Web 3.0, or Web3, is the next generation of the Internet. The goal is to create a decentralised network where information and data are shared without intermediaries, such as banks or governments. This means that everyone has access to the same information at the same time, regardless of their location.
To put it another way, Web3 is a future version of the Internet that will be decentralised and will allow users to become proprietors. Instead of using free apps and platforms that collect user data, as is the case in the current phase of Web2, users in the future phase of Web3 will be able to participate in the creation, operation, and governance of the protocols themselves. This is in contrast to the current phase of Web2, which is in its second phase.
Through decentralised networks that are known as blockchains, ownership may be represented in Web3 by digital tokens or cryptocurrencies. For instance, if you possess a sufficient number of digital tokens for a certain network, you might be able to have some input about the administration or governance of the network. It is not uncommon for these protocols to provide a wide range of services, including computation, storage, bandwidth, identification, hosting, and several other online services that were traditionally offered by cloud service providers in the past. This is analogous to how stockholder voting rights provide stockholders of record in a firm the ability to vote on certain corporate activities.
Although Web3 has significant advantages over its predecessor, there are still a number of limitations that need to be addressed in order for it to thrive. For instance, despite the notion that Web3 blockchain networks are decentralised, early adopters and venture capitalists hold a disproportionately large share of the ownership. Nonetheless, Web 3 holds a lot of potential. Whether it’s too idealistic to put into practice will be something those everyday users will discover over the next decade.
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