Medigy: Web 3.0

Web 3.0 refers to a new, improved, and democratized internet ecosystem free of any sort of centralized authority. Web 3.0, as the name implies, is the most recent or emerging phase of the internet’s evolution. Web 3 or Web 3.0 is based on the idea of establishing a completely decentralized ecosystem. This new technological dimension believes in harnessing the power of A.I., machine learning, and cutting-edge technologies such as blockchain to solve problems in today’s internet/online ecosystem.

Web 3.0 has the potential to be just as disruptive and usher in a major paradigm shift as Web 2.0 was. Web 3.0 is built on the fundamental ideas of decentralization, openness, and increased consumer usefulness. Web 3.0, also referred to as Web 3, is the next step in the evolution of the internet.

Additional Web 3 forecasts are as follows:

• All transactions will be tracked on a blockchain-based distributed ledger, and data transfers will be decentralized.

• Smart contracts that are open to the public will eliminate the need for people to rely on a centralized organization (such as a bank) to maintain data integrity.

• The metaverse will significantly increase revenue for the entertainment industry.

• Consumers will be able to instantly create digital goods and non-fungible tokens (NFTs) using blockchain technology, which will protect intellectual property and personally identifiable information (PII).

• The data of users will be exploitable.