so what is web 3.0 and is it really the future of the internet and will it really challenge
the tech giants such as facebook and google on today's coin market cap episode we will discover
what web 3.0 is and how it came to be and also what the future holds and more importantly how
it's going to revolutionize the world that we live in my name is Trev and here at coin market
cap we love making videos about all things crypto from crypto news to market moves into educational
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let's get into today's video on October 4th the online world came to a standstill as facebook
Whatsapp and instagram suffered a major outage leaving little to no access for billions of users
for about 6 hours this occurrence is not the first of its kind but it's the largest so far
in just those 6 hours the outage had managed to cause global ripple effects
disrupting primary communications for millions and halting the operations of thousands of businesses
depending on its continuous operation the outage revealed a problem most internet users were
previously unaware of the dangers of relying on shared infrastructure and centralized platforms
why can't the internet be opened up so we don't suffer from the dangers of a shared
infrastructure not only that but an internet where all users can access whatever they want
and have complete ownership of their own data and information after all centralized web 2.0 networks
like facebook and google collect your personal data categorize audiences into demographics and
monetize your data by showing you targeted ads the severity of these issues has even begun to
change the general public's opinion with people looking for alternatives beyond the centralized
platforms and it's quickly gaining momentum it's time for web 3.0 the next evolution of
the internet but to better understand the future we need to understand the past and where we came
from let's quickly go over the first iteration of the web web 2.0 and then we're going to dive
deeper into the unique features of web 3.0 web 1.0 is where it all began web 1.0 is also called the
static web and it was the first and most reliable internet in the 1990s when there was just a set
of static html web pages that could be read in browse but could not be interacted with and it's
referred to as the read only web back in the day creating user pages or even commenting on articles
wasn't a thing think of web 1.0 as a library where you can use it as a source of information but you
cannot contribute to it or change the information in any way web 1.0 didn't have algorithms to sift
internet pages which made it extremely hard for users to find relevant information simply put it
was like a one-way highway with a narrow footpath where content creation was done by a select few
and information came mostly from directories simply put it was slow web 2.0 made the internet
a lot more faster and more interactive thanks to advancements in web technologies like javascript
html5 css3 and so on it enabled startups to build interactive web platforms such as youtube
facebook wikipedia and many more web 2.0 paved the way for social networks and user-generated
content production to flourish since data can be distributed and shared between various platforms
and applications think of web 2.0 as a big group of friends and acquaintances you can
still use it to receive information but you can also contribute to the conversation and make
it a richer experience however with all of the new opportunities given to independent creators
web 2.0 is not exactly equal platforms like facebook instagram and twitter are not entirely
free and there's a saying in the tech world if you're not paying for it you are the product and
these platforms operate in this model they do not exactly grant you free access to their products
instead they want you to trade your attention and data in exchange for billions worth of ad revenue
and many issues come with this model but they all arise from one principle centralization apps
like google facebook and twitter are basically middleman that benefit massively from connecting
users with each other think about it there are platforms that rent out space for users to
share content while collecting all that data for personalized advertisement in an age of increased
demand for data privacy and control web 2.0 is ripe for change and this is where web 3.0 comes in
web 3.0 is the future of the internet which will be decentralized and privacy conscious
decentralization here means no central point of control no middleman and no control over users
data web 3.0 is a fair and transparent network where people will interact without the fear of
loss of security or privacy think of web 3.0 as a giant database while web 2.0 uses the internet to
make connections between people web 3.0 will use the internet to connect with information
in web 3.0 no permission is needed from a central authority to post anything there is
no central controlling node so no single point of failure and no kill switch this is essentially the
vision of web 3.0 a truly decentralized network there's a common misconception that web 3.0 just
means blockchain technology and cryptocurrencies while blockchain technology is a vital part of
the equation web 3.0 is much more than that so the first point is openness and the network is built
using open source software by a community of developers in a full view of the world
and then we also have trustless participants can interact with each other privately or publicly
without the need of a trusted third party and the next one is permissionless anyone can participate
in the network without requiring authorization from a governing body and more importantly web
3.0 will connect users like never before returning the power of the internet to its true owners the
people so it sounds pretty exciting right let's look a bit deeper and see some of the key features
of web 3.0 so let's first start with ubiquity and ubiquity means being or having the capacity to be
everywhere especially at the same time for example web 2.0 is already ubiquitous a facebook user can
instantly capture an image and share it it becomes ubiquitous since it's available to
anyone no matter where they are as long as they have facebook access so web 3.0 simply takes this
a step further by making the internet accessible to everyone anywhere and at any time at some
point internet connected devices will no longer be concentrated on computers and smartphones like web
2.0 since internet of things technology will bring plenty of new types of smart devices with web 3.0
content is accessible by multiple applications every device is connected to the web and can
be accessed anywhere so there's no need for a middleman and in this case facebook as our example
so the next point is the semantic web semantics is the study of the relationship between words
therefore the semantic web according to bernie's lee enables computers to analyze loads of data
from the web which includes content transactions and links between persons so you may be asking to
yourself how exactly would that work so let's take a look at these two examples their syntax may be
different but their semantics are pretty much the same since semantics only deals with the meaning
or emotion of the content currently the web structure makes it easy for you to visit a webpage
and understand what it's all about computers can't do that a search engine might be able to scan
for keywords but it cannot understand how those keywords are used in the page's context appliance
semantics in the web would enable machines to decode meaning and emotions by analyzing data
consequently internet users will have a better experience driven by enhanced data connectivity
and the next point is artificial intelligence ai will play a crucial role in making the web
semantic in web 3.0 computers can understand and process information like humans in order to
provide faster and more relevant results and they become more intelligent to help the needs of users
although web 2.0 presents similar capabilities it is still mostly human-based which opens up
room for corrupt behavior such as biased product reviews and rigged ratings etc for example we all
use amazon and we all read the reviews before purchasing something unfortunately a company
listing a new product on amazon can simply gather a large number of people and pay them to create
positive reviews for its under-deserving products therefore the internet needs ai to learn how to
distinguish the genuine from the fake in order to provide reliable data also a few months ago
google's ai system removed around a hundred thousand negative reviews of the robinhood
app from the play store following the gamestop trading debacle when it detected attempts of
rating manipulation intended to downvote the app artificially this is ai in action which will soon
easily fit into web 3.0 enabling blogs and other online platforms to filter through data and tailor
them to each user's liking as ai advances it will ultimately be able to provide users with the best
filtered and unbiased data ai will help websites understand users better faster and smarter and
the next one is spatial web and 3d graphics some futurists also call web 3.0 the spatial web as it
can virtually take you anywhere helping you learn about different places and ideas by experiencing
them as if you were actually there indeed this vision forms from the basis of the metaverse
which is a digital universe where people can work play socialize and do business just as they would
in the real life but without actually having to travel anywhere for example with web 3.0 you
won't have to travel hundreds of miles to another city to examine a new house the web can allow you
to search for things visually by pointing your camera lens at them through augmented reality
a good example of this is the google lens you can search for things on google without having to
type a single word you only have to scan an object with the google lens and the web will do the rest
and this brings us to the applications of web 3.0 so how can we apply web 3.0 to the real world
in web 3.0 applications will run on decentralized networks of numerous peer-to-peer nodes utilizing
blockchain technology or combining the two with no central server and a system that encourages
equal network ownership users need no permission to participate in the network web 3.0 is however
best captured by cryptocurrencies these digital tokens are one of the best representations of a
departure from a central controlling authority that is the central banks cryptocurrencies will
be essential in creating financial incentives for anyone willing to contribute or to improve
a project so let's take a look at a few of the web 3.0 applications that aim to disrupt the
web's original disruptors the first one is stemid which is a web 3.0 social network stemming is a
social media platform where everyone gets paid for creating and curating content stemming is
decentralized with zero entry barriers that allow users and creators to retain ownership over their
content and earn a stake in the technology the platform itself by adding valuable content to it
instead of sharing and commenting on content for free via a third party that mines and monetizes
your personal data and uses proprietary algorithms to decide who actually sees what you share stem it
aims to provide a social news service where users get paid to upvote comment and post with content
creators earning reputation-based rewards and the next one is store which is a web 3.0 cloud storage
the future of cloud storage is decentralization imagine being able to rent out your extra hard
drive space through an autonomous network and being paid for it in cryptocurrency
well thanks to satoshi nakamoto and platforms like store this is made possible store is a
web 3.0 application which offers decentralized secure cloud storage the fundamental technologies
underlying store are encryption file shading in hash table on blockchain to organize file storage
in a peer-to-peer network web 3.0 cloud storage offers superior privacy with lower vulnerability
to hackers in government snoops files are stored in small pieces across multiple hard drives so
that only the owner has a complete copy the next one is wolfram alpha which is a web 3.0
search engine wolfram alpha is a computational knowledge engine that answers your questions
students and professionals from different fields like mathematics nutrition science
and others all use it this platform uses web 3.0 to gather information from databases across the
web and simplify the information for end users wolfram alpha answers your questions directly
by computation as opposed to giving you a list of web pages like search engines do so if you want a
practical comparison search england vs brazil on both wolfram alpha and google and see the
difference google gives you the results of the world cup even if you didn't include football as
a keyword since it is the most popular search and on alpha on the other hand would give you
a detailed comparison of the two countries like you asked and that's the key difference from web
2.0 in web 3.0 the web 3.0 transformation has already started the new internet will provide
a more personal and customized experience a smarter and more human-like search assistance
and other decentralized benefits that hopefully will help to establish a more equitable web so
the only question that remains is do you want to be just the user or do you want to be an owner