It’s the internet of the future, 8 years in the making: Web 3.0 (aka Web3). And now, in 2022, if you mention Web3 to anyone who knows even the slightest thing about it, cryptocurrency will undoubtedly enter the conversation. In fact, a recent GDS insight article around the basics of Web3 lists Bitcoin (and Blockchain as a whole) as one of its cornerstones. However, when we shift our focus away from the burning spotlight on all things crypto, three fascinating pillars of Web3 come into view – pillars that just might help you get ahead of the internet’s “next big thing.”
The Metaverse
Our online experiences, personas, and the data we (unwittingly) provide are about to drastically change, and that’s largely thanks to one of the hottest buzzwords of 2022: Metaverse. Global giants ranging from Nike to Sony haven’t just invested billions of dollars into this brave new world; they’ve hit the ground running. The reason is because they recognize how the integration of Web3 and the Metaverse will create a more multi-dimensional online interaction for their consumers, where users can immerse themselves in digital content rather than simply viewing it. These organizations recognize that these innovations will inevitably change the way their customers interact with their brand as well as fellow customers, and how people shop and consume.
Data
When you think of the 21st century internet, aka Web2, you probably think about internet giants: Amazon, Google, and Facebook. And then, when you dive even deeper into your experiences with said sites, your data comes to mind. Remember all those times you’ve said something aloud and then saw ads for what you mentioned on Facebook or shopping recommendations on Amazon? That’s because Web2 gave these giants the tools necessary to buy and sell what many consider to be “the new oil”: your data. And they’ve had plenty to work with in the process, as the National Law Review reports nearly 2 MB of data was generated by individuals worldwide every second. So, yes, Big Brother has been watching for quite some time and has profited quite handsomely as a result.
Well, Web3 has some good news for you…in theory. According to many experts, you’re about to regain control of your data thanks to decentralization – and may even be able to monetize it as well. Now, while there is much debate over how much control, including in a recent episode of GDS Group’s podcast, “Strategy for Breakfast,” one of the pillars of Web3 is the ability for users to share data as they see fit. For example, have you noticed how prompts for cookies give you options on how much you’re willing to share, if at all? This marks the swan song of the 3rd party cookie, setting the stage for personal data control in Web3. Stay tuned on this one…
Trustless Transactions
Tired of fraudulent charges and lost funds? That’s because Web2 relies on an intermediary between two internet users who do not know or necessarily trust each other. These peer-to-peer services control user data and set rules and protocols for interactions. Trust is placed in these third parties and not, necessarily, between individual users. But in this current environment, your data is not truly private or controlled by you. A “trustless” internet may sound even more dangerous and reckless, but according to experts, “equally credible” may be a better term. According to a recent report from Wired, the blockchain aspect of Web3 will ensure all users will operate within the same set of rules, eliminating the need for trust and cutting down the risk of harmful or fraudulent transactions.
More Pillars to Come…?
Web3 is still lurking in the shadows, dropping hints here and there about what it will bring us while keeping everyone’s attention on crypto and NFTs. However, you know now a little more of what to expect in this 3rd chapter of the world wide web and can steer mundane crypto conversations towards equally exciting aspects of things to come. This naturally begs the question of will there be more to Web3, and the assumption is a resounding “yes.” What that is still an unfolding mystery, so keep checking back with us for updates as we find them.
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