Web 3.0 is the third generation of internet services which provide websites and applications with the technology to run. Web 3.0 is set to be powered by AI and peer-to-peer applications like blockchain. The key difference between Web 2.0 and Web 3.0 is that Web 3.0 is more focused on using innovative technologies like machine learning and AI to create more personalized content for each user. It is also expected that Web 3.0 will be more secure than its predecessors because of the system it is built upon.

The Web3 has set out to break up the market power of these centralized players by replacing the centralized server-client infrastructure with distributed ledgers, the most common type being the blockchain. So instead of all data being stored on a centralized server, it will be scattered across a decentralized computer network. Centralized entities, which previously acted as intermediaries, will thus become obsolete.

Here is an example: Anyone sending money from one bank to another today uses the centralized servers of the respective banking providers. The banks act as intermediaries by carrying out the transaction. The user must hand over all the data to the banks involved and rely on them to execute the transaction correctly. The bank, of course, charges a fee for this service. This is Web2 banking.

In Web3 you can send your transaction via a decentralized blockchain such as the Bitcoin blockchain. This blockchain independently verifies the accuracy of the transaction through the use of mathematics and computing power. Unlike Web2, banks are no longer needed as intermediaries. That also means the user retains control over their data, and since there is no centralized actor making money from the transaction, there are no fees to pay.

In other words, Web3 should return data sovereignty and ownership rights to the user – that's at least the idea.

"The ownership element is the key difference between Web 2.0, the current iteration of the internet, and web3,” said Shaun Heng, vice president and chief of staff at CoinMarketCap.

So What is Blockchain .

Blockchains are made up of blocks that store information. Each block has a unique “hash” that differentiates it from other blocks. These blocks are then connected by a chain in chronological order. The information stored in these blocks is permanent, which makes it a very secure way to complete online transactions.

This is why cryptocurrencies, like Bitcoin, are built on blockchain technology. Blockchain gives cryptocurrencies the platform and security they need to work. These blocks, or records are stored on online servers, which are publicly accessible, but only by you or anyone else who the block has been shared with.

How do They Work Together?

Blockchain serves as the foundation of Web 3.0; Web 3.0 would not be possible without the systems provided by blockchain. The enhanced security and privacy offered with blockchain is something that the developers of Web 3.0 are using to appeal to internet users. Since blockchain is a decentralized system, there is no single point of control that could be easily hacked. For Web 3.0, this means that individual websites and the internet, in general, would be much more secure against attacks. Users would not have to worry about their information being deleted or compromised. Together, Web 3.0 and blockchain will allow for better cryptocurrency trading and mining.

Examples of Web 3.0 Technologies

Examples of companies already using Web 3.0 AI technology include Apple with Siri and Amazon through Alexa. Both companies are using voice-controlled AI to give consumers real-time answers to their questions. Web 3.0 would expand the reach of internet access to everyone at any time. Amazon has also taken steps to integrate smart devices, which fall under the category of Web 3.0, into their Alexa products. With smart devices, a user can communicate with or control multiple devices from their phone or with their voice. But the most talked-about Web 3.0 technology that is already in use is cryptocurrency like Bitcoin.

Now you see that there are differences between web3 and blockchain technology, see you next time , when I talk about distributed ledger technology