Web3 And The Metaverse: Shaping The Future of The Internet

2023-12-07 12:02:10

By : JSB Market Research

In : BLOG

Beyond the buzz and criticism, Web3 and the metaverse are defining a novel application layer for the internet. How can leaders gain a deeper understanding of this transformation and its implications for businesses, organizations, and society?

Introduction

Since the conclusion of Q42021, Mark Zuckerberg has made many guest appearances on podcasts in an attempt to interact with online communities and change the public's perception of Meta Inc. He also went on tour with Tim Ferriss, Gary Vee, Lex Fridman, and The Joe Rogan Podcast. Most importantly, he talked with Gary Vee about demystifying Web 3.0 and the metaverse.

The clarification of the same will lead to an increase in customers who are keen to try Meta's new products. It's crucial to remember that Mark Zuckerberg's current wealth is significantly influenced by his company, Meta.

What Do You Mean By Web 3.0?

“Hey hold on, there have been numerous iterations of the internet just like most persons would discover.” However, it is surprising that Web 3.0 is not the latest version of the Internet. Already, professionals in the industry are discussing what Web 4.0 and 5.0 would comprise.

Just as is the case with the media, you should delve deeper into the previous version so that you can have an appreciation of the latter one.

Web 1.0?

In 1983, networks for the exchange of information were established, laying the groundwork for the Internet. However, the Internet didn't start to become widely accepted by the general public until 1993 when the source code and editor of the first authentic web browser were made available.

Web 1.0 refers to these early phases of the web. A lot of websites from this era lacked style sheets and scripts and were made with early HTML versions. Tables and frames were used by web designers to organize elements, which led to a large number of static web pages.

Web 2.0?

Web 2.0, which has dynamic websites and user interaction capabilities, was introduced at the turn of the millennium. Even if the COVID-19 epidemic hastened technological developments, obstacles like as data compliance impede the anticipated advent of Web 3.0 in 2022.

Web 3.0

The goal of Web 3.0, the subsequent stage of the internet's development, is to make it readable by machines by utilizing blockchain, AI, and cloud computing. It has to do with the Internet of Things, or Web of Things, and 3D graphics, particularly in VR, have the potential to change a lot of elements of life and fit in with the metaverse. One noteworthy aspect of the Web 3.0 storyline is the emphasis on NFTs and Bitcoin transactions.

Showcasing Top Web 3.0 Projects

Filecoin

Filecoin is a decentralized marketplace for data storage that uses a blockchain-like distributed ledger mechanism. Similar to BitTorrent, it functions as a peer-to-peer storage system that lets users store and retrieve material in a dispersed fashion. Economic incentives are incorporated into Filecoin to ensure dependable, long-term file storage.

Helium

Helium utilizes blockchain technology to offer decentralized wifi facilities. HNT coins are given to users who install radio transmission equipment. The cost of this eco-friendly approach is lower than that of traditional cryptocurrency mining.

Comprehending The Metaverse

The internet functions as a worldwide network of servers that house content accessible to owners of internet-connected devices. Imagine navigating between many virtual reality platforms with the same ease as navigating between video games to get a sense of the concept of the metaverse. Rather than being a single platform, the metaverse is a network of interlinked ones. Even though Meta claims possession of a metaverse through its products—like Horizon Worlds—the metaverse is a broader concept that transcends Meta's offerings.

Here Are Some of Examples of Metaverse Projects

Decentraland

There was a high rise in investors for the virtual platform Decentraland in 2022. Users bought virtual land with Bitcoin with the intention of selling it for more money down the road. The MANA money is required for land transactions, although its software is free and licensed under the Apache-2.0 license. In 2022, big companies like Adidas, Miller Lite, Samsung, and Atari joined the platform and purchased content or ran commercials, which aided in its growth.

Lamina1

Science fiction author Neal Stephenson, who is recognized for having invented the word "metaverse," has revealed his entry into the Web 3 space. He unveiled ideas for Lamina1, a distributed ledger blockchain-based decentralized metaverse, in September 2022. The goal of this massive initiative is to establish an open, readily available, and inclusive metaverse for anyone.

Conclusion

Metaverse is a series of interconnected virtual reality spaces designed to facilitate immersive web browsing. VR headsets will replace traditional peripherals like keyboards and mouse, while Metaverse based on Web 3 technology is set to replace traditional web browsers.