Web3 is an evolution of the internet that is private and free from the typical corporate monopoly evident in Web2. This is a highly decentralized network that will alter the traditional business model. Brands will have native tokens that guide the functioning of their ecosystem.
Data will be controlled by the users and not the big tech companies, meaning that the former can decide what happens to their data.
Decentralization is a critical element of Web3 infrastructure, ensuring that community members can submit proposals and vote on changes in the ecosystem. It is also free of censorship.
The Web 3.0 is creating a decentralized network, ensuring that it is highly transparent, private, and secure. There has been a movement of the internet from Web 2.0 to Web 3.0, thereby adding crucial elements that are not visible in Web2.
Web3 is based on technologies like Blockchain, big data, artificial intelligence, and much more. Web3 platforms are common in different fields like Social Networks, Exchange Services, Messaging, Storage, Insurance and Banking, Streaming Services, Remote jobs, Internet Browser, and so on.
The decentralized web gives the power to the users and not the big tech companies. Basically, users can decide how their data is used.
Web 3 is a term used for the third wave of the internet, which is focused on decentralization and security. The first wave was about getting people online, the second wave was about monetizing that access, and the third wave is about putting users back in control of their data.
Web3 is used for a variety of purposes, including but not limited to:
– Providing a more secure and user-friendly way for people to interact with the blockchain
– Allowing companies to create decentralized applications that can run on the blockchain
– Helping people keep track of their tokens and other digital assets
Web3 is still in its early stages of development, but there are already a number of projects that are making use of it. Some examples include the Decentraland project, the Storj project, and the Brave browser.
No, Web3 is not only limited to Ethereum. In fact, Web3 is a collection of technologies and standards that enable the decentralized web. While Ethereum is one of the most popular protocols in the Web3 stack, there are many others that each offer their own unique set of features and functions. Some other popular protocols include IPFS, Interplanetary File System (a peer-to-peer file system), and keeper (a decentralized PKI tool). Ultimately, the goal of web 3.0 is to provide users with a more secure, private, and censorship-resistant internet experience.
The Internet is undergoing different phases of transition: from Web 1.0 to Web 3.0. Each dispensation of the Web had a peculiarity that advanced in the next web dispensation.
Web1.0 was the formalization of standards (HTML) and static websites and pages. Web 2.0 was social networking, collaboration, and media sharing. Web3.0 was also known as the "Semantic Web".
The semantic Web is an extension of the World Wide Web set by W3C (World Wide Web Consortium) which initiates a common framework that allows the reuse and sharing of data across enterprises, applications, and community boundaries. It was pronounced Web 3.0 originally by the World Wide Web inventor Tim Berners-Lee, to make a machine-human relatable Internet.
The semantic Web happens to be a Web of data, which improves the abilities of Web technologies to share, connect and generate content through a search by understanding the real meaning of words rather than keywords or numbers. This results in real-world human communication, users retaining control over their data, trading without losing ownership, having to risk privacy, or relying on middlemen.
Having set standards for Web3.0 since 2001, here are the three that stood out and made it semantic webs:
OWL(Ontology Web Language): The Knowledge Representation of Web 3.0
Having known that Web 3.0 uses Artificial Intelligence and Machine Learning where semantics plays the interactive level. The semantic Web is to categorize information in ways that teach systems what specific data means, also understanding words put in search queries just as a human would then giving better content.
Since the beginning of the Internet in 1983, industries have risen, and it has become monopolized. It's disheartening to know musicians do not enjoy the full success of their hard work. The situation became worse during the pandemic because concerns were cut off completely. So, artists had to switch their sources of income from organising converts to getting massive streams on spotify and other streaming platforms.
For every single stream on a song, Spotify pays an artist $0.0043 with no comment section to connect with their fans, which makes it terrible. YouTube is worse, for every view, you get paid 1/20th of a penny ($0.0005).
Meanwhile, the average world salary per month happens to be around $1,480 per month. An artist on Spotify would have to have over 344,000 streams and over 3 million views to get the average world salary, making these steps hardly reasonable for an upcoming music creator.
Hence, a need to create platforms where they can enjoy the success of their hard work. The way out is WEB 3.0 music.
With the amazing turnout of Blockchains and NFTs, the music industry will be the next thing to experience the benefits of Web 3.0. In Web 3.0, there will be a continuation of these social media platforms, but in a decentralized way, putting power back into the hands of the people, the creators, and fans. This will be done through the use of blockchain technologies, providing the foundation for a decentralized Web, benefiting both the artists and communities.
Secondly, converting musical works into NFTs or tokens may solve the problem of piracy. A musical composition in a computer is just a string of 0s and 1s which makes it easy to copy and makes piracy rampant, which makes converting musical works into NFTs or tokens a real deal, that means there will be no piracy again, and creators will be able to contact fans through their Music NFTs, while fans can support by subscribing to their music NFTs, exhibiting pure relationships between musicians and their fans.
With Web 3.0 musicians can create and mint their tokens, sell them directly to their fan community, and make transactions entirely with those tokens within the community. Also, they will have access to stream and gate to their user base the digital media, rewarding their most loyal fans, making the community benefit, and giving the value of their work.