The birth of the 21st century was accompanied by the arrival of the internet but within two decades of the new century, we now have Web3. Web3 is the web’s third revolution after the HTML language was introduced in the 1980s and the World Wide Web was made available for public use in the 1990s.
The internet has become an integral part of our lives, but it does have certain limitations that are reflected by the fact that some people still do not have access to the web at all or cannot afford its services. The high cost associated with digital data processing is one of them, caused primarily by “middlemen” who charge hard cash for every transaction instead of allowing free exchange between users. Another problem is privacy as everybody can track your footprints on the net if you don’t take precautions first, like using special browsers or VPN services that hide your IP address and protect your privacy while surfing online.
Web3 will do away with all the limitations we have while using the internet at present. One of the main goals is to end data ownership in favour of open data usage, which means that web users won’t be limited by who owns what anymore but they will only pay for the content they access, not for a service package that gives them access to restricted websites or specific services that they don’t need.
The most effective solution to both problems is a technology called blockchain, a decentralized distributed ledger technology (DLT) used primarily in cryptocurrencies like Bitcoin and Ethereum. The reason why this technology stands out from its peers is evident from its name: it’s a chain of blocks containing information about transactions.
— ICP News (@icp_news) January 31, 2022
How can businesses take advantage of the new features offered by Web3?
1. Decentralized applications (Dapps)
A new type of software for a truly decentralized internet that will be developed using smart contracts running over the Ethereum network, code that can’t be modified or censored by third parties and operates autonomously without any downtime. The significant improvements made to the Ethereum network in 2017 will allow developers to create more complex Dapps with easy-to-access UI/UX and take advantage of all benefits blockchain has to offer: transparency, security, safety, and speed.
2. Alternative payment methods
Cryptocurrencies like Bitcoin and Ethereum may serve as an alternative way to pay for goods and services consumed online which means no transaction fees and instant payments worldwide regardless of country borders or currency used.
3. Decentralized storage
The same way decentralization allows us to work without a boss, it also lets us store information without depending on third-party servers with no possibility of being shut down or censored by government officials which is why blockchain can be successfully used for data storage purposes.
4. Alternative internet infrastructure
Using mesh networking solutions, you can reduce your dependence on traditional ISPs (Internet Service Providers) who profit from selling bandwidth and usually provide subpar connection quality due to their centralized nature. Mesh networks are more resistant to potential attacks since there’s no main node that could be disabled to take the whole system offline while they also allow users to spread their files across multiple devices linked up in one network.
What implications will Web3 will have on society?
As social media platforms like Facebook and YouTube will finally be forced to end data ownership and allow free content sharing (which means that you won’t be tracked and your information won’t be monetized), we’ll see the end of big players controlling our online lives – an event that will definitely disrupt the shared economy by eliminating middlemen from the equation, allowing users to buy directly from manufacturers or consume services provided straight from those who own them.
Web3 is aimed at giving people back their power over the web, which they lost due to a lack of knowledge about how it works and what possibilities it offers. It can truly change society by promoting transparency between businesses and customers as well as increasing security for everyone involved
– No more third parties selling your data behind your back.
– Less spam and phishing attacks as criminals won’t be able to hack into large servers containing all our information.
– No more fake news or hoaxes as content will be checked by users themselves who can flag suspicious posts and have them removed before they spread across the web or completely deleted if a user decides so.
– It also increases privacy – blockchain doesn’t collect personal information, it only stores an identifier that’s necessary for transactions to occur. A blockchain is just a tool that allows us to work without third parties controlling it, which means no censorship of free speech, human rights violations done by governments, etc.
Web3 represents new opportunities for marketers from all over the world: the opportunity to create decentralized applications and to promote them on the web, bringing products and services straight to your target audience and never having to pay for third-party ads again. You can use blockchain technology to create unique promotional campaigns that will incentivize people to purchase your goods or support your service instead of somebody else’s (like in the case of traditional internet marketing methods) which means more revenue and satisfied customers!
Web3 is coming – are you ready for it? Let us know in the comments below.