What is Web 3.0 and Why Are Tech Titans Bickering Over It?

The hype around Web 3.0 is huge. It's being described as a major reset for the internet, freeing the internet from the five biggest tech companies. This would mean that all data would reside on decentralised blockchain networks and be owned by users. Imagine two users from different countries meeting in the metaverse and completing a business deal using their crypto wallets. If Web 3.0 were to succeed, the tech titans would no longer have control over the Internet and the power it has over our lives.

The hype around Web3.0 is so strong that it has prompted a $27 billion bet by some tech titans. It will be built on blockchains and all exchanges will be in crypto. It will be transparent and secure and will be a new platform for decentralized systems. It will also have a role for blockchain-based applications, known as NFTs. Elon Musk, CEO of Tesla, has also criticized the concept of Web 3.0.

Unlike its predecessors, Web 3.0 applications are run on decentralized networks and leverage distributed ledger technology called blockchain. This technology allows participants to host peer-to-peer servers and propose improvements. Participants can also become part of the governance entity. This will happen via the use of tokens, which will make them the owner of a portion of the internet and a stake in group actions.

Web 3.0 will use AI, artificial intelligence (AI), and machine learning concepts to make the internet more accessible to everyone, anywhere. With this new technology, users will no longer need to use a smartphone or computer to access the internet. By integrating a sensor into the Internet, it can access information from all sources, including the blockchain. This technology is decentralized, so if one company fails, the other can continue to provide services.

Web 3.0 is the next step in internet architecture. It will free participants to become the owners of the web, removing the monopoly of corporations and tech giants. Unlike web 2.0, where users created content, participants of web 3.0 will create the platform to generate content, capture the value, and decide how the internet will be governed. It's the ultimate game-changer for the world, and one that will change the way we use the internet.

Andreessen Horowitz, a well-known skeptic of Web 3.0, favors the creation of central bank digital currencies. Andreessen Horowitz, a former government policy expert, is also an advocate of central banking digital currencies, while the Bank Policy Institute is against such proposals. This group also argues for the need to involve government in Web 3.0 evolution.

In the meantime, we'll be seeing a new web that is more personal, more immersive, and more interactive. Metaverse, or the web's next evolution, will allow users to interact with content, work, and play together. But what exactly is it? We'll have to wait and see! So what is it and why are tech titans bickering over it?