Utility Of Web 3.0 And Technology Trends

 

  

 

Utility Of Web 3.0 And Technology Trends

 

Krishna Jadhav



Utility of Web 3.0 in 2022 and upcoming technology trends

In Krishna Jadhav’s research on new technological trends for upcoming 2023, The space competition, work from anywhere, and the digital workplace, mRNA biotechnology, AI, and geoengineering are just a handful of the numerous developments that dominated 2021. But Web 3.0 (or decentralisation) and the metaverse stood out as two of the most significant. The public at large, tech enthusiasts, and the media should all continue to be intrigued by these two technological advances (Elnaj, 2022). The hype around nonfungible coins has undoubtedly brought Web 3.0 and decentralisation to the fore (NFTs). Let's have a look at Web3's predecessors to comprehend it. Web 1.0 passively explored the web and consumed material in "read-only" mode.


Figure 1:  Web 3.0 / Semantic Web Architecture

(Source: Gurunath and Samanta, 2022)

Consumers were more active and participatory due to Web 2.0, as they began to produce material on social media and connect and cooperate. This is the "version" of the web that is visible to the current technologically innovative industrial market (Chalmers et al., 2022). Web 3.0 is a decentralised paradigm in which content producers may "mint," own, sell, and get paid for their work using NFTs, all while utilising different blockchain technology components. Simply, minting NFTs entails producing an exclusive digital item that can be purchased using a token as ownership documentation.



Figure 2: Web 3.0 and the digital economy

(Source: Chen et al., 2022)

Later, NFT file sales and payment transactions are decentralised on a blockchain. How much farther will Web3 "emerge" in 2022? Let's begin with NFTs. The blockchain technology behind Bitcoin has advanced significantly in terms of performance since the currency's launch in 2009. There has been a standardised increase in the number of transactions per second (TPS) on Solana from seven to 50,000 (Li2u et al., 2022). Aside from performance, blockchain has proven its utility in financial services, decentralised financing (Defi), supply chain management, digital health, and various other fields. We are also seeing the effective use of blockchain in social media.


Figure 3: Metaverse Slicing4Meta architecture

(Source: Liu et al., 2022)

 

Conclusion

In Web3.0 Despite successful blockchain deployments, the Krishna Jadhav’s conclusive outlook to the detailed discussed above shows that, technology faces several significant problems and impediments in enabling Web3. Lack of interoperability, as well as diverse operating systems and non-interoperable AR/VR devices, will stymie adoption. Web 3 is the Next generation of the World Wide Web, which revolves around "decentralisation" and "user-centric". It is speculated that Web 3.0 will pop up with decentralised immersive applications that require user-centric immersion and interaction experiences.

Want to know more about How Web 3.0 Will Affect Business in the Future? The next Article is here to provide you all the correct answers.

Reference List

Chalmers, D., Fisch, C., Matthews, R., Quinn, W., and Recker, J. (2022). Beyond the bubble: Will NFTs and digital proof of ownership empower creative industry entrepreneurs?. Journal of Business Venturing Insights, 17, e00309. https://www.sciencedirect.com/science/article/pii/S2352673422000075

Chen, C., Zhang, L., Li, Y., Liao, T., Zhao, S., Huang, H., and Zheng, Z. (2022). When Digital Economy Meets Web 3.0: Applications and Challenges. arXiv preprint arXiv:2210.08993. https://arxiv.org/abs/2210.08993

Elnaj, S. (2022). The Top Two Tech Trends In 2022: Web 3.0 And The Metaverse. Innovation. [Online]. Available at: https://www.forbes.com/sites/forbestechcouncil/2022/02/10/the-top-two-tech-trends-in-2022-web-30-and-the-metaverse/?sh=5230baf97e74 [Accessed on 20th October 2022]

Gurunath, R., and Samanta, D. (2022). A novel approach for semantic web application in online education based on steganography. International Journal of Web-Based Learning and Teaching Technologies (IJWLTT), 17(4), 1-13. https://www.igi-global.com/article/a-novel-approach-for-semantic-web-application-in-online-education-based-on-steganography/285569

Liu, Y. J., Du, H., Niyato, D., Feng, G., Kang, J., and Xiong, Z. (2022). Slicing4Meta: An Intelligent Integration Framework with Multi-dimensional Network Resources for Metaverse-as-a-Service in Web 3.0. arXiv preprint arXiv:2208.06081. https://arxiv.org/abs/2208.06081

 

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