Web3.0 — The Shift From Information Publishing To Reasoning
Cryptocurrency, NFTs, and the Metaverse are gaining ground in the art world, but they are further than just a vogue. At a time when all these have taken over the digital world, Web 3.0 is another rising digital elaboration, not many know about, yet there is a high chance you have come across it if you are active on social media, X (formerly Twitter) especially. You should be curious to know what the 3.0 version of the Web means seeing that right now and in the times ahead, Web 3.0 will offer new fiscal openings.
The Static Web (Web1.0) was the first generation of the internet, the first stage of the World Wide Web evolution. Earlier, there were only a few content creators in Web 1.0 with a huge majority of users consumers of content.
Web1.0 was soon replaced by the participative Social Web (Web2.0) which made the internet far more interactive using web tools like Vanilla Javascript, HTML5, and CSS3 to make interactive web platforms including Youtube, Twitter, and Facebook, to mention just a few.
Web 3.0, a shift from aged-generation web tools, combines these tools with cutting-edge technologies between Artificial Intelligence (AI) and Blockchain as well as the interconnection between users and increased internet usage. In much simpler terms, it is a shift from data collected by technology titans through social networking (Web 2.0) to a decentralized web structure where people control their data. Now the process of content creation and decision-making will involve humans and machines (AI).
Web 2.0 is an enhanced version of Web 1.0. Web cybersurfer technologies are used in Web 2.0 development and it includes AJAX and JavaScript frameworks. Lately, AJAX and JavaScript frameworks have become the veritably popular means of creating Web 2.0 sites. As Web 2.0 made several billionaires — including Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, and Twitter’s Jack Dorsey — Web 3.0 is another chance for a new world of tech startups to find their way and lead the digital revolution.
So, what does this elaboration mean for Nigerians?
Nigerian Blockchain expert, Keith Chung, has said that Nigeria needs to explore the possibilities in the fourth artificial revolution, otherwise known as Web 3.0, to address its current challenges.
Chung, no newbie to the internet and its revolutions, has worked hard to promote blockchain technology, taking tech education to his birthplace in Jos. Speaking to Guardian Life, the tech whiz opined that this Blockchain technology (Web 3.0) will be necessary for the evolution and growth of Nigeria.
The fourth revolution has been described as characterized by stoked realities where people can connect, interact, and also produce new value exchange systems. The revolution, which is in its early stages, is formerly impacting the fiscal sector, with the preface of cryptocurrencies.
Chung made it clear that Nigeria missed out on the Internet/Web2 Revolution “which is why there are no social media or African Tech Bootstrappers like Google, Twitter, and Facebook, or Meta, as it has been rebranded.”
To him and numerous others, there is a belief that this Blockchain technology will greatly modify our value exchange systems for the country’s benefit.
He said, “It will help us review our material value exchange system, with NFTs (Non-Fungible Tokens) already blazing the trail in that regard, a non-correlation, non-asymmetric class of money and asset to the traditional fiscal system. It has been fascinating watching humans produce abstract digital means of value that can be traded like a stock, shares, or plutocrat by people from anywhere in the world and they can serve as a valid medium of exchange or legal tender.”
Using Web3’s cryptocurrencies, wealth transfer will grow extensively, cutting out the middlemen.
Though Web3.0 is presently a work-in-progress and isn’t exactly defined yet, the main principle is that it will be decentralized rather than controlled by governments and corporate bodies — as is the case with today’s internet — and to some extent, connected to the conception of the Metaverse. “This year alone, over $7 billion has been traded in NFTs across the World and that figure is set to only multiply exponentially. The Blockchain revolution disruption is going to cut across all industries, governance, and institutions alike, which is so important for Nigeria and Africa as a continent as it has the stylish eventuality of working the problem of government fiscal/executive translucency and voting translucency since all transactions or relevant records/data can be recorded on a public ledger not controlled by any single corporate entity..”
Further decentralized access to the internet, Web 3.0, provides advanced security when it comes to data protection. Using its advanced AI, users can now receive the best filtered, unbiased data.
Built with the sole idea of creating an internet that satisfies everyone, peer-to-peer networks, stoner-controlled data, and monetization act as structure blocks for Web 3.0.
Using the new internet, you can now enjoy a more individualized browsing experience that gives you sovereignty over your data and finances, creating an overall rich digital experience.
The possibilities are endless. While the elaboration may take decades to complete, now is the time to get started.
Edited by Victor Ibosiola
