- Web3 is a vision for a decentralized web.
- A decentralized web pushes for user’s data privacy.
- Web3 heavily involves cryptocurrency and blockchain.
As humans have evolved over centuries, the internet we all use today is also constantly evolving. From static text pages (Web1 – early version) to interacting online across borders (Web2 – current version), the internet has come a long way.
Now there are talks about Web3 or Web3.0, which has become a buzzword in almost every online community. But not many have a clear idea of what Web3 is or how it will affect all of us. Will it change the way we use the internet today? Let’s break it down.
Web3 is an idea, vision, and movement for a decentralized web that is nearly free of centralized third-party intermediaries. This feature essentially makes it pro-privacy for a user’s data and also renders it more user-centric instead of platform or business-centric. The idea was first presented by none other than the inventor of the World Wide Web Tim Berners-Lee in 1999 as a Semantic web that would involve AI.
Before moving forward, here is a simple example for you to understand the decentralized web better. At some point in our lives, we have all heard of our data being leaked or sold or hacked, and there was nothing that could be done about it.
Why? Because we do not own it even if it belongs to us. Once our data is online or otherwise shared through centralized digital channels, people or corporations are free to do whatever they wish with this information, which has a direct impact on our daily lives. For instance, utilizing our data and preference to show us ads that the AI considers relevant depending on our data.
But what if we actually own all the data that belongs to us and are free to use however we like? This is exactly what a decentralized web will help us do. Not only this, but we will also be able to trade, transact, communicate, and work better without the involvement of any third party, be it a government, corporate, or influencer.
However, Web3 heavily involves cryptocurrencies and blockchain to keep its vision afloat. Today, we hear a lot about the NFT hype or countries making crypto a legal tender. While there is no timeline on when these might be implemented, we can still see multiple companies and platforms building the pieces of infrastructure that are key to Web3. For instance, Konstellation is a platform that envisions creating a decentralized capital market. It also offers interoperability, meaning you can carry out transactions between different blockchains. Doesn’t it sound interesting?
Finance is the core of everything that we do today across the globe. Currently, there is a third party involved if you have to trade or transact. In the coming years, decentralized finance (DeFi) will be the future, and platforms like Konstellation will then come in handy to build DeFi hubs.
How Will Web 3.0 Work in Real Life?
As a commoner, we may not have to do much hard work to use Web3. Services will generally be taken care of by organizations and platforms like Ethereum and Konstellation. If we come to think of it, it will be similar to the web version we currently use but more optimized, open-source, trustless, and decentralized.
Take an example of money transfer. If you have to send USD 1000 to someone in some other country or exchange it for another currency, the process is lengthy and potentially costly. You have to go through a time-taking process and pay a hefty fee to finally complete the transaction. Since Web3 will be based on blockchain and cryptocurrency ideals, the process will be quick and cheap as there will be a direct transfer of funds through borderless, global decentralized applications (dApps) and services.
Web 3.0: Internet of Our Online Future
Our language is defined by use and so is our experience. The new age of the internet is expected to do the same for us. While many famous personalities have different opinions, Web3 is sure to transform our online future once it becomes fully operational (currently under development).
Platforms like Konstellation are built on the same principles and promote Web3 for better operations and adoption. There are multiple developments going on in space and it will be interesting to see in the coming days/years how things turn up for all of us.