CryptoCasinos Blog What Is Web 3.0?

What Is Web 3.0?

what is web 3.0
Winston Todd
Winston Todd

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Main Facts:

  • The designation for the upcoming Internet generation is Web3 (Web 3.0). Both applications and infrastructure components are covered. 
  • Web3 is not precisely defined. In the 1990s, the idea of Web 3.0 first emerged, and it featured ideas like the semantic web. Web3 has come to be identified with the decentralization tenet in recent years. 
  • Current Web3 apps have features like sovereign identity (SSI), the Internet of Things, meta-villages, DAO, cryptocurrencies, blockchain, and decentralized data storage systems, as well as other phenomena and technologies like NFT and the DAO.

Difference Between Web 1.0 and Web 2.0

Web 1.0 is the original iteration of the “World Wide Web,” which gained prominence in the early 1990s following the development of HTTP and the communication protocol. In this version, websites consisted of static pages with text, links, and photos. Web 1.0 sites were “read-only,” according to Tim Berners-Lee, often regarded as the creator of the Web. The sites only allowed for the most basic kinds of communication, such as forums, to be used for interaction.

The second generation of the Internet, known as Web 2.0, first gained popularity in the early 2000s. Interactive platforms and services linked to the World Wide Web form the core of Web 2.0. The websites have evolved into web applications that users can use independently, which is how they vary from the first generation. Social networks and a cloud-based service system were later added to this. The three most well-known Web 2.0 companies are Amazon, Facebook, and Twitter.

How Is Web 3.0 Differ? 

In Web 1.0, webpages were merely informative and data was given to visitors statically. In Web 2.0, users actively engage with online resources, produce original content, and interact with one another.

In the 1990s, the idea of Web 3.0 originally surfaced. It was known as the semantic web by Berners-Lee. The new generation’s architecture was to have a number of significant components. One of the key principles of Web 3.0 was to convert all human-written network material into the machine-readable form so that algorithms and programs could understand the meanings of messages and create connections based on them.

The concept’s perception subsequently evolved. In an article he co-wrote in 2014, Ethereum co-founder Gavin Wood offered a fresh interpretation of Web 3.0, referring to it as a more decentralized form of the blockchain-based network. His recommendations mostly focused on altering the way data is stored and enhancing user anonymity.

In 2021, the phrase “Web 3.0” came up once more, this time in relation to the rising popularity of decentralized applications like NFT or decentralized crypto casinos. The term “Web3” also became more well-known amid the contentious online debates. 

What Is Web 3.0 exactly? 

The Web 3.0 definition is still being sought after by the cryptocurrency community. Increased decentralization at all levels, including data storage and application use, is its key distinction from Web 2.0. Apps of the Web3 era are frequently described as having one or more of the following characteristics:

  • Smart contracts and blockchain technology are incorporated into specific product features; 
  • The service uses virtual reality (VR) or augmented reality (AR) technologies;
  • Cryptocurrency payment tools are built into the front-end;
  • Non-fungible tokens (NFT) are used;
  • The data storage system uses the IPFS protocol;
  • A decentralized autonomous organization (DAO) is in charge of project management;
  • The source code of the program is published, and there is an opportunity for third-party developers to participate. 

Artificial intelligence (AI) is actively used in Web3 as well. There are several opportunities here to customize the user experience. The business structures of many major websites, including YouTube, Netflix, and Amazon, are based on a similar idea, although their organizational structure continues to be centralized.

Web3 and the idea of a meta-universe are closely connected concepts. 

Sovereign identity is a crucial Web3 trend. 

How Do Web 3.0 Applications Function? 

The arrangement of data, including data storage, is decentralized, and this practice is followed in the creation of “next-generation” apps, which can soon help to develop mobile crypto casinos. A web application is decentralized if at least some of its data is stored in a blockchain.

The dispersed community, not just the owner, is responsible for the product’s development. With a DAO, the project is managed (decentralized autonomous organization). 

Decentralization, in turn, is the key to what cryptocurrencies and smart contracts have managed to achieve in the economy: doing away with the need for intermediaries and centralized institutions as well as trust. 

The absence of censorship and restrictions, as well as an effective business model without the use of hierarchical organizations and conventional financial tools, constitute the ideal state of Web3.

Web 3.0 Blockchain Projects Active Today

Some initiatives in the cryptocurrency sector identify with the Web3 movement. Here are a few of the more prominent instances.

A global “marketplace” for decentralized data storage called Filecoin (FIL). It connects a network of computers whose users can “rent” free disk space. It serves as an alternative to centralized cloud storage. Storj (STORJ) and Siacoin are competitors of Filecoin (SC).

There are also successful instances in the fields of data transmission and the Internet of Things (IoT). One of them is Helium, a decentralized network of specialized modems that offers an IoT device, particularly smart sensors, and meters, a quick and reliable connection service. 

blockchain projects

IOTA is another case; it is based on a distributed ledger but without blocks or mining. Instead, each subsequent transaction verifies the two before it. IOTA is also made for “smart” gadgets, which can virtually perform micro-transactions on this network.

There are initiatives that provide a brand-new framework for categorizing and searching online material. For instance, The Graph (GRT) functions as an Internet search engine-like decentralized and open indexing protocol for blockchain data searches. The Graph compiles data from a different network into a “subgraph,” which is accessible through an API. With SQL queries, applications can access any data from the subgraphs. 

Initially, Polkadot marketed itself as a platform for Web3 apps, namely decentralized ones. The Polkadot Substrate toolkit is available to developers and enables the creation of distinct blockchains linked to one another inside the Polkadot ecosystem.

Ethereum, which has already established itself as the leading platform for decentralized applications, is the clear front-runner for the title of the primary blockchain for Web 3.0. We can mention Ethereum Name Service, which enables generating of domain names linked to a network address, in addition to various DeFi- and NFT projects. 

Several decentralized application platforms like Solana, Avalanche, Polygon, and others are included in blockchains for Web3. 

Why Is Web3 in Need of Cryptocurrencies? 

Several initiatives on the next generation of the Internet might have their own crypto-asset, which serves a specific purpose or offers advantages when used with the project.

Management is a typical use for a project token. The DAO, a decentralized management organization that uses smart contracts to carry out its operations, allows token holders to engage in the administration of the application. 

The “weight” of the vote is determined by the number of tokens present. The DAO members themselves create, debate, and vote on new proposals. Votes by the VAO can be cast on a range of topics, such as providing cash for a project or modifying an application’s parameters.

In this sense, the project’s evolution and its tokenomics are under the control of the DAO. 

Are Established Online Businesses Developing Web 3.0 As Well? 

Together with startups and cryptocurrency projects, traditional Web 2.0 participants like established technology giants are also drawn to the Web 3 concept. 

Google Cloud declared in May 2022 that it would start creating tools for blockchain programmers. The idea of Web3 was deemed intriguing by Eric Schmidt, the former chairman, and CEO of Google, who also emphasized two changes that the new Internet generation will bring: user ownership of content and payment for its usage. Joseph Lubin, a co-founder of Ethereum, also referred to the decentralization possibilities presented by the “new version” of the Internet.

decentralization nft

YouTube intends to include Web3 components in its products. The Opera browser team is working on native support for decentralized applications. 

According to Grayscale, the Web 3.0 metaclass market will see yearly revenue growth of $1 trillion. Major corporations like Uniswap Laboratories, Pantera Capital, and Dragonfly Capital have established venture capital divisions that will concentrate on the creation of Web 3.0 applications. 

A study by Electric Capital found that in 2021, there will be a 75% rise in the number of developers working on Web3 technology.

Why Do They Have Issues with Web 3.0? 

The concept of Web3 is frequently criticized due to its ambiguous definition and relatively widespread use. 

For instance, in a late 2021 interview, entrepreneur Elon Musk stated that Web 3.0 is “more of a promotional tool than something serious. 

As a result, it would never be decentralized, according to Jack Dorsey, the inventor of Twitter, who slammed the idea for being too heavily influenced by venture capitalists.

Later, Dorsey launched the Web5 platform, his own “new Internet” initiative. It enables application developers to include decentralized data storage and digital user identity. 

Moxie Marlinspike, a cryptographer and the creator of the Signal messenger, brought attention to the issue that programs that advertise themselves as being decentralized yet rely on centralized services, particularly servers, and APIs, to function.

Conclusions – Web 3.0 & Crypto Casinos

The application of decentralized systems and blockchain technology is one of the fundamental characteristics of Web 3.0. This technology enables decentralized applications (DApps), which can be used for a number of purposes, including online gambling. By creating DApps that are open, safe, and fair, crypto casinos may make use of Web 3.0’s advantages.

Moreover, Web 3.0 can make it easier to employ smart contracts for online gaming. With smart contracts, the details of the agreement between the buyer and seller are directly encoded into lines of code. These contracts self-execute. This indicates that the contract’s provisions are automatically upheld without the aid of a third party. Online gambling systems can be made tamper-proof and transparent using smart contracts, guaranteeing that players receive their rewards and that the games are fair.

Web 3.0’s potential to enable the development of decentralized markets for gambling-related goods and services is another advantage that crypto casinos may experience. This may encompass things like digital assets, betting data, and player identities. Crypto casinos can save transaction costs and enhance the user experience by utilizing decentralized marketplaces. 

Overall, Web 3.0 has the potential to have a substantial impact on the online gaming sector, specifically crypto casinos. Crypto casinos can offer their customers transparent, safe, and fair gambling experiences while also cutting expenses and enhancing the user experience by utilizing decentralized systems and blockchain technology.

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