Experts point to the Web 3.0 as the future of the internet. Sequentially, the internet has three significant phases in history.
First phase features Web 1.0 with a key feature on static or read-only pages. It had few content creators and masses of readers.
The second phase features Web 2.0 with a great emphasis on highly engaging and informative content for users.
And now comes Web 3.0.
Web 3 narrows the focus on data privacy and security, while unleashing itself from centralized actors. It gives users ultimate control of the content they generate.
What is Web 3.0?
Web 3.0 refers to a system where data and information are not freely accessible to everyone. So the question of control authority to who reads and alters information is amplified.
Primarily, Web 3.0 information and data storage and retrieval rely on distributed ledger technologies. Smart contracts give preference to who and what information users can access.
Web 3 promises to clear the monopoly and secure the information about users and their preferences. These will be built on decentralization and networks systems that are distributed.
Since there’s no central control, no parry will have ability to censure the networks to interfere with the interoperable Blockchains
Plus, Web 3 will phase out discrimination of users out of their gender, race or other pointers. There’ll be a bridge facilitating data storage and access from across arrays of data formats.
At this point, Web 3 is almost a too sweet tale that’s yet to become real!
How Web 3 Came About?
Back in 2009, the world witnessed the rise of the first Blockchain – the distributed ledger supporting the cryptocurrency asset – Bitcoin.
Bitcoin exists as a foul-proof public ledger, with no human party able to break up the system other than with the consensus of the majority of users.
Ever since, developers have been looking up opportunities to deploy Blockchain technologies across other fields. And key in this aspect is information access.
There’s huge proof that the internet is a captive of a few firms which have vastly captured and manipulate it for profit making.
Data shows that over half of the entire traffic on the internet is under the control of only 5 actors. The five actors are Google, Amazon, Apple, Netflix and Facebook (Now Meta).
Continually, doing online business with the five actors collaborating against other smaller actors is not easy.
So the ideal is there is data and information manipulation using complex algorithms. And the situation gets complex when the five actions up there collaborate.
One good example is the caution that hits marketers whenever Google makes adjustments to its content search algorithms.
In light of the challenge here, a user is not in control of their data, information and ultimate privacy. And can the Web cure that? Certainly yes, and with Blockchain-driven solutions.
The entire proposition of web 3.0 is to secure user data and information with smart contracts. Making it only available to parties with authority to access and use it legally.
Progress of the Internet and Payments
Access to the internet brings many payment options available. Other than ordinary banking, mobile platforms and Blockchain are a big player.
Blockchains, out of their peer-to-peer transaction ability have made payments easier – users do not require bank accounts to receive and make payments.
Rise of cryptocurrency economy requires payments and users may also send multiple payments at once.
Why is Web 3 The Future of the Internet
There are reasons why web 3 is the next big thing in the order of the evolving internet.
A key shift is focusing on locking out internet monopolists. And Web 3 is the pivot technology to take us there. One key focus to leverage is on the nature of Blockchains. And specifically the ability of being censor-proof.
Blockchain technologies, as the fuel of the Web 3 internet allow only users who have authority to access the platforms.
Two aspects place the Web 3.0 at a point of advantage as the future unfolds:
- Decentralization- this advantage gives all users an equal opportunity to access. In better words, decentralization on web 3.0 has no central authority or kill switch.
- Bottom-up Platform Designs – where users develop codes or smart contracts. Here, no central authority has absolute powers to manipulate or control the system.
Challenges on the Progress of Web 3
The internet has already covered significant milestones towards reality of the Web 3.0. Here are two challenges that claw back on the achievements:
- Speeds of transactions
Web 3 runs with transacting on cryptocurrencies. Transactions speeds require faster clearance speeds to convince users.
One way users can clear many transactions at once is by using the Multisender tool.
- Speculation on Values of Cryptocurrencies
The cryptocurrency economy also presents many opportunities to speculate with rises and falls in prices. Plus, digital assets require to act as real money to facilitate transactions across Web 3.0 platforms.
Final Thoughts
Web 3.0 will be a significant portion of the internet in the future. We already have applications indicating it’s arrived:
- Social networks like Sapien and Sola
- Decentralized exchanges like Idex, Coin ChangeX EOSFINEX
- Remote job sites: Ethlance and Atlas.work
- Decentralized messaging networks: eChat and Riot
- Media streaming services: ySign and Maestro
- Decentralized banking and insurance apps: SafeShare, Aigang, Casha and Everledger
- Decentralized storage apps: Sia, Filecoin MaidSAFE and Storj
- Decentralized web browsers like Brave and Beaker
One key indicator is October 2021, when Facebook adopts a new name- Meta. It’s an indication that big actors are making transformative steps to make adjustments as the new technology shifts take shape.
The internet will continue to evolve as it overcomes the challenges. Decentralization and acceptability by users and other stakeholders can remain persistent to nature the rise of Web 3.0.
