The definition of "Web 3.0" may change depending on whom you ask since "Web 3.0" is more of an umbrella term. The main concepts behind Web 3.0 are AI (artificial intelligence) and decentralized, blockchain data. Ultimately, Web 3.0 will combine the concepts of a Semantic Web with AI. Let's look closer at some of these points.
One main concept of Web 3.0 is that web data will be decentralized in manner. Currently in "Web 2.0" data is primarily stored in a centralized storage platform or database. In Web 3.0 the use of blockchain or other peer to peer nodes is a central construct of data decentralization. If you're familiar with cryptocurrency, then this concept probably sounds familiar. These decentralized applications, known as "DApps", can leverage the blockchain to create apps that are maintained by anonymous nodes on the internet. In this configuration, there are no centralized databases or web servers where the backend logic and data reside.
By decentralizing servers and applications, individuals will have more control and ownership of their data. The rise of NFTs is an example of the Web 3.0 movement. Digital collectables and files (the NFTs) can be bought and sold using cryptocurrency and the blockchain at its transactional core.
In Web 3.0, users will also be able to interact with data using AI and machine learning technology. The use of AI will allow data to be more relevant to each user. The idea being that data would be understood both contextually and conceptually (by the machines.) Through the use of AI algorithms, sites or apps can suggest stories, news, products, videos, etc., to users based on their previous searches or interactions. Machine Learning will be employed to feed more relevant data to users, like when TikTok or Instagram "magically" give the user more of what they have been consuming. Furthur using machine learning, these algorithms will start to tackle problem-solving and knowledge creation tasks.
Web 3.0 sounds cool but there are some roadblocks that need to be improved. One major issue is around the operational speed and complexity of using the blockchain. Transactions are slower using Web 3.0 because every change needs to be processed and propagated throughout the network.
Web 3.0 is changing how we interact by creating an Internet that is owned by everyone. This concept aims to make the Internet more intelligent, open and decentralized. Web 3.0 is still being born so things could take a swift left turn at any point, however the movement is underway. There are still several challenges to overcome but it's time for everyone to focus on the future of the web and it looks like 3.0 is coming up fast.