Check out the on-demand sessions from the Low-Code/No-Code Summit to learn how to successfully innovate and achieve efficiency by upskilling and scaling citizen developers. Watch now.
In this series, we have talked about Web3 and its potential to change the internet as we know it. We want to provide a more comprehensive overview of what this future might look like. To do that, we must first understand two crucial concepts: The Semantic Web and sovereignty.
In simple terms, the Semantic Web is a way to make data on the internet more easily understandable by machines. Why is this important? Look at it this way: Currently, the internet is very good at delivering information (web pages and videos, for example) but it is not so great at understanding the relationships between that information.
The semantic web aims to change that by standardizing the way data is described on the internet. This will allow machines to more easily find and use information.
Currently, most data on the internet is unstructured, meaning it is difficult for machines to make sense of it. However, with the Semantic Web, this data can be structured in a way that is more easily understandable.
So how does Web3 fit into this? We will discuss a future in which the Semantic Web and Web3 converge to create a new type of internet — one that is more intelligent and interactive than anything we have seen before.
The semantics of the internet
If you look at the history of the internet, it has always been about connecting people. In the early days, it was about connecting computers so that people could communicate with each other. Then, as the web developed, it became about connecting people to information.
Now, with Web3, the focus is shifting back to connecting people with each other. However, this time around there is a twist. Web3 is not just about connecting people but also about connecting data.
The semantic web is a key part of this because it allows data to be better organized and more easily understood by machines. This will enable a new level of interaction between humans and machines that we have never seen before.
In the future, the internet will be much more than just a way to look up information or communicate with friends. It will be a living, breathing entity that is constantly learning and evolving.
The sovereign web
In addition to the Semantic Web, another key concept that will shape the future of the internet is sovereignty. This is the idea that individuals have the right to self-governance.
This concept is particularly relevant in today’s world because of the increasing concern over data privacy and security. With Web3, individuals will have more control over their personal data than ever before.
They will be able to choose what information they share and with whom they share it. This will create a more private and secure internet, one that is better suited to the needs of individuals.
In our previous articles, we talked about privacy and security being two of the main issues that Web3 will address. However, sovereignty is much more than just data privacy and security. It is about giving individuals the power to control their own destinies.
In the future, we will see a shift from centralized systems to decentralized ones. This means that instead of a few large companies controlling the internet, it will be controlled by many different individuals and organizations.
This will create a more democratic internet that is better able to meet the needs of its users in a way that is much more profound than what today’s Big Tech is able to provide. It is not merely about meeting the demand for certain products or services, but about empowering individuals to create their own solutions.
How will the new internet shape industry and society?
The internet has shaped the trajectory of mankind in ways that were once unimaginable. It has connected people from all corners of the globe and given them a voice that can be heard around the world.
It has also revolutionized industry, transforming the way we do business and giving rise to whole new industries. In the future, the internet will continue to shape our world in ways that we cannot even begin to imagine.
The convergence of the semantic web and Web3 will create a new type of internet that is more intelligent, interactive, and sovereign than anything we have seen before. This new internet will have a profound impact on society and industry, shaping the way we live, work, and play.
How is it different from the current iteration? It will take the internet back to its original purpose — a decentralized congregation of information and people — but this time with the help of semantics to make it more intelligent and with the added element of sovereignty to give individuals more control.
What challenges does this present? The challenges will come in the form of implementation. For instance, the scalability issue of blockchains will have to be addressed in order for Web3 to truly take off. But these challenges are not insurmountable, and they pale in comparison to the potential benefits that this new internet will bring.
The future of the internet
This Web3 series has been an exploration of the new internet currently being built. We have looked at the key concepts that will shape its development, as well as the challenges and opportunities that it presents.
We have talked about the sunsetting of Web2 and the rise of Web3, how privacy has become a key concern in the digital age, and how sovereignty will give individuals more control over their personal data.
We’ve also talked about how the economics of Web3 make much more sense when it comes to making finance accessible, removing geographical siloes for startups — and how the new internet will ultimately shape industry and society.
If there is anything you can take away from this innovation, it is that it is forever extensible, and with Web3 we are just at the beginning of a new era of possibilities for the internet. In the early 90s, the necessity of the internet was often mocked, but as you can see today, it has become one of the most important infrastructures in our society.
The same will happen with Web3: It will slowly shape every aspect of our lives in ways we cannot even begin to imagine. So stay tuned, because the future is going to be very exciting indeed.
Daniel Saito is CEO and cofounder of StrongNode.
Welcome to the VentureBeat community!
DataDecisionMakers is where experts, including the technical people doing data work, can share data-related insights and innovation.
If you want to read about cutting-edge ideas and up-to-date information, best practices, and the future of data and data tech, join us at DataDecisionMakers.
You might even consider contributing an article of your own!