Social media platforms characterize the current version of the internet, known as Web 2.0, which allows for a greater proliferation of user-generated content. This is a far cry from Web 1.0, which was completely static and non-interactive, with a top-down approach to information distribution.
Currently, five major tech companies, namely Twitter, Facebook (now Meta), Google, Apple, Microsoft, and Amazon, have control over how our data is used and stored. Their algorithms determine what information we consume, which has raised concerns.
Web 3.0 is now being hailed as a movement that will wrest control of the internet back from the five major tech companies, thanks to its crypto, blockchain, and metaverse use cases. Instead of storing our data with centralized organizations as it is today, Web 3.0 envisions it being stored on blockchain networks and thus owned by users.
Web 3.0 aims to use AI and advanced machine learning techniques to provide personalized and relevant information more quickly. Machines will be able to intuitively understand and recommend content thanks to improved search algorithms and advancements in Big Data analytics. Web 3.0 will also emphasize content ownership by users and support for open digital economies.
Static information or user-generated content, such as forums or social media, is typically displayed on current websites. While this allows data to be shared widely, it does not address the needs of specific users. Similar to the dynamism of real-world human communication, a website should tailor the information it provides to each user. Users lose ownership and control of information once it is posted online in Web 2.0.