What is Web 3.0 and how will it change the way we use the Internet?
- Web3 is a vision for a decentralized web.
- A decentralized web pushes for users’ data protection.
- Web3 largely involves cryptocurrency and blockchain.
As humans have evolved over the centuries, the internet we all use today is also constantly evolving. From static text pages (Web1 – early version) to cross-border online interaction (Web2 – current version), the Internet has come a long way.
Now it’s Web3 or Web3.0, which has become a buzzword in almost every online community. But not many people have a clear idea of what Web3 is or how it will affect us all. Will it change the way we use the Internet today? Let’s break it down.
Web3 is an idea, vision and movement for a decentralized web that is virtually free of centralized third-party intermediaries. This feature makes it essentially pro-privacy for a user’s data and also makes it more user – centered rather than platform or business centered. The idea was first presented by none other than the inventor of World Wide Web Tim Berners-Lee in 1999 as a semantic web that would involve AI.
Before you go any further, here is a simple example to help you better understand the decentralized web. At some point in our lives, we have all heard that our data has been leaked or sold or hacked, and there was nothing that could be done about it.
Why? For we do not own it, even though it belongs to us. Once our data is online or otherwise shared through centralized digital channels, people or businesses are free to do whatever they want with this information, which has a direct impact on our daily lives. For example, by using our data and preferences to show us ads that AI deems relevant depending on our data.
But what if we actually own all the data that belongs to us and are free to use as we please? That’s exactly what a decentralized web will help us do. Not only this, but we will also be able to act, act, communicate and work better without the involvement of any third party, be it a government, company or influencer.
However, Web3 strongly involves cryptocurrencies and blockchain to keep its vision afloat. Today, we hear a lot about the NFT hype or countries that make crypto a legal tender. Although there is no timeline for when these can be implemented, we can still see more companies and platforms building the pieces of infrastructure that are key to Web3. For example, Constellation is a platform that envisages creating a decentralized capital market. It also offers interoperability, which means you can perform transactions between different blockchains. Doesn’t that sound interesting?
Finance is at the heart of everything we do today across the globe. Currently, there is a third party involved if you need to shop or trade. In the coming years, decentralized finance (DeFi) will be the future, and platforms like Constellation will then be useful for building DeFi hubs.
As ordinary people, we may not have to work very hard to use Web3. Services will generally be provided by organizations and platforms such as and Constellation. If we come to think of it, it will look like the web version we are currently using, but more optimized, open source, untrustworthy and decentralized.
Take an example of money transfer. If you need to send $ 1000 to someone in another country or exchange it for another currency, the process is lengthy and potentially expensive. You have to go through a time consuming process and pay a large fee to finally complete the transaction. Since Web3 will be based on blockchain and cryptocurrency ideals, the process will be fast and inexpensive, as there will be a direct transfer of funds through limitless, global decentralized applications (dApps) and services.
Our language is defined by use, and so is our experience. The new age of the internet is expected to do the same for us. While many celebrities have differing opinions, Web3 is sure to transform our online future when it becomes fully operational (currently under development).
Platforms like Konstellation are built on the same principles and promote Web3 for better operation and use. There are several developments in space, and it will be interesting to see in the coming days / years how things look for all of us.
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