Inside Web 3.0: The New Iteration Of The Internet

ndtv.com:

Web 3.0 is considered the third version of the internet.

If the number of investments and the accompanying buzz are considered, Web3 or Web 3.0 is clearly the future of the internet. 

According to Emergen Research, the global Web 3.0 market size reached $3.2 Billion in 2021 and is expected to register a Compound Annual Growth Rate (CAGR) of 43.7% to reach a whopping $81.5 Billion by 2030. 

Web 3.0 is considered the third version of the internet. A 2020 Twitter post described the three iterations of the Web in these words: 

Web 1: ReadWeb 2: Read-WriteWeb 3: Read-Write-Own

Web 1.0 was 'read-only', with a static website having almost zero user interaction. Present-day Web 2.0 is a 'read-write', epitomised by the rise of social media and user-generated content. Web 3.0 will be 'read-write-own', as it will help secure data. 

Raj A Kapoor, founder and CEO of India Blockchain Alliance, elaborates how data is secured on Web 3.0: "When we use a platform like Facebook, our data is collected, owned, and monetised by them. In Web 3.0, our data is stored on a crypto wallet. We engage with apps and communities on Web 3.0 through our wallet. We can also take our data with us when we log off." 

Data security on Web 3.0 will be possible due to blockchain technology. Blockchain will help keep information on Web 3.0 organised in the form of blocks. These blocks are immutable and validated by a consensus through asymmetric cryptography like keys or digital signatures. Thus, users can access resources, applications, agreements, and content with greater security. 

Mr Kapoor adds that Web 3.0 will enable data privacy as a crypto wallet isn't easily linked to someone's real identity. "While someone might be able to see the activity of someone's