- Web 3.0 As A Global Digital Infrastructure
The development of the web is based on users’ activity. As we were discussing previously: in Web 1.0 users only viewed content, in Web 2.0 users created content, and interacted with each other.
To better understand what Web 3.0 is, let’s look at the model from a benefit angle.
In the ’90s, prior to blogs and social media, people created only web pages. Because of the visitors that the web pages had, different companies wanted to advertise their products and services on those websites and for that, the site owners took their cut. This model, for site owners, allowed not only to increase their revenue, but also to reduce costs. Scaling increased their income even more so, while expenses did not change.
Today, Facebook generates advertising income from its users. Roughly speaking, each user generates about $20 of income per year for Facebook, if we multiply that by the number of users that Facebook has at the time of writing (2.7 billion) we’ll get $54 billion of generated income per year.
So why is Web 3.0 a revolution?
Because the one who generates revenue, in some way has the power to influence the decisions of the platform. The term “user” refers to the behavior of the masses of people on the Internet, how they react to content, what choices they make, etc.
Recommendation algorithms and advertising technologies powered by AI are created to minimize users’ intent. The Internet is full of Web 3.0 elements: feeds are being created based on users’ interests, mobile and desktop activities are being synchronized, tailored ads are created based on users behavior as well as their location.
However, this doesn’t fundamentally change how the Internet has been for the last 20 years. A true change would come when the user would be able to have an income from their online behavior which is proportional to their spending.
For example, the analytical and tracking technologies that serve the advertising industry could be used to evaluate the digital input and reputation of employees. Creating digital products would reach new heights, because all of the components would be accurately predicted.
A use-case scenario could be as follows: An entrepreneur suggests an idea and communicates it to an automated chat-bot. The bot asks the entrepreneur questions and based on that predicts the cost, timing and resources needed to put the idea together.
Putting it all together
AI, Big Data, Machine Learning, IoT, and Blockchain all form Web 3.0. They allow us to analyze user behavior more accurately. For example, Internet of things data populates user-profiles and consumer habits information.
Decentralized technologies in Web 3.0 allow us to retrieve more information about users and enhance their interaction with a variety of services. Startups in medical industries often utilize decentralized databases to store data about patients and share that information with medical institutions. An advantage in such an approach is that the information is stored more securely through cryptography.
Users’ location logs can also be collected and stored in a decentralized ledger and then shared with recommendation systems that in turn could help you find fellow travelers, or hobbies nearby, but all of that would be done in a completely confidential manner and would not end up in the hands of a single platform that could violate your privacy.
Digital identity could be an integral part of Web 3.0, allowing you to utilize it when logging into different platforms. Your identity would be stored in a decentralized way with encryption and would not be stolen or replicated.
Recruitment of global workforce would also be more efficient because now businesses would be able to garner information about the candidate which is based more than their resume. Reviews and recommendations could be falsified, but cryptography would guarantee that the information is verified and it is unique.
Participants of projects would also be authorized based on their digital identity. Depending on their access level they would be able to utilize specific digital tools and instruments and have access to certain data that would help them complete the assignment. In turn artificial intelligence will be able to evaluate the employees portfolio and recommend it to suitable clients.
As a part of the Web 3.0 concept, data must be stored in decentralized storage to be manageable by its owner.
A user must have the right to block access for any service to their data or easily transfer data to another service. The services will compete for the ability to access such data, which means that the user experience will improve.
With that level of control and ownership we could be more confident in our statement that the Web 3.0 revolution has begun.
- Date of publication:
- Tue, 02/23/2021 - 10:15
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