Smart contracts have revolutionized the way businesses operate, and the e-retail industry is no exception. By automating and streamlining processes, smart contracts can help e-retail companies reduce costs, increase transparency, and enhance overall efficiency. Here, we will explore how smart contracts can be implemented in e-retail management and the benefits they bring to the industry.
What are Smart Contracts?
Smart contracts are self-executing digital agreements that automatically enforce the terms of a contract when predetermined conditions are met. They are built on blockchain technology, which ensures that all transactions are secure, transparent, and tamper-proof.
Smart Contracts in E-Retail Management
Smart contracts can be used in various aspects of e-retail management, such as supply chain management, payment processing, and dispute resolution. Let’s take a closer look at each of these areas.
Supply Chain Management
Smart contracts can be used to automate the various processes involved in the supply chain, from ordering and purchasing to shipping and delivery. By using smart contracts, e-retail companies can eliminate manual errors, reduce the risk of fraud, and increase the speed of transactions. Additionally, the use of smart contracts can improve communication and collaboration between different parties in the supply chain, making it easier to track the progress of orders and deliveries.
Smart contracts can be used to automate the payment processing process in e-retail. For example, they can be used to automatically release payment to suppliers once the goods have been delivered and confirmed to meet the agreed-upon specifications. This eliminates the need for manual checks, reduces the risk of fraud, and speeds up the payment process.
Smart contracts can also be used to resolve disputes in e-retail. For example, if a customer disputes a charge on their credit card, the smart contract can be programmed to automatically refund the customer if the dispute is determined to be valid. This helps to reduce the time and resources required to resolve disputes, as well as improving customer satisfaction.
Benefits of Implementing Smart Contracts in E-Retail
The use of smart contracts can help to increase efficiency in e-retail by automating and streamlining various processes. This can help to reduce costs and improve productivity, leading to increased profitability for e-retail companies.
Smart contracts are built on blockchain technology, which ensures that all transactions are secure and transparent. This can help to increase trust between e-retail companies and their customers, as well as improving collaboration between different parties in the supply chain.
Smart contracts are tamper-proof, making them much more secure than traditional contracts. This reduces the risk of fraud and ensures that all transactions are properly executed, even in the absence of intermediaries.
By automating various processes and reducing the need for manual checks and interventions, smart contracts can help to reduce costs in e-retail. This can lead to increased profitability and competitiveness for e-retail companies.
Creating Decentralized Applications for the Next Generation Web
Web3, also known as Web 3.0, is the next generation of the internet and it is built on the blockchain technology. With Web3, the internet will be more decentralized, transparent, and secure. The use of blockchain technology allows for the creation of decentralized applications (dApps) that can be used for a wide range of purposes. In this blog post, we will discuss the basics of Web3 and how to create decentralized applications for the next generation web.
The blockchain technology that powers Web3 is a decentralized, digital ledger that records transactions in a secure and transparent manner. This technology is the backbone of Web3, and it enables the creation of dApps that can be used for a wide range of purposes. dApps are decentralized applications that run on a blockchain network, and they are not controlled by any central authority.
One of the key advantages of dApps is that they are transparent and secure. This is because the data is stored on a decentralized network and is accessible to anyone. Additionally, the data is encrypted, which makes it more secure than traditional applications.
Another advantage of dApps is that they are decentralized. This means that they are not controlled by any central authority, and this gives users more control over their data. dApps are also more resistant to censorship and can operate without interruption, even if a central authority attempts to shut them down.
Choose a blockchain platform: There are several blockchain platforms available, such as Ethereum, EOS, and TRON. Each platform has its own set of advantages and disadvantages, so you will need to choose the one that best fits your needs.
Learn to code: To create a dApp, you will need to have a basic understanding of coding. This can be done through online tutorials or by taking a coding course.
Create a smart contract: This is the backbone of your dApp, and it will contain the logic that will govern the operation of your dApp.
Build the user interface: This is the part of your dApp that users will interact with, and it is important to make it user-friendly.
Test and deploy your dApp: Once your dApp is complete, you will need to test it to ensure that it is working correctly. Once it is ready, you can deploy it on the blockchain platform of your choice.
NFT Domains are hosted in a decentralised way and exist in a smart contract form, posted on the public blockchain. They include extensions that are valid mainly on the Ethereum and Polygon blockchain networks, like .nft, .crypto and others.
There are multiple benefits if you buy an NFT domain. For example, you can own it for life and you do not have to pay any fees. This allows you to retain a complete ownership of the domain and nobody else can assume this domain in Web 3.0. You also have the capability of using this domain the way you want to administer it, without any outside influence from big tech.
The primary method through which such domains are kept alive is to be stored on a cryptocurrency wallet that belongs solely to their owner. Once this owner gets such a domain, they obtain its full ownership, which allows them to sell it, create an NFT domain website in IFPS and modify it the way they want without any restrictions, compared to traditional domains.
Other benefits of of having an NFT domain include the following:
No one can register this domain or take it from you.
You can send it, sell it or transfer it to anyone.
You retain a complete control of the domain.
You can turn your cryptocurrency address into your NFT domain name, for example “yourwallet.wallet” instead of the long wallet combination ID.
Why Sell NFT Domains?
Selling NFT domains has its benefits and according to recent statistics it has seen a dramatic rise in demand. Unlike traditional NFT art, these domain names have an actual use and can be really beneficial for the users of web 3. This is what has turned them into a really successful business and there are a lot of people who purchase them for both personal use and to flip them. NFT domain flipping can bring you quite the profits if done right, because there are domains that can be sold from $10 all the way up to hundreds of thousands of dollars with most expensive domains reaching prices way of $100,000.
How to Buy and Sell an NFT Domain?
In order to be able to sell an NFT domain, you need to first know the technical aspect of the situation. This is why in this section we will show you how you can first buy such a domain and link it to your wallet and then how you can list it for sale.
For this guide, we will use the No. 1 NFT domain seller in the world right now, known as Unstoppable Domains. It is the largest service that is made to make it simpler for you to buy and mint an NFT domain over at marketplaces, like Opensea, which is currently the largest in the world. It has the following perks:
1. Simplify cryptocurrency addresses with NFT domains – Attach your BTC, ETH, LTC and 275+ other cryptocurrencies to your NFT domain
2. Login with your domain – A single, easy-to-remember username on the decentralised web
Step 1: Go over at Unstoppable Domains site and initiate a sign up or log in if you already have an account:
Step 2: Type a domain which you are interested in, in this case we will use an example domain for demonstration purposes:
Step 3: Choose among the suggested domains in case this one is occupied. You can also go to the last page, where you can find the cheapest ones in case you are on a budget.
Step 4: After you have selected your domain, go over to your cart to complete the purchase and add the domain to your Metamask wallet and your account.
Step 5: Choose the payment method via which you would like to get the NFT domain. You can choose between several different methods, depending on which one is convenient for you:
How to Sell an NFT Domain for Free?
If you have bought an NFT domain, you have now full ownership of it. This means that you have the freedom to do absolutely anything with it, including to sell it for profits, also known as NFT Domain flipping. You can also accredit it to a new wallet or use it as you own wallet name, for easier remembering and usage. Below we will show you how you can mint and list an NFT domain for sale.
Step 1: Go to Unstoppable Domains, and then from the home page, select Domains > My Domains. When you see your domain in the list, you can list it in the network by minting it using the “Free Mint” button:
Step 2: Confirm your e-mail address for security reasons (confirming your identity) by typing in the unique code you have received from Unstoppable Domains:
Step 3: Select the method via which you wish to mint the domain. This ties your domain to the crypto wallet and makes it possible for the domain to be sold on other platforms that are tied to the same wallet or work with it. Our recommendation is for you to go for the Metamask wallet as it is the safest and most widely adopted.
Step 4: Click the “I understand” tick box and then the “Confirm” button to mint it:
Now it is time to show you how to sell the domain. If you use Metamask or any other wallet that supports Opensea, you can create an Opensea account or log in your account using the Metamask wallet and when you do this, the domain should automatically appear on your items list:
Step 5: When you see it, you can open the NFT domain’s profile by clicking on it, which will take you to its own profile page:
Step 6: From this page, to list the domain for sale, you can go over at the top-right and click on Sell, which will take you to the selling page, where you can select the network you want to list it for sale in (Polygon is gas-less, which means no fee requested to sell it). You can select the parameters, the period for which you list this domain for sale and others:
Step 7: When you have selected all of the preferences, simply click on complete listing and. your domain will be listed for sale:
How to Choose NFT Domains to Make a Profit?
Now we will go over some basic strategies via which you can become a better trader of NFT domains. Unlike traditional NFT art, these domains are more valuable asset, and the main reason for that is because they have an actual application within the decentralized web. You can use them as names for your wallet, or you can create a web 3.0 website and publish it on the IPFS network. This is why choosing the right domain name is very critical, because it can make the difference between you becoming a successful trader or not. This is why we will go over some recently discovered research about statistics on which NFT domains are better and which ones you should be focused on investing in.
The research below is published by YouTube NFT domain expert Matt Garcia and aims to explain to you the most recent statistics concerning NFT domains and which ones sell better. In it, we will cover the following points:
Most sold NFT Domains based on the number of characters they have.
Most sold NFT Domains based on the number of words.
Most sold NFT Domains that are singular or plural.
Word types of NFT Domains that are mostly sold.
NFT Domains Mostly Sold By Number of Characters
Now the first thing we are going to look at is the number of NFT domains that are sold based on how many characters they have. This is important since it will help you make an informed decision on how long should the characters of the demand she will be investing it be. As mentioned before, the research that is conducted by YouTuber Matt Garcia returned the following statistics for the NFT domains sold based on how may characters they have:
Source: Matt Garcia (YouTube)
As you can see from these statistics, the most sought after NFT Domains have 6 characters with 20,8% of the total sales, followed by 4, 5 and 3 character names. This is very likely due to the simplicity of the domains when used in combination with Blockchain wallets. This is a very clear indicator that you should be targeting the domains you are investing somewhere within these limits.
NFT Domains Mostly Sold By Number of Words
Now let’s take a look at the domains that are sold, based on their word count. As you can see from the statistics below, expectedly the one-word domains are most sought after:
Source: Matt Garcia (YouTube)
There are a couple of factors that may be the influence this decision the buyers make, like simplicity, easy to remember, catchy and so on.
NFT Domains Mostly Sold Based on Being Singular or Plural
Now let’s take a look at the domains that are being sold, based on their word type – if it is singular or plural:
Source: Matt Garcia (YouTube)
As you can see from the analysis above, the most percentage of the NFT Domain names that are bought are mostly singular names with plural taking only about 19% of the sales. Of course there are different kinds of domain names, but it is only natural that users prefer to buy names that are singular, then plural.
Word Types of NFT Domains That Are Sold
Now let’s dig in a little deeper and see what kind of what types are the NFT domains that are bought:
Source: Matt Garcia (YouTube)
What is surprising by the statistics is that users who are interested in web three and NFT domains very keen on purchasing Emojis as domain names, as this is something new and fresh. About 14% of the sales go to Emoji names, while the leader expectedly are nouns as it usually turns out to be with regular domain names as well. Another thing that is not worth missing out on when investing is acronyms and adjectives as they take the 3rd and 4th places in buyers’ liking.
What Kinds & Terms Are Most Interesting When Buying NFT Domains
As you can see from the table below, users often choose different kinds of topics and types to register their domains. One thing not to miss is number domain names, which can drive the domain price very high up:
Source: Matt Garcia (YouTube)
Given that users have bought number type of domains, one possible strategy could be to register different types of easy to remember or popular numbers or even phone numbers of popular companies or people or something like that. Of course you have the freedom to choose any type of domain and as we can see from the statistics below different kinds of buyers prefer different types of NFT domain names and for different purposes as well.
What Are The Exceptions in NFT Domain Investing
Yes every rule has its exception, you should know that some demands are very popular, because they may be associated with different kinds of factors that influence their value externally. For example a new hype, a popular brand or a new kind of event that may occur, which may significantly drive the price of the domain up. The bottom line here is that you should really keep track of the new trends that are developing and make your investments accordingly.
Conclusion on Selling NFT Domains
Selling an NFT domain can be very profitable, but you really need to know what you are doing. The best selling domains are always the result of a deep and extensive research and informed decisions when investing in such domains. At the moment, there is a high demand for these domains and this is the right time you should start, but always be careful and do not buy just any domain you have a feeling will sell.
We hope you enjoyed this article and found it helpful. If you want the instructions in a video form, we are happy to announce that we have created a video guide on how to buy and sell NFT domains and you can check it out below:
Make sure to leave us a comment if you have any questions here or in the comment section in the channel. We will try to respond the best way we can to help you or simply talk NFT domains.
NFT Domains – FAQ
What Is an NFT Domain?
An NFT Domain represents a virtual web domain that is hosted in a decentralized manner in web 3.0 and runs in the form a smart contract, which is listed on the public Blockchain.
NFT domains include many domain extensions, that are new, such as .nft or .crypto, which are available on the Polygon and Ethereum blockchains.
How NFT Domain Works?
NFT Domains are hosted in a decentralised way. This means that there is no specific server doing the hosting, similar to what is Cloud Hosting, but with the difference of a clear decentralization across all of the devices supporting the blockchain.
This allows the owner of the domain to have a complete control over their domain with root permissions, unlike what you would have with traditional domains, making them the only ones in power to decide what they can do with the domain (make a web 3.0 website, flip it for profit, tie it to a wallet, etc.)
What are NFT Domains Used For?
Having no clear control due to decentralization allows NFT domains to have the following applications, when compared to traditional domains and web hosting:
1. They can make your long and boring crypto address short and easy to use by changing it using an NFT domain name instead. This works with most of the cryptocurrencies, including LTC, ETH and BTC.
2. Simple and easy to remember, making working with them a breeze.
3. You get a full control and ownership of the domain for life.
4. You pay only once when you get the domain to own it and there are no other hidden fees and monthly charges as it is not controlled by big tech.
5. There is no limit to how many NFT domains you can own and you can sell them very easily.
How to Get an NFT Domain?
In order to register NFT Domain to your name and then link it to your wallet, you should complete the following steps:
Step 1:Create an account at Unstoppable Domains.
Step 2:Type in the domain name you are interested in registering and you will get an extended list of suggested domains available at different prices.
Step 3:Choose your favourite among the suggested domains and add it to your cart.
Step 4: Open your cart from the website’s top-right hand corner and complete your purchase by selecting the payment method.
Extra Tip: Unstoppable Domains is by far the first and best platform for NFT domains so far, but you can also check other NFT Domain sellers if you are interested in other platforms or blockchains.
How to Mint NFT Domains for Free?
Below are the steps it takes to link your domain to your crypto wallet and mint it for free using Unstoppable Domains:
Step 1: Go to your profile on Unstoppable Domains. After your have purchased your domain, go to Domains – My Domains and you should see it there. Once there, click on the “Free Mint” button next to it.
Step 2: Make sure to confirm your e-mail address by entering the code sent to it as a security measure.
Step 3: Choose to which wallet you want to tie the domain to. If it is not supported, you should create a wallet on one of the supported platforms. We suggest using Metamask as it is the safest option.
Step 4: Click “I Understand” to confirm and the “Confirm” to mint your NFT domain.
Minting an NFT domain means making it a part of your wallet and owning it completely. You can later sell the domain for profit or use it to build a web 3.0 website.
When you think about Web 3.0, the main definition that describes it is an ecosystem that is based on Blockchain in a decentralized manner. To put it simply, this is another way of looking at the World Wide Web – as a next generation Internet.
The primary purpose of Web 3.0 is to provide multiple forms of leverages and benefits compared to traditional Web 2.0 and Web 1.0. The main idea which helps make that a reality is the decentralized manner in which the information is transferred, which allows users to retain their data, privacy and content using the power of Blockchain. This is what makes it extremely desirable and a hot topic nowadays – most of the applications and platforms are not owned by a company, but rather by the users themselves.
Another benefit of this form of Internet is the tokens and tokenisation of it. This means that all of your assets can be converted to tokens that are stored on your Blockchain wallet in a secure and decentralised manner. With cryptocurrency going viral, this shapes up to be a new form of model that is away from any monopoly.
The result of this trend going global in terms of popularity is that a lot of people and organisations have taken interest in developing different aspects of this web, making it a very lucrative opportunity if you want to make money.
Ways to Make Money In Web 3.0
Make Money by Flipping Blockchain Domains (Web 3.0 Domains)
Blockchain domains, also known as NFT or Web 3.0 domains or presumably the so-called future of websites or at least domain names. The main benefits that they have in comparison to traditional domain names is that you do not have to pay any kind of monthly fees on one as it is credited to your wallet and can’t even serve as your wallet, making people find it much easier to pay you in crypto. The main reason for that is that you may replace the traditional old boring address (zD32hdsafn32a32h9g9f239fb9s9ahs992nz2, for example can become yourwalletname.x) into anything you would like it to be as long as it is not already taken.
The benefits for using NFT domains are multiple:
1. Simplify cryptocurrency addresses with NFT domains – Attach your BTC, ETH, LTC and 275+ other cryptocurrencies to your NFT domain
2. Login with your domain – A single, easy-to-remember username on the decentralised web
3. Own your domain, for life
– No renewal fees, ever
Another benefit of these the means is that you have the ability to create a decentralized website that is hosted in IPFS or Inter Planetary File System, which is basically in a decentralized manner. We have created such a website for demonstration purposes and have a guide on how you can register and sell a blockchain website for profit.
The benefits of using search website art a lot, but the main one is that compared to traditional hosting everything complete control over your Blockchain domain as the way it is hosted makes you the only owner of it, since it’s decentralized.
Below you can find a video on how you can use NFT Domains to make money:
Make Money in Web 3.0 by Creating & Selling NFTs
Just like NFT domains, an NFT is also a very important asset. If you haven’t read our guide on how to make money with NFTs, then you should start by understanding what is an NFT or a Non-Fungible Token.
By definition, an NFT is a unique object that is digitally identifiable with the code, making it kind of like a digital certificate that cannot be altered, since it is recorded in the Blockchain, making the owner, whose wallet is a credit to the sole administrator and rights holder of the NFT. Since this makes the NFT a unique item, it has resulted in a large market recently forming in the sphere of art and collectibles and all kinds of art-related pieces.
The following kinds are the main types of NFTs that are currently being traded and the prices can vary from less than a dollar all the way up to millions for a single item:
Domain names (NFT domains).
As we have shown and proven in our guides on the matter, with the proper NTF tools, the proper NFT creator apps, some skill and imagination, anyone can make and sell an NFT for profit in Web 3.0, as long as they have chosen the right NFT marketplace and the right marketing strategy as well.
Make Money in Web 3.0 By Getting Paid With Ads
One very interesting way via which you can get paid as a result of using blockchain technology it’s probably also one of the oldest methods – via different kinds of advertisements on your browser. We all know that when we use our web browser and traditional ways and watch movies online, see videos and read blogs we all see different kinds of advertisements, that are optimized based on what we do online with the power of cookies and other truckers.
This method to make money is virtually in the same logic, with the exception of the fact that the profit is generated and credited not to the person who advertises, but to the user as well in a shared manner. One organization that is taking advantage of doing this is the most popular browser that is utilises blockchain Web 3.0 – Brave browser.
This web browser has tokens, that are also known as BAT (basic attention token). In a similar way to any other browser you also see advertisements, while using it, with the difference that four periods of time, BAT tokens are accredited to you in your personal cryptocurrency wallet that is controlled by Brave. Based on your activity in the Blockchain and how much you contribute, the value of your wallet can only go up and then you can later trade in those BAT tokens in the crypto market and therefore make money.
Monetize Your Blog Content by Turning It Into NFT
Another very interesting service that has been created in order to incorporate blockchain technology for profit is known as Mirror.xyz. This platform is very useful if you have a personal blog with daily readers. The main reason for that is that it helps you monetize your blog by turning each of your content created into NFTs.
Doing so allows you to link your articles to your wallet and makes it possible for you to retain a complete ownership, allowing you to move it in between platforms. Here are the following ways you can make money by turning your block content into an NFT:
Charging a subscription fee for accessing your content.
Allowing your readers to contribute to your work and then offering them a percentage of the profit.
The opportunity to negotiate with other businesses and brands and allow them to advertising your content at promotional rates.
Make Money in Web 3.0 from Airdrops
Another extremely effective way in which you can quickly gather some income in Web 3.0 is taking advantage of different kinds of Airdrops. Because Web 3.0 is still at the beginning stage of development, there are tons of new projects with a lot of people who want to gather new contributors and users in their platforms and rewarding newcomers with tokens for free. This is an opportunity for any newcomer, because of the project becomes extremely popular, the price of those tokens may increase and they may profit from thin air.
Of course, there is always a trick. To get accepted to a new project, your wallet has to meet certain requirements, based on the organisation that is giving you the Airdrop. Usually, most new project want you to make a swap or a one time fee in order to begin participating in their protocol. Others just want your wallet to meet specific criteria in order to accept their tokens.
There are a lot of different kinds of airdrops out there and you should keep in mind and follow them closely. One example is the ENS Air drop, which was worth about 500 million USD in tokens, which were given to contributors with top-level contributors receiving up to 1,000 ENS tokens as sources have reported.
Make Money Via Web 3.0 VideoGames
Another very unique and innovative way via which you can profit from Web 3.0 being in early stages is to go on platforms that reward you into simply using them. Such platforms include video games, which is rather an interesting way to generate income.
One such game is known as Axie Infinity. This is a game that is strategically oriented and is hosted on the Blockchain. It rewards its users with unique tokens by playing virtual characters.
To start on it you will need to buy a character, with the cheapest one starting at over $60 a piece. Once you get your characters, you can level them up, which increases their value. The game runs on the Ethereum Blockchain and by playing it you earn the tokens of the game, also known as Axie Infinity Shards or AXS. The stock is what allows you to make money using this game, since they can be utilised to make your money. Proof of that is hundreds of millions of dollars being sent and recieved in “Axies” so far.
This is one working example of a Blockchain – based video game, which allows its users to make money. Be on the lookout for you and start up games which are increasingly becoming more popular, as the sooner you start in such a project, the more money you can make if it becomes worldwide popular.
Make Money By Buying & Selling Land In The Metaverse
If you want to make money in Web 3.0 by becoming a Metaverse real-estate agent, then be advised – it is an expensive venture, but it’s worth it. An year ago, one block of land on the metaverse, known as Decentralandused to cost under $1,000, and now the same pieces are worth tens of thousands. But how does it work?
Well, first of all, you need to choose the metaverse in which you will trade land. The older metaverses, like Decentraland have most of their good land already bought, so if you do not have the resources to buy land there, it is probably a good idea to avoid it. Instead, look for newer and emerging metaverse worlds, where the land is still cheap, but you believe are promising projects.
The main strategy with buying such land is to get the good spots first. The more central spot that captures more user traffic around it, like a central street on the land map for example will have more value, as more people will see the virtual products created on this land.
Make Money Via Metaverse Activities
Metaverse is full of different virtual activities in which you can not only participate, but also use for income. Starting from virtual stores that sell different character skins all the way to virtual casinos, where you have to buy an actual NFT in the form of a ticket to participate in the casino games.
Such unique strategies will help you generate profit, but to do that, you will need to purchase your own Metaverse land and create a virtual store or activity and become the administrator of it. Of course to do that you will need to be very familiar with the Metaverse you are in and you will need a good piece of land with a lot of people passing by it, so that you can attract more attention to your project. You will also need to be an active member of the community and promise something in return, such as tokens in the form of a trading chip, for example and some type of promotions to lure customers.
Become a Web 3.0 Developer
Becoming a Web 3.0 developer can be one very lucrative opportunity for you. The main reason for that is you could be hired by not just one, but multiple organisations for a lot of different Web 3.0 projects.
Besides the mandatory experience in programming languages, you will need to be competent in Web 3.0 concept, like the following spheres:
How blockchain works.
What are smart contracts and how they function.
Building decentralised apps (also known as dapps).
The main skills it takes to be such a developer is of course knowing the fundamentals of blockchain technologies and also being competent in algorithm logics and data structuring. The languages in which most web 3.0 developers work on are the following:
Seeing how any web 3.0 project is essentially a startup, you get the chance to work in close teams and also for yourself and given the project’s rate of success the money making opportunity is pretty decent to say the least.
Become a Web 3.0 Organisation Affiliate
If you are not a skilled developer, but still want to participate in Web 3.0 projects and work together with companies in the field, then do not worry. Another such option is to become an affiliate of a Web 3.0 organization. If you like making vlogs or writing articles and have an auditory, then you may be able to work closely with some companies to give you specific percentage just to advertise their products on your platform.
That being said, you will need to have a decent user base on your website or video channel and being an authority in the Web 3.0 field is a big plus. It may even make Web 3.0 startups and businesses seek you out for partnership as it happens often, since it is a win-win situation – you receive a percentage per click on an affiliate link or sale made and they receive profit and popularity to their project.
The world around us is changing at an increasing rate. And many futurists believe that we are at the foyer of the future that we always imagined. And the credit to this goes to the game-changing technologies like Blockchain, DAOs, Virtual Reality, Augmented Reality and many more.
These are rapidly evolving and laying the foundation of this coming tomorrow. It is the future that caught our imagination in various Science-fiction movies wherein technology is intelligent, well-connected, decentralised and automated.
Today we will talk about one such futuristic technology that will form the linchpin of all these developments – Web 3.0. Also known as Web3 or the Semantic Web.
What is Web 3.0?
Imagine you are returning to your home in your self-driven car after working hard the whole day at the office. You are very tired and can’t wait to reach home. As soon as you reach closer, the garage gate automatically starts to open. You park your car and move inside your home. The lights turn on by themselves, the temperature of the house is automatically set to your preference.
The voice of an Intelligent Virtual Assistant (IVA) asks you about the day and what you would prefer to do now? It suggests some of the options depending on your day and mood. You choose to go for your usual drink and watch television. The drink is getting prepared, meanwhile, you sit on the couch. The TV is turned on with your favorite show and you just can’t get enough of it. What a way to end a hectic day.
Do you know what technologies have enabled these functions?
All these developments are a result of our information system attaining intelligence with the help of technologies like Artificial intelligence and Machine learning. This information system understands your personality and preferences and works in accordance.
For example, if you are a motorcar enthusiast and want to see a show about Jaguar, it doesn’t show you something about the animal Jaguar. This is what Web 3.0 is at its peak in the future.
It is the intelligent information system that works in tandem with other technologies such as the Internet of Things (IoT) in the future, to give you the life you always wanted.
So, to discuss the definition of Web 3.0, it is the third iteration of the internet that would be able to think like us. Like, it would not only able to understand the meaning of the words but also the context, sense and emotions behind them.
And it doesn’t end there, the new version of the internet will be based on a decentralised ledger technology, commonly known as blockchain technology. The technology will bring the aspect of decentralization into the system and allow the user to have control over their data. This is stark opposite to the current version of the internet, known as Web 2.0, wherein the data is centralized and controlled by a few tech giants.
Thus, you can say, it will possess human intelligence to understand the context and act accordingly. Moreover, Machine Learning helps it improve itself consistently. Understanding its feature will help us get a better hold on this concept.
Features of Web 3.0
This is the core feature of Web 3.0. While, today in Web 2.0 the data is store at a particular location or server that is property of a certain organization. This leaves the control of that data in the hands of that organization, which can use it for profiteering. Thus, jeopardizing the privacy of many. This is one of the main drawback of Web 2.0 that Web 3.0 seeks to do away with.
Since Web 3.0 is based on blockchain, a decentralised ledger technology, which stores data multiple location, it will also result in distributed data storage simultaneously. This will give the user complete authority over their data and protect their privacy.
Trustless & Permissionless
In the context of Web 3.0, being trustless is a positive word. This is because, the network will allow the user to interact with it directly without requiring any intermediary. Thus, they don’t need to entrust anyone with their data before putting it on the network. They can do it on their own and keep it safe with the help of unbreakable blockchain technology.
Similarly, the users do not need to acquire permission from anyone before interacting with this network. This makes them permissionless.
This is one of the most prominent improvements in Web 3.0 over the preceding versions. It would not only work based on the keywords the user puts in but also understands the underlying context.
Thus, it produces the results according to the sense of the search and not just the keywords as it’s being done in the current version i.e. Web 2.0. Like we said above, it understands the difference between Jaguar the car and Jaguar the animal.
The next big improvement is the utilization of Artificial Intelligence. With the help of AI, Web 3.0 would be able to understand data as we do. And this will change how we interact with the digital world, given that it will also include Natural Language Processing(NLP).
Thus, the AI in Web 3.0 would be able to identify ambiguity or abnormality in data and pinpoint fake reviews or rigged ratings to remove them to keep the authenticity intact.
Moreover, with the help of Machine Learning, it will keep on improving itself and give better results everytime.
Web 3.0 will also deal extensively with 3D graphics, that is why many futurists also call it Spatial Web. This will enhance the immersive experience of the user to the manifold, for example, the user would be able to see the product on an e-commerce website in more clearer manner.
Similarly, Museums would be able to give an online tour or showcase their distinguished artefacts to attract visitors. Likewise, it can be utilised in healthcare, education, real-estate you name it.
Hence, the opportunities are boundless with the amazing 3D experience Web 3.0 will be able to offer to blur the line between the physical and the digital worlds.
This is where the above example of IVA will start to take shape. The connectivity will be in two forms. First, the connectivity between the information and second connectivity between machines for example Internet of Things(IoT).
The first form of connectivity will be a result of AI. The reason, since this information system will itself understand the information, it will be able to juxtapose related information to present more productive results.
The second form of connectivity will be caused by two factors:
Enabling technologies like Cloud Computing, Robotics, Big Data
Mushrooming on Automated machines that can connect to the internet
These two factors will transform the interaction between humans and machines. And the common thread that will connect all these developments will be Web 3.0.
This will take the connectivity aspect of Web 3.0 to unprecedented levels. And usher in the high-tech future. And this takes us to another feature.
This will be a result of a higher extent of connectivity in Web 3.0 making it ubiquitous. Although, Web 2.0 is ubiquitous but upto a limited extent for example only certain sites allow you to access your data from anywhere in the world. And this data is solely controlled by the organisation managing the website.
Web 3.0, along with its trait of decentralization, will take this feature to another level. The data will be accessible from around the world. Not only the data will be accessible to the user from anywhere in the world. The user would be the sole owner of their data.
Comparison between Web 1.0 vs Web 2.0 vs Web 3.0
Web 1.0 or the Static Web
It spanned between 1989 to 2005. It is called Static web because there was very limited interaction between the internet and the user. The information was very provided in a very straightforward and bland and access to it was very limited.
It was based on:
HyperText Markup Language(HTML)
URI or URL: Uniform Resource Identifier or Locator,
HyperText Transfer Protocol(HTTP)
Also, the search engine only came into existence after 1995 and email and access to real-time informations was made possible. However, it was the time when few created the content for many. And this got changed in Web 2.0
Web 2.0 or the Social Web
This network was a great shift from its previous version. Not only it was way better when it came to interactivity and social connectivity. It allowed user to generate content and let it spread across the internet to other millions or even billions of users. That is why is also called the Social Web. Now, many were creating for many.
The most noticeable development was the advent of social networking and interactive applications. This facilitated the emergence of tech giants like Facebook, Google, Twitter, Youtube etc. These giants gradually attained dominance on the internet by controlling its access and usage of the data over it.
Further, its growth got fueled by technological advancements like mobile phones and open source software’s like Android. These open source software led to development of millions of mobile-based software application that expanded the utility of internet to exponential levels.
Comparing to the above two versions of internet, Web 3.0 is based on the principles of decentralization, directness, privacy protection and permissionless access etc. and will offer the obvious purpose of greater utility.
Thus, it will give the user more authority over their data. And this will curb the data usage of the users without their permission which is the most talked about disadvantage of Web 2.0.
Revenue shared by selling platform and the creator/developer
Developers/creators directly earn revenue Users earn through participation in activities including governance Royalties earn by NFTs creators on secondary transactions
Play-to-earn game Experiences like concerts All Web 2.0 activities
World of Warcraft Second Life Fortnite Roblox
Decentraland Cryptovoxels Somnium Space The Sandbox
Advantages of Web 3.0
Ownership of Data
Under the Web 3.0 setting, the user gain the ownership for their data and the privacy is protected by encryption of the data through blockchain technology. Therefore, this data can only be utilised by any third party after getting permission from the user on need or case by case basis.
Ubiquitous Information Access
Web 3.0 enables ubiquitous information access, which is quite limited in Web 2.0. This will be made possible with the help of smartphone application and cloud-based technologies. While in Web 2.0 users have to rely on an intermediary to access their own data, this will not be the case in Web 3.0 where there would be no intermediary.
Democratization of the Web
Web 3.0 provides democratization of the web as no central authority can dictate the access and restriction to its services. Neither can anyone stop it operation, it will be execute same functions in all the circumstance thanks to the architecture that is based upon smart contracts.