What Is WEB3 and What Benefits Does It Bring to Users and Companies?

Since the first implementation of the web, which took place between 1989 and 2005, the World Wide Web has never stopped evolving and integrating new technologies. And, it is thanks to these new and emerging technologies that, today, companies and users can take advantage of the benefits of Web3.

What is Web3?

Web3 is a term used to refer to the third generation of the World Wide Web. It is also sometimes referred to as the “Semantic Web,” and it is intended to provide more intelligent and intuitive ways of accessing and using the vast amounts of information available on the internet. Web3 technologies are focused on providing a more immersive and interactive user experience, and they aim to enable people to access and use information in a more intuitive and seamless way. This includes technologies such as virtual and augmented reality, natural language processing, and machine learning, among others.

What are examples of the third implementation of the web? And how can you invest in this technology?

In this guide by Authena, you’ll find all you need to know about implementing Web3 in your organization and securing your data in the new, technology-enhanced environment.

What Is the Concept of Web3 (World Wide Web)?

To answer the question “what is web3?,” it is necessary to understand what Web1.0 and Web2.0 are.

Web1 – or the Read-Only web – represents the first implementation of the World Wide Web, which remained valid from the early 1990s to 2005. This network supported the creation of mostly static websites, and there were few features allowing for interaction among visitors.

In 2004, a second version of the web was introduced to allow user-to-user interactions, social media integrations, user-generated content, and dynamic websites. This network, which is often referred to as the Read-Write version of the web, is still in use today.

The Web3, or the third, most futuristic version of the web, is often referred to as the Read-Write-Own version and differs from previous generations in the way that it allows for ownership.

Currently, Web3 is still under construction and, being an emerging technology, it is still hard to define. Nonetheless, five determining elements of Web3 have emerged:

• Semantic web – the semantic web is a component of Web3, and it is a feature that utilizes AI to better understand user intent and provide users with more relevant, accurate content.
• Blockchain infrastructures and cryptocurrencies – blockchain and crypto are technologies utilized in Web3 to record transactions, track ownership transfers, and enable the buying, selling, and trading of goods.
• Spatial web – 3D graphics and tools such as VR and AR are creating more immersive and engaging experiences for users, and allow websites to become more realistic. 
• Ubiquitous connectivity – Web3 projects enable constant connection by being compatible with multiple connectivity options, including broadband, IoT, Wi-Fi, and 5G.
• Artificial Intelligence – AI features in Web3 support automation and a greater understanding of user intent.

What Are Examples of Web3?

Now that you have a better understanding of the web3 meaning, let’s look at how this technology is used.

As seen above, Web3 is a technology still in its infancy. Nonetheless, since Gavin Wood introduced the Web3 concept in 2014, new use cases for it are found every day. Some of the most notable examples of Web3 include:

• Popular crypto networks such as Ethereum, Bitcoin, and Solana
• NFT trading platforms such as OpenSea
• Crypto exchanges like Coinbase
• Decentralized trading markets like Augur
• Games and gameverse environments like Axie Infinity

What Is A Decentralized Web?

As we saw above, one of the defining features of Web 3.0 is decentralized networks. Thanks to decentralized protocols, Web3 allows for the storage of massive amounts of information, which would not be possible if standard centralized infrastructure databases were used. What’s more, thanks to its decentralized structure, Web3 supports information that is free, fair, and resilient to censorship.

Is Web3 a Metaverse?

Although there are similarities between Web3 projects and the Metaverse – and, in many cases, the two technologies overlap – there are some differences that should not be underestimated.

In particular, it is important to understand that Web3 is the vehicle users can leverage to access the Metaverse. What’s more, while Web3 focuses on ownership and transactions, Metaverse technologies focus on creating a shared digital reality for users. Additionally, Web3 is a version of the World Wide Web created to be open-source, decentralized, and interoperable.

Both technologies can be efficiently used for product authentication purposes through end-to-end solutions such as Authena M3ta.

What Is Web3 Technology?

Web3 projects are only possible due to a wide range of underlying web technologies. These technologies are fully integrated to support the various functionalities and features of the third generation of web networks.

Although most of these technologies are still in development, some of the most important ones include:

• Artificial Intelligence (AI)
• Augmented Reality (AR) and Virtual Reality (VR)
• Blockchain Infrastructures and Smart Contracts
• Cryptocurrency and Initial Coin Offerings (ICOs)
• Big Data
• Decentralized or Edge Computing
• The Metaverse
• Decentralized Autonomous Organizations (DAOs)
• Decentralized Apps (dApps)
• Machine Learning (ML)
• Decentralized Ledger Technology (DLT)
• Non-Fungible Tokens (NFTs)

Is Web3 a Blockchain Technology?

Web3 technologies and blockchain infrastructures are deeply interrelated. Indeed, some blockchain applications run on Web3 networks, such as in the case of cryptocurrency transactions.

On the other hand, most Web3 projects require blockchain infrastructures to exist. For example, decentralization of transactions and apps would not be possible without underlying blockchain systems.

In any case, there is no doubt that blockchain technologies will remain at the forefront of any development taking place within the World Wide Web.

Which Cryptocurrencies Use Web3?

As the term Web3 was coined by Ethereum co-founder Gavin Wood, it is a given that the third generation of the World Wide Web is interconnected with the world of cryptocurrencies.

Thanks to the decentralized protocols of Web3 projects, this global network can support decentralized and secure transactions as well as Defi applications and technologies such as crypto wallets.

Today, several popular cryptocurrency networks run on Web3. These include Solana, Ethereum, Polkadot, and Bitcoin.

How Do I Get Web3 Crypto?

If you are looking to learn more about how to invest in web3, you’ll first need to know what cryptocurrencies utilize this technology. Luckily, when it comes down to investing in the new version of the World Wide Web, you’ll have more than one option.

Indeed, as we have seen above, Web3 networks support both emerging and well-established coins. Nonetheless, before buying crypto coins in Web3, make sure to find a reputable trading platform that specifies which coins operate within a Web3 project.

Data Security in the Web3

Whether you are looking to build a Web3 website for your company or you are looking to use the latest technologies to enhance your operations, it is important to understand how new technologies might impact product and data safety and security.

Although decentralized solutions and smart contracts can help protect information from fraud, leaks, or adulteration, it is crucial to work with a specialist to create an ad hoc authentication system.

Work With a Web3 Security Expert at Authena

If you are looking to secure your products and information both in Web3 and in the physical world at the same time, the product authentication experts at Authena can help. Whether you are small businesses or a large technology company, contact us to take the first step toward an ad hoc data security system.