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

15 min read
Jul 01, 2022
What is Web 3.0: Tips You Need to Know to Succeed
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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.

the beat is yet to come

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 web3

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 open and more decentralized model. In the current web 2.0 version data is stored in centralized repositories, leading to the emergence of big tech companies such as Google, Facebook, Amazon, etc.

However, in the web3 world, users will be enabled to interact with data directly. The decentralized foundation of web3 is also the basis of blockchain technology, which powers cryptocurrencies and NFT trading. Hence, web3 serves as the point of convergence for other decentralized protocols.

Key Role of Web3 in Tomorrow Business

Web 3.0 can be considered an inflection point from which new business models will emerge with new opportunities for collaboration, innovation and productivity gains. For one, it is set to revolutionize business practices by providing a digital infrastructure for peer-to-peer transactions without intermediaries like banks or governments, as well as new models for how companies are owned and governed. Already, there are businesses that embody the web3 model, and they are known as Decentralized Autonomous Organizations (DAOs)

nobody really knows what is internet 3.0

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, the World Wide Web system that we are all familiar with today. It is not possible to explain web3 if we don’t describe the previous generations. The difference between these three generations is how information and data are exchanged between users on the internet.

The Web 1.0 era was marked by static websites with little interactivity, which were popular from around 1995 to 2000. This generation was based on a command-line interface and used HTML for formatting purposes. During the Web 1.0 era, the web was developed to be a platform for information sharing and was mainly text-based.

Web 2.0 is the second generation of the World Wide Web and was released in 2004. It was a significant change from web 1.0 because it introduced “the social web” – the idea that people could share content with one another and comment on it. This led to a shift in how people used the internet, as they were now sharing information with each other rather than just viewing it passively.

web 3.0 definition shortly

Web 3.0 is the next level of the Internet, where the web will be more interactive and more immersive. It is often referred to as the Semantic Web or web3 because it has a stronger focus on user-generated content and interaction. The Semantic Web is an extension of HTML that allows computers to “understand” what you are looking at online, rather than just viewing it as text or images that need to be translated into machine language.

The most significant change between Web 2.0 and Web 3.0 is that in web3 we are going to have a decentralized web where users will be able to control data and content they create themselves without any interference from third parties such as Facebook or Google.

Key Features of Web 3.0

The rapid development of information and communication technologies and the interconnection of networks around the world through the Internet have changed the way we work and live. 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 because it allows machines to learn from experience, improve themselves and adapt to changes in their environment without human intervention or guidance. In the web3 world, artificial intelligence (AI) technology will be used as a natural language processing system on the web to allow users to interact with each other via voice commands or text chat. AI will also be integrated into social media platforms so that they can recognize emotions and facial expressions to provide more personalized content for users.

AI will rule the world

Semantic Web

The semantic web allows computers to understand human language better than ever before, which will lead to new possibilities for e-commerce, search engines and machine learning tools like Google Assistant or Siri. Semantic Web is an extension of HTML5 that allows websites to structure data in ways that machines can more easily interpret it.

It’s made up of three things: linked data, which connects data across sites; ontologies, which are vocabularies for describing concepts; and logic-based rules for describing how information should be represented.

User-centric

Users are becoming increasingly aware of their personal data rights, which is why they’re demanding more control over their information than ever before. They want to decide who can access their personal data and for what reason.

user centric technology

Web 3.0’s user-centric approach will give users more control over their personal data, while also making sure that companies don’t abuse this power by selling user info without consent or breaching security measures by storing data on centralized servers where it could be accessed by hackers or government agencies without your knowledge or permission.

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 and JavaScript) which makes it easy for developers to create new applications that can be used across different operating systems without having to rewrite the code.

Transparency

A feature intrinsic to the definition of web3 is transparency, which refers to how easily information can be accessed by everyone involved. For example, the amount of money sent from one party to another can be seen by everyone on the network, making it very difficult for anyone to tamper with these transactions. Because there are no barriers to accessing information in web3, there is much less need for trust between parties and transactions can be completed more quickly and efficiently than ever before.

information is power

How Does Web3 Work?

The web 3.0 definition given above shows that the technology is an upgrade to the current web that will be based on peer-to-peer networks instead of centralized servers. Web3 will be decentralized and will include end-to-end encryption, improved smart contracts and decentralized applications (DAPPS). 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 is all about decentralization. That means that instead of being hosted by one company, data and content will be stored on multiple servers that are controlled by different companies and individuals. This makes it harder to hack or manipulate because you’re not just attacking one server, but many ones. The idea behind web3 is that it will be more secure, faster and cheaper than its predecessors (Web 2.0 and 1.0).

Web 3.0 Examples List

Examples of Web 3.0 Technologies

The set of technologies 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.

Virtual Reality (VR)

Virtual reality is a computer technology that replicates an environment, real or imagined, and simulates a user’s physical presence in this environment. Virtual realities artificially create sensory experiences, which can include sight, touch, hearing, and smell.

Star Wars best moment mem about VR

Augmented Reality (AR)

Augmented reality (AR) is an interactive experience of a real-world environment where the objects that reside in the real world are “augmented” by computer-generated perceptual information, sometimes across multiple sensory modalities, including visual, auditory, haptic, somatosensory (tactile), and olfactory. AR is used in the following industries: healthcare, education, manufacturing, gaming, etc.

Gaming

Games have always been a popular way for people to spend their free time, but now they’re being used for more than just entertainment purposes. Video games were among the earliest adopters of blockchain technology when developers realized how useful it could be for creating virtual economies within their worlds. These types of virtual economies allow players to buy and sell items with cryptocurrency.

Blockchain Technology

Blockchain technology is used by many cryptocurrencies as well as other applications that require secure transactions between parties without needing an intermediary like a bank or government agency to verify them first.

Blockchain technology is one of the most important components of web3 because it makes it possible for users to control their own data in a decentralized manner. The industries that will gain most from this innovation are banking, finance, insurance, cybersecurity, advertising, supply chain, law, etc.

Blockchain mem

Cryptocurrency

Cryptocurrencies such as Bitcoin and Ethereum are used as currency on the blockchain network and can be used to pay for goods and services online without having to use fiat money like dollars or euros which can be manipulated by governments through inflationary policies that devalue savings held in fiat currencies over time.

DeFi

Decentralized finance (DeFi) refers to financial applications built on top of 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.

Examples of Web 3.0 Apps

In the past year we’ve seen a growing interest in how Web 3.0 is going to work, how it can be developed, implemented, and utilized for businesses. Whether you’re putting together a name for your business or want to learn more about this market, you can use this list as a reference.

IDEX

IDEX is a decentralized exchange with a focus on speed and user experience. It is designed to handle large amounts of trading volume with minimal latency. IDEX allows traders to buy and sell tokens using a wide range of cryptocurrencies including Bitcoin (BTC) and Ether (ETH). The exchange also has an integrated wallet that can be used to store your funds securely on the platform.

Storj

Storj is a decentralized, end-to-end encrypted cloud storage platform that allows users to store data in a secure and distributed manner. It is an open source peer-to-peer cloud storage marketplace where users can rent out their unused hard drive space in exchange for STORJ tokens. Storj allows users to buy or sell excess capacity on their hard drives at any time through its peer-to-peer marketplace

Audius

Audius is a decentralized music sharing platform based on blockchain technology. Audius uses the blockchain to help artists get paid for their music directly from fans, cutting out unnecessary middlemen such as SoundCloud or Spotify. The platform uses artificial intelligence and machine learning to automatically analyze songs and recommend them to listeners around the world.

Brave Browser

Brave Browser is an open source web browser that blocks ads and trackers by default, making it faster and safer than your current browser. Brave also gives you a share of the advertising revenue if you choose to support your favorite sites with BAT tokens.

Axie Infinity

Axie Infinity is an online game where players collect digital creatures called Axies (there are thousands of them) and battle other players online using real money (in-game currency). You can use your Axies to fight against other people’s Axies, train them so they become stronger over time, or even trade them.

Web 3.0 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. With so much uncertainty around what exactly Web 3.0 means for businesses, let’s take a look at some key areas where Web 3 will impact:

Web 3.0 in the FinTech Industry

The financial services industry is one of the most regulated and heavily controlled industries in the world. It is also one of the most lucrative, with a constant need for innovation in order to meet customer demands. With so many stakeholders involved, innovation can be difficult to implement.

Web 3.0-based blockchain technology allows users to send peer-to-peer payments without having to go through financial institutions/banks; cryptocurrencies such as bitcoin allow users to send funds directly from one person to another without intermediaries. In short, web3 is decentralizing financial services.

bitcoin mem

Web 3.0 in Real Estate

The real estate industry is evolving and with it, the way we do business. The Internet has become a major tool for communication and transactions, and the real estate industry is no exception. Web 3.0 has made its mark on the real estate industry by making transactions faster, easier and more transparent. Web 3.0 technology allows users to access information in real time without having to wait for it to be updated on a website or application. This allows agents to stay ahead of the curve when it comes to pricing homes, selling houses or finding new clients while they are out showing properties.

Web 3.0 Impact on EdTech Revolution

The future of education is digital. The Internet has enabled educators to create innovative solutions for teaching, learning and sharing knowledge in an effective manner. With millions of students on the internet, educators use various tools to provide quality education to students from different parts of the world.

However, there are still some challenges faced by educators who want to integrate technology into their classrooms, such as cost barriers and lack of technical support among others that could be addressed by using Web 3.0 technologies such as blockchain, which can help solve these issues once and for all.

Web 3.0 in Health

The healthcare industry is an important sector of the economy and will continue to grow in the coming years. Health care providers are continuously looking for ways to improve their services and find solutions to improve patient outcomes. What web3 means offers many opportunities for healthcare companies and hospitals to expand their reach and provide better services to their customers and patients. The potential benefits of Web 3.0 for health and wellness are immense: from remote monitoring and data analytics to personalized care and patient engagement.

What are Web 3.0 business models?

For a long time, the web was an open ecosystem where anyone could publish content and build businesses around it. But as the internet grew and became more commercialized, it got harder to make money online without advertising or selling your own data. This led to the rise of walled gardens like Facebook and Google — companies that control the entire ecosystem and profit.

What is the web 3.0 business model if not a radically new way of doing business on the Internet? For instance, by leveraging blockchain technology, Web 3.0 companies can use cryptocurrency as a means of exchange and interaction with their customers.

web 3.0 mem

Web3 business models are the way in which companies make money from the web. The most common business model is advertising, but many companies use subscription-based services or even free services with paid upgrades, such as Dropbox and Spotify.

Here are some of the most common types of Web3 business models:

  • Subscription-based: Subscription fees are charged on a regular basis for access to a service (such as Netflix).
  • Freemium: A free version of a product or service is offered alongside a premium version that offers additional features or functionality (such as Spotify).
  • Paid apps: Apps that require payment to install or upgrade (such as Angry Birds).
  • Advertising: Ads are displayed within an application, either to generate revenue or simply to attract more users (such as Facebook).

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 outstaffing. Staff augmentation allows you to quickly close gaps in your team with specialist skills for affordable costs.

On the other hand, you can use our general outstaffing service to quickly build a team to run your web3 project. So you can choose the most appropriate one for your task, whether it’s a one-time project or an ongoing upgrade and development. Once you have a clear understanding of how your project can benefit from Web 3.0, Procoders can be helpful with the discovery phase.

Let's schedule a call to start a Discovery Phase for your project!

ProCoders helps startups to develop web 3.0 apps based on the latest technologies and advances in the market. Because we are based in Estonia, 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.

Particularly, our work model is flexible, which allows well to augment your staffing needs or to build your app from scratch when you hire web3 programmers. This adequately complements the web3/internet 3.0 definition. We also achieve this by giving clients access to a dedicated team of outstaffed developers, not just for the development process, but also for the discovery phase.

Find out how the Outstaffing model fits you
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ProCoders’ developers are a group of highly skilled and experienced professionals who have the ability to understand your business needs and provide web solutions that are customized to suit your requirements. ProCoders has created a number of successful websites and apps for various industries including healthcare, manufacturing, education, retail and more.

We are experts in developing business-specific applications that help you streamline your operations and make them more efficient. Our approach towards web development is unique as we don’t just build websites but also provide complete solutions as per your requirements. We take into consideration all aspects of your business like design, functionality, PFS security, scalability, etc. before building any application for you.

F. A. Q.
Will Web3 fail?

Web3 won’t fail. We may not be there yet, but we’re getting closer and closer—and the people who are building Web3 are driven by a passion for change. They want to make a better world, and they know that the only way to do that is to give people control over their own data and let them participate in a system where everyone’s voice is heard.

What are the metaverse and Web3?

Metaverse and Web3 are the next generation of the internet. The metaverse is a virtual reality platform that allows users to create and share virtual worlds. It is a place where people can go and interact with each other in real time, no matter where they are in the world. Web3 is a decentralized network that allows users to connect directly with each other, rather than having to go through a centralized server or website.

How Web 3.0 developments could impact businesses?

The biggest impact that Web 3.0 developments will have on businesses is the ability for them to operate more efficiently. The internet has already changed the way we do business, with the elimination of brick-and-mortar storefronts and an increased focus on digital marketing. However, the next wave of innovation in this area will be even more profound. The impacts a change in how users interact with software platforms, which builds a new level of customer experience beyond what is currently obtainable.

Why Web 3.0 Is Important for the Future?

Web 3.0 is important for the future because it will make the internet more secure and private, which will be crucial as more people and organizations rely on the internet to do business. Web 3.0 is also important because it allows people to communicate with each other in a way that is faster, more secure, and more efficient than ever before.

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.
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