The world is gradually moving onto the next version of the web- Web 3.0.
It describes the third generation of internet services that runs on the blockchain.
This raises 4 questions:
So, what exactly is Web 3?
How different is it from the current Web 2?
What are its advantages, disadvantages, and
How is Manta Ray related?
Let’s look at answers to all these questions in our simplified guide to Web 3.0.
Evolution of the Internet
Web 1.0- World Wide Web Begins
The static web- information is served from website to the user
Web 1.0 refers to the initial stage of the internet, ranging from 1989- 2005. It mostly involved static web pages that provided limited information and user interaction– more like you take a book or magazine and upload its pages on the internet.
It was a read-only web with information moving from the website to the user. There were no algorithms, advertisements, or social media.
Web 2.0- The Social Web
Dynamic and interactive- users can interact with the website or web-services
Starting 2005, Web 2.0 is the web we use currently. You can call it read-write or social web, thanks to social media and dynamic HTML that made it programmable, more interactive, and engaging.
Web 2.0 became a hub for creating content, online businesses, social connectivity and entertainment. It involves interaction between users and websites and cross-interaction of users. For example- eBay, Amazon, YouTube, Facebook, and Twitter.
Unfortunately, Web 2.0 isn’t free- central authorities verify your identity, authorize transfers and transactions, and control what you publish online. Also, despite data protection laws like EU’s GDPR, there’s a huge debate and skepticism around the storage and privacy of data by controlling entities.
Web 3.0- The Decentralised Web
Decentralized and privacy- open, trustless, permissionless using edge computing
Web 3.0 is the next stage in the evolution of the internet. It is referred to as a Semantic web that involves read-write and execution.
Web 3 is driven by three layers of technologies- decentralized data networks, edge computing, and artificial intelligence coupled with machine learning algorithms. It enables computers to interact with one another and create large quantities of meaningful data, and results.
Web3 is permissionless, trustless, and self-governing. It does not require control from a central authority to manage your data. This also makes it more privacy-oriented, unlike Web 2.
So what is Web 3?
Web 3.0 is decentralized, similar to Bitcoin
The data is held on P2P network- no single party controls it
Decentralization avoids single point of failure, significantly eradicating downtimes
First, Web 3.0 is a new age iteration of internet services based on decentralized blockchains. It means that the data on Web 3.0 is not held by a single party– instead, it’s on the public blockchain, controlled by the users in the network. By nature it is autonomous with no intermediary capturing user data.
Web 3 is a peer-to-peer internet with no single authority. You’re the owner of the content you post online and with full control over it. And since the data is stored on multiple computers, there is no need to worry about the downtimes. The data can be accessed from any device, anywhere.
Web 3.0 is also more private. Your digital identity need not necessarily match your real identity. You can read articles, download stuff, and make purchases without revealing who you exactly are.
AI, Semantic Web, and 3D Graphics
Web 3.0 has Artificial Intelligence (AI) and Semantic Web as its key pillars. With semantics, computers will understand the meaning or context behind the information and not just process the keywords. AI and machine learning will further use that data to solve our everyday requests.
This, coupled with edge computing, would allows the computers to create or share content by analyzing the meaning of words like humans. This will result in a faster and more personalized web experience.
In addition, 3D designs and graphics are also being extensively used in websites and services on Web 3. For example, museum guides, e-commerce galleries, and games based on synthetic reality- a potential example would be Cyberpunk 2077.
You can call Web 3.0 an era of three-dimensional internet wherein virtual avatars, virtual reality (VR), and augmented reality (AR) would be very common.
dApps and Defi in Web 3.0
Having decentralization at its core, Web 3.0 integrates both decentralized apps (dApps) and decentralized finance (Defi). dApps are digital apps or programs that run on a blockchain or peer-to-peer network. This can be a game, social media, or any other app.
Defi refers to financial services on public blockchain networks. It caters to all and does not rely on intermediaries like banks, exchanges, or brokers. Instead, it uses smart contracts, i.e., self-executing programs based on legalities.
Defi components include cryptocurrencies, tokens, assets, crypto exchanges, and more. Web 3.0 encompassing crypto, unlocks a multitude of possibilities, such as people paying for stuff on the web directly from the crypto wallet, advertisers paying tokens for ads, and more.
For instance, crypto wallets like MetaMask integrate with Web 3 applications to facilitate anonymous and secure international payments and transactions.
The Cost Factor in Web 3.0
Unlike Web 2.0, you’re no longer the product in Web 3.0. As of yet, we’re looking forward to a model where the advertiser will not only pay the creator but even the user will be rewarded for viewing the ad.
However, since the users on the network would bear the data handling, and related cost, the ones who are not a part of it may have to pay in some or another form- say, you earn tokens for watching ads, and you spend them back for accessing a particular content or service.
Pros & Cons of Web3
Advantages & Disadvantages of Web3
End users will have complete ownership and control of their data- you’re no longer the product
More accurate and relevant search results with the semantic web
Internet will be more personalized
No single point of control- Google and Facebook will no longer control user data. No entity would be able to suspend access to services or websites
Since data is stored in a distributed fashion, there wouldn’t be any downtimes or interruptions to services
Digital assets can be owned and transferred quickly between anyone
No discrimination- anyone, irrespective of their gender, caste, race, or income can interact with the blockchain network
Opens up a whole new era of three-dimensional internet
Technology isn’t yet ready for Web 3.0
Web 2.0 will appear outdated with Web 1.0 being obsolete
Less advanced devices would be left out.
With change in the cost model, some services may no longer be free
With internet providers under government control, the internet will continue to not be decentralized, especially with government creating centralised digital currency
It would be easier to get any user’s public information
As of yet, it is too complicated for newcomers
Web 3 needs stringent privacy policies
Manta Ray & Web3
Manta Ray dApp
Manta Ray App for iOS and Android, is a dApp built on the Ethereum blockchain where the smart contracts have the business rules codified.
Manta Ray DAO
Equally the DAO business structure that Manta Ray has is driven by smart contracts. So the governance, incentives, deflation of the Token associated with the Decentralised Autonomous Organization (DAO) is controlled not by any centralised team or company but by the software rules in the blockchain smart contract.
Change to these rules are voted on my holders of the Manta Ray token MREV making the Manta Ray EV marketplace community owned.