Web 3.0 and it’s part in Transforming the Ownership of Data

Web 3.0 sounds fancy and complicated, doesn’t it? 

Let me break it down for you in this article.

Web 3.0 focuses on decentralization to create a level of transparency. Instead of centralized agencies, smart contracts will control user data and transactions. 

This third version of the internet is a step up from web 2.0. Internet sharing has skyrocketed in web 2.0. This has led to colossal volumes of data and content. 

Tech giants like Apple, Amazon, Microsoft, Google, and Meta control such data. As a result, consumers were losing their freedom of privacy when they accepted the terms and conditions of these companies. 

Without accepting the terms and conditions, users could not gain access to their services.

Now, this was a problem.

As a solution, web 3.0 was introduced to give people control over their data. This internet version will rule out hacking. while ensuring data privacy and security.

Blockchain and Web 3.0

Blockchain works on the concept of distributed ledger technology. It stores digital records without a centralized authority. 

This technology uses distributed consensus which makes it harder to alter the data. Alteration is impossible without altering the entire network. 

As a result, the system becomes extremely secure.

Blockchain technology is being used to build Web 3.0. 

In addition to this, cryptocurrencies and various NFTs (Non-fungible tokens) work on blockchain technology. 
The third web model checks all the boxes by being intelligent, autonomous, and open.

Features and Specifications of Web 3.0

Web 3.0

Security

Offers users a seamless trading experience without worrying about hacking issues.

Privacy and Confidentiality

Since everything is decentralized, this eliminates the middle man, and with it the monopoly provision.

Interoperability

Data can be accessed across numerous applications without the need for a specific platform.

Permissionless Blockchain

There will be no gender, income, or geographic restrictions, so everyone will be able to connect with the network.

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