The Web 3.0 Foundation was established in 2017 by Gavin Wood, and according to its mission statement, it supports innovative applications for decentralized web software protocols.

“Web 3.0 aims to return the internet to its node-based, decentralized, and open source beginnings. We all rely on the big providers today, but when one of their servers goes down, services like Uber, Netflix, or WhatsApp become unavailable. We want Web 3.0 to not be solely dependent on one provider, said Ursula O’Kuinghttons, spokesperson and member of Parity, a division of the Web 3.0 Foundation that develops one of the pieces of software required to make this possible.

The expert asserts that it has already occurred, but its elements have evolved over time and the public has not yet embraced its technology. Decentralized finance based on cryptocurrencies and metaverse platforms is two examples of Web 3.0 technology in use today.

This technology introduces the third generation of Internet services for websites and applications, which are focused on knowledge creation and the semantic web using machine-based information understanding. Developing smarter, linked, and more open websites are one of Web 3.0’s main goals. Consult the Web3 development Firm if you’re thinking about investing in web development.

Major Issues with Web3 Technology

Vastness

Internet usage is enormous. The SNOMED CT medical terminology ontology alone has 370,000 class names, and despite having billions of pages, current technology is still unable to weed out terms that are semantically redundant completely. Any reasoning system that can decipher and read all of this data will need to be able to handle massive amounts of data.

Vagueness

Even at their best, user queries may be too vague and general. Fuzzy logic is used to deal with ambiguity.

Uncertainty

There is plenty of ambiguous values on the internet. For example, a patient might display a group of symptoms corresponding to several different diagnoses, each with a different probability. To deal with uncertainty, probabilistic reasoning techniques are frequently employed.

Inconsistency

Inconsistent data can lead to unpredictable analysis and logical contradiction.

Deceit

AI can help with data filtering, but what if all the data is intentionally false and misleading? Currently, cryptography methods are being used to address this problem.

Gains from Web3 Technology

Web3 is a topic frequently discussed due to the growing acceptance of cryptocurrencies and blockchain technology. So what is web3 then? Web3, the third iteration of the World Wide Web, is based on decentralized technologies. These are the top five benefits of Web3.

Decentralization

One of the main advantages of web3 is that it is decentralized. This suggests that it is not under the control of a single organization. This is in contrast to the traditional web, which centralized organizations like businesses and governments control.

The Fight Against Censorship

Additionally, Web3 has the advantage of being censorship-resistant. This implies that no one can censor or regulate the content found online3. This is in contrast to the traditional web, which institutions and governments frequently block.

Privacy-Centred

Web3 also has the advantage of emphasizing privacy. This suggests that users have the choice to preserve their anonymity. In contrast, the traditional web frequently invades users’ privacy and collects a lot of sensitive data.

Compatible

Another advantage of web3 is its interoperability. This suggests that different applications can talk to one another. The traditional web, in contrast, is frequently fragmented and difficult to integrate.

Invariable

Another advantage of web3 is its immutability. This implies that it cannot be changed once something is posted to Web3. The traditional web, in contrast, is frequently very easy to manipulate.

WEB3 Technology Drawbacks

With the emergence of this new Web3 ecosystem, which is expected to have a broad range of influence due to the fundamentals of Web3 and blockchain technology as a whole, there are some inherent risks.

Lack of Regulation and Control

Blockchain technology interfaces on the Web3 landscape are currently largely unregulated, and most regulators have little knowledge of them. Because there are no written laws or advisory boards governing this ecosystem, there is a higher likelihood of bad actors and interactions carried out in bad faith.

Introducing Illegal Activity

By making it simple to query and transmit the information as well as the rules that define it, Web3 aims to enable knowledge sharing without the need for a framework. Traceability is challenging because the ecosystem currently functions within a networked framework with identical universal information stored at each node.

Information Reputation

In Web3, where content is easily transmissible and not limited to a single source, the rapid spread of false information presents a risk. When sending and receiving information quickly using a Web3 framework, it is challenging to distinguish between good and bad information. It can be monitored and edited by content producers and providers. In a Web3 framework, information can move much more quickly and without restriction.

Privacy

Despite the fact that the Web3 framework prioritizes security, there are still some questions regarding data privacy and how interactions will be saved for a user’s wallet and the network as a whole [32]. Imagine that there is a ledger everywhere that documents every transaction. Will users be able to understand the implications of accessing the wallet’s information? This might imply that peers now have control over personal data instead of intermediaries.

Conclusion

This article has demonstrated that Web3 has the potential to be incredibly potent. It can be used for good (like building a house) or bad (like using it as an axe) (as a deadly weapon). Whether we are blockchain developers or just regular people, it is ultimately up to us to choose whether we will use Web3 for good or whether it will ultimately control us even more than Web2. Regardless of how quickly new technologies develop, everyone must encourage their wise application.

A straightforward push for more openness, decentralization, improved social and political structures, and increased privacy could usher in a new era of prosperity. However, that may change depending on society and the individual. We could also give in to Web3, which is obsessed with the metaverse and get-rich-quick schemes while allowing powerful institutions to snoop on every aspect of our lives. It is ultimately up to us to decide how Web3 develops.