While some believe the Web3 space is in a bubble, mass adoption of these new technologies has not even begun, which is the reason why many believe Web3 is a game changer.
In contrast with Web2, our current iteration of the internet, Web3 is a new iteration of the internet that incorporates decentralisation based on blockchains.
It is the natural progression of web technology, and for many who are tired of seeing the exploitation and centralisation of their data from the Big Tech companies, it is a welcome change, as privacy becomes paramount.
It is common knowledge that current Web2 applications repeatedly experience data breaches, which are unfortunately out of our hands, as we do not control our data and how it is stored.
More concerning is the fact that in a lot of instances, companies often track and save our data without our consent. This data is then “owned” and controlled by these companies.
But that is a first world problem. Consider people who live in countries where they do not have freedom of speech and the Governments of those countries often seize bank accounts or shut down servers… because they can.
Web3 aims to solve many of these shortcomings by fundamentally rethinking how we architect and interact with applications from the ground up, keeping decentralisation at its core.
It is a technology that is verifiable, trust-less, and self-governing. Moreover, developers do not usually build and deploy applications that run on a single server or that store their data in a single database.
Instead, Web3 applications either run on blockchains or decentralised networks of numerous peer-to-peer nodes (servers); or even a combination of the two.
One of the main advantages many see with Web3 is that it will take away the ever-growing power of the Big Tech companies, through this decentralisation of data and content.
Interestingly, many believe that since the regulators are struggling to curb the powers of the Googles, Facebooks etc, the actual answer to achieving this regulation, ironically lies within the decentralised capabilities of Web3.
Web3 is redefining how technology should function, providing meaning to value creation and utility and allowing for the democratisation of resources.
It is also smashing some of the barriers to entry into wealth, with opportunities available for anyone looking to get involved in the space, regardless of status.
Web3 standards and technologies are on the cusp of becoming mainstream, but many believe they will remain niche for a short time yet, as the big Tech companies continue to hold onto their influence for as long as they can.
This then provides a window of opportunity right now, for those who believe Web3 is the future.
Perhaps the first indication that it is soon to become mainstream, was Facebook’s recent name change to Meta?