Web 3.0- Reimagining The Internet’s Future with Blockchain

The Transition from Web 1.0 to Web 3.0

The World Wide Web, or the Internet, was first conceived to be open and decentralized. Web 1.0 was essentially a read-only experience where a vast proportion of internet users were mere consumers, not content creators. The onset of Web 2.0 marked a seismic shift in how we use the Internet. Social channels like Facebook, Twitter and Instagram ringed in the democratization of the content. Every user can now generate content and disseminate it. There’s another marked difference between Web 1.0 and Web 2.0. In the first generation of the Internet, users collected data from online browsing. In Web 2.0, megacorps like Amazon, Google, and Meta collect data from users. This is unnerving after we have seen recurring instances of data breaches. There’s a risk of sensitive or confidential data being leaked to third parties to your unbeknownst. You can’t assume that user data is safe. Web 3.0 has the potential to let users break free from the hegemony of big corporations and wrest control of their data.

Web 3.0 Will Save the Day and Your Data Too

There Are Drawbacks Too…

When we are hailing the decentralization of the Internet with Web 3.0, a new monopoly should not be allowed to build. With Web 3.0, people will be able to post and do whatever they want online. Unless there is there is even a semblance of regulation, much malicious content may go unchecked. The other downside of Web 3.0 governance is that it may create a new form of hegemony where a clutch of big entities will control transactions. The top 2 per cent of accounts already own and control 95 per cent of the $800 billion supply of Bitcoin, and 0.1 per cent of Bitcoin miners are responsible for all new output.

Blurring The Physical-Digital World with Web 3.0

Web 3.0 stands the potential to blur the physical and digital worlds with the interplay of emerging technologies. The potential upsides of Web 3.0 are bristling with excitement and promises. The big takeaway is that users will have more control over their data and privacy. Sure, there are a few pitfalls, but the gains outweigh the concerns. Web 3.0 is no perfect internet, but by the time users experience it, they will realize getting over many imperfections.

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