Web3: The Next Internet Revolution
- URL: http://arxiv.org/abs/2304.06111v1
- Date: Wed, 22 Mar 2023 23:37:43 GMT
- Title: Web3: The Next Internet Revolution
- Authors: Shicheng Wan, Hong Lin, Wensheng Gan, Jiahui Chen, Philip S. Yu
- Abstract summary: Next internet revolution: Web3 is going to open new opportunities for traditional social models.
Decentralized finance will be global, and open with financial inclusiveness for unbanked people.
Several worthwhile future research directions of Web3 are discussed.
- Score: 50.16560061003771
- License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
- Abstract: Since the first appearance of the World Wide Web, people more rely on the Web
for their cyber social activities. The second phase of World Wide Web, named
Web 2.0, has been extensively attracting worldwide people that participate in
building and enjoying the virtual world. Nowadays, the next internet
revolution: Web3 is going to open new opportunities for traditional social
models. The decentralization property of Web3 is capable of breaking the
monopoly of the internet companies. Moreover, Web3 will lead a paradigm shift
from the Web as a publishing medium to a medium of interaction and
participation. This change will deeply transform the relations among users and
platforms, forces and relations of production, and the global economy.
Therefore, it is necessary that we technically, practically, and more broadly
take an overview of Web3. In this paper, we present a comprehensive survey of
Web3, with a focus on current technologies, challenges, opportunities, and
outlook. This article first introduces several major technologies of Web3.
Then, we illustrate the type of Web3 applications in detail. Blockchain and
smart contracts ensure that decentralized organizations will be less trusted
and more truthful than that centralized organizations. Decentralized finance
will be global, and open with financial inclusiveness for unbanked people. This
paper also discusses the relationship between the Metaverse and Web3, as well
as the differences and similarities between Web 3.0 and Web3. Inspired by the
Maslow's hierarchy of needs theory, we further conduct a novel hierarchy of
needs theory within Web3. Finally, several worthwhile future research
directions of Web3 are discussed.
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