The web 3 It’s the new “buzzword” that’s hard to miss today. It defines a new generation of the internet, decentralized and independent, made possible by the blockchain. The Promise ? Reclaim your data, contribute to managing your favorite apps, take advantage of independent financial services and rethink value creation. After the ‘Web 1,’ the ‘read-only’ internet from the 1990s to 2004, and the ‘web 2’ in the ‘read/write’ we know today that represented the rise of social networks, Web 3 would represent the future of the Internet. What is web3? Is it a real revolution or is it a more utopia? decoding.
What is web3?
Web3 is a state of application of uses made possible by the blockchain. This technology allows decentralized applications (DApps) that together make up the web3 ecosystem. As a result, transparency, security, fairness and regaining control over personal data have increased.
While the web2 business model was primarily about exchanging data (and interest) for free services, web3 offers its users a limit to this bargaining. web3 DApps are accessed by getting some Icons that allow owners to participate in the management of decentralized autonomous organizations (DAOs).
Moreover, Web 3 will address the risks caused by the concentration of web companies. Thus, the supremacy of GAFAM (Google, Amazon, Facebook, Apple and Microsoft) will soon be a thing of the past. As a result, users can gain independence and will no longer rely on the good reputation of these platforms (price increases, account bans, service closures, etc.).
Web 3 is also said to be ” without prior authorization Which means that everyone, from an address on the blockchain, can interact with it without restrictions and this, all over the world. Censorship, as well as moderation, will end, as well as blocking access by geolocation or for any other reason.
Are we on the eve of a new digital age?
Web 3 continues to spark curiosity and enthusiasm, and behind that excitement, the sector is already showing absolutely amazing growth. According to a study by Emergen Research, published in May, the Web3 market was valued at $3.2 billion in 2021 and is expected to reach $81.5 billion by 2030.
If Web 3 is often described as revolutionary, it is in particular because of its innovative infrastructure, but also because of the new services and products that are emerging from it. For example, the launches of the various metaverses have not failed to surprise the general public by testifying to the approaching immersion of the digital experience in virtual reality. On the other hand, NFTs are another example of the capabilities enabled by the blockchain on the web 3. In addition, decentralized finance (DeFi) allows its users to control the management of their personal funds and access various secure and transparent products (such as maskThe Agricultureor borrow trade).
Many sectors can be profoundly changed by the capabilities that blockchain offers. Right now, it seems that someone has found their salvation there, it has to do with the provision of creation. At the end of 2021, there were nearly 50 million freelance creators in the industry, according to Eterna Capital, whether they are journalists, artists or videographers. While the web2 model already allows them to monetize the fruits of their efforts, web3 promises more fair compensation by eliminating the number of distribution middlemen. Moreover, the economic model of creativity on Web 2 is primarily based on advertising revenue earned through the emergence of artists. On Web 3, creators can monetize their art or content for free by primarily benefiting from the support of their community.
The video game industry has also taken a turn for Web 3, not without enthusiasm. the society Square Enixbehind the successful Final Fantasy and Tomb Raider franchises, said it is ready to create a “robust ecosystem using blockchain and NFTs in its games as part of its 2022 strategy,” according to Forbes.
SquareEnix has partnered with Animoca Brands To create an ecosystem using blockchain and NFTs:
Companies like Ubisoft where Atari They also entered into partnerships with Metaverse The Sandbox where they offered themselves large plots of virtual land. In addition, the blockchain opens the door to new ways to play. In particular, GameFi allows players to experience a new Play-to-Earn model that rewards game performance with crypto assets. Meanwhile, the Move-to-Earn program (which can be found on StepN apps and SweatCoins in particular) rewards users according to the number of steps they have taken.
Gavin Wood, co-founder of Ethereum and founder of Polkadot, was the first to dream about the future of the internet by describing what he called, in 2014, “Web 3.0.” In an interview with CNBC, he said that users are conditioned to trust the centralized infrastructure of the web as it is, but that that model equates to a miserable version of the world. He adds that web3 is likely to be a file a challenge for the current tech giants. If he compares this competition to David’s uphill fight against Goliath, he also says he sees Web 3’s potential comparable to Microsoft’s in the late 2000s.
Exercise raises questions
Web 3 offers new business and financial opportunities, it makes it possible to regain possession of its data and contribute directly to the development of its ecosystem that aims to be transparent, secure and decentralized. If the promise had all the temptation, the implementation of these specifications could leave the least enthused.
First of all, critics of Web 3 assert, without error, that platforms today are largely dominant in their sector. From leading cryptocurrency exchanges to NFT sales platforms, some companies hold significant market shares in their field of activity on the Web3. Therefore, the emergence of new giants goes against their core ambition of decentralization. While this may raise questions, it should nevertheless be noted that access to Web 3 is conditioned on the existence of these platforms. The latter offers a user-friendly interface, facilitates access to the services and provides guarantees to its users.
Accessibility, in particular, also casts doubt on the future of web3. If this person is currently attracting a curious and convinced audience, it is very difficult to move forward in terms of mass adoption of Web 3. However, the commitment of a growing number of brands can spur that adoption. We should also note that according to a survey conducted by Pew Research Center At the end of 2021, only 13% of the American population would have said they had not heard of Bitcoin or any other blockchain. If this technology has not yet penetrated the collective consciousness, it continues its way there in the same way.
Finally, according to an online study by the National Research Group last January, 54% of American consumers said they are concerned about the threat technology poses to their rights and freedoms. Among the respondents, 44% mentioned their concerns about the protection of their data online, 38% expressed regret about online advertising, and 34% expressed their inability to manage their personal information. This could be a positive sign for a broader adoption of Web 3. However, at the moment, only 13% of respondents said they know what Web 3 is.
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