Web3: How It Will Change The Face Of Internet And Future

As the internet has grown in popularity, it has had a significant impact on our lives, influencing everything from what we read to what we buy, what we watch on TV, and how we interact. It appears to know all there is to know about us, including our likes and dislikes, friends, shopping patterns, and even favorite cat videos.

This deep understanding could be construed in either a positive or negative light. Advertisements for things you didn’t know you wanted and news stories you didn’t know you wanted to read can be targeted at you. This customization might be helpful, but it can also be intrusive.

There are numerous issues about who has access to and management over this personal data. Big tech has been increasingly chastised for its usage and potential abuse of personal data and its disproportionate influence over the internet due to its market dominance. As of 2019, Google (Alphabet), Amazon, Meta (formerly Facebook), Netflix, Microsoft, and Apple account for 43 percent of all net traffic.

Furthermore, this hegemony is pronounced in their key categories, with Google owning about 87 percent of the worldwide search industry and Meta reaching 3.6 billion unique users across its four major platforms (Facebook, Whatsapp, Messenger, and Instagram).

‘Web3 offers us the promise to rearchitect the internet,’ says https://t.co/t614jUmPZe Founder Jordan Fried

Why @ProtonXPR and @MarshallHayner are changing the crypto space

2022 is $XPR year, excited for the future #Web3 #NFTs #cryptocurrency

— SPIKE (@spikenfts) April 23, 2022

Taking back control

Web3, defined by open-source software, is trustless (i.e., it does not require the assistance of a trusted third party) and is permissionless (it has no governing body).

The third iteration of the internet is referred to as Web3. The internet’s original incarnation comprised of read-only, static webpages (view a BBC homepage from August 2000 as an example). Web 2.0 enabled users to engage with and create content, allowing for activities like social media, online banking, and shopping.

Web3 is a notion that has been around for over a decade, having been coined by Ethereum co-founder Gavin Wood in 2014. The growth of blockchain technologies, rising NFT marketplaces, venture capital investments, and continued calls to reign in the dominance of big tech helped it gain traction in 2021.

The use of Web3 is becoming more common.

The present internet, known as Web 2.0, is based on systems and servers that are primarily owned and operated by large corporations, generating worries about system security and control. There were calls to adopt Web3, and its decentralized architecture after Meta’s related platforms experienced a global outage in early October, which was compounded by the centralization of its servers.

Adherents to Web3 argue that online activity should be directed by the masses rather than the incentives and prejudices of a select few. After all, why should giant corporations have power over our personal information?

Instead of corporate servers, activities and data would be hosted on a network of computers using blockchain in a Web3 world. At first, the internet would likely appear and feel the same, but your internet activities would be represented by your crypto-wallet and websites hosted by decentralized applications (dapps), which are digital programs that run on a blockchain network.

Although each source’s description of Web3 may differ, the system will almost certainly include the following features:

Single-sign-on anonymity

Anonymous single-sign-on will allow users to utilize the same username and authentication method across all websites and accounts. They would not have to give up control of sensitive personal information if you used this log-in.

This functionality varies from the present Facebook or Google single-sign-on, which gives others access to your personal information until you remove it. However, because all blockchain transactions are public, anybody may access the assets and data associated with a given wallet. This transparency is also why wallets are anonymous, with only an address and no identity unless the user decides to provide their personal wallet information (s).

Also, read – Web 3.0 Metaverse Innovations: A New Wave

Tokenization and individual ownership

To incentivize participation and disperse ownership, activities that contribute to Web3 are rewarded with a token (either NFT or fungible, e.g., cryptocurrency).

When a new social message is posted, and NFT representing that message is “minted” (created) and held as an asset in a crypto-wallet. This token denotes ownership of the communication, which may be swapped with others through their wallets. If the post is widespread, the proceeds will be distributed to the token owner rather than the platform on which it is hosted.

The definition of Web3 can differ by source; however, some consistent features will likely be embedded into the system:

– Anonymous single-sign-on

– Individual ownership and tokenization

– Self-governing

Along with the distribution of ownership is the…https://t.co/Qym7Og6hkA

— Craig Terblanche (@craterblanch) February 3, 2022

Self-governing

The distribution of decision-making goes hand in hand with the distribution of ownership. Users, for example, can vote on the rules that govern a site depending on their portion of ownership of the platform (e.g., what classifies as misinformation). Smart contracts then carry out these regulations.

Web3 is still in its infancy.

While there are a few Web3 dapps, there is no Web3 infrastructure comparable to the existing internet. Before the Web3 goal can be fulfilled, massive development, consolidation, and accessibility efforts are required.

There are factors to consider when it comes to mainstream adoption, so Web3 may not live up to the expectations. There are still many queries, such as whether Web3 can scale indefinitely. Is Web3 capable of delivering true online sovereignty? Is it possible to educate and change the public’s perception of Web3?

These questions don’t have simple answers, but we’re excited to explore the possibilities and problems they hint at in future publications.