What Is Web 3.0 and What Is It Used For - An Introduction to web3 and

Web 3.0, the third generation of the internet, is a new version of the internet that aims to give consumers more control over their content by a decentralized approach.

In web 3.0, websites and applications handle data in a sophisticated, human-like manner, using big data and decentralized ledger technology (DLT).

This article will explore the evolution of web 3.0, what it’s used for, web 3.0 applications, and project examples.

What is Web 3.0?

According to Tim Berners Lee, web 3.0 is “read, write, execute”. It’s the third generation of the internet, and its goal is to create a more connected, open, and intelligent version of the internet.

Web 3.0 uses new technologies such as artificial intelligence (AI), blockchain, augmented reality (AR), and virtual reality (VR) to create decentralized and highly engaging internet experiences.

According to computer scientists and internet experts, this new paradigm in web interaction will make people’s online life easier and more intuitive.

Data will be interconnected in a decentralized manner in Web 3.0. That is a huge step forward from our current internet generation (Web 2.0), where data is primarily stored in centralized repositories.

This means that through trusted intermediaries, people and organizations are now able to trade valuable information and collaborate with worldwide counterparts they don’t explicitly trust.

Though, with the arrival of blockchain and bitcoin, web 3.0 now places a greater emphasis on the blockchain’s decentralized qualities.

Web 3.0 Applications

1. Job Platforms

We’re all familiar with job platforms because we currently use them to find jobs. Many job boards allow companies to post a job criteria for a position that needs to be filled.

Similarly, we also have job-seeking platforms in web 3.0, but they’re all decentralized. CryptoTask, Blocklancer, and others are some of the examples.

Some advantages of a decentralized, remote jobs platform consist of:

Low costs
No centralized authority
No restrictions on joining the site
Payment in crypto

2. Insurance and Banking

Blockchain technology has the potential to revolutionize the insurance and banking industries.

Web 3.0 allows this by applying blockchain properties like transparency, security, and reversibility, which means that fraud in banking and insurance will be impossible.

Overall, we can reasonably conclude that the existing system is dysfunctional and requires greater transparency and security for users to prosper.

Records can now be stored on the blockchain, thanks to web 3.0. Smart contracts can also automate most processes that do not require human intervention.

Some advantages of using blockchain for insurance and banking consist of:

Empowering digitally competent employees
Hassle-free internal audits for banks
Little to no frauds
Improved client experience

Social networks are essential in our lives because they change how we communicate, engage, and build communities.

Social networks now are constrictive, censored, and serve an internal purpose. Big corporations or the government can also use social networks to control and shape the opinions of their users.

However, thanks to the blockchain technology, social networks will be unrestricted.. Anyone, regardless of their location, is welcome to participate. The entire landscape will shift with web 3.0. Social network platforms like Steemit, Indorse, Sapien Projects looks promising.

Decentralized social networks are a fantastic concept that can transform how we think, share, and interact.

Some advantages of decentralized social networks are:

Empowering users by paying them with some assets
Safeguarding users’ privacy
Ensuring that data is not collected and used by a central authority

4. Decentralized Storage

Decentralized storage is based on the idea of exchanging files and data across a peer-to-peer network. Decentralized storages have excellent security since the sender can encrypt the files before sending…