Decentralizing the Internet: Exploring Web3 and Its Benefits
Back in 2014, while laying out the groundwork for his ideal version of the internet, developer and computer scientist Gavin Wood coined the term „Web 3.0″ which would later be shortened to „Web3″ as the concept’s popularity grew.
Only 8 years later and the idea has turned into a reality with dozens of high-profile backers joining the project, including former Twitter CEO Jack Dorsey as well as the somewhat eccentric Tesla CEO Elon Musk.
Aside from being the pioneer in Web3 development, Wood helped found Ethereum as well as Parity Technologies, a blockchain infrastructure management company, and he recently took to media platforms to further explain this fairly new concept of a decentralized internet.
The idea is that the current version of the world wide web we all know and love is dominated by a handful of big-name companies like Amazon, Microsoft, and Google, which have staked claim to a large portion of the internet.
Originally, the internet concept was conceived as an open and decentralized network, but as it developed, Web2 allowed for numerous companies to grow and prosper, becoming trillion-dollar tech firms that have near-infinite influence in the version of the internet we use today.
Web3 on the other hand, throws the past concept out the window, providing services that aren’t owned by one single provider company, but rather, allowing them to be hosted by „everybody” in a peer-to-peer fashion.
With this, no one has any real advantage over anyone else on the platform when compared to how current internet platforms like Facebook, eBay, and Amazon have full control over anything in the service they provide.
Web3 goes hand in hand with crypto
Web3 is based on blockchain technology, correlating it to bitcoin and other cryptos based on the same blockchain, and due to the fact that bitcoin itself is a decentralized monetary option, the network completely bypasses any interaction with the central bank.
With this, it’s evident that blockchain tech is a lynchpin in decentralization, and with time, the services provided by Web3 will run on a „trustless“ model, requiring you only to trust the algorithm behind the service rather than the provider of the service itself.
Naturally, this does come with its drawbacks, but with the state of the internet right now, the rewards highly outweigh the risks.
If the concept achieves massive adoption, cryptocurrencies will soar to new heights regarding popularity as well as value, as certain services will require possession of a certain cryptocurrency, although Wood states that his vision included services that didn’t rely heavily on crypto.
Exploring the Possibilities of Web3 and its Impact on Mainstream Users
Wood claims that crypto being optional will be a massive jump for the technology, as it will open the door to mainstream day-to-day users who might not be that interested in buying an avalanche of different tokens just to utilize online service.
Much like crypto, there’s still no clear regulation for the technology, although it’s been part of the crypto regulation conversations ever since it became evident the two technologies are bound to be tight-knit.
The idea of decentralized internet is still in its infancy, but with time and effort, we’ll surely see the concept gain more understanding and momentum among developers, investors and users alike. The hope is that the technology will revolutionize the way we interact with data online. We are now closer than ever to seeing what lies ahead for Web3 and it’s up to us to decide if we take this path or not. Either way, it’s certain that Web3 has a bright future ahead of it.
Let’s not forget the heavy hitters like Google, Microsoft and Facebook have a major stake in Web2. Let’s see if they will be able to compete with Web3 or join it. Time will tell if this technology can live up to its promise. Only time will tell what lies ahead for Web3 and we all need to do our part to ensure its success. Let’s be sure we are ready for the future of Web3 and all it has to offer. Are you ready? Let’s make this happen!