Alveena Ahmad
Imagine a scenario in which you have total control over your online persona and the material you produce. envisage a future where nobody is tracking your online activity and monetizing it for their own financial gain. Is it too good to be true? That’s where Web3 comes in, though! The internet user experience is about to undergo a change thanks to Web3, the next big thing in the digital world. Internet users should expect more data sovereignty, privacy, and security due to this generational change, which is more than just another iteration of the Internet. With Web3, you can control your online presence and take advantage of a more decentralized internet.
But what is Web3, exactly, and how does it operate? It is a concept that makes use of decentralized autonomous organizations (DAOs), blockchain, artificial intelligence (AI), cryptocurrencies, and non-fungible tokens (NFTs). These technologies are used to create decentralized platforms and applications that, by encouraging participatory ownership and monetization independence, return power to the people. It will be fascinating to witness how Web3 influences the development of the internet and our digital lives in 2023 as it continues to develop and take on greater substance.
THE WEB3 PROMISE:
How we perceive the internet and our digital identities has significantly changed as a result of the growth of Web3. Web3 is fundamentally about giving people and communities more control over their digital assets and information. The ability of Web3 to develop ad-free, censorship-resistant, and creativity-driven environments is one of its main advantages. Web3 developers are creating a world where consumers will own the content they create and the digital goods they purchase by utilizing technology like blockchain, AI, cryptocurrencies, NFTs, and DAOs.
The present Web2 model, in which social networks have authority over users’ data and content, is broken down by this. Web3’s advantages go beyond promoting individual empowerment, though. It has the power to change entire societies and countries. Web3 can help people get ready for future employment opportunities and provide them the ability to choose their futures by avoiding the normal stages of growth. Web3 may also cause disruption in the conventional marketing and advertising sector. With Web3, users are co-owners and co-creators rather than just passive consumers. Brands must embrace increased transparency, responsibility, and respect for people’s digital rights in order to respond to customers’ shifting roles in society.
With Web3, consumers are given greater digital ownership while their personal information is safeguarded.
FULL CONTROL OVER YOUR DATA:
Web versions 1.0 and 2.0 are distinguished by a business model where the service provider has total authority over the users’ digital information, creating a centralized system where the user has no ownership over their data. Due to this, consumers must now rent digital property from service providers, ushering in the era of digital tenancy. Web3’s introduction, which would grant people digital ownership and control over their data, promises to alter this narrative. Web3 is focused on giving customers more digital control while protecting their personal data. This is accomplished by a burgeoning movement that gives users control over the ownership and monetization of their data, enabling them to exchange their data for virtual money like NFTs. The global Web 3.0 blockchain market was valued at USD 1.36 billion in 2021, and Grand View Research estimates that it will increase at a CAGR of 44.9% from 2022 to 2030.
THE AGE OF THE INTERNET IS RESPONSIBLE:
All internet users’ digital experiences could be improved via Web3. More individuals must realize the importance of striving for it to accomplish this. It’s high time we stopped big businesses from taking advantage of us. We embrace a period where people have total power and confidentiality as the Web3 era is here to stay.
