Web 3: The Many Facets
The Internet is poised for a technological and cultural shift known as Web 3.0.
The Internet is poised for a technological and cultural shift known as Web 3.0. While there are many articles about Web 3, it has become apparent that there is not one vision. Instead, there are multiple trends that are developing simultaneously and converging.
Below is a list that outlines the various facets of Web 3 and attempts to create a single model that demonstrates how they all interconnect.
The Internet of Value
You've likely seen this famous motif if you have been following web 3 on Twitter, reading any articles online, or listening to podcasts. The emergence of an economic layer of ownership is the current trend on web 3. This famous motif would likely have been visible to you.
web1: Readweb2: Read + Write
web3: Read + Write + Own
The idea of a distributed ledger in which every transaction, currency, and contract can be trusted is an incredible concept that has been derived from the Crypto movement, which began with bitcoin.
The Ethereum blockchain made blockchain technology programmable, which led to new economic models that were built on tokens or smart contracts.
Property rights have been missing from the internet until now. They allow you to assign digital assets value and also exchange property value. This led to NFTs in art and is rapidly spreading to other industries that offer new utility.
This aspect of web 3 transforms the web from an internet of information exchange into one of value exchange.
The Internet of Things
The IoT (internet of things), is a network of physical devices connected to the internet that can share data. These devices can include sensors, actuators and wearables as well as healthcare monitor devices and robotics. They will allow smart appliances, autonomous cars, health monitoring, and many other interconnected devices.
This digital layer of sensors, data and data will make our web lives more like electricity. The web can be accessed via voice, wearables and multi-sensory triggers. IoT makes web invisible and persistent.
It is expected that the number of IoT devices will reach 75 billion by 2025. Soon after, it will rise to the trillions.
The Internet of Places
Although the term "metaverse" is derived from science fiction, it has gained new popularity. Although VR technology is poised to become mainstream, major tech companies as well as non-tech companies are investing large in a metaverse strategy.
The metaverse is all about engaging in shared virtual spaces. This can be expressed as 3D environments, or immersive VR. It's more than avatars meeting in virtual spaces. The promise of the metaverse also includes full-fledged virtual economies with corporate offices, property ownership, fashion, real estate, shopping malls, as well as learning academies.
The metaverse is all about creating virtual worlds. However, the Internet of Places also includes other forms of spatial computing like augmented reality (AR), which uses physical spaces to display digital imagery, information and 3D objects. Hololens technology is similar to AR. It projects digital imagery into physical space, creating a new type of blended reality.
The Internet of Intelligence
Web 3 is all about creating an intelligent, adaptive web. This is the time when events, sensors, autonomous interactions and self-executing software will trigger processes.
AI algorithms are able to generate new forms, shapes and sounds. This is what has prompted some amazing AI developments in music, text and video. DALL-E, for example, is a 12-billion-parameter version of GPT-3 that can generate images from text descriptions.
Deep neural networks will replace traditional computer vision methods and AI will improve AR. The physical/digital mixed reality will include the capture and processing of spatial data.
The Internet of Me
A new decentralized web will also allow individuals to control their personal data. This is a major problem in today's web 2 world, which allows for careless data sharing and commercial exploitation.
Self-Sovereign Identity, or SSI, eliminates the need for personal data to be stored in a central database. Individuals have greater control over what information they wish to share.
W3C has developed a standard for SSI called DIDs (decentralized identifiers). This is a new type identifier that enables decentralized, verifiable digital identity. We now have a solid foundation to build apps that use personalized identity.
The Web 3 Stack
Gabriel Rene, Dan Mapes, and their book, 'The Spatial Web', outline a web 3 stack following the computer science three-tier architecture (interface, logic, data).
This diagram model was inspired by their ideas. It is a high-level infographic that shows how the various facets interact.
Web 3 is a movement larger than Crypto and wider than the metaverse. Web 3 refers to a collection of technological trends that are developing and converging to form the next iteration.