You’ve probably heard a lot about Web3 and how it’s going to be the Internet’s future. Should you be concerned, though? So, if you don’t want big tech to control your Internet, keep an eye on Web3. Consider the Internet today to be a USB flash drive that allows you to read and write any data you want but does not allow you to own the drive itself. However, with Web3, you will be able to not only manipulate data as you see fit, but you will also have some control over it. This article will cover everything Web3 — from our previous experiences with the Web to how it truly is the future.
What is Web3
Now we arrive at Web3 or Web 3.0. This modern iteration of the Internet transitions from read-only to read-write Web to a read-write-own format. The Internet is no longer monopolized by a few companies, but rather has a decentralized nature.
Web3 uses blockchains and token-based economics (cryptocurrencies and NFTs) to provide users with a truly decentralized Internet. A blockchain is a digital ledger that is maintained by hundreds of users all over the world to track data (or “blocks”) in order to provide transparency and decentralization. Web3 also enables users to monetize their content, assisting the Internet in transitioning from a monopolistic entity to a free-for-all platform.
Web3: Core principles
According to Ethereum.org, Web3 must adhere to four core principles: it must be decentralized, permissionless, trustless, and support native payments.
The decentralized nature of Web3 ensures that ownership of the Internet is distributed among builders and users. The lack of permission will ensure that everyone has equal access to participate. Instead of relying solely on third-party operators, the trustless aspect employs incentives and economic mechanisms (similar to how the Ethereum network and all crypto chains normally operate). Finally, the native payments feature will enable the use of cryptocurrency for payments and money transfers rather than relying on traditional payment processors. Making it significantly less vulnerable to cyberattacks on institutions.
There are some limitations to all of the benefits that Web3 provides. Access to some Web3 features currently requires relatively high transaction costs, making it more difficult for users in developing countries to fully access and experience Web3.
While Web3 provides ownership, it also implies that this version of the Internet will require some initial training. Let’s put things in context. It took some time for you to learn the ins and outs of Facebook and YouTube when you first started using them, but now you use them without a hitch — simply because you’ve gotten the hang of it. As with any new technology, repeated use is required to become accustomed to the interface. Web3 interfaces right now may appear a little less intuitive, but with more usage, users are sure to get more proficient.
Given Web3’s infancy, its ecosystem currently relies heavily on centralized infrastructure (GitHub, Twitter, Discord, etc.). Many Web3 companies are rushing to fill these gaps, but it takes time to build high-quality, dependable infrastructure.
Given the current challenges that users face as a result of data privacy and big tech controlling how you consume the Internet. Web3 appears to be a step in the right direction, promising greater data security, scalability, privacy. And more ways for users to monetize their content without relying heavily on big tech firms.