Debates are riotous about the future of the internet. Cryptocurrencies, blockchain, and the Metaverse dominate the headlines. Investment pours into all of these technologies with capital flowing like a waterfall.
Analysts speculate and actuaries calculate the infinite profit potential while innovators and technologists plan new digital realities.
Where does Web3 come in? Web3 is the next possible iteration of how we interact online. Web 2.0, or the current web version, is centered around social media and user-generated content. Web 3.0 is decentralized.
By leveraging blockchain technology, Web3 could promise a greater amount of control to users, allowing them to own and distribute the value they create online.
Revolutionized security
The peerless pursuit of decentralization in the internet space does lead to an interesting result when it comes to security.
Decentralized data is not nearly as simple to attain as server-stored static data that is routinely hacked into for all manner of nefarious ends. In the Web 3.0 environment, the decentralization of data is a primary feature for keeping information secure that even if somehow proffered would not link back to your real identity.
This global anonymity is essential for Web 3.0 and is the ultimate key to staying safe online without risking an I.D. hack.
Greater control
Ultimately Web 3.0 is about users gaining control in the digital space. Instead of solely being the product to the internet, users will have actual control over how their data is used and what is stored online. No longer will there be ceaseless tracking of IPs and GPS movements but instead an open opt-in system where users and creators can express more control of their digital lives.
This comes at some risk though as critics argue that decentralized contempt storage will make it easier for users to share and store malicious data.
However, Web 2.0 certainly suffers from its own host of issues that very well may lead to an evolution in the internet space that finds transparency at the forefront and a reshaped relationship between consumers and businesses.
Freer content sharing
The control of data is exemplified through its torrent-like hosting and downloading process. Akin to traditional file sharing, Web 3.0 promotes a version of the internet where all content is owned by the creator outright and they have ultimate control over where it gets shared and by whom.
However, just like the file-sharing services of yesteryear, once content is shared it can be hosted by any user for consumption by other users in the name of content freedom. This free content sharing could cause some issues according to critics, but many believe that this will allow for greater freedom of content creation for better or worse.
Individual ownership
Web 3.0 boils down to the concept of ownership. Individuals create, share, and own what they make online without being exploited by invisible algorithms and toxic advertising. No overhead, corporate decision-makers maker to restrict content or ban users. Instead, a utopia of content freedom and ideas, so they claim.
Possibly no better example exists than the concepts of autonomous businesses and brands that are run through committee votes by users and not old money families or big corporate suits. Businesses run online by real people who get to decide the fate of a company without worrying about regulators or gatekeepers. In concept, it is a total revolution of the current structure of both the internet and business owners online.
Ownership in all areas of our digital lives would fall back into our hands and we would be able to do as we please with the things we have shared. An idea that is promising to some and a shallow grift to others. No matter the opinion, one thing is certain: there is a monumental shift coming to the internet, and whichever way it tilts all our lives will change.
Conclusion
All of this chatter about the possibilities of digital transformation can almost become cacophonous. With so much speculation, it can be difficult to separate fact from fiction. All that is certain is that change is coming. How the change will take form is yet to be decided. The Metaverse promises a 3D-enabled digital future; Web3 promises a decentralized internet with more privacy and user-owned profit.
The new version of the internet is coming. Only time will tell how Web3 will reshape our online lives. A decentralized internet could redefine how massive internet companies operate and change the breadth and depth of media we all consume.