This article explores the idea of a public blockchain-based World Wide Web. Semantic Web is the term used to refer to the idea of machine-readability, also known as Web 3.0.
Decentralization, blockchain technology, and token-based capitalism are all integrated into the concept of Web3, which is frequently referred to as Web 3.0. It has been compared to Web 2.0 by some journalists and technologists, who assert that content and data are concentrated in a small number of well-known “Big Tech” companies. The term “Web3” was popularized in 2014 by Ethereum’s co-founder Gavin Wood. By 2021, investment firms, cryptocurrency enthusiasts, and significant technology companies started showing significant interest in the idea of the web3 system.
Some critics contend that Web3 will boost user data security, scalability, and privacy while limiting the power of powerful technology firms. A number of people have expressed concern about Web3’s decentralized web component, pointing to the possibility of poor moderation and the spread of bad content. Some people are worried about the concentration of riches among a select few investors and individuals or about losing their privacy as a result of more extensive data collection. Others, including Jack Dorsey and Elon Musk, have suggested that Web3 is little more than a catchphrase or marketing term.
The Internet has already demonstrated the profound impact it has on people’s lives, employment, and every aspect of society. The Internet appears ready to transition from the current Web 2.0 environment to Web 3.0, ushering in a new wave of the information revolution, as information and communication technology (ICT) continues to improve and innovate. In this essay, we track the development of Web 3.0 in China as it struggles for technological supremacy and increases its global strategic and economic influence. We also point out the nation’s potential for blockchain and Web 3.0, including NFTs, supply chain resilience, and key industries.
The Concept of Web3
Although different visions for Web3 exist and Bloomberg has characterized the concept as “hazy,” they all center on the idea of decentralization and frequently include blockchain technologies, including multiple cryptocurrencies and non-fungible tokens (NFTs). Web3 is a concept that “would incorporate financial assets, in the form of tokens, into the inner workings of nearly anything you do online,” according to Bloomberg. Web3 was described as “the putative next generation of the web’s technical, legal, and payments infrastructure—including blockchain, smart contracts, and cryptocurrencies” in a policy paper released by the Bennett Institute for Public Policy at the University of Cambridge.
Liu, Zhuotao, et al. (2021) proposed a mix of decentralized or federated platforms, protected interoperability, and verifiable computing using distributed ledger technologies as the three key architectural enablers of Web3.
The idea of decentralized autonomous groups serves as the foundation for some ideals (DAOs).
[26] Another important idea is decentralized finance (DeFi), which allows for currency exchange without the intervention of banks or the government.
BACKGROUND HISTORY OF THE WEB3 SYSTEM
The terms “Web 1.0” and “Web 2.0” refer to phases in the development of the World Wide Web using different technology and formats. Web 1.0 broadly refers to the years between 1991 and 2004, when the bulk of websites only included static pages and the great majority of users were content consumers rather than producers. The core of Web 2.0 is user-generated content that is uploaded to forums, social media and networking sites, blogs, and wikis, among other services. Web 2.0 is founded on the concept of “the web as platform”. The common consensus is that Web 2.0 started in 2004 and is still active today.
