Today’s digital sector has continued to witness numerous innovations. These innovations are coming on board to foster the development of the sector, thereby driving its mainstream popularity and adoption. Without any doubt, one of these innovations is the introduction of web3 technology. Over time, analysts have described this innovation as a significant project that has totally transformed the digital space. Although web3 is believed to be the future of the internet, its level of adoption in recent times has been spectacular.
Now, scores of decentralized projects, like Polygon, Near and many more are advancing their offerings and technologies to onboard millions of their users into the emerging web3 space. Amid the growing interest in the innovation and all it entails, many have asked what would come next after it. Recall that prior to the emergence of web3, there was web2. Now, people, particularly those who have been onboarded into the sphere are curious to know what could likely be an upgrade to web3 in the coming future. However, before making this analysis, it is important to do a background of web3 itself so even beginners can understand its rudiments.
The Genesis of Web3
According to our findings, the project came into existence about a decade ago. The idea behind its emergence was coined by the co-founder of Ethereum, Gavid Wood. Wood had been a major critic of web2 owing to its centralization and monopolization. He believes the internet should not be under the control of the few who are regarded as the big boys of the industry.
His idea about the need for users to take full control of the internet system as against the commercialization of the system in web2 gave birth to web3. So, in simple terms, the project grants the autonomy for users of the internet to control their own space without any undue interference. This thus defines the decentralization feature of web3 as it lacks any central authority.
At the moment, it is not in doubt that web3 remains the latest internet system in vogue. Owing to its significant attributes, it has been able to penetrate many sectors in the digital space, including blockchain, AI, cryptocurrencies, NFT, DeFi and many others. Its integration in these sectors enable their users to hold full authority over their data. This thus prevents undue access to the data as obtainable in the web2 era where companies leverage users data anyhow to generate revenue. So, with web3, users decide the kind or type of their data they intend to share.
Advantages of Web3
It is worth mentioning that the trend also eradicates the activities of intermediaries featured in web2. More so, the technology is designed in such a way that it personalizes users’ browsing experience. By virtue of this, it picks frequent destinations of users to determine the kind of contents that suit the history. Apart from this, web3 has witnessed massive adoption by projects owing to its ability to enhance transparency. With the eradication of intermediaries, users directly trace their data and discover its source. It features a unique search for information technique, allowing users to get necessary results that align with their needs. This thus means the project is capable of defining and analyzing information for specific purposes.
Certainly, one major factor that makes web3 the choice of millions of users is its data remuneration. The web system enables users to directly get remunerations for the exploration of their data. Prior to its emergence, big technological firms take these remunerations despite the fact that it comes from their undue usage of users’ data. No wonder, these companies have continued to criticize the innovation.
Shortcomings of Web3
Despite its numerous good attributes, the web3 innovation has its own flaws. At the early stage of its emergence, these flaws almost hindered its mainstream adoption. One of its shortcomings deals with its simple gateway to accessing discrete data owing to its decentralized nature. The absence of a referee makes it tedious to regulate the activities in the space. In one of the criticisms against the innovation by tech companies, they claimed leaving users to decide usage of data on the web platform tends to weaken censorships. This, according to them, is because of the absence of a central body to filter what comes in and goes out of the space.
Occasioned by the advancement of web3 technology, beginners may struggle to navigate and explore their data effectively. More so, onboarding to the space requires advanced gadgets which seems highly expensive. All these are also some of the many shortcomings of the emerging web system.
What next, Web4?
While Web3 is still at a growing stage and is yet to gain strong ground globally. There are growing talks about Web4. Web4 or otherwise referred to as the Symbiotic Web is a more integrated and intelligent internet. This version of the Internet focuses on bridging the difference between the physical and virtual world. This becomes possible by the use of innovative solutions like the Internet of Things (IoT) and Artificial Intelligence (AI).
Furthermore, Web4 aims to create a seamless and user-friendly experience. The innovation remains focused on combining various devices, systems, and resources to suit users’ demands. Though still at the early stage, some basic attributes and functions of the fourth generation of the internet are gradually taking place.
While Web3 focuses on decentralization, Web4 shifts toward users coming together to pull their resources to solve problems. More so, Some of the notable elements of Web4 include social networking, blogs, wikis, and podcasting. Overall, these features aid users to connect with one another to share information in a seamless fashion.
Explaining basic concepts of Web4
Emphasizing the basic concepts of Web4 which are AI and IoT, it is essential to illuminate some attributes of these concepts. Focusing on AI, it is a term used to summarize the ability of a digital computer or other related devices to perform activities that are meant to be carried out by intelligent individuals. Additionally, it is also applied to the creation of solutions equipped with the intellectual capacity synonymous with intelligent humans. Basically, AI solutions came into existence to solve tedious tasks, easing delivery pressure on humans.
Meanwhile, the Internet of Things (IoT) is a structure that consists of interrelating computers, and virtual and mechanical machines. These aforementioned devices have unique identifiers with the strength to exchange data across a network. The exchange of data with this innovation doesn’t require human-to-human or human-to-computer relations.
Likewise, the Metaverse remains one of the concepts of Web4. Unlike other concepts, crypto enthusiasts are already familiar with the Metaverse. It is a digital world designed by the interaction of various online communities and users. It is a 3D set up that gives every community members the freedom to create and design their respective spaces to a preferred level. This is possible by the provision of basic developers’ tools that can be explored even when such a user doesn’t have background knowledge in programming.
How AI and IoT are finding their feet in the crypto space
Initially, the third generation of internet gained monument in the crypto space due to its background support on the blockchain. Similarly, Artificial Intelligence and Internet of Things are finding their way into the crypto space. Consequently, crypto projects based on AI and IoT solutions are already gaining momentum. Notably, AI projects like The Graph, SingularityNet, Injective Protocol, and Oasis network.
Notably, since 2022, the introduction of AI solutions and their advancement across various sectors has boosted a strong attention on AI projects. With that, we’ve been able to have insights into what awaits after Web3. For instance, AI tokens in the crypto market recorded a massive surge following the release of ChatGPT. Top AI Tokens like GRT, FET, RNDR, INJ, and ROSE all recorded good runs within that period. Presently, According to Coinmarketcap, the market cap of AI tokens is worth about $6.2 billion.
Meanwhile, IoT solutions in the crypto space have not been left behind either. Though the growth hasn’t been massive and rapid like that of AI. Yet, their advancement cannot be totally ruled out. Under these segments, prominent IoT firms like Helium, Xage Security, Grid+, Atonomi, IOTA, SmartAxiom, UBIRCH, and RIZON have been able to build their solutions on the blockchain. Consequently, gaining utility in the cryptocurrency community. With the use of blockchain, solutions provided by these firms were equipped with enough security mechanisms to protect their users.
The fast-paced evolution of the Internet has been so rapid that we are still very much in the Web2 era, while the Web3 space is still growing, and life after it is already dominating the airspace. However, with the development we’ve witnessed so far, Artificial Intelligence is the next big thing after Web3.
Lately, the growing attention on this innovation has not only dominated the crypto space. Rather, it has attracted attention from all prominent sectors of human endeavors. In the crypto space, the embracement of Artificial Intelligence is already shifting focus from other innovations. To keep up, these contemporary innovations are already integrating AI. However, AI shouldn’t be seen as a rival to existing innovations in the crypto industry. Instead, it has come to advance them and attract more users.