The architecture of web3 is completely different. Here things are a little bit more complicated. The database and server are not centrally located. As we don’t have a centralized server, we can’t query data and perform all business logic. For this, we write something called smart contracts. These are pieces of code we write to communicate with the Ethereum blockchain. A virtual machine called Ethereum Virtual Machine (EVM) is in between, which executes our code.
These are state machines that are globally accessible and are maintained by a peer-to-peer network of nodes. Anyone in the world can access and write to the state machine. Essentially, it is owned collectively by everyone in the network rather than by any single entity. Users can add new data to the Ethereum Blockchain, but they can never change existing data.
These are applications that run on the Ethereum Blockchain. App developers write these in high-level languages like Solidity or Vyper to define the logic behind the state changes.
Ethereum Virtual Machine (EVM):
These machines’ purpose is to carry out the logic defined in the smart contracts. They handle the state changes that occur on the state machine.
The front-end, like any other application, defines the UI logic. It does, however, communicate with smart contracts that define application logic.
Advantages of Web 3.0
Web 3.0 will make the web smarter, more secure, and more transparent, resulting in more efficient browsing and more effective machine-human interaction.
Here are the top benefits of the semantic web, also known as web 3.0:
Data Privacy and Control:
The most significant benefit of data encryption will be to protect end-user information from disclosure. In any given situation, the encryption will be unbreakable. It will prevent large corporations such as Google and Apple from controlling or exploiting people’s personal information.
As a result, users will have complete ownership and privacy over their data.
Decentralized data storage ensures that users can access their data in any situation. Users will receive multiple backups, which will benefit them even if the server fails. Furthermore, no entity or government organization will be able to halt any services or websites. As a result, the likelihood of account suspension and denial of distributed services is reduced.
End users will track their data and inspect the code behind the platform regardless of which blockchain platform they use.
The majority of blockchain platforms are developed by nonprofits, which means they provide an open-source blockchain platform that allows for open design and development processes. Users will be less reliant on the organization that develops the platform as a result of this.
Open Accessibility to Data:
The data will be accessible from any location and device. The goal is to increase data collection and accessibility to users all over the world by allowing smartphones and other connected devices to access data on the computer if they are synced. Web 3.0 will broaden the scope of interaction even further, with features ranging from seamless payments to richer information flows to trusted data transfers. This will happen because web3 will allow us to interact with any machine without having to pay a fee to a middleman.
Users can create their addresses and interact with the blockchain network because it is open to all. This network does not allow users to be restricted based on their gender, income, geographical location, or sociological factors. This feature will allow users to quickly transfer their assets or wealth anywhere in the world.
Disadvantages of Web 3.0
There are also several difficulties associated with the implementation of web 3.0. Personal data management and reputation management will be more important than ever.
Requires Advanced Devices:
Less powerful computers will be unable to provide the benefits of web 3.0. The features and characteristics of the devices will need to be expanded to make the technology available to a larger number of people worldwide. Given the current situation, only a small number of people will be able to access web 3.0.
Web 1.0 Websites Will Become Obsolete:
If web 3.0 becomes a full-fledged Internet standard, all websites built with web 1.0 technology will be rendered obsolete. The old technology cannot be updated to match the new features. This means that those sites will be significantly more outdated and, as a result, will lose a competitive advantage over new sites.
Not Ready for Widespread Adoption:
Web3 technology is smarter, more efficient, and easier to use. However, the technology is not yet ready for widespread use. To meet the needs of users, much work on technological advancement, privacy laws, and data use is required.
Demand for Reputation Management Will Increase:
With the easy availability of a user’s information and less anonymity provided by web 3.0, reputation management will be more important than ever. In other words, brands and businesses will need to maintain their online reputation, reputation, and image. To stay ahead of competitors, businesses will need to assist customers in acquiring critical market intelligence, valuable business insights, compelling content, and cutting-edge internet marketing. As a result, reputation management will be more important than ever.
For any new user, Web 3.0 is a difficult-to-understand technology that makes them hesitant to use it. It combines older-generation web tools with cutting-edge technologies such as AI and blockchain, as well as user interconnection and increased Internet usage.
As a result, only advanced devices will be capable of handling web 3.0, making it difficult for any individual or business that cannot afford such devices. Because technically-savvy users will benefit the most from this technology, the complexity of web 3.0 is likely to limit its global adoption.
Why web 3.0 Is Important for the Future?
Web 3.0 is a system designed for users, by users, in the form of creator-driven platforms. Here are the top five reasons why web3 will become increasingly important in the coming years:
Less reliance on centralized repositories:
Web 3.0 will attempt to diversify the Internet to avoid hackers, leaks, and reliance on centralized repositories. Users will be able to own their data and digital footprints thanks to verifiable data scarcity and tokenized digital assets. There will be no accountability for data usage on any platform.
More personalized interactions:
Web 3.0 will become increasingly important in 2022, as most users continue to value customized and personalized web browsing experiences.
Better search assistance powered by AI:
Humanized digital search assistants that are far more intelligent, pervasive, and powered by semantics, blockchain, and AI will be in high demand.
Reduced dependency on intermediaries:
It will aid in the disintermediation of businesses, the removal of rent-seeking intermediaries, and the direct transfer of value to customers and providers in a network. Network users will collaborate to solve previously intractable problems through mutual ownership and governance of these new decentralized intelligence structures.
The rise in peer-to-peer connectivity:
The connection between members and organizations will remain innately robust through new Internet inventions to keep up with more adaptive peer-peer interaction and governance. Humans, businesses, and machines will be able to share more data while maintaining greater privacy and security thanks to peer-to-peer connectivity.
We can future-proof entrepreneurial and investment activity by reducing reliance on individual platforms with knowledge of the next Internet generation.
Web 3.0 and Digital Marketing
You now have a better understanding of what web 3.0 is, but what does it mean for the way you do digital marketing? As more people become interested in interacting with the virtual, blockchain-based world, you must adapt your approach.
At Digiligo, we’re constantly considering how new technology will affect you, and how digital marketing, interacts with your customers.
Let’s talk about Web3.0’s impact on digital marketing at Digiligo
Create Decentralized applications instead of apps:
Decentralized applications (Dapps) are digital applications that run on a blockchain network of computers rather than on a single computer. The advantages of decentralized applications include the protection of user privacy, the absence of censorship, and development flexibility. As a result, businesses should prioritize the development of decentralized applications over other types of apps. It’s one of the most effective Web 3.0 marketing strategies.
Virtual selling is a set of processes and technologies that enable salespeople to interact with customers remotely using both synchronous and asynchronous communications. Virtual selling provides sales representatives with the key to overcoming a variety of challenges. Through virtual conferencing tools, they can easily bring stakeholders together regardless of where they are. A virtual approach also assists reps in dealing with decision-makers’ hectic schedules.
Making use of Smart contract:
A smart contract’s goal on the blockchain is to simplify business and trade between anonymous and identified parties, sometimes without the need for a middleman. A smart contract reduces the formality and costs associated with traditional methods while maintaining authenticity and credibility. It is one of the most effective Web 3.0 marketing strategies to implement in your company.
Publish limited edition content:
Create a limited edition NFT version of that content (or entirely new content) with extra goodies instead of an E-book that anyone can own (video, interviews, a podcast episode, whatever). People can collect them (with money or your company’s coins), trade them, or sell them. People who collect the entire series may be rewarded with extras such as invitations, product features, and new content.
Hold your event in a metaverse:
The term “metaverse” refers to the creation of shared, three-dimensional virtual spaces that are linked to a virtual universe and accessible via various online tools. Because of this, it is uniquely positioned to transform events, exhibitions, and conferences. As a result, holding events in a metaverse can provide a much-needed boost to your business.