To What Extent Will Web3 Revolutionalize the Internet and Our Lives?
The introduction of Web3 will make the World Wide Web look different from what we currently operate. Not only will Web3 revolutionize the internet, our lives and what we are used to are bound to be changed by this disruptive technology. This article considers the extent to which Web3 is set to revolutionize our lives and the internet.
What is Web3?
Web3 is a decentralized technology that utilizes blockchain, machine learning and artificial intelligence to facilitate real-time human communication. What makes Web3 such a buzz in the technology world today is its ability to be decentralized, allowing individuals to own and control their data.
Although Web3 is still developing, experts, tech companies, and blockchain enthusiasts anticipate its full implementation.
How Web3 can change the internet
Web3 will revolutionize the internet through the following systems
- Decentralized Apps
Unlike traditional applications, DApps operate entirely on blockchain. These decentralized apps provide social networks, gaming, entertainment, and many more. However, they allow users to keep their data from the companies behind the applications.
Decentralized Autonomous Organizations (DAOs) are self-governing organizations that exist for a common purpose. The purpose could range from creating a start-up to investing or giving to charity. What makes DAOs unique is their ability to transcend geographical borders and bring like-minded people together through smart contracts.
The Metaverse presents a digital representation of the real world. Built on Web3 technology, the Metaverse is a 3D version of our internet and allows users to have a whole experience of the digital world.
- Decentralized Finance (DeFi)
Through Web3, many more people can have access to financial services. Web3 does this through DeFi, allowing users to invest, borrow, or trade on the blockchain network. DeFi can revolutionize the internet by providing a more straightforward means to traditional financial services.
How Web3 can change our lives
Regulated by users
The current internet phase we are in now, known as Web2, is highly centralized. Big companies harness personal information and control it for gain. Web3 enables peer-to-peer interactions, cutting the need for intermediaries. Thus, users can control whether or not they want to share their data and the extent of information that is even available. This way, there is more security and greater transparency on data use. An internet user does not have to be subject to the checks insisted on by centralized organizations.
Owned by users
In the era of Web3 technology, people have the opportunity to own and participate in decentralized platforms like DAOs. Here, we no longer have to wait on centralized bodies to hold assets and resources. Cryptocurrencies and NFTs allow users to own assets by themselves, promoting social empowerment and sustainability.
Benefitted by users
Under Web2, internet users have little to no control over how their data is used and do not benefit from the use of their personal information. The existence of this problem is what Web3 aims to resolve. By promising to give control back to the user, Web3 utilizes a decentralized framework where users not only own their data but can also benefit from it.
The fact remains that Web3 is a new technology and is still under development. However, the opportunities it presents for a better internet structure remain diverse.