Web 3.0, frequently abbreviated as Web3, is often recognized as the next or third generation of the Internet. It builds on Web 1.0, characterized primarily as read-only, and Web 2.0, which introduced user-generated interactive content and sharing capabilities.

The key components of Web3 include:

Decentralization: In a departure from the entity-owned single-server model, data and operations on Web3 are distributed across a network, improving both fairness and resiliency.

Blockchain – Serving as the backbone of Web3, the blockchain provides decentralized data storage and operations. It enables asset transfers that are more efficient than traditional methods, which typically rely on trusted third parties. Blockchain technologies become even more important with the pervasive influence of AI on Web3, serving as a guard against potential AI errors. Blockchain is currently the only known technology that guarantees immutability, making it critical in creating a constitution that governs AI behavior.

Smart Contracts: These are autonomous contracts coded to execute specific actions when predefined conditions are met.

Interoperability: This attribute ensures seamless interaction between different systems and resources within the Web3 ecosystem, fostering effective synergy between various platforms and systems.

Data and Privacy – Contrary to the traditional model where data is stored on a central server owned by a single entity, Web3 aims to disperse data over a network using blockchain technology. This gives users more control over their data and improves system resilience to failures or attacks. This framework also encourages greater privacy protection. In the Web3 era, users are likely to own their data, and companies that want to use it may need to compensate users. Additionally, decentralized or blockchain identities could become commonplace, making it virtually impossible to spoof identities. This is particularly relevant in the age of AI like ChatGPT, where the line between AI and human is blurring. Initiatives like Sam Altman’s Worldcoin are examples of efforts towards blockchain identity.

Trustless system: The decentralized nature of Web3 eliminates the need to trust a single authority. The transparency and immutability of the blockchain make this a reality.

New monetary and financial system: Web3 presents a new monetary paradigm, with Bitcoin being the main example of a cryptocurrency created through computing power, going beyond the traditional fiat money system backed by national credit.

Web3 is a vision for the future of the Internet, and steps are being taken to make it a reality. Examples of web3 technologies or projects include Ethereum, Polkadot, Filecoin, and IPFS, which are being further developed as building blocks for this new Internet.