Web 3.0 — What it Holds for All of Us
We have recently crossed paths with a plethora of new terms commencing from the onset of the year 2021, such as Non-fungible Tokens, Metaverse, Cryptocurrencies and Decentralized Finance to name a few. There is certainly no denying the fact that we are living in an era where the most important technological revolution; the Internet, is transitioning to a decentralized infrastructure — Web 3.0 is in the making.
What is Web 3.0? Is it a standard upgrade like a software update, or an entirely different beast that can change the way we live and function?
To better understand Web 3.0, let us go back to the history of the Internet, starting with Web 1.0. The first version of the internet, Web 1.0, was static and non-interactive with its users. This later evolved into Web 2.0, the current version of the internet which is characterized by user-generated content and the emergence of social media platforms.
Semantic Web, sometimes known as Web 3.0, is a version of the Web where machines have the potential to process content in a way similar to humans. Web 3.0 is the enhanced version of the web and something more. It makes use of edge computing, blockchain and decentralized data architecture to create a system that is open, secure and transparent. This allows for complete data ownership vested in the users.
How Web 3.0 Will Transform Our Lives
Web 3.0 is expected to provide users with enhanced privacy, security of data, and increased interaction with apt results. Let’s discuss some of the key features of Web 3.0 that will change the current version of the Internet for the better.
Decentralization
Web 3.0 will eliminate the need for a central point of control, otherwise known as centralization. It incorporates blockchain technology that offers a trustless ecosystem and a secure platform where data is completely encrypted. Decentralization is at the heart of blockchain and eliminates the need for centralized entities that govern users. This surfaces an entirely new paradigm of how users will access the web. Organizations can create applications with a logic spread across blockchain nodes ushering in transparency and immutability.
Convergence of Crypto, Blockchain, and Web 3.0
We are now aware of the fact that the Web 3.0 network will be running through decentralized protocols. These decentralized protocols are also associated with the creation of blockchain and cryptocurrency, ultimately leading to the convergence of all three technologies. This will be powering interoperability, easy integration, and smart contract automation. Ultimately this will transform the functionality of businesses by creating trust, security and a sense of fair play for customers, consumers and business partners alike.
Untapped Access to Information
One of the most notable advantages of Web 3.0 would be the ability to access data from anywhere. Web 3.0 as a technological enhancement deals with the expansion of the infinite amount of ways that allow for devices to gather and interact with user data. Moreover, this will create a seamless experience for B2B and B2C scenarios.
Data Ownership
Web 3.0 will allow the end-users to regain complete ownership and authority of their data and gain the integrated security of encryption. Users will have the choice to share their information with permissions or to not share at all. This will put a stop to the current scenario where marketing and advertising agencies are paying millions of dollars to giants like Amazon and Facebook to access user data.
Unhindered Blockchain Network Interaction
Users will possess the potential to create an address and establish an interaction with the blockchain network. No restrictions will be imposed on the users of Web 3.0 on the basis of their revenue, demographics, gender, or geographical factors. The sharing of digital assets will be more efficient and seamless with cross-border execution.
Web 3.0 and the Metaverse
The Metaverse is gaining attention and importance with its vision of building a 3D immersive world where people will spend their time learning, socializing, working, entertaining, creating content, etc. In short, the metaverse is a parallel world created by the people for the people.
The metaverse offers an optimized mix of Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), social media, crypto and blockchain gaming. Now think of the convergence of Web 3.0 in this chimeric mix. Web 3.0 favors a decentralized web and is the “bridge” to the metaverse. The economy of creators in the Metaverse will help fuel the vision of Web 3.0 by facilitating the development of entirely new businesses, as well as financial and social worlds with implemented decentralized solutions.
For instance, Holographic VR meetings are quickly becoming a reality. People can join meetings with multiple participants. Cartoon avatars or floating video tiles are becoming a thing of the past. This is the era of holograms with real faces, human gestures and lip motions synced with the voices of participants!
A boost to businesses
Web 3.0 has paved the way for decentralized finance. Though decentralized systems will allow for easy access to the crypto market and ultimately further innovations, central authorities are not yet ready to embrace this enhanced model. The beginning of Web 3.0 will push companies and businesses to develop at a faster rate so that they are able to keep up with the innovations in the industries.
Summing Up
The journey of the drastic transformation of the Internet in the wake of Web 3.0 will present opportunities for everyone. As the world waits with bated breath, we at Nitro Network are rightly aligned to what Web 3.0 will mean to the world. With innovative and game changing concepts like digital mining, NFMs and Nesting, Nitro Network is more than ready to embrace the change and be a significant contributor to the next generation of the internet.
About Nitro Network
Nitro Network is building a world of private communication networks powered by IoT together with LoRaWAN/3G/4G and 5G. This hyperconnected world is the IoT alternative to cellular networks unlocking a $3 trillion market opportunity. We believe our decentralized private telecom networks is a gamechanger built on a blockchain with our proprietary token NCash at the core that drives utility and value from unlimited use cases. We are creating an inclusive ecosystem incentivizing users to own, operate and earn from the private networks of the future.
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Disclaimer: This is not investment advice. Please do your own research before investing in any avenue. The information contained in this post is for informational purposes only. You should take independent advice from a professional or independently research and verify any information that you find in this post and wish to rely on, for the purpose of making any decision. Through this post, you may be able to link to other websites which are not under the control of Nitro Network. We have no control over the nature, content, and activity on those sites. The inclusion of any links does not imply a recommendation or endorsement of the other website, its products, or views.
