Web 3.0 is a hot topic right now. You may have seen the term thrown about in the past few months, so what is it, and why is everyone talking about it?

What is Web 3.0?

Web 3.0 is the new age of the evolving internet. It’s the 3rd generation of web technology, Web 1.0 was the first version of the internet, referred to as the World Wide Web. Web 2.0 was the internet as a platform and the introduction of social media sites. It took 10 years to jump from the 1st to the 2nd, and it’s expected to take even longer to transition to the 3rd.

The term Web 3.0 was coined in 2014, but only recently developments have come to light. Web 3 is to be controlled by blockchain and be decentralised. This means there will no be need to hand over personal information and there is no 1 authority. It will work alongside the Metaverse to support nearly all e-commerce and online interaction.

Gartner is predicting 25% of customers will spend at least 1 hour a day engaging with the Metaverse by 2026.

Remember Minecraft? This computer game has a similar outlook to what we’re expecting from the Metaverse.

In the Metaverse, an individual is an avatar who will be able to walk and talk. Avatars will be able to move between different ‘Metaverses’ to seek different experiences.

This upcoming technology had already led to new applications and assets being created; for example, Non-fungible tokens (NFTs). They are digital assets based on blockchain technology, and can only be sold and bought with cryptocurrency. There has been significant growth in NFTs across the creative world. Whilst some Web 3.0 social platforms are creating news story NFTs to avoid government censorship.

It’s safe to say this technology will break boundaries by combining AI, Semantic Web, and Ubiquitous properties. Ultimately it will change how we live our day-to-day life.

The Future

As this technology develops, more industries will benefit, for example, the healthcare sector. They will be able to utilise Web 3.0 through computer vision and to track patient recovery in an easier manner.

As we move forward, we expect to see a growing demand for Software Developer/Engineers and UX UI Designers. We may also see an increase in digital identities which will be used across the Public Sector, Healthcare and Education.

At the moment everything is speculation, nobody truly knows how the future may look so for now, we can all relax!

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