Web 3.0: Definition, Opportunities and Challenges

Web 3.0 is the next iteration of the internet that will redefine the way we interact with the web. It promises to bring massive changes and calls for the reconstruction of IT infrastructure and the Internet. Web 3.0 incorporates concepts of decentralization, trust lessness, artificial intelligence, semantic web, etc

Definitions

Since Web 3.0 has not yet been implemented and is not embedded in the internet infrastructure, there is no solid definition of it. There are different perspectives on the future of the web, which lead to the confusion about terms Web3, Web 3.0, Semantic Web, and Spatial Web. The majority of articles and research papers on this topic talk about Web 3.0 either in blockchain and decentralized web context, or in the context of the Semantic Web. Because of this different interpretation of terms, it can lead to misunderstanding in readers and may also contribute to the general vagueness around Web 3.0.

Tim Berners-Lee and Semantic Web

The first concept concerning the new iteration of the web belongs to the creator of Tim Berners-Lee. In his 2001 paper, he mentioned the concept of the ‘Semantic Web’. This is a vision of the web where computers can understand and interpret the context of data which will make the search more enhanced and intuitive. Tim Berners Lee expressed his view of the semantic web as follows:

               I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A "Semantic Web", which makes this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy, and our daily lives will be handled by machines talking to machines. The "intelligent agents" people have touted for ages will finally materialize.

However, as time passed Web 3.0 went beyond just semantic web and encompasses AI, decentralization, and other matters.

John Markoff and Intelligent Web

The term Web 3.0 appeared first time in 2006 and was coined by a New York Times journalist John Markoff. He referred to the third generation of internet-based services (such as those using semantic web, natural-language search, microformats, machine learning, recommendation agents, and AI technologies) as ‘Intelligent Web’.

Gavin Wood and Web3

Nowadays the term Web 3.0 is mostly associated with the concept of a decentralized web-based on blockchain technology. The term Web3 was coined by the co-founder of Ethereum Gavin Wood in 2014 and refers to a ‘decentralized online ecosystem based on the blockchain’. It should be noted that in 1990 Tim Berners-Lee, has also underlined the importance of a decentralized web and explained this term in the following way:

“Decentralisation: No permission is needed from a central authority to post anything on the web, there is no central controlling node, and so no single point of failure … and no “kill switch”! This also implies freedom from indiscriminate censorship and surveillance.”

It should be noted that often writers use notations Web3 and Web 3.0 interchangeably, which causes much confusion between these two concepts. In reality, Web3 should refer only to the decentralized web in the context of blockchain, while Web 3.0 comprises many concepts and technologies, including blockchain, semantic web, AI, IoT, etc.

History of the Web

The history of the internet has roots originating from the combined efforts of international researchers from France, the UK, and the United States. During the 1950s, the United States was concerned about the Soviet capability to attack the existing defense communication networks built on the telephone and electric lines.

The ARPA(Advanced Research Project Agency) Network, or ARPAnet, project was born to connect computers capable of withstanding a nuclear event. By 1965, packet switching technology made data transmission possible through the development of routing devices. In 1981, the National Science Foundation Network expanded ARPAnet to computer science (CS) researchers. Adopting the Transmission Control Protocol(TCP) in 1983, ARPA assigned a subset of the military network for public research to connect CS departments around the US. 1989 saw a technological leap in Internet communications when Tim Berners-Lee a researcher at European Organization for Nuclear Research (CERN) created the Hypertext Transfer Protocol (HTTP), an open standard that allowed different computer platforms to access the same webpage. From an obscure idea to becoming an essential part of our daily lives, computers have gone from monolithic devices functioning effectively as an island to connecting billions of people through the Internet.

Web 1.0

In 1989, the term ‘web’ was coined by Tim Berners-Lee who contributed to the technical concepts of: HTML - Hypertext Markup Language, where web browsers can read and display web pages and applications. URI - Uniform Resource Identifier, a unique address used to identify the location of a web resource on a computer HTTP - Hypertext Transfer Protocol, a set of rules which allow the exchange of files over the world wide web.

Characteristics

Web1.0 served a set of static web pages which displayed only text and images. Although the page may serve useful information, users are not incentivized to return since they were unable to interact with the website.

What was shown was only the number of visits the page had and often these web pages were hosted on ISP-owned web servers

Many Web1.0 applications were proprietary where users could download the software, but how the program worked or was modified was kept secret.

Limitations

Due to the proprietary nature of Web1.0, the different HTML tags meant that users had to use different browsers to access web content.

The static nature of Web1.0 meant that the client(browser) can only pull data from the server and any data will not be pushed automatically without client interaction.

Web 2.0

Web2.0 introduced interactive pages where users could share their comments, opinions, and thoughts. From web content voting, and blogging to curation with RSS, Web2.0 allows users to interact with each other.

Characteristics

Enhanced User Interaction The introduction of AJAX, asynchronous Javascript, and XML allows a video to be played without waiting for the entire file to load. Web2.0 as a platform A trend-driven by Facebook(Meta), is to host other web applications and games on its platform by sharing their APIs. This enhancement allows Facebook users to play games together without creating a new account on other websites.

Targeted Advertising and Interactive Banners With tools such as Search Engine Optimization(SEO) and Google Ads, the use of visitor fingerprints allows websites to serve relevant advertisements that the user will likely be interested in. This allows platforms and website owners to earn revenue and advertisers better targeting when serving advertisements to visitors.

Source: https://www.singlegrain.com/web3/web-3-0/

Limitations

Continual updates  - Improvements in technology have made hardware upgrades mandatory.

Information overload and filter bubble - Web 2.0 provides users with a vast source of information. However, the astroturfing of page ranks in Search engines by companies could mean that users are presented with web pages that may not be the most relevant. In addition, social media companies are incentivized to keep users on their platforms. The amassing and sale of their data to advertising companies raises the issues of digital security and personal privacy.

Web 1.0 vs Web 2.0 vs Web 3.0

Web1.0 is primarily a “read-only’ one-dimensional site where the contents of the webpage are static and not interactive. The evolution of the internet in Web2.0 emphasizes the interoperability of user-created content where users are encouraged to collaborate in a flexible web environment. Compared to Web1.0 and 2.0, Web3.0 builds on the lessons learned in improving the pitfalls of information overload, internet security, and data privacy.

Main Features of Web 3.0

Trustless and Permission less

The tenet of trustlessness is manifested through the blockchain, which is essentially a ledger that is completely transparent to the world. It is also achieved through open-source code. The premise of Trustlessness is that taking blind faith in a company’s words is no longer necessary. Web 3.0 asks its users to ‘trust less’ and only believe in concrete evidence of the promises given by an entity or company. Users will be able to interact with the web without the interference of a governing body.

Decentralization

Web 3.0 applications will function in a decentralized manner where no company can have a monopoly over the internet which stymies competition and innovation. As such, Web3.0 will run on technologies such as blockchains and P2P networks where there is no overwhelming influence or coercive control on how business is conducted and what is politically acceptable.

Decentralization, therefore, moves the power from corporations and empowers users to decide how a platform is run. In a verifiable public ledger that is broken into tokens, users can hold their portion, a small part of Web3.0.

Artificial Intelligence and Machine Learning

In Web 3.0, computers will make use of AI to process human language through technologies based upon Semantic Web technologies and natural language processing. The use of machine learning in Web 3.0 will use algorithms and aggregate data to emulate human learning, improving the accuracy of delivered results. From discovering new drugs, and metamaterials to even anticipating future user wants. The use of AI and Machine Learning projects a future with almost limitless possibilities.

Connectivity and Ubiquity

With Web 3.0, information and data can be accessed by different and multiple applications on various devices. In this fashion, services such as digital payments will no longer be subject to hefty transaction fees processed by intermediary companies such as banks, Visa and Paypal.

In Web3.0, digital transactions may be processed using Cryptocurrency which can be hassle-free and cheaper to use.

The ubiquitous nature of Web3.0 builds on the trend of IoT (Internet of things) where the physical world meshes with the digital world through sensors such as home automation devices.

Semantic Web

Definition and Main Properties

The Semantic Web is a vision for an expansion of the existing World Wide Web that gives machine-interpretable metadata of published information and data to software programs. To put it another way, we add more data descriptors to material and data on the Web that already exists. As a result, computers can make meaningful interpretations in the same way that humans do to achieve their objectives. The ultimate goal of the Semantic Web is to allow computers to better manipulate data on our behalf. The word "semantic" in the context of the Semantic Web means "machine-processable" or "what a machine can do with the data." The term "web" connotes a navigable space of interconnected objects with URI-to-resource mappings. One of the tools that the semantic web will use is The Resource Description Framework (RDF) is a method for capturing data-related information. The Web has the potential to become the destination of every possible information resource, person, and organization, as well as all related activities, by merging the technologies outlined. Processes will become more automated as a result of the Semantic Web and IAs with the ability to categorize and add meaning to information, creating information much faster and more precisely, at a higher degree of access, resulting in new opportunities.

Some of the defining technologies

Identifiers
Uniform resource identifiers (URI): This specifies the name and location of a file or resource in a standardized manner. URLs give a standard method for other computers to access resources.
Uniform resource location (URL): This is the Internet's address for a certain website or file.

Structures

Metadata: This is a term for data that is contained within data. It gives details about the contents of a specific object.
       	Resource description framework (RDF): This is a technique for capturing data-related information. It's a standard that specifies how metadata, or descriptive data, should be formatted. It allows Web page authors to include semantic information in their pages.

It allows Web page authors to include semantic information in their pages. Metadata is the term for the data that RDF collects. Metadata is a term that refers to data contained within data. It gives details about a person or thing. the content of the item RDF is a format definition that specifies how metadata, or descriptive data, should be structured. RDFS Schema (Resource Description Framework Schema): This is a collection of classes that use the RDF extensible knowledge representation language to provide basic elements for the creation of ontologies, also known as RDF vocabularies, which are used to organize RDF resources. It can define and gather a larger range of attributes and use the RDFS vocabulary to link RDF classes and properties to taxonomies. A standardized subject-predicate-object format is used in the RDF model. SPARQL stands for a structured query language, simple protocol, an RDF query language. This is a database RDF query language that can retrieve and alter data in RDF format. The Structured Query Language (SQL) is a protocol for communicating with databases. It's the industry standard for relational database administration, and it can execute activities like fetching data from a database or modifying one. SPARQL was invented as a result of the difficulty of data storage in RDF. SPARQL can query RDF data using SQL and make it available through a common interface. The study of the categories of objects that exist or may exist, as well as their interactions in a given domain, is known as ontology.

Source https://www.rtinsights.com/can-the-real-web-3-0-please-stand-up/

Benefits and Opportunities

One of the advantages of the Semantic Web is that we can increase data flow, generation, access, and comprehension using the same open standards that drive the world wide web. The greatest advantage of the Semantic Web is that it abstracts away the tedious documents and application layer to have straight access to knowledge. Everything will be much faster and easier because unlike now the information and data will be managed by computers and A.I. The following advantages will be connected with the introduction of BI as a result of Web 3.0: IT infrastructure costs are lower: Costs will be decreased by eliminating expensive data warehouses and redundant extraction processes carried out by paid domain experts. The ability to track customers' surfing behavior down to individual mouse clicks provides an opportunity to improve e-commerce efficacy. Web 3.0 technology will allow businesses to use targeted marketing, resulting in a Web environment where consumers receive personalized adverts while surfing the Internet. Time savings for data providers and consumers, as well as the reduction of information bottlenecks: This can be accomplished by allowing users to extract reports as needed without the requirement for specialized IT or financial assistance. Users will be able to extract new reports that are tailored to their specific needs thanks to ontologies.

Quick and well-informed decision-making: Machines extracting data from many sources with significantly higher efficiency and precision will help businesses make better decisions. Furthermore, IAs can be built and deployed to gather data on their own, based on user-defined rules.
       	E-learning and hypermedia systems are depicted as knowledge silos that can adapt to changes in their surroundings. In the field of e-learning, the ability of a database to adapt is critical, especially when taking into account the various needs of learners to propose learning goals and learning paths, assist students in orienting themselves in e-learning systems, and support them throughout their learning journey.

Risks and Vulnerabilities

The use of the semantic web creates personalization at an acute level. However, in the event of a cyber attack, intimate details and confidential information can be lost and misused. Unauthorized access to user data on the Semantic Web bears the risk of identity theft through the use of social engineering. Exceeding the impact of web2.0, hyper-targeted spam can expose users to malware, and viruses infecting the many connected devices linked to the user. Due to the heavy reliance on semantic tagging, hackers can create scripts that manipulate these tags to influence their intended PageRank.

The vulnerabilities concerning the Semantic Web are orders of magnitude higher than Web2.0, Beyond misappropriated data, privacy infractions, and security concerns, Web3.0 will require developers to spend more time testing their software, which can increase overhead and thus poor builds of programs might be released often.

Web 3.0 in Blockchain Context

Definition and Main Properties

The basis of Web 3.0 is the decentralization of software. The idea of decentralization may sound like cryptocurrencies, a popular and controversial topic in recent years, more precisely Bitcoin, which is the first project where decentralization (blockchain) was fully and correctly implemented in 2009. This decentralization is achieved through a blockchain that leaves everything in the hands of computing and cryptography. For example, on the subject of cryptocurrencies, it manages to create a new currency exchange in which the value depends on the people and avoids any trusted third party such as banks to make these transactions.

Blockchain

A blockchain is records grouped into blocks, each block is related to each other through a hash forming a chain of blocks, hence the name. In this technology cryptology (application of mathematics in cryptography) is applied to achieve the desired level of privacy and security making it almost impossible to hack or modify. It is a technology based on a mathematical structure where records are kept in a distributed (nodes), immutable and decentralized ledger. DLT (Distributed Ledger Technology): is the superset of blockchain. A digital system for recording a transaction of assets in which the transactions and their details are recorded in multiple identical copies at the same time with no central data store or administration. In this technology, the participants that share and record these transactions are called nodes. Every node contains an exact copy of the ledger and they do a process for the verification of every transaction/block. The immutability of the transaction/block is provided thanks to the deep cryptography inside the blockchain and also thanks to the decentralization, if a node wants to change something every node has to agree to that. Another important characteristic of the blockchain is that it is trustless because there is no need for trust between two entities within a blockchain, the properties of the blockchain (cryptography, digital signatures, etc.) already provide the trust. There are different types of blockchain: - Private blockchains: the technology resides in a private network of different computers only accessible to the ledger for those who have permission. (Applications to companies) - Public blockchains: blockchains that reside on a network of computers around the world accessible to everyone. (Bitcoin) One of the most significant characteristics between these two types of blockchain is the transparency wherein the public blockchain anyone can see the transactions on the blockchain but not in the private blockchain

Tokens

A good definition of Web 3.0 is the Internet owned by the builders and the users, orchestrated with tokens. These tokens are part of the cryptocurrencies of today. For every project that is created, there is also a token corresponding to it. Cryptocurrencies and tokens are not the same. "All coins are considered tokens but all tokens are not coins in the crypto industry, according to industry experts". The big difference is that cryptocurrencies represent a medium of exchange, it comes native with the Blockchain. Tokens, on the other hand, represent an asset handled by smart contracts. A token represents what a person has, while a crypto coin represents what he or she is capable of owning. To understand this main difference I think it is worth giving an example: The title of your car is a token, when you sell your car, you transfer the value of the title to another person. However, you cannot buy anything with the title of your car. Once this difference is understood, we can get an idea of how ownerships would work in Web 3.0. As I said at the beginning, the owners will be the people who have the tokens for each project. Other terminologies: - Public/Private key: a public key is a unique string of characters derived from a private key that is used to encrypt a message or data. The private key is used to decrypt that message. - Smart contracts: self-executing computer code deployed on a blockchain to perform a function, the simplest action that can be done with a smart contract is an exchange of value between a buyer and a seller.

Benefits and Perspectives

As we have already seen, today almost everything is centralized in a few mega-companies(Amazon, Google, Microsoft, Apple, and a few more) that dominate the entire web, including the people who are involved in it, i.e. us. The real benefit of decentralization is that each person is the owner of his information, all protected by his private key. There is no need to trust any third party to make any transaction, all information about transactions is in the hands of cryptography and smart contracts. With a well-implemented blockchain, you can achieve privacy and security of your data. Depending on whether it is a public or private blockchain, in the public one you do not need permission to belong to any network or to be able to observe the different information transactions, there is total transparency.

Examples

Bitcoin

A public blockchain network was created for the exchange of cryptocurrencies without the need for a bank to make an exchange transaction. In the Bitcoin network, there are miners and exchanges. Each exchanger has a wallet with its corresponding balance, every time one sends Bitcoin to another, a transaction is created and before passing the money to the other person it is verified by miners whose objective, apart from verifying transactions, is to assemble a block with different transactions and verify it through a computer problem. Whoever verifies it first gets a reward in Bitcoin. The bitcoin blockchain is completely transparent in its data, anyone can look at what transactions there have been in Bitcoin's history. But that does not mean that there is no privacy, the data of the people who have made the transaction does not come out, but their corresponding wallet addresses (public keys) do. And there is no relation between the PK and your data. This blockchain is also immutable, nobody can change anything once it is written on the blockchain. And it's distributed secure, which means that if you try to make a trick in the transactions before it becomes a reality, everybody has to verify it, and if they see that it's not correct, then it doesn't apply. To apply or verify something, it has to be done by absolutely all the nodes in the network.

Ethereum

Ethereum

This is perhaps the most significant example in the article as it is an implementation of Web 3.0. Ethereum consists of a public blockchain in which all participating nodes of the network form a decentralized virtual supercomputer. A platform for creating decentralized applications (DApps). People create their applications and then other people use them without worrying about the privacy of their data and assets because they are secure and they control them completely. All information transactions that are made between people, be it assets or currency value, are made by smart contracts. Every project has its token and the people who own that type of token own the application (builders and users). There are social networks, trading, and many other different types of applications, it is a decentralized internet.