of peer-to-peer markets. It is the democratization of knowledge and the decentralization of power. It is the end game of the blockchain revolution and the birth of the decentralized web.

Web 3.0, Cryptocurrency

  • Web 3.0
    Which includes blockchain technology. Web 3.0 is a term coined by, the creator of Ethereum. He believes that the internet is going through a transition where we are moving away from centralized servers towards decentralized networks. In his words, “The current Internet is built around client-server architecture, while the future Internet will be based on peer-to-peer networking”.
  • Crypto.currency
    Cryptocurrency is digital money that uses cryptography (the science of encryption) to secure transactions and control access. Bitcoin was the first cryptocurrency to use blockchain technology. Other crypto.currencies have since been created using blockchain technology, including LITE cOIN, Ripple, Dash, Doge.coin, and MON.ERO.
  • Blockchain
    Blockchain is the technology that underpins crypto.currencies. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block contains data about the previous block in the chain, making it impossible to modify the information without altering the rest of the blocks in the chain.
  • ICO
    An Initial Coin Offering (ICO) is similar to an IPO (Initial Public Offering). An investor buys coins at a discounted price, which increases in value once the coin is listed on exchanges. However, unlike IPOs, there is no regulation requiring companies to issue their own currency. Instead, they create tokens that represent ownership rights to a project. These tokens are then sold to investors.
  • Smart Contracts
    Smart contracts are computer protocols that facilitate, verify, or enforce the negotiation or performance of a contract, either automatically via a blockchain ledger system, or by interfacing with traditional financial systems.
  • Decentralized Applications
    Decentralized applications are distributed over several computers rather than being run by a central server. All of these individual nodes communicate with each other and share information across the network.
  • DA.PPS
    A decentralized application is a type of application that runs on top of a blockchain platform. Because it is not controlled by any central authority, it cannot be shut down or censored easily.

Web 3.0 Technologies

There are few details when we see web 3.0 first of all this concept isn’t new , the early developers of web 1.0 and web 2.0 applications had written in a blog post behind back of web 3.0 in a upgrade tp its precursors : web 1.0 and web 2.0

Web 3.0 is a term coined by Tim O Reilly in his book “The web we want”. He defines it as the third generation of the internet,

Evolution of Web 3.0

  • Blockchain
    Blockchain technology was invented in 2008 by Satoshi Naka.moto. A blockchain is a distributed ledger that records transactions across many computers. Each computer stores a copy of the ledger, and any change to the ledger requires consensus between the computers. In Bitcoin, each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
  • Smart Contracts
    Smart contracts are a type of self-executing contract written directly onto the blockchain. Once created, smart contracts cannot be altered unless the network is updated. Smart contracts allow two parties to automatically execute the terms of their agreement without third party involvement.
  • (DL.T)
    Distributed ledgers use a peer-to-peer network to record transactions. Once recorded, no single point of failure exists, and changes are time stamped and immutable. DL.Ts provide trus.tless and transparent transactions that result in faster settlement times.
  • (DAP.PS)
    Decentralized applications bypass central servers and store data on individual nodes. All information is stored publicly. D.APPS have three primary components: application logic, user accounts, and storage.
  • Interoperability
    Interoperability
    .is the ability of different systems to work together. Block.chains are inherently interoperable since they are built on top of existing technologies. Smart contracts are not interoperable due to their proprietary nature.
  • (IoT)
    The IoT connects everyday objects to the internet using embedded sensors and actuators. These devices collect and exchange data via APIs and create value-added services.
  • (AI)
    Artificial intelligence uses algorithms to simulate human decision making. AI empowers machines to make decisions based on data rather than rules.

Web 1.0 (1989-2005)

The Web was born in 1989, and its first version was called World Wide Web. In 1993, Tim Ber.ners see proposed a standard protocol for the web, HTTP. By 1995, the first commercial website appeared, followed by the first search engine. In 1996, Netscape released their browser, Navigator, which became the dominant browser until 1998. In 1999, released Internet Explorer, which would become the dominant browser until 2005.
In 2001, launched the first search engine that could index the entire Web. In 2002,! launched the first social network. In 2003, Facebook launched the first social networking site. In 2004, launched the first video sharing site. In 2005, Wikipedia launched the first collaborative encyclopedia.

Web 2.0 (2005-present)

The Web 2.0 movement was first coined in 2005 by O’Reilly Media’s Tim O’Reilly. He defined it as “the second generation of the Internet”. In his book “Where 2.0 Comes From”, he defines it as “a shift in how people create, share, and use information.”
In the past, the internet was only accessible to those who had access to computers. Nowadays, anyone with a mobile phone, tablet, or laptop can connect to the web. The Web 2.0 movement has brought about many changes to the way we communicate, work, learn, play, and live online.

Web 3.0 (yet to come)

The web 3.0 revolution is coming! Web 3.0 is the next generation of the internet. It’s a decentralized network where users control their own data and content. It’s a platform that gives people back ownership over their digital lives. It’s a place where anyone can publish anything about anything. It’s a peer-to-peer network based on trust. It’s a community built on open standards.

It’s a global network that connects billions of devices. It’s a system that puts people first. It’s a platform for innovation. It’s a world built on openness. It’s a movement driven by people not corporations. It’s a protocol for the real economy. It’s a network designed for human beings. It’s a platform built for the real world. It’s a system for the real Internet. It’s a network for the real web. It’s a network built for the real world…

Key Features of Web 3

To really understand the next stage of the internet, we need to take a look at the four key features of Web 3.0.

Applications

  • Web 3.0 applications are those that use blockchain technology to create decentralized applications (dapps). These apps have no central server or database that stores information about users. Instead, they store data on a distributed network of computers called a blockchain. Because these networks are not controlled by any single entity, they are known as decentralized applications.
  • Decentralized applications are different than traditional web applications because they do not rely on a centralized server to store user information. Instead, each application runs independently on a peer-to-peer network. In addition, because they are not run by a central authority, they cannot be shut down or taken offline.
  • Blockchain technology is what makes decentralized applications possible. A blockchain is a public ledger that records transactions between two parties efficiently and securely. Each transaction is recorded in blocks, and each block contains a timestamp and cryptographic hash of its predecessor. By design, the blockchain is inherently resistant to modification of the data stored in it.
  • Ether.eum is the first platform to implement blockchain technology. It was created in 2014 by Vit.alik But.erin, who is considered the father of cryptocurrency. Ethereum uses smart contracts to execute transactions without requiring third party intervention. Smart contracts allow for automated agreements between two parties.
  • Bit.coin is the first decentralized currency based on blockchain technology. It was invented by Satoshi Naka.moto in 2009. Bitcoins are issued and managed without any central authority whatsoever. There is no government or bank in charge of bitcoin; instead, the system is completely self-regulating.

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