What is Web3.0? Features, Design, Skills, NFTs

Last updated: 27th Nov, 2023

What is Web3.0? Web3.0 is the next phase of the internet, which focuses on decentralization and security. It includes new technologies like blockchain, which is revolutionizing how we interact with the internet. To be successful in this new era of the Web 3.0 internet, you will need to have a variety of different skills. In this blog post, we will discuss what those skills are and how you can acquire them!

What is Web 3.0?

Web 1.0 was characterized by its static content delivery, offering a largely read-only experience to users. In contrast, Web 2.0 marked a significant shift towards interactivity, user-generated content, and the rise of social media platforms, emphasizing a read-write web paradigm. However, growing concerns over data privacy and the control of user data led to the emergence of Web 3.0, the third generation of web applications development. This new era of Web 3.0 focuses on decentralization, leveraging blockchain technology and peer-to-peer networking to distribute data storage and application processing. This approach aims to enhance user privacy and data security, providing a more transparent and user-centric online experience.

In Web 3.0, users can interact with decentralized applications (dApps) that operate independently of centralized authorities. For example, in the realm of social media, a Web 3.0 platform might allow users to own and control their content rather than having it managed by a central entity. In finance, decentralized finance (DeFi) platforms enable users to engage in financial transactions, such as lending or borrowing, without traditional banks as intermediaries. Similarly, in the realm of data storage, users can store their data on decentralized data storage networks, ensuring better privacy and control compared to relying on centralized cloud storage providers. These examples illustrate how Web 3.0 empowers users, offering a more secure, transparent, and user-centric internet experience.

Web 3.0 applications are built on decentralized protocols such as Bitcoin, IPFS, Filecoin, Ethereum, Steller, etc. These protocols provide a better user experience and security. Web 3.0 applications are also more efficient because they do not rely on central servers. Some examples of Web3.0 applications are MetaMask, Augur, EOSfinex, and uPort. 

Web 3.0 Architecture Components / Features

The following are some of the key architectural components / features of Web3.0 applications:

• Blockchain: One of the key features of Web3.0 is the use of blockchain technology. With blockchain, data is stored in a distributed ledger that is secure and immutable. This means that data can be shared without the need for a central authority, and it also makes it very difficult for hackers to tamper with information.
  • Blockchain enables decentralization. This means that there is no central point of control or failure. Instead, power is distributed among many different nodes. This makes Web applications more secure and resilient. 
  • Blockchain enables greater data privacy and security. 
• Smart Contracts: Another key feature of Web3.0 is the use of smart contracts. Smart contracts are digital contracts that self-execute when certain conditions are met. This can automate many processes and make transactions more efficient.
• Virtual machines for processing smart contracts: Virtual machines such as Ethereum virtual machines (EVM) play a crucial role in processing smart contracts and maintaining the operation of their respective blockchain networks. Acting as a decentralized computer, the EVM manages the state transitions in Ethereum’s blockchain network. Developers typically write smart contracts in high-level languages like Solidity or Vyper, which are then compiled into bytecode. This bytecode is what the EVM reads and executes.
• Front End/User Interface (UI) – In blockchain applications, the front end serves the same purpose as in traditional applications: it defines the user interface, providing the visual and interactive elements that users interact with. However, a key distinction in blockchain applications is that the front end communicates with smart contracts. These smart contracts are self-executing programs stored on the blockchain that dictate the rules and operations of the application

How is Web3.0 different from Web1.0 and Web2.0?

The following represents the basic difference between Web1.0, Web2.0, and Web3.0:

The picture below represents the difference between Web2.0 and Web3.0:

, NFTs

Key design principles for creating a Web3.0 system

Designing a Web 3.0 system involves a shift in mindset from traditional web development due to its reliance on decentralized technologies, blockchain, and a focus on user sovereignty. Here are some key design principles for creating a Web 3.0 system: 

• Decentralization: Web applications are typically designed as centralized systems, with a central server that stores all the data and application logic. However, in a Web3 system, there is no central server; instead, the data and application logic are distributed across a network of nodes. This decentralization enables greater security and resilience, as there is no single point of failure. Decentralization can be achieved using a variety of Blockchain protocols such as IPFS, Filecoin, and Ethereum.
• Immutability: In a Web3 system, data is immutable, meaning it cannot be changed or deleted. This is achieved through the use of distributed ledger technology (DLT), such as blockchain. Immutability ensures that data is tamper-proof and can be trusted.
• Tokenization: Utilize tokens or cryptocurrencies for transactions, governance, or incentivizing certain behaviors within the ecosystem.
• User Control and Ownership: Ensure that users have control over their own data. This includes allowing users to own their personal data, control sharing preferences, and potentially even monetize their data if they choose to.
• Interoperability: Web3 systems are designed to be interoperable, meaning they can interact with each other. This could mean ensuring that different blockchains can communicate with each other or that traditional web systems can interface with blockchain-based components. This is achieved through the use of open standards and protocols. Interoperability allows for the creation of a truly decentralized web, where data and applications can flow freely between different systems.
• Security: Web3 systems are designed with security in mind. This is achieved through the use of cryptography and digital signatures. Security ensures that data is protected from unauthorized access and tampering.
• Privacy: Web3 systems are designed to respect user privacy. This is achieved through the use of encryption, zero-knowledge proofs, and other cryptographic techniques. Privacy ensures that users can control who has access to their data and how it is used.
• Transparent and Trustless Interactions: Design systems that do not require trust in a central authority. Use smart contracts for transparent, automated, and trustless interactions between parties.
• Community Governance: Incorporate mechanisms for community governance, allowing users and stakeholders to have a say in the evolution of the platform.

How is Web3 related to Non-Fungible Tokens (NFTs)?

The emergence of Web3, characterized by its decentralized, blockchain-based infrastructure, has significantly propelled the growth and popularity of Non-Fungible Tokens (NFTs). NFTs are unique digital assets that represent ownership or proof of authenticity of a wide array of items, ranging from digital art and music to virtual real estate and beyond. Each NFT has a distinct, non-interchangeable identity, recorded and verified on a blockchain, typically Ethereum, but increasingly on other blockchains like Binance Smart Chain, Solana, and Flow.

In the evolving Web3 ecosystem, NFTs have found diverse applications:

• Digital Art and Collectibles
• Virtual Real Estate and Metaverses
• Gaming
• Music and Entertainment:
• Identity and Credentials
• Real-World Asset Tokenization

Skills required to be a Web3 Developer

Web3.0 is the next generation of the internet, where users are in control of their data and can transact with each other directly, without intermediaries. Web3.0 is still in its early stages, and there is a lot of work to be done in order to realize its full potential. As a result, Web3 developers need to have a wide range of skills in order to build the infrastructure and applications that will power the Web3.0 ecosystem.

• Well-versed in Blockchain technology & building dApps: First and foremost, Web3 developers need to be well-versed in blockchain technology. They need to understand how decentralized ledger systems work and be able to develop smart contracts and applications that run on them. Web3.0 developers must have a strong understanding of blockchain technology and how to build decentralized applications (dApps). As the Web3.0 ecosystem continues to grow, the demand for experienced Web3.0 developers will also increase. Those who are able to develop innovative dApps and frameworks will be in high demand by businesses and organizations looking to capitalize on the benefits of Web3.0 technologies. A grasp of peer-to-peer networking and consensus algorithms is beneficial for understanding the nuances of blockchain networks.
• Smart Contract Development: Proficiency in smart contract development is crucial. This involves understanding smart contract languages like Solidity (for Ethereum) or Rust and Move (for Solana and Libra, respectively). Developers should be adept at writing, deploying, and testing smart contracts.
• Good knowledge of Cryptography: Web3 developers need to have a strong understanding of cryptography. A solid understanding of cryptocurrencies, including how they work, their use cases, and the underlying economics (tokenomics), is important for building applications that involve digital assets.
• Front-End Development for dApps: Familiarity with traditional front-end technologies (HTML, CSS, JavaScript) along with frameworks like React or Angular is needed. Additionally, understanding how to integrate these with blockchain technologies using libraries like Web3.js or Ethers.js is key. 
• Back-End Development Skills: While the focus is often on blockchain, traditional back-end skills are still relevant, especially when integrating blockchain layers with conventional tech stacks.
• Decentralized Storage and Computing: Knowledge of decentralized storage solutions like IPFS or Filecoin and understanding of decentralized computing platforms can be highly beneficial.
• Able to work collaboratively: Creating Web3.0 systems require collaboration between a wide range of stakeholders, including developers, designers, and users. Web3 developers need to be able to work well in a team environment and be able to communicate effectively with other members of the project.
• Understanding of Regulations: Knowledge of the legal and regulatory environment surrounding blockchain and cryptocurrencies can be crucial, especially when developing applications that involve financial transactions.

Web3.0 is the next generation of the internet, where users are in control of their data and can transact with each other directly, without intermediaries. Web3.0 is still in its early stages, and there is a lot of work to be done in order to realize its full potential. As a result, Web developers need to have a wide range of skills in order to build the infrastructure and applications that will power the Web3.0 ecosystem. In addition to being familiar with blockchain technology, Web developers need to be good with web development. They need to know how to build and deploy web applications. Furthermore, they should have experience with a variety of programming languages, such as JavaScript, HTML, and CSS. Those who are able to develop innovative dApps and frameworks will be in high demand by businesses and organizations looking to capitalize on the benefits of Web technologies. Web developers need to have a strong understanding of cryptography, as this is a key technology used to secure data in Web systems. Creating Web systems require collaboration between a wide range of stakeholders, including developers, designers, and users. Web developers need to be able to work well in a team environment and be able to communicate effectively with other members of the project. Please feel free to drop a message if you want to learn more.

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Ajitesh Kumar

I have been recently working in the area of Data analytics including Data Science and Machine Learning / Deep Learning. I am also passionate about different technologies including programming languages such as Java/JEE, Javascript, Python, R, Julia, etc, and technologies such as Blockchain, mobile computing, cloud-native technologies, application security, cloud computing platforms, big data, etc. I would love to connect with you on Linkedin.
Check out my latest book titled as First Principles Thinking: Building winning products using first principles thinking.

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