What is Web 3.0? Are you ready?
What is Web 3.0? Are you ready?
The news has been buzzing lately with headlines and terminology (e.g. Non-Fungible Tokens (NFTs), The Metaverse, Crypto, the Blockchain) that sounds like a foreign language to most.?
In addition to all the terms that need decoding, so many questions about the headlines themselves are puzzling and don’t add up to our traditional logic and common sense.
Why are people buying JPEGs for millions of dollars??
Why would anyone invest in a plot of land that lives inside of a computer?
Why are some of the biggest brands on the planet in a race to be part of this thing called a metaverse?
Why is Facebook changing its name to Meta?
What does this all mean to us?? How does it affect us??
More importantly, are we ready for web3?
I hope this newsletter can answer some of those questions, shed some light on how web3 will change our lives and the way we interact and engage with each other on both a personal and professional level.
But before we go any further, let me just state a few things that will help in keeping our topics and discussions value adding and at the same time manage the expectations of my readers:
Great!? Now that's out of the way, let’s start with defining web3.
What’s web3?
Well when we look at the Wikipedia definition:
Web3 is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts including decentralization and token-based economics.
Not sure if that helps at all.? Seems like we need a definition to the definition.
I find this illustration (by David Dias) breaks things down in a more simpler manner:
So simply:
Web 1 = Read Only (Static Web) = Consume
Web 2 = Read Write (Social Web) = Create
Web 3 = Living web (Semantic/Decentralized Web) = Own
Now that we have a basic understanding of web3, the next big question is what’s the benefit and how does this impact us?
Let’s look at the benefits from a technology standpoint as described by Hive Blockchain
1. Transparency
The benefit of distributed ledger technologies and decentralization in Web 3.0 is that you can follow your own data and inspect the code behind the platforms you choose to use. You don’t need to trust a major corporation. In fact, there may be no corporation at all behind the platform you’re using. (Most major blockchain platforms are being developed by nonprofits.) This hearkens back to the early days of the internet and the original ethos of a free and open forum for exchanging ideas.
?2. Fewer Middlemen
Decentralization promises to connect providers directly with consumers. No central authority will take a cut of the profits from an electronic transaction. We won’t be able to eliminate all middlemen using blockchain technology. We will still need reasonable regulation and systems for monitoring fairness, but we will see a shift toward decentralized and trustless networks over centralized institutional control.? For example, it’s possible to imagine a blockchain replacement for Airbnb where hosts and guests can connect directly without an intervening service. Even large-scale marketplaces, like a decentralized replacement for eCommerce platforms like Amazon, are possible and under development.
?3. Privacy
The number of data breaches and misuses of user data over recent years should give consumers pause when thinking about how they share information online. One major advantage of blockchain and recent advancements in cryptography is that you can secure and track your personal data on the Web. Privacy is important whether we’re talking about civil liberties or identity theft.
?4. Data Ownership & Sharing
Have you ever thought about how tedious it is to fill out registration forms online? With Web 3.0, you’ll likely have one personal profile that works across numerous platforms. You’ll own your profile and associated data that you won’t need to give away to corporations. However, if you choose to, data will be easier to share, its accuracy can be verified, and you’ll even be able to sell your data to advertisers or brands.
?5. Incentivize Creators
Connecting consumers directly with producers has the added benefit of making it easier to become a producer. Without middlemen and gatekeepers, people around the world can start businesses and find customers directly on Web 3.0. Digital currencies and distributed platforms are breaking down national barriers and social prejudices. All you need is a good idea and someone who is willing to pay you to execute it.
Web 3.0’s Advantages
Web 3.0 is the future of the internet, where applications become smarter, more private, and more decentralized. As the new infrastructure and platforms come online, the experience of using the internet will change dramatically. Today’s internet is an amazing resource, and it enables us to do powerful things. However, it also requires us to give enormous amounts of data to middlemen companies who aren’t transparent about their practices. Web 3.0 seeks to change that and create a more open and transparent internet.
In the following articles, I will go through other areas of web3 such as NFTs, the metaverse and blockchain.
In the metaverse or as my web3 me I'm "nomadic frame" so feel free to connect and reach out for anything NFT related:
Twitter https://twitter.com/nomadic_frame
Instagram https://www.instagram.com/nomadic.frame/
Linktree https://linktr.ee/nomadic.frame
Project Leader at BCG | FI - Payments & FinTech
3 年Interesting you mentioned “trustless” and “privacy”. A couple of things make me wonder whether it’s truly the all encompassing use-case we’re looking for? Below 2 interesting readings on those topics - keen to get your thoughts. https://medium.com/coreledger/tokenization-myths-and-misconceptions-14d490373aec https://www.ulam.io/blog/is-cryptocurrency-anonymous/