What is Web 3.0?

Companies such as PayPal have earned billions of dollars by providing people with electronic payment capabilities. However, until now, these systems remain quite complicated and non-transparent. Another major requirement is that you have to share your confidential data.
Crypto wallets like MetaMask offer simple, anonymous and secure international transactions in Web3 applications. Transferring a cryptocurrency from one owner to another takes seconds today. As opposed to the current banking system, there is no need for users to go through lengthy steps to identify themselves, get approvals, or wait for banking hours to make payments. All one needs to do is set up a wallet and one can send or receive payments without any restrictions.

The current company organization and development situation leaves much room for improvement. One example to consider is the creation of a software company. The owner has an idea and a vision of their product, but needs money in order to support themselves and develop the product. The company begins to look for investors who will be given the right to influence and make decisions in return for their investments in the project. As a result, the product may not develop at all the way it was originally intended.
Alternatively, you can announce the creation of an interesting project that addresses real issues. Anyone who is interested can take part in the creation of the project or invest any amount they can. People who believe in the project being created can buy a share, and those who decided that the project is not developing as it should, can immediately sell theirs.
Blockchain data are public and transparent. Owners of any share in a project see full transparency of the product they co-own. This is very different from buying a stake in a private business, where many things are kept secret.
Such business organization is already available in the Web3 space.

Identification of Web3 participants works in a different way than everyone is used to. In Web1 and Web2, you need to register and then identify yourself with several values: mail and password — to be identified on this website. This method of identification always requires transmission of personal information. At the same time, when you go to another website you are required to register there again.
In the Web3 space, authentication is handled differently. For most Web3 applications, user IDs are linked to a wallet address of the user interacting with the application. Wallet addresses are completely anonymous unless the user chooses to publicly link their identity to it. The most interesting thing is when a user decides to use the same wallet in several decentralized applications, as their identity can also be easily transferred between these applications.

Web 3 has not yet been given a formal definition, but it has several distinctive features:

• Decentralization. Data storage and network support are now provided by such Internet giants as Meta and Google. Web3 technologies will make information fully decentralized.
• Use of artificial intelligence and machine learning. Instead of targeting advertising, unique content will be offered to each visitor.
• The ubiquity of the Internet will lead to an increase in the number of devices connected to the net. The Internet of Things is a prime example.
• Direct interaction. Every user can access information without the permission of any governing body.
• Intellectual property selling. Users will be able to sell their own data through decentralized data networks, ensuring that they retain control over their property.

Key layers of technological innovation are:

• Blockchain is a decentralized technology using smart contracts to perform transactions.
• Artificial intelligence and machine learning algorithms have advanced to the point where they can now make useful predictions and perform actions
• Users will own their data on the Internet 3.0 because data is decentralized. Various data generators can sell or share their data without losing ownership or relying on intermediaries.
• Web 2.0 collected information in data centers, Web 3.0 moves data centers to the fringes, i.e., into our hands.

Web 3.will provide a more personalized surfing experience for all users. Websites will be able to adjust to a user's device, location and any needs the user may have automatically. Web applications will become much more responsive to our usage patterns.

1. A more personalized content viewing experience. Existing ads can sometimes be intrusive. New technologies will provide tailored information to each user.
2. The use of natural language search is very effective. The benefits go far beyond consumer needs, as companies and optimizers will all be able to optimize their websites for search engines in a more organic way, rather than using keyword techniques.
3. Multidimensional Web 3.0 will help more than just websites. New technologies will allow web applications to provide users with richer capabilities.

Web3 is based on blockchain. The use of this technology makes it possible to expand the list of applications and services:

• NFT — non-fungible tokens. NFT tokens are unique individually and stored in a blockchain with a cryptographic hash.
• DeFi. Decentralized blockchain technology. Used as the basis for decentralized finance, a new use case for Web 3.0 that provides financial services outside the constraints of traditional centralized banking infrastructure.
• Cryptocurrency. A new universe of money seeking to differentiate itself from the traditional world of fiat money (currencies).
• dApps. Decentralized applications are programs that are software-run and registered in an invariable registry. They are blockchain-based and use smart contracts to facilitate service delivery.
• DAOs. Decentralized autonomous organizations are potentially prepared to take on the role of Web 3.0 governing bodies, offering some structure and decentralized governance.

As with any technology or set of technologies, Web3 has its advantages and disadvantages.
The advantages include:

• Higher security and protection against hacking and tampering.
• Data integrity. Users will be able to access their data in any situation. Users will have multiple backups to help them in the event of a server failure.
• Many blockchain systems are developed by non-profit organizations, allowing for collaborative design and development.
• Data will become available from anywhere and on any device.
• Web 3.0 will help solve problems and complex knowledge generation challenges.

Web3 disadvantages are as follows:

• To make Web3 technology available to a larger number of people worldwide, the quality of devices must be improved.
• Any websites based on Web 1.0 technology will become obsolete once Web 3.0 is fully implemented on the Internet.
• Web 3.0 technology is more intelligent and efficient than previous generations. However, the technology is not yet fully mature for widespread use..
• With easier access to user information and reduced privacy, Web 3.0 will make credibility management more important than ever.

As a result of Web 3.0 technologies integration, this will accelerate the fair and transparent use of user data, from personalized search results to cross-platform development tools and 3D graphics. The Internet will become more immersive and engaging in the coming years.