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What is Web 3.0 (Web3)? It’s a very popular word within the realm of blockchain technology and decentralized technology however is it really a buzzword or does it mean something that we ought to be looking into?
The internet in its early days was about freedom, decentralization as well as sharing of ideas. These principles of the beginning infused an internet sense of excitement and hope. It was a completely new concept and a completely new venture that was not a part of the power and institutional structures that have always governed our lives.
As time passed, things changed. The Internet of today is significantly centralized, with major companies like Google, Facebook, and Amazon controlling large areas of the internet and making it nearly impossible for smaller companies to take on these giants.
How could decentralization technologies like blockchain impact this?
Mason Nystrom a research analyst at Messari states Web3 in terms of “the trend of democratizing the internet.”
It will incorporate all the protocols and services that we use on the internet today, however, it will be built upon permission-less blockchains that use open protocols and standards. This will provide an even greater degree of decentralization, freedom, and democratic participation for users as well as content creators and projects.
At present, we’re creating the infrastructure. Technologies that are going to form the basis for Web3– including blockchain crypto, smart contracts, cryptocurrency, and much more are in the process of growing and forming. The future seems bright.
The main reason Web 3.0 is such an important concept is that it gives users control and ownership over the content they create.
The modern online platforms have been built upon the foundations of individual creators of content such as YouTubers, musicians on Spotify as well as writers on Medium.
Although these platforms have grown tremendously wealthy through this content, however, the creators don’t get the same amount of compensation. They’re dependent on these platforms to reach their target audiences, but they’re not compensated in a fair way for the value that they generate.
Web 3.0 will allow for a fairer reward for content creators which we’ll discuss in the next article.
Another issue is the centralization of data. If data is controlled by a handful of centralized entities such as social media platforms and other platforms, it’s difficult for new ideas to happen since it’s extremely difficult for new companies to compete against these established forces.
Furthermore, the tech giants could use users’ personal data to their advantage in violation of privacy requirements. Our data belongs to us, and we ought to be the ones to decide who utilizes it and earns profits from it.
There are also many web pages that are popular and loved by everyone but aren’t monetized properly. These are often referred to by the term “internet treasures” and include websites like Reddit, Stack Overflow, and Wikipedia. Web3 and cryptocurrency provide numerous new ways to make money from these platforms and make sure we can benefit from their benefits for many years in the future.
As of now, Web 3.0 is still an unproven concept in numerous ways. There’s a lot of excitement regarding NFTs and cryptocurrency and Mason believes that things will come back to more rational levels in the near future.
In the future, Mason talks about the overall goal of global systems that operate on blockchains that are permissionless. The coming years will offer the potential for a huge expansion in this field as the infrastructure begins to take shape.
Web 3.0 is going to be very popular in recent years just because of its features and benefits. It will open a new window of what we think about the web and the internet. The permissionless system, decentralization, and getting full credit for your own work give people a whole new topic to think about on the internet.