Web3: What It Is & Why You Should Care
Web3 and The Utopia of The Semantic Web
The internet has been a utopian idea since its inception. Years passed, we migrated from platform to platform, and we moved almost our entire life to the virtual world. From the way we socialize to the way we learn, it is all digital now as if almost we are not only experiencing the things on the internet, but we are experiencing the internet itself within every second.
The idea of the internet is always evolving, as it is not a finished project. Web 1.0 connected people with information (famous Google era), Web 2.0 connected people with information and other people (the rise of social media), and now Web 3.0 is preparing to connect people with information, other people, places, and things all at the same time. Usernames will leave their places to wallet IDs. More precisely, it is going to be one step closer to being our life itself. So, let’s dive deeper into the world of Web3 and why it is so important for everyone.
The Third Dimension of The Internet?
We can not think of a Web 3 definition without blockchain. Wikipedia defines Web3 as “an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token-based economics.”
As we're all wondering what really Web3 is, what it promises, and what areas it can be associated with, let’s start with this Google trend graph first:
While the internet is at the center of our lives, the idea of it becoming life itself means there’s something to do for every industry. This trend encourages brands to take the first steps and enter the world of Web3.
Web1, which we refer to as the old internet, and Web2, which is based on the user-platform relationship, are quite dysfunctional compared to Web3, where decentralization is prominent. If you've been more or less familiar with cryptocurrencies and the blockchain industry recently, here's what Web3 will look like:
There are digital ledgers on blockchain that are used to monitor recorded digital ownership. Decentralized transactions in the financial sector eliminate intermediaries and authorities such as banks. In short, Web3 will offer a more free and uncontrolled internet environment where central authorities are out of the way. Do you think a decentralized future is possible? I guess we’ll have to wait and see.
Benefits of Web3
Here are some of the benefits that Web3 has to offer:
Lack of a central intermediary: An internet environment free from intermediaries and authorities will provide an uncensored and free environment for its users.
A non-manipulative environment: Information on the Internet is currently highly susceptible to manipulation. This limits access to reliable information and user trust. Intelligent algorithms built into Web3 can filter manipulated information with the power of artificial intelligence.
Dawn of secure information: Data is securely stored and distributed across many devices in Web 3.0, eliminating the need for centralized servers. Because data is no longer stored centrally, such a design reduces the risk of massive data leaks, making it more resistant to compromise.
It Is Time For A Decentralized World
Servers and platforms are so outdated now. So what will decentralization bring to the current version of the internet?
We've all delivered messages on paper to the person we liked in primary school. In order not to get caught, you choose your most reliable friends and make them the carrier. You give the paper with that special message to your friend, who then delivers it to the person you actually want to give it to. Although communication takes place between the two of you, you need to trust the person you use as an intermediary.
Here in a decentralized environment, all middlemen are out of the equation. On the blockchain, no one has to know and trust anyone. Each participant of the network already has a copy of all available records. So if a user's ledger is changed or corrupted, other participants in the network can notice it easily. Every malfunction in the network is corrected by other participants without the need for the intervention of a central authority.
One of the biggest problems of central systems is the lack of a standard of service quality. User services, moribund at the hands of modern world problems such as resource depletion, lack of incentives for good service, and corruption reduce the quality of centralized systems. In other words, technology giants that are monopolized and far from prioritizing user experience will lose their power in a decentralized environment and eventually will become much more transparent as it’s inevitable and expected from the users.
The Age of Digital Crypto Wallets
As we were just getting used to regular digital wallets like Google Pay, Apple Pay, or Amazon Pay, we are now facing a new trend thanks to blockchain and Web3. Since the old habits of buying things online are also shifting to buying online things in the light of all these developments, the payment methods are also becoming more and more digitized as expected. After all, isn’t it better to buy your virtual sneakers with your virtual wallet as well?
The crypto wallets are more than a payment method, they are like the backbone of Web3. These days, they almost replaced our usernames and passwords with their unique combinations. They are also the key to a more transparent environment since it is possible to track wallet transactions on the blockchain. The most popular ones are MetaMask, Phantom, and Coinbase as of now.
We will see together how users will adapt to digital payment systems but remember to never share your seed phrase with anyone!
Digital Ownership and Web3
Just like the Metaverse, the Web3 network is an ecosystem open to everyone, not owned by any company or individual. The semantic web increases the value of services like digital ownership. NFTs, one of the first items that come to mind when talking about digital ownership, will also be one of the most important elements of a future where decentralization is highly valued.
NFTs and digital asset ownership are becoming increasingly important, especially to artists, musicians, and digital content producers. Creatives trying to survive in the shadow of social problems (such as exorbitant cuts by intermediaries, racism, gender inequality, etc.) benefit greatly from NFT technology. To sum up, the gap between the creator and the consumer will be closed with the advantages of a decentralized ecosystem.
“We are experiencing a creative renaissance as important as the advent of digital media. Creators can finance everything themselves and earn both from initial sales and from collectors' royalties traded on their marketplaces.”
Jordan Garbis, co-founder of beetsDAO, one of the Web3 creative collectives
Make This Internet Revolution A Turning Point For Your Business
From virtual worlds to digital twin copies, the 3D version of the internet is ahead. Tomorrow, when Web3 melts all the traditional commerce channels into one pot, the eCommerce industry visionaries will be among the first to survive.
If you want to be a part of this community, you can strengthen your digital presence by contacting our professional team today.
