HIT YOUR RIDE ON WEB 3.0

5 min readFeb 21, 2022

INTRODUCTION

A web service is a software system designed to support computer to computer interactions over the internet. Web services usually take the form of an Application Programming Interface (API). The web is an increasingly important resource in many aspects of life, from education to employment to government to commerce, health care, recreation, and more. The web is a system of interlinked hypertext documents accessed via the internet. The web allows users to view web pages that may contain text, images, videos, and other multimedia, which can be navigated using hyperlinks. The web was created in 1989 by Sir Tim Berners-Lee, working at the European Organization for Nuclear Research

WEB 1.0

In web 1.0, people could get information by going directly to sources that have been created by writers. Web 1.0 is a system of interlinked, hypertext documents accessed over the internet. Web 1.0 allowed us to search for information that can be read or used. During that time, there were very few ways users interact with the web and also contribute to it. The goal of Web 1.0 was to establish an online presence and make their information available to anyone at any time. Example of Web 1.0 include: Yahoo, Google, Amazon.

WEB 2.0

Web 2.0 also known as the read-write web. Web 2.0 introduced the ability to contribute to content and interact with other web users. This changed the landscape of the Web dramatically within a short time. With Web 2.0 came technologies such as blogs, social software, web APIs, e-mails. This development improved interactivity between users and providers. To simply put, Web 2.0 allows users to upload as well as download. Web 2.0 created an interaction between People Process and Technology and utilizes the latest technologies and concepts to make the user experience more interactive, interconnecting, and useful. It brought about viable ways to interconnect the world by means of collecting information while also allowing it to be shared effectively. Examples of Web 2.0 include, YouTube, Whatsapp, Instagram, Twitter, Tiktok

WEB 3.0

Web 3.0 is a term that has been fabricated to describe the evolution of Web usage and interaction. This includes transforming the Web into a database. Web 3.0 is an era in which the backend of the web is upgraded. This system of technology shifts focus from the front-end section of the web to the back-end. Web 3.0 is defined as the creation of high-quality content and services produced by individuals using web 2.0 technologies as an enabling platform. It is a term used to describe various evolutions of Web usage and interaction among several paths which include the transformation of web into database, a move towards making content accessible by multiple non-browser applications, the leveraging of artificial intelligence, and so on. On Web 3.0, the content of a website or webpages disappears, and data isn’t owned but instead shared and services show different views from the same web / data. These services can be applications such as browsers, devices and others devices.

USE CASE OF WEB 3.0

Decentralized Autonomous Organisations(DAOs):
A DAO — “Decentralized Autonomous Organization,” is an organization represented by rules encoded asa computer program that is transparent, controlled by members and not influenced by central government. Inorderwords, DAO is a community-led entity with no central authority. It is completely independent and transparent. Smart contracts establishes the framework rules, execute the agreed upon decision. DAO is administered by completely by its singular individuals who all in all agree on basic choices about the eventual fate of task, like specialized upgrades and depository designations.
Decentralized Finance (DeFi):
Decentralized finance (DeFi) is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. The system removes the control banks and institutions have on money, financial products, and financial services.

Some of the key attractions of DeFi are:

It eliminates the fees that banks and other financial companies charge for using their services.
You hold your money in a secure digital wallet instead of keeping it in a bank.
Anyone with an internet connection can use it without needing approval.
You can transfer funds in seconds and minutes.

Decentralized finance uses this technology to eliminate centralized finance models by enabling anyone to use financial services anywhere regardless of who or where they are.

3. Non-fungibe Token(NFTs):
NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. NFTs are digital token, similar to Bitcoin or Ethereum just that they are special and cannot be exchanged like-for-like. Nfts are considered to be new decentralized virtual assets which are irreplaceable. Top projects in NFTs includes;

Collectibles — crypto punks, avatars, meme, axis infinity
Gaming — crypto kitties, soarer
Virtual World — Decentraland, Cryptovoxels
Domain Names — Ethereum Name Service, Unstoppable Domains
Marketplaces — Super rare, Variable, Opensea

Conclusion:

There is no doubt that since the invention of Blockchain Technology and taking Bitcoin as a case study since it’s the first successful implementation of blockchain. Today, the world has found applications of blockchain technology in several industries and the growth of Web 3.0 is the next step in innovation, which can directly lead to the minimization of billions of indirect costs while making the entire system more efficient.