How Web3 is taking a big step in the right direction.
The days of centralization when tech monopolies reigned supreme are being overthrown by Web3 — a free and responsible internet based on blockchain technology. On a Web3 platform, you have complete control over your data, thus allowing you the freedom to do as you wish with it. Your business remains your own since third-party intermediaries are omitted. As a result, from people who use the internet for leisure to content creators who want to give back to the internet, Web3 grants autonomy, which Web2 fails to achieve.
The internet has gone through significant changes, evolving and developing over the years. From everyday tasks to advanced processes, it continues to make life a breeze for the common man. Thanks to the internet, this article exists on a web platform!
Right now, the internet is going through a process of reinventing itself, one that’s changing the way we interact and the manner in which we control our information. This is Web3 — a free and responsible webspace, overwriting the glaring faults of Web2.
Your Business Is Your Business: Web3
Algorithms reign supreme on Web2, deciding who and what gets a wider reach while being subtly changed to the whims of the monopolies. You automatically lose control of your data, and your privacy is compromised. When it comes to countries that have limited freedom of speech, if the government suspects anyone of conspiracy, it won’t be long till they freeze all your assets.
This is where Web3 comes into the picture. Web3 is a decentralized network where you have complete ownership of your data. And this is all happening due to the blockchain technology Web3 rides on, where information is stored securely and where data manipulation is not an easy task. Web3 works on encrypted P2P (peer-to-peer) network chains and therefore, there’s no single point of failure, unlike in previous eras of the internet. With this kind of security, you have complete control over your data. You could either sell it or remain anonymous — it all lies in your hands!
Of course, this doesn’t mean blockchain networks haven’t had their instances of cyberhackers and breaches. But progress on Blockchain technology is growing at a rapid pace, and so is its element of security. Already, the world’s leading Web3 security company CertiK has doubled its valuation to $2 billion in a period of only 3 months!
Plus, in a true reflection of decentralization, Web3 has taken the internet beyond the hold of Silicon Valley, stretching it across geographical boundaries to the rest of the world.
Let’s take a look at a few projects that utilize Web3 principles. Polygon is one such project that believes that every user needs to experience decentralization via Web3. They created a decentralized Ethereum scaling platform where one can create scalable dApps without compromising security, and with minimum transaction fees!
From gaming dApps such as Bigtime and BlinkMoon to DAOs such as CineFi and ethanks, Polygon has helped scale the performance of dApps. Big Tech has already begun to lose out to Web3, with former YouTube employee Ryan Wyatt (now at Polygon) using the words “early” and “exciting” to describe current blockchain development.
Similarly, ConsenSys is another dApp that helps construct Ethereum products. With the vast array of blockchain products that ConsenSys has (including Infura and MetaMask), building applications on the Ethereum network is easily feasible. And that’s why many developers choose ConsenSys as one of their Web3 platforms to develop or scale their apps.
In the financial sphere, Terra has been continually innovating the way one does online trading. This dApp tracks fiat currency and creates stablecoins based on the volatility of the market. On the Terra blockchain network, anyone can spend, save, trade, and even exchange Terra stablecoins. This makes online transactions even more secure since it’s on a decentralized network, thus eliminating the risk of frauds or scams from happening.
Goodbye Third Parties
Say goodbye to those third-party cookies that conveniently share your data with the server you are using. Putting it humorously, you can say that Web3 has slain the cookie monster! It cuts off any intermediary, or the third person “middleman”. Unlike Web2, Web3 won’t curb or limit you to be solely dependent on one platform for your needs.
For example, we are at the mercy of Instagram, Facebook, or WhatsApp to send a single text or share media with others. And there was a time when not one, but all three Zuckerberg app servers were down globally, causing confusion and panic to the people who used those apps. Not to mention India’s infamous TikTok ban in 2020, which saw thousands of social media influencers lose their identity and revenue via brand dealerships due to the app’s closure. It was every influencer marketer’s worst nightmare.
Getting Paid What You Deserve
Content creators also benefit from the use of Web3 platforms when it comes to revenue, thanks to the absence of third parties. Let’s look at YouTube and Twitch, two popular Web2 platforms. YouTubers earn by ad revenue and via the number of views of their video. If a YouTuber live streams, they also earn via ‘superchat’ or monthly based subscriptions. Twitch streamers earn by Partner or Affiliate programs and via ad revenue, sponsorships, and donations. They can also earn when they live stream through Twitch currency ‘bits’ or via a monthly subscription.
However, the downside of creating content on Web2 platforms such as Twitch or YouTube is that the creator doesn’t get paid the entire revenue. YouTube pays just over half of the ad revenue to the content creators, while Twitch rewards Twitch streamers with just half the amount of the purchased subscription.
On the other hand, Web3 allows creators to have control over the revenue they earn. They can release limited content in exchange for tokens from their fan base, create NFTs so members can purchase an original copy of an asset that can be stored or invested if its market value is high, earn royalties (which they can set themselves) from resold NFTs — the options are endless. Plus, Web3 platforms such as Rarible and OpenSea allow artists to auction their pieces of art in return for a small fee that’s used to maintain the Ethereum network.
A Free And Responsible Future With Web3
Web3 is here to stay, and we welcome the age of total ownership and privacy. It’s a safer, stronger, and more responsible age of the internet.
FAQs On Web3 — A Free And Responsible Internet
What Are The Benefits Of Web3?
The most obvious benefit one can attain from Web3 is the power of having control over one’s data and privacy. Web3 rides on blockchain technology and focuses on decentralization, cutting out the middle person, and granting equal status to each peer.
Is Web3 Better Than Web2?
There are many reasons why Web3 is the better internet and why it is the future. And the sole reason central to it all is because Web3 is more secure than any Web2 platform. Web3 — in its decentralized nature — has multiple nodes joining from peer to peer. Therefore, there is no single point of failure, meaning there is very little chance of your data being compromised.
To compromise one node, you’ll have to compromise each and every other one as well, thus making hacking complex in a Web3 space. Web2 is more centralized and draws its servers to one single source. So, if the source is compromised, you could fall victim to data theft or any other cybercrimes.
What Can We Expect From Blockchain?
We’re just scraping the tip of the iceberg on blockchain technology’s potential. This new phase of technology is not just the future but is also the present, already stretching its arms in the finance, real estate, and healthcare spheres. Since it’s much more secure, it changes the way we do transactions and store information online. By enabling a circular token economy without the hassle of middlemen or ownership issues, it grants users a level of autonomy and freedom like never before.
By Aparna Acharekar, Rajneel Kumar & Tarun Katial
coto Founding Team
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