Because of centralization, billions of individuals have been able to join the World Wide Web, and the infrastructure that supports it has become more stable and secure. At the same time, a small number of centralized companies have a stranglehold on vast portions of the World Wide Web, and they make decisions regarding what should and should not be allowed on their own.
The solution to this problem lies in Web3. Web3 embraces decentralization and is being constructed, operated, and owned by its users as opposed to the traditional model of the Web, which substantial technological companies dominate. Individuals, not large corporations, benefit from Web3’s power distribution.
History of Web3
Gavin Wood, the founder of Polkadot and co-founder of Ethereum, is credited with coining the term “Web3,” which refers to a “decentralized online ecosystem built on blockchain.” The time was first used in 2014. In the year 2021, the concept of Web3 began to gain traction. At the tail end of 2021, a particular spike in interest occurred, which can be attributed, in large part, to the enthusiasm of cryptocurrency fans as well as investments from prominent technologists and companies. In October of 2021, executives from the venture capital firm Andreessen Horowitz flew to Washington, D.C., to campaign for the notion as a viable solution to problems regarding the regulation of the Web3, which legislators have been struggling to address.
What is Web3?
The concept of a new and improved internet has been collectively referred to as Web3 in recent years. Blockchain technology, virtual currencies, and non-fungible tokens (NFTs) are at the heart of Web3’s plan to return ownership and control of digital assets to their respective users. Web1 was a read-only website, Web2 was a read-write website, and Web3 was going to be a read-write-own website.
Web 3.0 is distinguished from Web 2.0 by its emphasis on using technology, such as machine learning and artificial intelligence, to give each user relevant content instead of only providing content that other end users have contributed. The primary objective of the Web3 initiative is to return internet control to its users rather than private corporations. To accomplish this, Web3 uses blockchain technology and cryptocurrencies to produce a kind of ownership.
Potential of Web3
Decentralization and permissionless systems, two critical components of Web3, will allow users more control over their data. This may assist in limiting the practice of data extraction, which is the collection of information from web users without their knowledge or payment, and in reducing the network effects that have allowed the technology giants to achieve a virtual monopoly through deceptive advertising and marketing techniques.
Future of Web3
The introduction of Web3 has the potential to liberate additional value for all users of the internet. Users have ownership over any content they generate and any digital goods they acquire, and these assets may typically be moved between platforms. Platforms no longer have control over the data.
Existing industries will undergo a profound paradigm shift as a direct result of the implementation of Web3 blockchain technology. Several analysts working for Market Research Future believe that by the year 2023, the market for technologies related to Web3 blockchains will be valued at more than six trillion dollars. From 2023 until 2030, Web3’s growth will proceed at a compound annual growth rate of 44.6%. Therefore, it will be one of the industries experiencing the most significant expansion throughout the following decade.
Everfinity is an innovative and forward-thinking Web3 studio. Our mission is to help ambitious brands, startups, and large organizations unlock the potential of Web3.
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