Recent geopolitical events have polarized the world. Partisanship and ideological division led to the further balkanization of the Internet, whose guards trampled on the rights of millions to access financial services. Countries are gradually waking up to the fact that there are neutral protocols and national stacks.
Web3 is the next generation of the internet, and it will be sanction-resistant and free from data warehouses. Gavin Woodco-founder of Ethereum and founder of Polkadot and Kusama, coined the term Web3 in 2004. Five years later, Bitcoin (BTC) The White Paper was released in 2009, which further reinforced the imperative of decentralization. Does the narrative of decentralization survive? Let’s find out why Web3 is so popular today.
Web 3: The role of decentralization in the innovation economy
Web3 can provide global digital bars to help with innovation and independence. The clamor to dominate Big Tech pushed discussions on Web3. Big Tech’s dominance of the internet and its control over personal data has fueled the war cry for decentralization. The famous Silicon Valley Venture Capital, a16z published Its policy paper “How to Build a Better Internet: 10 Principles for World Leaders Shaping the Future of Web 3.” It states that data ownership and monetization will lead to newer business models in the Web3 era, calling for the following:
“The world deserves technology that can unlock opportunities for millions on the fringes of the innovation economy and empower people to take control of their digital lives.”
The basic premise of the Internet is to connect people. The Internet has evolved over the past 30 years, and our interaction with it has also changed. Despite the changes, the era of online communities can be broadly categorized into three time periods.
“Privacy is essential to an open society in the electronic age,” said Eric Hughes, an American mathematician and founder of the cypherpunk movement, stressing the importance of privacy and how it is further manifested in a decentralized version of the internet. The current state of the Internet, Web2, smells like the monopoly of big tech companies; Today, Facebook, Amazon, Apple, and Google own and control the Internet.
Web3 proponents have urged that the future of the Internet must be built on the first principles of decentralization, autonomy, data ownership, and resistance to censorship. At the core of Web3 is the philosophy of a decentralized Internet infrastructure designed to ensure individual privacy.
Web3 has not yet reached its full potential. At this point, the idea of individuals exercising full ownership of their data and privacy seems completely dystopian because adoption is unimportant and limited to individuals savvy in the field of cryptography. There is a need to address entry-level friction in the Web3 space.
Web3 اعتماد adoption
The lofty ideals of ownership in a truly decentralized economy can only bear fruit if we create complementary enablers and infrastructure compatible with Web2 and Web3. Web3 adoption is still in its infancy, although quite a few Web2 companies have begun to gradually move to Web3 and embrace decentralization. User-friendly enabling services and infrastructure must be built to ensure a smooth setup for users in the Web3 era. There is still much to be done.
The idea of mobile digital identities and online proprietary is taken for granted on easy-to-use Web3 wallets for everyone, including the non-native crypto masses. Credential management along with digital asset care is the missing link preventing Web3 adoption. A composite wallet that can enable users to confirm their identity in the physical and digital realm, store credential digital assets such as NFT tokens, guarantee payments, staking, and other hourly requirements. The services of existing players (from crypto to cryptocurrency) and external services (from crypto to fiat currency) are far from satisfactory, which must be addressed from a user experience point of view to enable mass adoption.
Web3 and the economy of property
Web3 will revolutionize the ways people use technology in online communities. Value creation and distribution will no longer be at the mercy of central actors, and decentralized groups will enable new forms of ownership and co-creation.
The gaming industry, with a cost of $200 billion in 2021, is the way forward to get users into the Web3 ecosystem. Emerging gaming markets like India have over 450 million gamers. Emerging markets have lower per capita income, which creates huge opportunities for players to earn income through blockchain-based play-for-profit games.
Web3 financial-first games are expected to grow in the long term. Web3 is at the heart of the discourse, focusing on the creator and ownership economy. JPMorgan’s latest report, “Opportunities in the Metaverse,” Highlights The Importance of Single Wallet User Experience in Web3 and Meta Commerce. The report states that a single portfolio should include the following:
- Web2 Payment bars for traditional finance, cryptocurrencies, and digital assets.
- Web3 encryption, NFTs, and digital assets.
- Verifiable digital credentials, KYC and AML compliance keys, and reputation scores.
- Multiple aliases to maintain privacy and enable digital freedom.
Tools and services based on maintaining privacy and self-sovereignty are essential to harness the full potential of Web3 and take advantage of trillion-dollar opportunities in the metaverse. An improved user experience is critical to mainstream adoption.
Co-author this article Chandra badges And the Chef Aggarwal.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should do their own research when making a decision.
The opinions, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Chandra badges He is a keynote speaker, educator, blockchain, and emerging technology evangelist. He leads research and strategy at EarthId, the award-winning decentralized identity management platform.
Chef Aggarwal He is the founder and CEO of EarthId, an award-winning decentralized identity management platform. Shiv is currently leading EarthId toward enabling frictionless adoption of Web3-based ecosystems. He is a thought leader in the field of blockchain and digital identity and has delivered several keynote speeches at international conferences. Shiv also leads the Government Blockchain Association in Europe, the Middle East, and Africa.
“Wannabe music enthusiast. Professional creator. Amateur food fanatic. Freelance pop culture maven.”