What is Web3 and Why Is It Important?
The internet has been around for a while, and so much of it has changed since. If you’re relatively young, its first iteration might even look unrecognizable to you! Technologies have improved and so do the general experience for everyone who uses it.
With the internet as we experience it today, users are able to interact with the internet. But even though we can create content for the internet, we don’t actually have much control over it. For example, how is it used? We don’t have a say in the way big internet corporations process our data.
That’s where Web3 comes in. API for accessing blockchain data can rightly be called the technology of the future. Having created powerful products meant to help further thrust Web3 by helping builders focus on building instead of managing infrastructures, their experts are well-equipped to explain Web3 to the general public.
What Is Web3?
Web3 is a term coined in 2014 by Gavin Wood, Ethereum co-founder, to refer to an upgraded version of the internet. In the current state, the power lies solely on corporations that “allow” users to interact and create content while also profiting from your information.
This better version attempts to spark an internet revolution of sorts by giving back the power to the people. Like the current version, you’d be able to contribute content. But instead of forgoing control, you’ll be able to own your own data and even a part of the internet.
If you’re still confused about what Web3 truly is, just remember some of its guiding principles:
- Having value goes to those who created it
- Autonomy and governance for the users
- Participation that’s open to all people
- Owning your own data
- Incentivizing creating while still making creations available to the public
There may be other relevant principles depending on the kind of participation you’d have in Web3. But regardless of field, you must remember that Web3 is about inclusiveness in terms of ownership and membership.
Is Web3 Important?
The short answer is yes. It’s the logical next step as it addresses the current ails that users experience with the dominant iteration of the internet. Here are a few reasons Web3 will continue to be relevant instead of a passing fad:
1. Yes! Because Users Are Being Robbed of Their Privacy
Can you imagine having a random person following you all day? This person is listening to everything you talk about and even reading everything you write.
If you’re using the internet, this is your life essentially. The only difference is they’re more discreet about it. Throughout the years, people have become aware of how much data these big companies have access to.
Why is it suddenly okay just because you can’t see it physically happening? This privacy issue extends as well to the power of social media to influence purchase decisions.
For example, you use a search engine to look for answers about your pregnancy. Once you log into your social media account, you’d be bombarded by maternity-related ads.
This type of intrusion should’ve never been acceptable. With Web3, users can become the owners of the content they produce. You’ll be in control instead of big corporations.
2. Yes! Because It Creates Smoother Experiences
Regardless of the nature of the interaction, it’s always faster with fewer intermediaries. The same goes for online transactions. There are many reasons that the transaction you want to perform won’t go through, such as:
- Technical issues on the side of the intermediary.
- The content you created got flagged.
- There are too many intermediaries.
With Web3, you don’t have to deal with such issues. More importantly, you won’t be left in the dark as well. Transactions not going through are frustrating, but so is not knowing why they happened in the first place.
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3. Yes! Because It Gives Rise to Artificial Intelligence
Because Web3 is decentralized instead of controlled by one huge entity, there’s a need for sophisticated technology to help ensure everything still goes smoothly.
It’s true that artificial intelligence is widely used by the biggest technology companies today. That’s how they’re able to make extremely targeted ads.
But as far as AI is concerned, it would still be very useful in Web3. The power of artificial intelligence lies not only in how sophisticated it is but also in the information it can process.
In Web3, transparency is essential. Assuming a virtual world fully governed by Web3, everyone would have perfect information. This makes AI more useful than ever.
However, instead of being used to help big companies profit, it can be used for purposes that would truly benefit the public.
Web3 Is the Future!
Even big companies today see the value in Web3. Industry giants like Microsoft, Shopify, and Spotify are investing in it right now.
Expect to see Web3 in its various forms in the future. Let’s welcome what lies ahead.