What Is Web 3.0?
Web 3.0 is a topic that is receiving a lot of attention. Is there something to this or are we looking at just marketing hype? Over the last year, we saw the explosion of talk about the Metaverse only to see that start to dwindle away.
Unfortunately, we will not truly be able to claim Web 3.0 until it is in hindsight. Only when looking back are we able to see the transition. Of course, the flip side to this is, if you want to know what the future will look like, create it.
For that reason, we do have a part to play in the evolution. The next generation Internet is before us. We all have a role in how this unfolds.
In this article I will lay out what my vision of Web 3.0 in terms of some of the characteristics. Hopefully we will clarify some of the more likely scenarios, at least in part. From this we can have a foundation upon which to explore other ideas.
So let us begin.
What is Web 2.0?
When discussing this, many point to mobile, social media, and alternate forms of media content. While that is all accurate, it does not encompass enough.
To me, Web 2.0 can be summed up as such: silos.
The Internet of today is basically controlled by a few platforms. We know Google and Apple are the gatekeepers of applications. Facebook along with Twitter have a large share of social media. Of course, Amazon dominates online shopping.
All these entities control people's data along with their accounts. We can easily see how things are partitioned and separate. If one leaves a platform, nothing follows. The data is housed on a centralized database that is under corporate control.
Naturally, this provides the companies with enormous power. They were also able to take advantage of network effects to generate massive wealth. Unfortunately, little of this is shared with the people actually responsible for that.
This, in my mind, sums up Web 2.0. It is a fully controlled system with few options. While other applications popped up over the years, they were not able to match the success of what we see today. Of course, if they did, it would simply be a different silo we were in.
Web 3.0 - Key Characteristics
To focus upon Web 3.0, it is important to mention some of the key characteristics which likely we form the foundation of the Internet going forward. Here is where we could see the radical change so many are expecting.
The issue with the existing Internet is the foundation. We saw some issues with the original protocols which allows the aforementioned companies to step in. Web 3.0 is already solving some of these issues.
Before touching up that, let us look at some of the characteristics of Web 3.0.
Data is power.
Entities like Facebook and Google are well aware of this. They are the Kings of data mining, harvesting what people do online for incredible revenues. Since they own and control the data, anything tied to is falls under their permission.
Web 3.0 is going to alter the makeup. Instead of a company controlling both the frontend and the backend database, they will be separate. With a blockchain such as Hive, there is a decentralized database that houses user activity. The front ends are all open to tap into this. What is key is the fact they do not control the data. It is decentralized, housed on more than 100 individual computers around the world.
Thus, one of the main features of Web 3.0 is going to be decentralized databases.
Here is a concept that is tied into the database structure.
Immutable data is vital to our path forward. We already saw how the centralized social media companies use their platforms to censor ideas. Basically, if information is not available for anyone to find, then it does not exist. Even if it is housed somewhere in Facebook's data warehouse, it is not accessible by the public.
Web 3.0 is going to change this. Here we see where the decentralized databases are providing a medium whereby information is immutable. Once it is placed on a decentralized blockchain, it is very difficult to erase. This is a native concept to this technology since, when dealing with financial transactions, erasing them is not a good idea.
As nodes are built in a decentralized format, we are going to see this idea expanded. Ultimately, what is put out there is going to be outside the control of single institutions.
It is going to alter the entire power equation.
This is a vital feature.
Web 3.0 will allow each person to own his or her digital lives. Here we have a concept that is overlooked yet is crucial. Many feel that a emoji as a comment on Twitter means nothing. Sure, it is not high quality data (content). The challenge is that it is not owned by the person who posted it.
Whatever is placed on a Web 2.0 platform is theirs.
Web 3.0 is bringing ownership back to the individual. This not only applies to account ownership but will expand into all kinds of data. It is not unrealistic to see how this could apply to things such as medial data. At the moment, our medial records are spread among many different doctors and institutions. The ability to take it with us is not easily done.
Focusing upon data, we can see how NFT's could have a major role going forward. This is what will allow for the ownership of certain data while also providing the power to grant access. This is a radical shift from what we presently experience. Naturally, a lot more innovation is required before we get to this point but we can see how things could head in that direction.
The distribution of wealth is not exactly something that most would look at as a characteristic. However, this is such a vital part of Web 3.0 I think it qualifies.
Due to the previously mentioned traits, we are going to see a brand new distribution model emerging. For the moment, most of the monetary value generated by the Internet is in the hands of the shareholders, i.e. Wall Street financial institutions. The average person does not have much stake in what is taking place.
Web 3.0 is going to change this. The siloed system of the digital world is going to be eradicated over time. This will open up possibilities to the average person. Having coins or tokens in different projects will allow for monetary generation that could lead to real wealth. It is going to operate at a level never seen before.
Everything Will Be Tokenized
While the focus, thus far, on cryptocurrency is mostly speculation, the true power resides in the innovation we are going to see over the next few years.
In short, everything is going to be tokenized. This means that people are going to start expecting compensation for their attention. Since we are all aware our "eyeballs" have value, it is going to come to the point whereby every project (company or otherwise) will pay for it.
Intermediaries are being slowly eliminated. With the reduction in friction, there is more value, which will be monetized, available for everyone else. This is going to expand into all aspects of commerce. The control corporations wield is going to die off as the power structure moves to the user/consumer.
Essentially, we are looking at a brand new incentivization structure emerging. With this, people are going to learn about a basic financial concept called opportunity cost. By spending time on a platform that is not rewarding one, there will be a price to pay for that.
This is likely to start as a novel concept where a few offer tokens as rewards. However, it will quickly move to the point whereby those companies that do not follow this path are left behind. After all, what do you think of a company today that doesn't have a website? A couple decades ago, many businesses did not. It was still rather novel. In the 2020s, it is essential.
Tokenization will be the same way. While it is rather novel in 2022, by the end of the decade, every legitimate business is going to have one. If not, it truly is not in business.
Here are some of the basics we can expect with Web 3.0. Certainly there are many avenues the development is going to take us. We cannot predict exactly how things will evolve. Nevertheless, there are some ideas as to the foundation we will see in place.
What are your thoughts? Do you agree with this and how Hive is positioned to already provide many of these things?
Let us know in the comment section below.
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