28 July, 2022
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What is Web 3.0 and Why Do You Need To Know About It?

28 July, 2022

Web 3.0 (Web3) is the name for the current stage of the online world. Each stage comes with new developments as technology grows. 

The internet has come a long way since its birth in 1983, from read-only to full integration into our daily lives. The way we use and interact with the online world is and will continue to evolve rapidly. 

63% of the world’s population use the internet daily, with modern society firmly plugged in. Since 1983, despite numerous changes, we can categorize the web’s overall development into three stages: Web 1.0, Web 2.0, and Web 3.0. 

Web 1.0, 2.0, and 3.0: the evolution

We’ve come so far since Web 1.0, and can expect to go even further! 

With each stage, new capabilities are adapted and problems solved. The end goal is to make the internet as accessible as possible and provide users with more control over their internet habits. 

Read on to find out about each of the previous web stages and where we go from here. 

Web 1.0

The World Wide Web (Web 1.0 or Web1), was invented by Tim Burners-Lee and was the first version of the internet — lasting roughly from 1991 to 2004

Although the internet was first created in 1983, it was predominantly text-based and unavailable to the wider public until 1991. The idea behind Web 1.0 was to establish an online presence and share information with anyone at any given time.

This version was basic, featuring read-only content and websites with little to no interactivity. There was no dynamic Hypertext Markup Language (HTML) and information was served from a static file system — instead of a database. Webmasters were responsible for updating users and managing site content.

The jump between Web 1.0 and 2.0 was huge. 

Web 2.0

Most of us are familiar with Web 2.0 (Web2), it’s what you’re using right now! Implemented in 2004, Web 2.0 heralded the dawn of social media and has brought people together through Facebook, Twitter and TikTok.

Key characteristics of Web 2.0 include:

  • Accessible web-based applications.
  • Free sorting of information and data.
  • Specific problems solved by simple applications.
  • Social tools to encourage users to create, collaborate, and promote information.
  • Data can be readily shared.
  • Variety of purpose: social networking, education, and entertainment.

The main issue with Web 2.0 is security and privacy, as users often can’t control their data or how it’s stored. Some businesses retain this information without permission and sell it on to other companies for profit.

Apps repeatedly experience data breaches and firms hoarding data is one of the key reasons why. In fact, there are multiple websites dedicated to monitoring breaches and informing users when their data has been compromised. 

This alone indicates the scale of the problem and is where Web 3.0 comes into play. 

Web 3.0 

Web 3.0 is the upcoming iteration of the internet, allowing websites and apps to process data in a human-like way. Considered to be verifiable, self-governing, distributed, and robust, Web 3.0 has so far introduced the metaverse, NFTs and products of a decentralized nature.

Key features  of Web 3.0 include:

  • Semantic web. Machines can decode meaning and emotion by analyzing data, improving user experiences through enhanced connectivity
  • Artificial intelligence (AI). AI can scan the web and differentiate between genuine and fake information.
  • 3D graphics. New level of immersion across applications.
  • Ubiquity. Improved accessibility worldwide, with online-capable devices no longer limited to computers and smartphones. 

The main differences between Web2 and Web3 is decentralization and the idea that the content you consume will be more tailored than ever before. Web 3.0 applications run on blockchains, decentralized networks of servers, or even a combination of the two. These apps are known as dApps—decentralized applications. 

Developers compete to provide the highest quality services to users on their network. You may notice when discussing Web 3.0, cryptocurrency is often brought up. Crypto tokens are used as a financial incentive for anyone wanting to contribute to a development project, such as hosting, computing, storage, or any other web services. 

Users can make a living from this on both technical and non-technical levels, as those wishing to use the network will pay to do so, with funds going directly to developers.

So, what are the benefits of adopting Web 3.0 on a much bigger scale?

Benefits and drawbacks of Web 3.0

Web 3.0 fans are ready to adopt this new iteration of the internet with open arms, like Huobi, who recently launched their Web 3.0 investment Arm Ivy Blocks. 

As with all change, there are both pros and cons, which is why we’ve listed the benefits and drawbacks of Web 3.0 below.

Benefits

Expanding data connectivity. The semantic web can read and process data more efficiently and effectively.

Security across the web. Fewer data breaches as users don’t need to share as much personal information. 

Better user experience. Web 3.0 makes the internet more personalized, making it easier to work and search online.

Drawbacks

Outdated web pages. Web 1.0 sites will be outdated and possibly unusable. This is not only problematic for users, but also businesses, who’ll have to update all of their websites.

Accessibility in relation to cost. Older gadgets may not have the option or capability to support Web 3.0. Therefore, users who can’t afford the latest kit could be excluded or have their experience lessened.

Time spent on technology will increase. Although not always a bad thing, people will inevitably spend more of their time on the internet, resulting in less real-life experiences.

The future of Web 3.0, LOX Network and our shared values

Web 3.0 is still in development and is yet to be widely adopted, so it’s still early days for this version of the internet. There’s no set date or grand opening of Web 3.0, but expect to see the concept flourish. 

At LOX Network, we understand the importance of security, and protection of your personal data and information. That’s why we’re creating the world’s first decentralized security network designed to better protect your wireless devices.

We’re combating global phone theft and using Web 3.0 technologies to create a safer world both online and off for wireless device owners. It’s our goal to reduce smartphone crime by making devices inaccessible to anyone but the registered owner and providing a safe method to return devices back once stolen.

Check out our blog for weekly updates on our mission.

Annabel
Content Manager

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