Web 3.0 can be referred to as the new Internet that is not under the control of the center. The journey of the Internet started with web 1.0 where websites were relatively simple. Later, web 2.0 came into existence. This update came with the incorporation of complex webpages and social media websites. With the development of technology and industrial advancement, the amount of data generated today is absolutely massive and as a result, data privacy and integration are major areas of concern. There is also a lingering threat of data hacks with the Ethereum hack being a reality check in 2017 when over a million Ethereum coins were stolen. This is where web 3.0 came into the picture as it comprises a stronger and safer framework and more robust blockchain technology.
Web 3.0 will restore data control to the user and companies will benefit the most from this. Industries will be able to make use of better network business models, thereby developing meaningful products and services. Bitcoin was the first stepping stone in the journey fo web 3.0 followed by blockchain and Distributed Ledger Technologies (DLTs).
Ethereum of ‘The World Computer’ came into existence in 2013. It provided a platform to users and data miners where they could create their very own cryptocurrencies and other applications. It makes use of ‘smart contracts’, a blockchain in which codes are stored. Such codes are resistant to any fraudulent activities and censorship and are entirely secure.
Ethereum uses an Ethereum Virtual Machine or EVM in which, the smart contracts are written in multiple relevant programming languages. Web 3.0 will soon be entirely dependent on the robust Ethereum platform that is absolutely decentralized in nature.
The era of web 2.0 is almost at its end and major platforms such as Google Cloud and Azure are now trying to adopt a more decentralized networking platform. Several projects are currently underway that are paving the way to web 3.0. These are IPFS, Filecoin, Golem, and ENS. The web 3.0 applications are referred to as DApps or Decentralised Applications that are made on the Ethereum blockchain and written in Solidity, a programming language. A lot of work is yet to be done before the new wave of the Internet revolution assumes full freedom from the center and hence, the development of DApps is on the rise.