Web 3.0 (also referred to as web3) is the third iteration of the Internet, which decentralizes data in order to provide a more responsive and customized user experience. It is powered by artificial intelligence, machine learning, and the semantic web, and utilizes the blockchain security system to ensure the safety and security of your data.
WEB 3.0’S KEY FEATURES
The following are the major characteristics of web 3.0:
· Open – It is ‘open’ in the sense that it was built using open-source software by an open and accessible community of developers and was completed in full view of the public.
· Trustless – The network enables users to engage openly and privately without the need for an intermediary, resulting in “trustless” data.
· Permissionless – Without the authorization of a governing organisation, anybody, including users and providers, can interact.
· Ubiquitous – Web 3.0 will enable everyone to access the Internet at any time and from any location.
DISTINCTION BETWEEN WEB 1.0, WEB 2.0, AND WEB 3.0
· Web 1.0 is a read-only web in which users may read the content of websites.
· Web 2.0 is a read-write web in which visitors to websites and applications may both read and produce information.
· Web 3.0 is a read-write-interact (AI-powered) web in which users may read, create, and interact with material on websites and apps, including 3D visuals.
ARCHITECTURE OF THE WEB 3.0
The architecture of web 3.0 is essentially comprised of four components:
I. Ethereum Blockchain
These are globally accessible state machines that are maintained by a network of nodes in a peer-to-peer fashion. Anyone in the globe has access to and can write to the state machine. In essence, it is not controlled by a single entity but rather by everyone in the network collectively. While
users can write to the Ethereum Blockchain, they will never be able to change previously stored data.
II. Smart Contracts
These are Ethereum-based applications. These are developed in high-level languages such as Solidity or Vyper by the app developers to specify the logic for state changes.
III. Ethereum Virtual Machine (EVM)
These machines are responsible for executing the logic specified in smart contracts. They are responsible for processing the conditions that occur on the state machine.
IV. Front End
The front end, like any other programme, defines the user interface logic. It does, however, interface with smart contracts that describe application logic.
WEB 3.0 AND LAW
Intellectual Property and Royalties
Intellectual property is one of the legal subjects worth noting. This is especially true for NFTs, which frequently contain creative works as underlying assets. When combined with smart contracts, NFTs make it simpler for artists to collect royalties for the use of their work, which may be extremely beneficial in regimes that are not generally favourable to creators in this area.
Anti-Money Laundering and Securities Laws
On the investing side of Web 3.0, regulators are still determining how virtual currencies should be classified under securities legislation. As indicated by their action against Ripple/XRP, the SEC is pushing for cryptocurrencies to be classified as securities under their control. This would subject many bitcoin traders to stringent registration and reporting obligations.
Anti-money laundering measures are also a top priority for governmental organisations. As a result, it is strongly recommended that anybody interested in crypto-trading establish appropriate preventative measures to ensure that their platform or operations do not unwittingly aid money laundering. Promoting openness and adopting know-your-customer rules may assist, particularly if these efforts become mandatory.
While data held on a blockchain is typically safe, it is not impervious to theft or other forms of assault. If malicious actors obtain a private key, they can compromise whole accounts, causing irreversible damage to the account holder and (possibly) other entities. It may also be difficult to track them down, considering how good blockchain technology is at safeguarding users’ anonymity.
Those who operate platforms or trade on virtual platforms should take precautions to prevent data breaches. It may be prudent to invest in firms or individuals who develop or execute solid security procedures.
State laws, in addition to federal and international legislation, should be examined. Each country appears to approach this technology uniquely, and it may be worthwhile to seek out governments that are more receptive to Web 3.0.
Additional Points to Consider
Finally, when it comes to investing in Web 3.0, international regulations, taxation, and even current legal battles may all help influence one’s investment approach. The way judges decide on questions of contention and doubt will very certainly have an effect on the way this technology evolves, as well as the legal framework that surrounds it.
As is often the case, a flexible strategy including numerous preventative legal methods will likely be the safest course of action.
We are on the verge of creating an Internet in which individuals retain total control over their data and privacy while allowing businesses to utilize their data. All of this will be enabled by blockchain technology.
As a result, web 3.0 will speed the ethical and transparent use of user data across the board, from tailored search results to cross-platform development tools and the incorporation of 3D graphics. The web will evolve into a more immersive and engaging experience.
Published by: Aditya Negi
Edited by: Khushi Thakur