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What is Web 3.0?

by Finscanner

2 min read

Web 3.0 is a concept of a new Internet generation development, which is built around the ideas of decentralization, machine learning, artificial intelligence (AI), and greater user utility.

It is assumed that in the third generation of the Internet, users will be able to trade values and information and work with global counterparties in a trustless manner and without intermediaries. This shift will spark a whole new wave of previously unimaginable business models, from global cooperatives to decentralized autonomous organizations and self-sustaining data markets.

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Why it matters

The technologies under Web 3.0 will fundamentally expand the way people and companies interact online, far beyond what we're used to today. Their very existence carries with it the inevitable implementation into the digital processes of human activity to varying degrees. Here's what happens:

  • The encryption of people's personal information prevents large corporations from controlling and using it for their own interests. Hence, users gain complete ownership and privacy of their information.

  • With the reduction the number of third parties society to becomes more efficient by returning that value directly to the users and providers on the network. Users have the choice to share their profiles and sell their data to advertisers.

  • Users and enterprises share and filter out more data with more privacy & security assurances. This also supports problem-solving and intensive knowledge creation tasks.

  • Everyone track data that is accessible from anywhere and from any device. Consequently, users openly receive information about the authenticity and quality of goods and services the companies provide.

  • The restrictionless nature of the technology makes it accessible to all entities. They, in turn, transfer their assets or wealth anywhere across the world in no time.

How does it work?

From the point of view of the interface familiar to users in the version of web 2.0, nothing changes. However, the filling lacks centralized databases and web servers. Instead, there is a blockchain technology maintained by anonymous nodes on the network and smart contracts which are deployed onto the decentralized state machine. Data centers are complemented by an array of advanced computing resources that produce and consume far more data. Meanwhile, artificial intelligence and machine learning algorithms make Internet searches much faster, process complex search queries instantly, distinguish genuine data from fraudulent data, and even make life-saving predictions and actions.

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Have some questions left? Feel free to contact us directly.

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