Today’s internet transactions done by individuals today are mainly reliant on internet-related services that big technology companies provide. Such companies usually control what services their users can use and prevent users from getting and using what they want.

Web3 or Web 3.0 emerged from the idea that users should not be required to have permission when using the internet – they should be able to make use of whatever service or usage they want. Hence, Web 3.0 is based on a decentralized system where the users own the internet, and there are no intermediaries between them and what they want, similar to what the metaverse is trying to do. For more information, see metaverse news today.

Web 3.0 makes use of the below core components:

1. Blockchain Networks – Blockchain networks are the backbone of creating a decentralized system. Such networks allow data to be open, meaning it can be easily distributed among users without the loss of ownership or privacy.
2. Artificial Intelligence (AI) – AI helps to differentiate between fraudulent and legitimate actions, which will help Web 3.0 become more user-focused. Oftentimes, Web 2.0 is flooded with corrupt behaviors funded by the big tech companies that govern the online world. One such behavior is biased product reviews; with the use of AI, it can be made sure that users only receive accurate information.
3. Virtual and Augmented Reality (VR and AR) – VR and AR are key technologies when it comes to building blockchain networks and some Web 3.0 applications. See metaverse news today.

Since data in Web 3.0 is stored in a blockchain, everyone has access to it as it is spread out across several different platforms. Due to this, the internet and related data can be accessed without the need for special permissions and the need to divulge personal information. With data spread out across different platforms, it becomes harder for hackers to target specific servers and databases; this makes data and information more secure on Web 3.0.

The idea for Web 3.0 came up in 2014 when the concern for privacy on the internet was growing. Since 2021, the idea has gained immense popularity, especially with cryptocurrency on the rise. Since then, companies have been on the track to develop Web 3.0 even further.

However, with the development of Web 3.0, the concern for hate crime, cybercrime, cyberbullying, the spreading of sexual abuse photos, and hate speech has increased. With the requirement of permissions gone, it becomes harder to regulate what people post online, which could be potentially dangerous to others.

Although Web 3.0 holds some potential advantages regarding privacy and data security, it is also important to acknowledge its shortcomings.