How the Web3 future is Shaping Up
15 October 2021 - 09:52PM
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The last few years have experienced the rapid evolution of the
internet and its application ranging from Web 1.0 to Web 2.0 and
now Web 3.0. Web3 – the decentralized web – is the latest major
iteration of the internet which promises to achieve a stable and
secure decentralized network while offering a variety of innovative
features. Since the inception of the world wide web in 1989, it has
changed dramatically through the years. While Web 1.0 was
read-only; Web 2.0 saw a significant shift towards user
participation via centralized platforms such as Google, Facebook,
Amazon, etc. In this era, personal data is controlled by middlemen:
those running the digital platforms. As such, people do not have
control over their data as well as the content they create. Web 3.0
is generally regarded as the future of the internet. Unlike the
Web2 era, ownership and control is decentralized. Conceived by the
Ethereum ecosystem, Web3 enables enhanced privacy, boosted
transparency, eliminates intermediaries, facilitates data ownership
and digital identity solutions. Similar to how Web2 improved
front-end functionality, Web3 is focused on revolutionizing
back-end functionality. Today, Web3 architecture has gone far
beyond the internet capabilities which run on a decentralized
layer. It has become the convergence of several innovative
technologies like edge computing, artificial intelligence, IoT,
decentralized data networks. With Web3, the trend of data and
computing moving to the edge is inevitable. Powerful computing
resources are put together to create the next generation of
decentralized, user-owned, hyper-efficient edge networks.
Decentralized data networks can enable different data generators to
transact their data without losing ownership control and privacy or
the need for an intermediary. Meanwhile, Web3 technology also
combines artificial intelligence and machine learning to create a
substrate that connects users and machines as well as connect
problem owners with problem solvers without the need for a third
party. This synergy facilitates a better understanding of human
preference and more accurate analysis and results. As such, Web 3.0
goes from technology to disrupting the structure of society. As you
can see from above, Web 3.0 has the potential to bring radical
innovation to all industries. However, the adoption of Web 3.0 has
so far been driven by crypto-related use cases. This is because the
majority of Web3 protocols rely heavily on initial use cases of
cryptocurrencies. This has led to the majority of projects focusing
on crypto and not on the mainstream adoption of Web3 technology
beyond cryptocurrency. The thing is, decentralized technologies can
be used to eliminate value-capturing middlemen. And this could be a
boon for different, new economies that have appeared in the 21st
century. One such economy that could be shaped by Web3 tech is the
gig economy, with the new technologies promising to eliminate the
centralized platforms like Uber and Upwork to give gig workers the
chance to earn without lining the pockets of big corporations. A
great example of this is AnyTask, which aims to enable people
living in poverty to access the global digital economy
commission-free and bankless. Another such use case for Web3
technology is integrating it into the creator economy and
intellectual capital-centric applications. A 2020 survey showed
that the growth of intangible assets, which are the basis of the
creator economy, has been so much that they now command over 90% of
the S&P500’s market value. As the stat above shows, the world
is evolving to an intellectual capital-centric creative economy and
a world where most resources other than intellectual and human
capital are commodities doesn’t seem too far away. So, the creative
economy encapsulates intangible assets that have become the most
valued assets in the world, especially the innovative enterprise,
but their total value outside of enterprise is far beyond what we
can imagine. Aside from holding high intrinsic value, intellectual
assets also provide an opportunity for investors to speculate as
their price increases. Therefore, the ability to capture value from
these assets becomes vital. To foster mainstream adoption of Web
3.0 for the creator economy, there are projects building a whole
host of tools to enable the discovery, evaluation, licensing, and
exchange of intangible assets to boost liquidity flowing into the
creative economy. One project building such architecture is DEIP.
The company provides a set of Web3 protocols, in addition to tools
and applications for the creative economy. Now you may be thinking:
Don’t these projects just act as the middleman capturing the value
in any case? Well, you’d be wrong. These projects aren’t governed
by a board of directors but by decentralized autonomous
organizations (DAO). DAOs enable democratic governance models that
anyone can be part of and can direct any fees levied on creator or
gig economy workers to the further development of the platforms
themselves and are not geared towards the profit-centric model of
capitalism and Web 2.0. The internet has become a center of
business, communication, and much more. And Web 3.0 has the
potential to transform agreements and value exchange. This means
that the transition to a more democratic internet via Web 3.0 may
allow the world to unlock opportunities not only just to reclaim
the Internet by revolutionizing infrastructures around storage,
data exchange, financial transactions, but also many aspects of our
lives. Web 3.0 is shaping up to be not just an evolution of the
internet but a disruption to overhaul many aspects of society.
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