The main goal of Web 3.0 is to develop a more advanced, user-focused, and decentralised version of the Internet. One of the main objectives is to leave behind Web 2.0’s centralised architecture, in which a few powerful firms dominate online data and content. Instead, Web 3.0 wants to give users more control over their data and experiences, which will empower them.
The blockchain, which enables safe, open, and unchangeable data storage and transactions, is one of the core technologies powering Web 3.0. Decentralised networks and distributed ledger technologies, which provide a new degree of data privacy, security, and control for users, are combined with this. This ushers in a new era of opportunities, allowing for things like decentralised finance (DeFi), which enables programmable money, smart contracts, and decentralised applications (DApp), which can operate without intermediaries.
The overall goal of Web 3.0 is to build a more intelligent, user-centric, and decentralised online environment that empowers people and communities. It is a bold vision for the web’s future.
Now, let’s discuss few of the core ideas in detail:
Decentralised web
The term “Web 3.0” refers to the next stage of internet development, when decentralisation, interoperability, and greater user autonomy are prioritised. This new web is being developed using decentralised technologies such as blockchain technology and is intended to give consumers greater control over their data while also making the internet more open and transparent. Because Web 3.0 is decentralised, no one organisation owns or controls the data or the platforms that are built on top of it.
As a result, the internet can become more democratic and egalitarian, with power being divided among many diverse actors rather than being concentrated in the hands of a small number of powerful corporations.
Web 3.0 is Permissionless
Because it is based on decentralised, open-source technologies and does not require authorization from any centralised authority to access or use, Web 3 is frequently referred to as the “permissionless” web. This contrasts with the current centralised web, where access and usage are frequently regulated by powerful institutions like big businesses and governments. Individuals and communities can create and manage their own decentralised applications (dApps) and services in a permissionless web without requiring authorization or permission from centralised entities.
A permissionless web also gives consumers better privacy and security, as well as increased control over their own data, identity, and online activities.Blockchain, peer-to-peer networking, and smart contracts are major Web3 technologies that make it possible to create a permissionless web. In conclusion, web 3 is an open, decentralised, permissionless version of the internet that gives people and communities the power to take charge of their online experiences.
Web 3.0 has Native Payments
Built on blockchain technology, Web 3—uses smart contracts to enable native payments. As a result, business deals can be struck directly between users without the involvement of a central middleman like a bank or payment processor. This opens up the possibility of new financial services and applications, as well as safer and more effective transactions.
Decentralised apps (dApps), which can run on a worldwide, open-source network and are not controlled by a single body, can also be made possible through the usage of blockchain technology in web 3. This might significantly improve the security and transparency of online interactions and transactions.
Web 3.0 is Trustless
Being “trustless” on Web 3 refers to its ability to function without the use of intermediary or centralised control. Instead of depending on a single trusted authority, a trustless system relies on consensus among a decentralised network of users to verify and authenticate transactions and interactions. Because there is no need for third-party intermediaries like banks or social media platforms, users may communicate directly with one another, increasing security and privacy.
Due to the lack of a centralised control point that can be attacked, web 3 is also more resistant to censorship and manipulation. Furthermore, unreliable systems can make it harder for criminals to engage in fraudulent behaviour like hacking or double-spending.