Anyone who has been around on the Internet for a while is aware of Web 2.0. The term for the current status of the online world. Web 2.0 is about interaction and connectivity rather than static data collection and display. What is Web3? A new chapter in the long story of the internet.
Not everyone believes this new system will take over everything, but there are already inklings of changes that support its inception. First, let’s take a moment to understand what it is and how it will affect the digital world at large.
What Makes Web3 Different?
The overarching goal of the Web3 concept involves the ability of machines, more specifically AI systems, to read, understand, and process everything on the Internet.[i] The goal is to have a limited understanding and access to everything on the Internet.
In a Web3 world, people control their data and have the freedom to jump from social media to shopping with one user profile. No more big tech overlords controlling the flow of information and systems. While tech is moving in that direction, it has not yet been realized fully. Today’s Web 3 focuses on blockchain and its ability to decentralize data, increase security, and create full transparency.
[i] https://www.forbes.com/sites/forbestechcouncil/2020/01/06/what-is-web-3-0/?sh=50e6eaf958df
Web3 also known as?
The associated terms pertaining to Web3 were created by Tim Berners-Lee, the creator of the web itself. It is also called the Semantic Web, which pertains to the World Wide Web Consortium (W3C) standards.[i]
[i] https://www.w3.org/standards/semanticweb/
Why It’s important?
Rather than an Internet controlled by authorities or more often marketing companies, this new form allows for freedom and sharing of information that matched the original intention of the web itself. It supports the idea that the world needs more security and privacy for the individual, less oversight from all types of surveillance and tracking, and also makes data access easier. A large part of the Web3 idea is transparency. People will have access and control to the data they want. Web3 allows Individuals to have more control over personal online actions and access.
The Web3 platform.
Many people associate blockchain with cryptocurrency, but it has capabilities far beyond the management and transfer of non-fiat money.[i] At its most basic, blockchain is simply a system that involves a large number of computers hosting information that anyone can access and search. It is a series of recorded and protected transactions and interactions stored like blocks on a chain. Because it is not controlled by a government, corporation, or any other so-called official entity, it creates a genuine transparency and freedom of choice for users everywhere. So much freedom, Elon Musk and Jack Dorsey are talking about it.
Web3 uses blockchain to bypass the constraints put upon information and interactions. Some do not believe that this type of Internet can exist. Examples of the rise in popularity of NFTs focusing on digital art is already happening. Whether a decentralized system is able to take over from the powerful and financially backed tech companies, government authorities, and major advertisers is still a question for the future.
Want to learn how you can prepare your website or brand for a Web3 conversion? Book a Meeting with us today!
[i] https://www.nerdwallet.com/article/investing/blockchain