Web 3.0 represents a significant change in the internet, moving it toward a decentralized, user-centric, and more immersive online experience. The web’s next incarnation is poised to give users much more control over digital content. Web 3.0, based upon the blockchain technology used by many cryptocurrencies, aspires to eliminate major intermediaries, such as centralized governing bodies or repositories.
Currently, with internet users communicating through social networking services and blogs, vast amounts of data and information is being created. In the current Web 2.0 stage, much of this data is controlled by a small handful of digital behemoths, like Amazon, Meta, and Google, among others. This raises privacy concerns, and consumers may believe they have lost control over their personal, commercial, or financial data because they must agree to all of the terms and conditions to utilize these corporations’ internet services.
Social media platforms have also enacted stricter guidelines for what types of content or messages are permitted on their platforms, which has sparked debate over free speech. Web 3.0 is expected to help solve this issue. The newest version of the internet will be more transparent, with a vast amount of content available to everyone. It is predicted that Web 3.0 will be more user-specific, ensuring data security and privacy, while reducing the risk of Internet hacking. Additionally, an individual account for each social network will be a thing of the past, with Web 3.0. Users would be able to easily navigate between different social sites, search for information, and even shop with just one unified account.
Blockchain Technology: The Foundation of Web 3.0
Essentially, blockchain technology works within a distributed electronic ledger. Distributed ledgers then keep track of digital information (such as asset ownership) without the need for a central authority. Finishing a transaction is much faster because it uses distributed consensus to reduce the need for manual processing and authentication by intermediaries. Because Blockchain relies on distributed consensus, changing data on the system requires notification of the entire network. As a result, the system is exceedingly safe. Many leading cryptocurrencies and non-fungible tokens (“NFTs”) are built on blockchain technology. Web 3.0’s blockchain technology has the potential to revolutionize the internet. The idea is to provide peer-to-peer internet services with no central authority, giving individuals more control over their information.
Microsoft’s Role in Web 3.0
Microsoft has done considerable work in blockchain technology, with few signs of slowing down. Azure Blockchain Service is a fully managed ledger service that supports the Ethereum Quorum ledger and uses the Istanbul Byzantine Fault Tolerance (IBFT) consensus process. Microsoft noted last year that they would expand upon the management of the latter’s blockchain-based solution for gaming rights and revenue. Microsoft’s Decentralized Identity team also deployed the ION Decentralized Identifier (DID) network on the Bitcoin system in March 2021. The network creates digital IDs for online identity authentication using bitcoin’s Blockchain.
Microsoft supports a multi-pronged approach to privacy that includes legislation, industry self-regulation, technology tools and consumer education. We look forward to continuing to provide leadership and innovation in privacy protections as we move to a Web 3.0 world.blogs.microsoft.com
Web 3.0 could likely make the internet more equitable by enabling individuals to be independent. True sovereignty entails controlling one’s time and knowledge and controlling who profits from it. With Web 3.0’s decentralized blockchain protocol, it will only be a matter of time until individuals will be able to connect to an internet where they can own and be compensated for their time and data. Follow Tallan to stay updated on the latest tech trends in 2022!