The Evolution of Web 3.0 Boosts Digital World

March 13, 2023

In the early days, we had Web 1.0. The ‘World Wide Web’ as it was known was just a collection of static websites with a load of information and no interactive content.

Connecting meant dialing through flimsy modems and blocking anyone in the house from using the phone. It was the Web of UOL’s chat rooms and AltaVista’s MSN Messenger.

It was annoyingly slow. Streaming videos and music? Forget. Downloading a song would take at least a day.

Faster Internet speeds paved the way for interactive content, the web was no longer about observing, it was about participating.

Global information sharing has spawned the ‘Social Media’ era: Youtube, Wikipedia and Facebook have given voice to the voiceless and a means for like-minded communities to thrive.

In Web 3.0. Instead of concentrating power (and data) in the hands of huge behemoths with questionable motives, it would be returned to the rightful owners.

A fairer and more transparent Web, but the tools and technologies were not available to materialize. Decentralization is the idea: we have what is described as the human-centric Internet.

Web 3.0 is considered the 3rd generation Internet that allows you to connect devices through decentralized networks instead of server-based databases. The new Internet is safer, better connected, user-centric and private.

The goal is to be more open, autonomous and intelligent. Web 3.0 can provide you with more personalized experiences through smart searches and behavioral ads. (Brisklogic)

We are seeing the beginning of things. Web 2.0 is broadband. Web 3.0 is 10 gigabits per second.

Reed Hastings: American businessman and philanthropist. Co-founder and CEO of Netflix

People want to regain control

Supported by innovative ‘blockchain’ technology, Web 3.0 – new version of the web where people are not only consumers and producers of content, but also partial owners of projects and assets.

In short, ‘blockchain’ is a system that allows you to track the sending and receiving of certain categories of information over the Internet. They are pieces of code generated online that carry connected information – like blocks of data that form a chain.

It is this system that allows the operation and transaction of so-called cryptocurrencies, or digital currencies. The concept of the ‘blockchain’ emerged in 2008 in the academic article Bitcoin: a ‘peer-to-peer’ electronic financial system, authored by Satoshi Nakamoto (pseudonym of the alleged creator of Bitcoin).

How does ‘Blockchain’ technology work?

Cryptographic keys: It is a means of computing, to store the transactions and records of the network. Encryption keys consist of two keys – private key and public key. These keys help in carrying out successful transactions between two parties.

Each individual has these two keys, which they use to produce a secure digital identity reference. This secure identity is the most important aspect of the ‘Blockchain’ technology. In the cryptocurrency world, this identity is called a ‘digital signature’ and is used to authorize and control transactions.

The digital signature is mixed with the peer-to-peer network; a large number of individuals who act as authorities use the digital signature to reach a consensus on transactions, among other issues.

When they authorize a deal, it is certified by a mathematical check, resulting in a successful secure transaction between the two parties connected to the network. So, to summarize, ‘Blockchain’ users employ encryption keys to perform different categories of digital interactions on the peer-to-peer network. (BB Consult)

The Advancement of Cryptocurrencies

Digital currency that does not depend on any central authority such as banks and governments. It is used in ‘peer-to-peer’ transactions stored on the ‘Blockchain’ and can be stored in digital wallets. These digital currencies have different values and can be converted into real money.

We have 2 categories of cryptocurrencies:

• Cryptocurrencies

• Token

There are several types of each and both can be used to make digital transactions. The only difference is that cryptocurrencies use their ‘Blockchain’ while a ‘token’ uses some other currency ‘Blockchain’ as infrastructure.

These are categories of virtual money that we can use in web 3.0 – just like in the real world where you have different currencies for different countries. If you are visiting Brazil you will need to use reais, if you are going to New York you will use dollars and you will need to use one to buy the other.

What is NFT? Understand how token technology works

NFT is a kind of digital certificate, established via ‘Blockchain’, which defines originality and exclusivity to digital goods. Acronym for “Non-fungible Token”, the NFTs drew attention after millions of sums were used to buy this type of asset on the Internet.

Simply put, an NFT linked to a digital item is any image, photo, video, music, message, social media post, etc. makes this item unique to the world, generating scarcity around the item and opening space for a market to settle, involving collectors and investors interested in investing large amounts of money in the acquisition of works and digital assets. (The New York Times)

We can say that Web 2.0 was the creator and diffuser of the portability and reach of the internet for the greatest number of people, but there are still groups controlling and manipulating the environment. The main difference to Web 3.0 is that it consolidates mobility, but with greater control over privacy by the user, and less control by groups or authorities by reducing the use of intermediaries for interactions.

The digital assets market with WEB 3.0 is dynamic, both in terms of technology and in terms of offering products and services. Keeping up to date and in constant research is an inherent condition of the area. The fact is that it is impressive when eyes and anxieties turn to the financial market favored by Web 3.0.

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