Potential And Pitfalls Of Web 3.0
Read about the surfacing technological advancement; WEB 3.0 and what are the probable potentials and pitfalls of the same. Also gain useful insights on how one can invest in WEB 3.0.
GUIDE TO WEB 3.0 Preceding a little deeper on the WEB 3.0 let’s mirror ourselves with the possible potential and pitfalls of this technology.
Moving an edge over the boundaries of online streaming, social media content creation and online shopping, WEB 3.0 has more to offer. The upright balusters of WEB 3.0 — semantic web, AI and machine learning, hold a great deal of potential when it comes to enhancing and improving user interactions and applications.
“Technology is neither good nor evil, It’s the user who makes it so”. It depends on us how we can utilize the potential of WEB 3.0 and put it to some good use.
Let us have a look at a few advantages of web 3.0:
POTENTIAL:
01. Privacy:
A crucial feature of Web 3.0 is said to be enhanced cyber security. It will provide more protection compared to the major security flaws seen in Web 2.0. Due to the decentralized operating mechanism utmost integrity is maintained. No third-party hindrance is allowed as all the transactions take place between end users.
02. Currency:
Web 2.0 transactions are typically conducted through fiat currencies as well as regular national currencies. On the other hand, with the crypto boom, Web 3.0 will most certainly promote the use of virtual currencies in a substantial way.
As we move ahead the use of virtual/ Digital currencies will rise and it will be wise to enter the phase of early adoption. The reason we need to use virtual currencies is the fact that transactions are fast, digital, secure, and are able to be carried out around the world, which in essence allows us to maintain records without the risk of being copied.
03. Ownership:
There has always been a tendency for Web 2.0 to be more centralized, with central authorities having complete control over data and services. Unlike the previous versions, Web 3.0 is more focused on the decentralization of all services by introducing peer-to-peer networks, making them more accessible and transparent.
Web 3.0 opens wide gates of new applications alongside providing even better substitutes for the existing applications. One of the major shifts can be seen in our daily use browsers. An optimum option against the existing tool; Brave browser will take the place of google chrome as it provides 100% ownership of the data to the users without the threat of discrepancy. The browser allows users to enjoy internet surfing without giving any company the power to capture their data in the form of cookies.
04. Technology:
In combination with effective Machine Learning, Web 3.0 will be powered by the next generation of technology that will create more seamless use cases of deep tech, reducing the amount of work we have to do in order to have a better life.
Artificial Intelligence/Automated Machines have always eased out our basic operations and are still continuing to ease out other complex tasks that require a lot of complex thinking. One such common example can be Alexa or google mini. A device that is currently only found in a few homes will go on to become the biggest necessity of every household within the next ten years.
I think the best thing about living in a smart house is the convenience of being able to control the functions with just your voice and using your hands.
With great powers come a series of limitations designed to curtail misuse.
Let us have a look at a few limitations of web 3.0:
PITFALLS:
Despite some limitations in Web3, it is evident that these gaps will soon be filled with the use of new technology and improvements.
01. Slow performance: As transactions on Web3 are decentralized, it might take time to complete a single operation. During the process, as the state changes, payments need to be processed by a miner before they can be transmitted throughout the network.
02. UX Interface: While keeping in mind the brand new UX design and interface of WEB 3.0, users will have to face extra care and concern through each step of the process. Starting from double cross checks to authorization verifications. Interacting with web3 applications requires additional steps, software, and knowledge. This can make adoption difficult.
03. Accessibility: In light of the fact that web3 will not be integrated with modern web browsers, it is likely that users will have difficulty accessing the application.
04. Cost: Cost is considered to be the biggest leap in WEB 3.0. The majority of successful DAPPs are putting only very small portions of their code on the blockchain since it is an expensive technology. In the Blockchain ecosystem, each operation can cost huge amounts of funds that might have a high budget impact on the users.
Another pertinent topic to cover is how to invest in Web 3.0? Let’s see some enhanced investment options in the all-new WEB 3.0 that are worth;
HOW TO INVEST IN WEB 3.0:
As of now, we’re sure you are quite impressed with Web 3.0 and how it aims to build a new ecosystem. Various investments can be made in Web 3.0 based on projections of what might be the most valuable assets at launch. The following are the methods for making Web 3.0 investments.
01. NFTs:
The majority of NFTs tout themselves as being capable of offering Web 3.0 related utilities, such as the ability to use avatars in the Metaverse. Therefore, you might want to invest in some of the best NFTs out there.
For instance, these are a few NFTs that are soaring on the top of the scoreboard:
· Souls of nature.
· Girls, Robots, Dragons.
· Lucky Block NFTs.
· Bored Ape Yacht Club.
· CryptoPunks.
· Pudgy Penguins.
· Decentraland.
· Doodles.
02. Cryptos:
Cryptocurrencies will be used in Web 3.0, so it would be wise to have some in your wallet. You can also invest in them independently and earn high returns. You can trade on safe crypto exchanges, such as ZebPay, and start earning high returns right away.
03. Virtual Worlds:
Through virtual worlds such as SandBox, users can buy virtual land through the network of the virtual world. We can expect a number of such platforms to appear in the future, so it is important to invest wisely and to choose virtual assets appropriately.
CONCLUSION:
Web 3.0 opens door to both advantages and few discomforting considerations. With Web 3.0, end-users will have complete control and ownership of their data. As a result, information will be shared based on permissions or needs. Data can be accessed from anywhere and via Smartphones and the Cloud. Global access to information will be possible in WEB 3.0.
The blockchain network allows effortless communication between individuals. Digital assets can be transferred efficiently, efficiently cross-border, anywhere in the world. There will be no restrictions on users based on their income, orientation, geography, gender, or other sociological factors.
However, standing on the other side of the stance, Decentralization, according to some experts, will make policing and overseeing Web 3.0 more difficult. Web 3.0 can be challenging for newbies, as they will need to understand the concept from its roots. Public and private information about a user can be easily accessed. It is not accessible by less-advanced devices. Older devices will be incompatible with Web 3.0 as it requires faster CPUs.
CALL TO ACTION:
Beat your fellow crypto enthusiasts by always staying updated on the latest trends and understanding any concept by following citrus. We bring you weekly informative blogs that revolve around the most current topics in the metaverse.
