What’s the buzz around web 3.0, and how will it impact your life?

The newest buzzword that everyone is discussing is web 3.0, but how many people really understand what web 3.0 actually is? As we are beginning to move away from the web 2.0 architecture, web 3.0 will become a more important aspect of everyone’s life, whether they know it or not.

What is web 3.0?  

Currently, there is no clear sign of what web 3.0 will look like, as it’s still in its early stages of development, however, there are key characteristics of what web 3.0 will offer. These characteristics will change not only the way we interact with the web but almost every aspect of digital life.

Key characteristics of web 3.0

Decentralized, AND centralized

Although everyone’s talking about an internet infrastructure that is completely decentralized, which is true, with decentralization comes hundreds of thousands, if not millions of individual nodes within a network. This creates a centralization simultaneously, as each node within the network will act as its own centralized location.

Decentralized autonomous organizations (DAO)

DAOs is another buzzword plaguing the internet. In web 3.0’s highest form, a DAO would be one of the key benefits of web 3.0. Instead of companies run by a select few of individuals, instead, future businesses may adopt the DAO structure, whereby the company, and its decisions, are made by the mass majority of stake/shareholders of that organization. 

All digital assets are owned by the creator

Unlike web 2.0, any content you create, share, post over the internet is owned by a centralized authority. E.g. Facebook owns the rights to everything you post on your pages. 

In a web 3.0 structure, users will have complete control over the data they create and share. In addition, any value an individual’s date generates will be shared directly with the creator. 

Complete, partial, or no anonymity 

We are constantly ambushed by unwanted advertising, having our data and our personal identity exposed online, even when accessing the internet in incognito mode. On web 3.0 the option to remain completely, partially, or not anonymous will be decided by the individual. 

Extreme performance increases 

As a decentralized network will be a combination of hundreds of thousands of devices, the speeds in which accessing content will increase dramatically, as a request to access a piece of content wouldn’t need to travel far to receive a response, data requests will be received by the nearest node within the network.

Censorship and access to information

One of the most amazing aspects of web 3.0 and decentralization is, not one person, government, or company has control over it. Meaning, any/all content will be completely open and accessible.

In summary 

The new internet is slowly edging into everyone’s lives, and although there will be some challenges ahead with its full deployment, the benefits seem to outweigh the current web 2.0 infrastructure, allowing people to have control, rather than a handful of internet conglomerates.