Invented by Gavin Wood, web3 is the next generation of the World Wide Web. It incorporates concepts from the blockchain, token-based economics, and decentralization. These technologies are expected to help power a new social model and a new business model.
Web3 will help democratize access and create a peer-to-peer internet. Users own their data and interact with each other using blockchains. They will also own their content. This model is similar to the “play to earn” video game model. Users can sell their digital culture to advertisers or buy it for themselves. In fact, they can create custom games and environments.
Web3 will also help businesses become more user-centric. Users will be able to transfer their assets anywhere they go, without the need for a middleman. This will help people who are banned from certain services because of large payment providers. It will also help people who don’t have bank accounts.
While some people may need to remain anonymous, web3 would help them prove ownership of their own data and identity. This is because the information would be stored in a variety of locations. There would also be a network of people who would verify and validate the data.
A web3 version of Facebook could also allow users to monetize their data. It could allow users to earn crypto tips. It could also allow fans to become patrons of their favorite artists.
Web3 is also expected to increase voice search. The technology will help websites and apps understand what information is relevant to a user’s query. This will be important to ensure that the content is presented for the relevant query. In addition, users will be able to sell their data to advertisers.
There are also concerns about how to control the spread of harmful misinformation. These are issues the current internet is not good at addressing. A web3 internet would need to have control to avoid spreading hate speech. A web3 social network could also delegate decisions to users. This could help reduce the dependence on advertising-based business models.
Web3 supporters say that the decentralized technology will give people a new way to work together and own their data. They also argue that the technology will usher in a middleman-free digital economy. It will also help businesses become more transparent and user-centric.
Web3 will also allow people to interact with machines more deeply. The network could also be used to create an immersive digital world, a virtual world where users can socialize and participate in other activities. It would also enable people to attend meetings and play games. This would also allow for AI to help create a custom environment.
Some people are concerned that web3 is a step towards a dystopian internet. Web3 could be used to create a pay-to-play internet. It could allow websites to make money from users’ data. It would also make the internet permissionless. This means that there would be no central authority to prevent users from accessing websites.