As a sense of ownership, autonomy over data privacy, and digital identity grows, Web 3.0 seems to be an intriguing concept.
Since the advent of the World Wide Web (WWW) in the 1980s, the internet has redefined the way people live, work, and play. Today, the internet even powers the global economy. Nearly 4,000 billion hours is the amount of time the world ‘s users will spend on mobile phones in 2021. While this number may sound unimaginable, it’s no surprise that we’re increasingly dependent on mobile phones. depend on the internet, especially during the Covid-19 epidemic. According to the State of Mobile 2022 report by data platform App Annie, 7 out of every 10 minutes use their phones for social applications or images and videos, demonstrating the powerful influence of Web 2.0.
However, even though the internet and Web 2.0 have become almost irreplaceable in today’s world, issues around data privacy and system crashes that have arisen over the past two decades have led to inconsistencies. average, especially as the public begins to question how the tech giants (Big Tech) use their personal data.
Web 3.0: a new vision for the future or a pipe dream?
According to Edward Chen, CEO of digital asset trading service provider Huobi Singapore , when the public’s data privacy is abused by Big Tech, the decentralized and decentralized element of Web3. 0 has become more attractive than ever. Even so, prominent Web 3.0 trends such as non-fungible tokens (NFTs) and the metaverse are also fraught with issues, including cybersecurity concerns or continued reliance on ecosystems. concentrate.
This begs the question: can Web 3.0 live up to its promises and ideals? Underpinned by blockchain technology , Web 3.0 is defined as the next iteration of the internet, promising a more independent, decentralized, and autonomous web system. A web where power is vested in the masses and reliance on a centralized ecosystem is minimized. Web 3.0 data will be stored on a distributed database so no user has complete control. At the same time, Web 3.0 allows users to own their data, bypassing any middlemen for each piece of data generated.
Blockchain is also immutable, the data entered is immutable and permanently recorded, eliminating the risk of data being tampered with, hacked, or fraudulent. Users can also view data on the public chain, which breaks the monopoly of third-party vendors, walled gardens, the term referring to the web browsing environment. monopoly where users are limited to certain technology and service regulations, and create limitless possibilities for users to monetize their data.
In addition to transparency and immutability, blockchain-based Web 3.0 technology also gives users a better sense of ownership. For example, the purchase of tokens or cryptocurrencies may entitle users to a “stake” in the network or in the communication protocol (protocol). By owning the token, users will be able to vote on decisions regarding the protocol. This way, users can participate in projects they believe in.
Is Web 3.0 just a “marketing buzzword”?
As interest in cryptocurrency and blockchain grows, Web 3.0 is also starting to gain greater traction in the community. Web 3.0 advocates hail it as the future of the internet. Meanwhile, skeptics see Web 3.0 as nothing more than a “marketing buzzword”.
Despite differing views, Web 3.0 and related technologies have certainly seen many use cases emerge since the term was first coined by New York Times journalist John Markoff in 2006, and was popularized by Ethereum co-founder Gavin Wood. Perhaps the most common use case of Web 3.0 is in the cryptosphere and NFTs. However, the utility of Web 3.0, or more broadly, blockchain, goes far beyond mere cryptocurrencies. This can be clearly seen through the decentralized applications (dApps) available for finance, art , collectibles and games, or it can be looked at how content creators make money through NFT.
One concept that is inextricably linked with Web 3.0 is the metaverse. Although much of what is happening with the metaverse so far is limited to a few niche industries like NFT and GameFi. But the metaverse has continued to evolve, receiving increasing interest from key actors, big companies wanting a part in this promising development.
The traditional finance space is also seeing a shift as decentralized finance (DeFi) emerges. The proof is that total value locked (TVL) in DeFi’s smart contract protocol will increase by 1,200% in 2021 alone. As a core component of Web 3.0, DeFi enables the execution of financial transactions. Easier to make real-world key decisions on the blockchain, while also providing financial inclusion for those who aren’t too interested in the traditional financial ecosystem.
Big Tech and Blockchain: the dynamic between Web 2.0 and Web 3.0
Despite the potential to overcome the walled garden ecosystem and bring “power” back to users, Web 3.0 has encountered many criticisms. For example, ownership of many blockchain networks is in fact unfair in distribution, or many of these protocols consider centralized ownership to be on the side of early entrants or backed by funds. venture capital, meaning power is likely to remain in the hands of a few in practice. In addition, the fact that technology giants like Meta and Microsoft entered the Web 3.0 competition also raised concerns that Web 3.0 is simply another walled garden.
In a nutshell, just as Web 2.0 was built on top of Web 1.0, we can see Web 3.0 is also building on previous iterations of the internet. How Web 3.0 will continue to evolve and reshape the world remains to be seen. What is certain, however, is that the masses will have a greater say in building Web 3.0 because the future of the internet is decentralized.