How Does Web3 Revolutionize The Internet World?

The internet is an invention that has become ingrained into our lives. Therefore, the internet’s future is a multibillion-dollar question, especially with the introduction of Web3.

Among the burning questions about Web3 that are confronting the technology industry are “What is Web3 and how important a role does it play?”.  The Web3 term has been around for over a decade, but it remains a hazy and divisive topic. 

Is Web3 A New Beginning for The Internet World?

What Is Web3 About?

The term Web3 only became popular last year due to hype from blockchain enthusiasts and technology investors.

Web3 is a concept for the next iteration of the internet based on decentralised blockchain technology. We are talking about the very same technology that is used by cryptocurrencies such as Bitcoin, where data is managed by all of the computer systems that run on the blockchain rather than a centralised server or authority.

Web3’s underlying technologies may enable internet users to earn money, assets, or obtain ownership in exchange for creating content or otherwise contributing to the web. Users who contribute to Web3 may be rewarded with digital currencies, data, or digital assets such as art. They could also be rewarded with the governance and ownership of these digital networks.

Web3 has enormous potential. The tools have the potential to create incredible communities and community dynamics, and these microcosms of innovation and experimentation have the potential to change economies, the way labour and employment work, as well as access, participation, and digital inclusion.

Is Web3 Already Here?

In a way, you could say yes, it is. For example, in Web 1.0, you might have emailed a photo of yourself to someone. You may have shared a selfie with friends on a centralised social media platform in Web 2.0, and that platform may have mined the photo for any data that they could use or monetise.

In a Web3 world, your social media profile photo could be an NFT of a digital artwork or image you own, for example. This was actually introduced by Twitter in January, to mixed reviews.

Mixed Reviews

As with anything that is newly introduced, there are always mixed reviews as people try to figure out the new system. Despite Web3’s decentralisation and shared ownership ideals, some believe it is also an opportunity for investors to profit.

While there were “very transformative ideologies” driving some aspects of Web3, it was critical to consider the potential drawbacks of any new technology. This includes the limitations of the technology, who has access to it, and how it can be used.

That is clearly what went wrong with Web 2.0, or the current internet as we know it. There is no denying that many of the apps and platforms we use have become very extractive and exploitative.

Is Web3 A New Beginning for The Internet World?

The Next Step

Since it is still relatively new, people should exercise caution and research the Web3 platforms or products they are interested in before diving in. Consider whether the platform’s source code is publicly available, or whether it is privately owned. You should also consider what the business model is, and whether it is venture-capital-backed or was funded through a new funding model.

This is just something to think about. The idealism of Web3’s supporters, combined with the use of blockchain technology, is resulting in “creativity/exploration reminiscent of early internet days.” It will be critical to bring transparency and accountability to the systems that will underpin the internet’s future, particularly in decentralised spaces like those enabled by Web3.