When analyzing how the Internet has evolved over time, it can be found that Web2 was the era which offered the most amount of growth in the domains of mobile-powered devices and social network connectivity (a huge step up from Web1, which was populated by Internet Service Providers such as AOL, and web browsers such as Netscape Navigator). Furthermore, it was this period in time which enabled users to create their own blog content, and encouraged innovation on behalf of tech ventures which would ultimately become the tech giants we know of today (i.e. Google, Apple, Amazon, etc.).
However, in conversing about the positivity this era wrought unto the world, it is also important to keep in mind the downsides. For instance, tech monopolies would quickly realize the potential of harvesting user data, resulting in a dilemma where users were having their information logged and sold without their consent. In this regard, whilst many users had believed themselves to be the consumers, they themselves would eventually become the products. Everything from search histories to health information were amongst the categories affected, and would all be handed off the marketing and advertising firms to be used to better target each individual ad-wise. In one particular instance, Facebook was fined $5 billion by the Federal Trade Commission in 2019 as a result of data privacy breaches, which can be found outlined in the following FTC document. With this in mind, it comes as no surprise that consumers would, for the most part, welcome moving away from the state of the Internet as it is currently.
One such methodology that is being proposed is the underlying idea of Web3, which is characterized as being decentralized, trustless, permission less, and holding of greater connectivity.
- Decentralized
- To elaborate, Web3 promises that there will be no central authority controlling content and imposing indiscriminate censorship. It is held that the more decentralized a platform becomes, the more difficult it is to impose censorship on such a vast amount of users.
- Trustless/Permission-less
- As an added detail, Web3 emphasizes that users can interact without permission from a governing body, in which applications which exist on the platform are ran on decentralized peer-to-peer networks (hence, the name of dApps).
- Greater Connectivity
- Lastly, an increasing number of IoT (Internet of Things) devices will be accessing dApps that live on blockchains, which will greatly enhance the connectivity of the world as we know it today.
However, it is important to keep in mind that while Web3 comes with many beneficial changes, it has the potential of disrupting the market, including any companies which have not adapted their business models to the long term (similar to Web2 when it first emerged from its predecessor). In the last iteration, retail, entertainment, and advertising were the hardest to be hit, and experts are expecting a similar ripple effect to be felt this time around. One of the most significant changes to be expected this time around will likely take place within the gaming industry, in which NFTs will make their way into in game currency, thus enabling for players to own their in-game assets and trade them with other players. As an added detail, players will be able to transfer their owned goods to other games on other blockchains, creating a shared experience amidst all applications.
On the flip side, hate speech and cybercrime will run rampant if left unchecked, which is why it is important that such a system take these weaknesses into consideration. Shockingly, many of the complaints out there with Web3 are not fear centered, but rather based around the principle that Web3 is not decentralized enough. At the heart of this insinuation is the fact that many believe that blockchains are decentralized in name only, though this is something that is largely up to debate.
Many companies are working to meet this coming change and adapt their business models accordingly, including us here at Wave Browser. To see how we are making it easy to switch over from Chrome to a more user-centered experience, try us out now at wavebrowser.co!
