For some experts, Web 3.0 is just a buzzword to get people talking. For others, it is already a revolution. But what does the term really mean, and will it really revolutionize the Internet? Be it a mere buzzword or a real revolution, Web 3.0 seems to be a word that is on everyone’s lips. With the web celebrating its 33rd anniversary, the Internet has become essential to many of our day-to-day activities. So much so that it’s hard to believe that we could ever truly be disconnected. And even more so when the tech giants are collecting more information and data every day to help us stay online and consume more.
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So is an update really in order? There is every indication that real change is coming with blockchain technology and decentralized solutions. Simply put, the power will not be held by a single entity, but by a set of unbreakable nodes to yield 100% verifiable information.
The term Web 3.0 can be traced back to 2006, where it is defined vaguely in a New York Times blog post. Recently, Gavin Wood, the co-founder of Ethereum and creator of Polkadot, published a blog post titled “What Web 3.0 Looks Like”. Information and data for centralized solutions (in this case, big tech or so-called GAFA companies). Instead we must protect ourselves from overly greedy corporations or even various governments, who are willing to act in the shadows to recover information.
“Even before Snowden, we realized that handing over our information to arbitrary entities on the Internet was fraught with danger. However, post-Snowden the argument clearly falls in the hands of those who believe that large organizations and governments are regular. attempts to amplify and eliminate their authority,” Gavin Wood explains in his blog post.
generate wealth
In other words, Web 3.0 can be seen as an answer to the abuse of power in our current digital world. The decentralization of information and data is at the heart of this new vision of the Internet. While the Web was sometimes seen as the “Far West” where (almost) everything was allowed under a pseudonym or company cover, things may well have changed. Thanks to the blockchain, we could see the beginning of a web with more confidence, and thus more value. And painting a picture of this new version of the web will inevitably include cryptocurrencies, NFTs, Internet of Things, virtual reality and the cloud.
Cryptocurrency and NFTs will allow users to generate value with ease. Tokens of a job or currency can be exchanged for a service in the system or job.
Web 3.0 will provide a more user-centric environment and digital giants will lose their dominance. Data monetization will no longer be able to be used in the same way, and for many, it will mean a huge loss of revenue. Still, the metaverse could provide a significant new opportunity for large tech companies like Meta, as the two worlds will complement each other to create a quality digital universe.
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