The internet is constantly changing, and today’s version is very different from the internet that existed in the 1990s. If you’ve been around for a few decades or more, you have a distinct memory of the shrieking dial-up sounds that modems used to make in the past.
Web3 (also known as web 3.0) and metaverse are two terms that are creating a lot of buzz and excitement in the world of business technology right now; judging by some of the coverage, you could be forgiven for thinking that they refer to the same thing. Both of these terms are sometimes referred to as web 3.0. Although they are connected in several significant ways, each describes a unique concept. Now, let’s look at the differences between the two.
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What Is The Web 3.0?
Web 3.0 is predicated on the concept that there has already been a significant change in how we use the internet. This change occurred throughout our transition from Web 1.0 (the internet of yesterday) to Web 2.0 (the internet of today), and it serves to define those generations.
Web 1.0 refers to the iteration of the internet between the years 1991 and 2004 approximately. It was a location where one could obtain knowledge, and the number of people who produced content was significantly less than the number of people who consumed it.
Web 2.0 has become synonymous with the subsequent iteration of the internet, characterized by the preponderance of user-generated information. Around this time, everyone started interacting with each other through social media posts on Facebook, creating and sharing videos on YouTube, and leaving comments everywhere. Since at least the year 2006, numerous individuals have entertained various hypotheses on the appearance of Web 3.0. However, the version that is making waves right now was predicted in 2014 by Gavin Wood, co-creator of the Ethereum blockchain. He anticipated that the future internet would be centered on blockchain technology, which is no surprise.
If “blockchain” is another term you’ve heard but don’t quite understand, the fundamental concept behind this technology is that data is decentralized. Rather than being stored on centralized servers that a single organization owns, an entire network of computers owned by individuals each has a copy of the information.
When we regard this in the context of money, more specifically cryptocurrency, which is the most common application of blockchain technology, we find that it is analogous to the difference between a bank keeping track of the activity on your account on its server and a network of computers keeping track of the activity on a shared ledger.
Blockchain networks can serve as distributed storage for any data. If Web 3.0 is implemented the way its proponents imagine, it will serve as the backbone of the future internet. However, financial transactions are only one application for blockchain networks.
NFTs and decentralized browsers could be early signs of Web 3.0.
This implies that in the future, rather than spending all of our time on websites like Facebook and Google that own and monetize the material and data that we create, we will use search engines, social networks, and other applications that make use of blockchains to give us control over that data.
Additionally, components of Web 3.0 are already beginning to take shape.
These include decentralized web browsers, which block advertisements and allow users to choose which websites can access their browsing data. Another example is non-fungible tokens (NFTs), built on blockchain technology and helping digital artists find new ways to monetize and distribute their digital creations.
What Is The Metaverse?
If Web 3.0 is just a general idea of what the future of the internet might look like, then what exactly is the metaverse?
Author Neal Stephenson introduced the concept of a metaverse in his science fiction novel Snow Crash, published in 1992. He adopted the term to refer to a computer-generated environment in three dimensions.
While Web 3.0 is more concerned with constructing the internet of the future, the metaverse is more concerned with how we will interact with it. The proponents of these online worlds argue that we will “join” the metaverse by employing virtual technology and utilizing digital avatars to go from one virtual world to another. You may already have explored some virtual worlds online, like Decentraland, Fortnite, and Rec Room, each of which can be regarded as the metaverse.
Most of the platforms that make up the metaverse now are based on gaming, but if the metaverse catches on in the way that its proponents believe it will, it has the potential to alter how we work, socialize, and live. You could put on a virtual reality headset and meet a co-worker in a virtual setting, as an alternative to communicating with them via Zoom, for instance.
The metaverse could change how we work, talk to each other, and do other things online.
There is also the potential that we could end up with a Web 3.0 that is very similar to the internet that we use today and that we will access via desktop computers and mobile phones rather than through VR headsets.
This is especially likely if the technology industry cannot overcome hardware limitations. Intel recently predicted that computers would need to be 1,000 times more efficient to support the metaverse. We are still waiting for someone to release a VR headset that is both comfortable and affordable.
If the metaverse becomes a reality, it may have a centralized structure (similar to Web 2.0), a decentralized structure (similar to Web 3.0), or a hybrid of the two.
Facebook, the centralized company that Web 3.0 intends to cripple, recently changed its name to “Meta” to symbolize its plan to construct and profit from the metaverse. On the other hand, there are metaverses like Decentraland, in which the users build and own everything in the universe.
The assets that are up for sale in the metaverse could have been made by digital artists who saw an opportunity to finally turn a profit thanks to the new internet experience. Alternatively, the assets could have been made by large corporations like Nike and Gucci, who see the metaverse as merely another revenue stream.
Web 3.0 And The Metaverse: Some Key Differences
Let’s take a look at some of the primary distinctions between Web 3.0 and the metaverse so that we can better grasp these concepts.
The term “metaverse” refers to a computer domain in the realm of virtual reality in which users can interact with three-dimensional objects using various devices, such as VR goggles. On the other side, Web 3.0 exemplifies the progression that has taken place in both the internet and our online identities. The metaverse is a component of this concept for the future of the internet, which is essentially a vision of the internet for future generations.
Web 3.0 will utilize the most recent version of HTTP and blockchain technology to map semantic linkages. The concept of integrating data on the internet in an intelligent manner and making it machine-readable is known as the “Semantic Web.” The metaverse construction will use various technologies, including virtual reality (VR), 3D design, modeling, and others.
The goals of Web 3.0 are essentially going to be the same as those of Web 2.0. Users will be able to search for information, connect, as well as produce and consume content using Web 3.0. More use cases, such as social VR and 3D virtual collaboration, should be made possible through the metaverse.
Web 3.0, much like the internet as we know it now, will be based on an open-source codebase. It will not be able to assign the development of Web 3.0 to a specific individual or business, just as it is impossible to identify the entity that created the current internet. However, at least in the beginning, the shape of the metaverse will be determined by the concentrated efforts of a select number of corporations. However, the code base may one day become open-source once the platform has been established and the tools have been democratized.
Keep in mind that Web 3.0 is the process engine that uses the advancements made by blockchain. The Metaverse is a new dimension that utilizes Web 3.0 technology to fulfill its goals in health, gaming, cinema, music, entertainment, social platforms, education, and virtual training.
The Metaverse is the location of several critical technologies that contribute to the overall functioning of the ecosystem. Connectivity, interfaces, decentralization, a creator economy, and cutting-edge technology are necessities for constructing the Metaverse. The goal of the Web 3.0 initiative is to produce a decentralized web that relies solely on blockchain technology. Users can connect with online services using blockchain, managed by a decentralized peer-to-peer network.
Interrelationships Between Web 3.0 And The Metaverse
Although Web 3.0 and the metaverse are not the same, they are also not directly competing with one another as separate entities. Therefore, either one of the two concepts, neither of the two concepts, or neither could end up being realized, but we should anticipate some degree of overlap between the two.
Blockchain technology is anticipated to be used in constructing Web 3.0 and the metaverse. This will make it possible to achieve an unparalleled level of democratization. Both are anticipated to be cutting-edge technologies that expand with time, and both will necessitate utilizing the most advanced web technology to mature.
In addition, it is likely that both organizations will use artificial intelligence to produce a more streamlined experience. We may anticipate that artificial intelligence will be used for semantic correlations in Web 3.0 and that the metaverse will use AI for 3D building.
What Opportunities Do Web 3.0 And The Metaverse Present For Investors?
Although we do not have a crystal clear picture of what Web 3.0 and the metaverse will be like in the future, we do have an idea of how investors might profit from these ideas. Investing in initiatives actively building Web 3.0 and the metaverse is the most excellent way to become involved in the movement. Fortunately, SMART VALOR provides investors with access to several blockchain initiatives involved in this megatrend that are among the most intriguing.
Putting money into virtual currencies, which can be used to buy and sell products in the metaverse, is an excellent investment choice.
The takeaway from this is that the metaverse is a universe in which you can interact with friends, things, and locations in three dimensions. For instance, you and your pals can participate in gaming experiences on the creator’s ground. Regarding Web3, individuals can create, own, sell, and purchase content. In addition, users can set prices for their products. Because this structure is still being developed, we must keep a close eye on this planet to determine whether or not it seeks to assimilate in the future.
Q1: How does Web 3.0 differ from the Metaverse?
Web 3.0 is the next generation of the World Wide Web. Its goal is to make the internet less centralized and safer.
Q2: How do Web 3.0 and the Metaverse work?
Web 3.0 technologies include blockchain, AI, and the Internet of Things. The Metaverse, on the other hand, uses virtual and augmented reality, AI, and blockchain to create an immersive experience.
Q3: What is the difference between Web 3.0 and the metaverse?
Web 3.0 is mostly about making the internet work better and keep people safe, while the Metaverse is about making a new digital world where people can interact, play games, and do business.
Q4: Can Web 3.0 and the Metaverse be used together?
Yes, Web 3.0 technologies can be used to build the Metaverse’s infrastructure, making it a safer and more decentralized virtual world.
Q5:How will Web 3.0 and the Metaverse impact the future of the internet?
Web 3.0 and the Metaverse could change how we interact with each other and the digital world, giving us new ways to connect with each other, have fun, and do business.