What is Web 3.0: Tips You Need to Know to Succeed

Web 3.0 is quickly approaching and while the change will not be huge, it will impact everything we do online. Even though this third generation of the World Wide Web is a fully separate technology, businesses can upgrade their current offerings to become web3-compatible and still win the market. A recent major example is the transformation of the Facebook company to meta, a web3 company for metaverse experiences.

For users and customers, this means that your business is at the forefront of ushering them into a world of innovative internet experiences. Capturing the market early is key, since web3 is still in its development stage and a lot of potentials remain to be uncovered. Wondering how you can implement Web 3 in your business and win? Reveal use-cases and best practices in our article.

Web 3.0 Internet Next Gen or Another Emergent Technology?

What is internet 3.0 or web3? How do we define this innovative technology? Is web3 a technology that enables you to win quickly? Some say it is a squander of time and money. Others claim it will make you lose more than you can win. We decided to do some research and write about web 3.0 for those who still have doubts about what it really is.

Web3 has its own characteristics, therefore, it will soon become a part of our everyday life and not just in browsing web pages. For businesses, this means that leaders can’t ignore this technology that will transform consumers’ lives anymore.

What Is Web 3.0?

What is web 3.0? Web3, which is also known as internet 3.0., is an emerging model of the internet built on intelligent information processing?

As the third iteration of the internet, web 3.0 promises a more openness and decentralization.

In the current web 2.0 version, data is stored in centralized repositories. This quality has led to the establishment of big tech companies such as:

• Google

• Facebook

• Amazon, etc.

However, in the web3 world, users can interact with data directly.

The decentralized foundation of web3 is also the basis of blockchain technology. It powers cryptocurrencies and NFT trading.

Key Role of Web3 in Tomorrow Business

Web 3.0 can be considered an inflection point from which new business models will emerge.

For one, it is set to improve business practices by providing a digital infrastructure for peer-to-peer transactions. No intermediaries like banks or governments! New models for how companies are owned and governed will be introduced.

Already, there are businesses that embody the web3 model. They are known as Decentralized Autonomous Organizations (DAOs).

Evolution of the Web 3.0 Technologies

Web 3.0 is an evolution of Web 2.0, which was an evolution of Web 1.0.

It‘s impossible to explain web3 if we don’t describe the previous generations. The difference between these three is how information and data are exchanged between users.

Key Features of Web 3.0

The concept of universal access to data, expressed in such terms as “web3”, is becoming reality due to major advances in computer technology that look like they provide greater availability of broadband access.

Artificial Intelligence

This is one of the most important features of Web 3.0. AI allows machines to:

• learn from experience

• improve themselves

• adapt to changes in their environment

All that without human intervention or guidance.

In Web3, this technology allows users to interact through voice commands or text chat. AI will level up social media by recognizing emotions and facial expressions, delivering more personalized content.

Semantic Web

The Semantic Web helps computers understand human language more effectively. This opens new opportunities for:

• e-commerce

• search engines

• tools like Google Assistant or Siri

It extends HTML5 to structure data in ways machines can interpret more easily.

It relies on three components:

• linked data, which connects information across websites;

• ontologies, which define vocabularies for describing concepts;

• logic-based rules for representing information

User-centric

Users are more aware of their data rights and demand greater control over their information. They want to decide who can access their data and why.

Web 3.0’s user-focused approach gives users more control over their data. It also prevents companies from misusing information, such as:

• selling it without consent

• storing it on centralized servers vulnerable to hackers or unauthorized access

Interoperability

This refers to the ability for data, applications and services to be shared across different platforms and networks. Web3 identity will enable users to exchange data between different applications, platforms and devices.

This is made possible by an open-source technology stack called Web Stack:

• HTML5

• CSS3

• JavaScript

This simplifies the process for developers. It allows them to create applications that work on different operating systems without rewriting the code.

Transparency

Transparency is a core feature of Web3. It allows everyone involved to access information easily.

For instance, all parties on the network can see the amount of money sent in a transaction. This makes tampering nearly impossible.

With no barriers to accessing information, Web3 reduces the need for trust between parties. This results in faster and more effortless transactions.

How Does Web3 Work?

Web3 is decentralized and includes:

• end-to-end encryption

• improved smart contracts

• decentralized applications (you can read more about how to develop dApp with Web3 in our blog).

The goal is to make the web more efficient, secure, and private by removing the need for central authorities like Facebook or Google. Regardless of the decentralization, web3 companies know how to make money from web3.

Web 3.0 focuses on decentralization.

Data and content are stored across multiple servers controlled by different companies and individuals, not just one. This makes hacking or manipulation much harder. Multiple servers would need to be targeted, so it would be quite an undertaking. Web 3.0 aims to be:

• more secure

• faster

• cheaper than Web 2.0 and 1.0

Technologies for Web 3.0 Semantic Web Examples

Examples of Web 3.0 Technologies

Virtual Reality (VR)

Virtual reality:

• replicates an environment, real or imagined

• simulates the user’s physical presence in this environment

Virtual realities artificially create sensory experiences, which can include:

• sight

• touch

• hearing

• smell

Augmented Reality (AR)

Augmented reality (AR) is an interactive experience of a real-world environment. The objects that reside in the real world are “augmented” by computer-generated perceptual information. It can be done across multiple sensory modalities, including:

• visual

• auditory

• haptic

• somatosensory (tactile)

• olfactory

AR is already used in the following industries

• healthcare

• education

• manufacturing

• gaming, etc.

Blockchain Technology

Blockchain technology is used by cryptocurrencies and other apps that require secure transactions between parties. They interact without needing an intermediary like a bank or government agency to verify them.

Blockchain is one of the key components of Web3. It makes it possible for users to control their own data in a decentralized manner.

The industries that will gain the most from this innovation are:

• banking

• finance

• insurance

• cybersecurity

• advertising

• supply chain

• law, etc.

DeFi

Decentralized finance (DeFi) includes financial applications built based on blockchain technology or other distributed ledger systems like hyperledger.

It allows users to store their money safely without having to use banks or any other third parties as intermediaries.

Web 3.0 Examples of Impact on Your Industry Future

Web3 is not just another technological shift that we can ignore. It is the next generation of the internet and will change everything we know. It will impact every industry, every process and every customer experience step. It is already known that metaverse in e-commerce makes customers’ experience much more solid and helps reduce return shipping costs significantly.

Web 3.0 in FinTech

The financial services industry is highly regulated. So it’s challenging to introduce new ideas despite constant demand for innovation.

Web 3.0’s blockchain technology changes this. It introduces peer-to-peer payments without banks or intermediaries. Cryptocurrencies let users send money directly, decentralizing financial services. Hiring DeFi engineers to build modern apps can help businesses embrace this shift.

Web 3.0 in Real Estate

Real estate is adapting to new technology. Transactions are becoming:

• faster

• simpler

• more transparent

Real-time access to information means agents can update prices, close deals, or find clients without delays. This gives real estate professionals a competitive edge when working on-the-go.

What is Web 3.0 Technology Impact on EdTech

The future of education is online, offering new ways to teach and share knowledge. However, educators face challenges like high costs and limited technical support.

Web 3.0 technologies, such as blockchain, can help address these issues. They provide secure and affordable solutions to improve learning for students worldwide.

Web 3.0 in Health

Healthcare providers are always looking for ways to improve patient outcomes and expand services.

Web 3.0 offers tools for:

• remote monitoring

• personalized care

• better patient engagement

These technologies can help healthcare companies deliver better care and connect with patients.

What are Web 3.0 business models (examples of web 3.0 included)?

Web 3.0 business models allow companies to generate revenue through diverse methods, including subscriptions, freemium plans, paid apps, and more. These models offer flexibility and cater to different user preferences.

How ProCoders Help You With Web 3.0 Implementation?

To assist you in successful web 3.0 implementation we, in Procoders provide experienced Web 3.0 developers in different engagement models. This includes staff augmentation and outsourcing. Staff augmentation allows you to quickly close gaps in your team with specialist skills for affordable costs (for example, make your cost of building an online marketplace even lower than you may expect).

Because we are based in Portugal, which is one of the countries with the cheapest cost of living in Europe, we are able to provide affordable web3 engineer salary and web development services to our clients at home and abroad.

Recommended: IT Outsourcing Trends

Conclusion: Takeaways

• When you understand the true meaning of web 3.0, it can be considered an inflection point from which new business models will emerge with new opportunities for collaboration, innovation and productivity gains.

• The set of technologies (blockchain, edge computing, metaverse, VR/AR, cryptocurrency, DeFi, etc.) that would make up Web 3.0 are not restricted to one specific sector or one specific organization, even though there are organizations which are dedicated to their development and growth.

• Your industry may be different, but you can gain benefits in web3 via better customer interaction, creating a more streamlined customer journey, and providing a higher level of security, among others.

• What web3 means for businesses and customers is the ability to remove middlemen from the equation and provide direct access to end users.