By bringing together the technologies that will shape our future, Web3 will transform how we communicate and how we share power-related services. We are just in the early days of building a new and decentralized internet, but the future of the world wide web looks brighter as we continue to enhance Web3 infrastructure.
The Web3 model is built around the premise that there is an alternative to leveraging users' data for profit - that, instead, building open platforms which directly share value with users will generate greater value for all. Web3 will be more egalitarian, creating the Internet of value, which will be shared far more fairly among users, companies, and services, with far better interoperability.
In this insights article, we explore Web3s potential benefits to users and creators, as well as how a decentralized infrastructure could power the central parts of the Web over the next few years.
Building upon the foundations of what came before, Web3 aims to decentralize control of governance, infrastructure, and transactions which will comprise our experience online. By completely decentralizing the Internet, Web3 will be able to remove the intermediaries in Big Tech, much like Bitcoin aims to take global currency control away from massive financial organizations and governments.
As Web3 gains prominence, companies are investing more in deploying and managing blockchain technology in order to leverage it for real-world applications.
In Web3, blockchain tech will offer users more data security and privacy, combating the power of big technology companies. Its advent has started a seismic change within the industry such as the gaming one.
As a digital, decentralized ledger that stores multiple copies of transactions, blockchain makes it nearly impossible for data to be altered.
Where blockchain technology is used in cryptocurrency to build and support decentralized digital currencies, it will be used by Web3s infrastructure to generate individual tokens for every user, asset, and traceable object throughout its full scale. It would do this in a localized way, by allocating to you and to all these assets unique digital tokens that could be tracked throughout the Internet, thanks to the core Web3 infrastructure.
In addition to serving as cryptographically secure transaction logs, blockchains can store autonomous executable code, thereby enabling a decentralized Internet--Web3--not dominated by a central authority or a big corporation. As for reliability, the peer-to-peer default nature of blockchain networks allows the decentralized Internet to survive physical hardware failures and network disruptions.
As more NFTs and other digital assets are stored in permissionless, decentralized blockchains, storing associated metadata will become equally critical.
Storing is crucial because it allows your contacts to use Web3's core infrastructure to authenticate you and your assets. At the same time, they would not be able to access any of your data or assets without the appropriate authorization.
Instead of the Web being monopolized by big tech companies, Web3 embraces decentralization, being built, operated, and owned by its users. At its heart, Web3 uses Blockchain, Cryptocurrencies, and NFTs to return power to users as property.
A decentralized payments and transactions infrastructure allow individuals to control their assets in digital wallets, move through the metaverse with a secure, online digital identity recognized throughout the network, and transact directly with other users without requiring a middleman.
Web3 will put data back into the hands of Netizens, who are then free to use, share, and monetize it however they wish--and expanding the size and scale of engagement between users and the Internet.
Users will want to be able to do business through Web3 in ways that are both familiar and novel, taking advantage of the decentralized nature of Web3 to place greater power in the hands of consumers and creators.
