Web 3.0: Ushering In A 3rd Alternative

in LeoFinance11 months ago

Many discount the impact that Web 3.0 is going to have on the world. Mistakenly, most associate it with cryptocurrency. Actually, Web 3.0 is going to be much larger than this single use case.

Before going any further, it is best to define the problem.

The Internet took us global. Suddenly, we were all able to communication like someone was right beside us. This opened up a wave of possibilities yet also generated an equal number of problems.

While the net is positive, this is a medium we are still learning to play with. Thus far, we only gave more power to governments and major technology companies. Both of them operate in a way that only increased surveillance on each individual.

Anyone carrying a phone is providing a 24/7 tracking device for those interested. Naturally, governments are all too happy to access this data. So, too, are hackers.

The question we have to be asking is whether we can come up with a better way?

Could Web 3.0 be that solution?



End Of The Advertising Model

For most major technology companies, the path to profitability is advertising. This is what the Internet turned into. Companies accumulate enormous amounts of data to provide sellers of goods and services with at much targeted advertising as possible.

Through this, all of our friends became unknowing allies in the effort to sell us more stuff.

Of course, the ability to opt out is next to impossible. This means that we not only have governments monitoring as much as they can, each technology company is looking to do the same. There is no way to escape this.

There was a time only those suspected of a crime were being monitored. Now it is everyone and anyone. For this reason, we need to break these models in search for something better.

Global Problems

As the world became globalized, large scale problems resulted. Are we equipped to handle them?

One of the solutions, according to the small group in power, is to create larger government structures. If something is to big for a single government, let's build a mega-government. Certainly, the corruption that exists at the lower levels will not translate as it grows.

The Internet provides an interesting possibility as a solution. Could the next generation, being called Web 3.0, really have a global impact? We see the power that was generated with Web 2.0. The only challenge is who benefited.

In many ways, the Internet is bringing us closer. Communication and information is lacking the limitation it previously had. We now see how robust our systems are becoming.

Web 3.0 could change the ownership model. As such, it could be ushering a 3rd alternative between governments and mega-technology companies.

And, perhaps this is how global problems need to be approached.

Tokenization Does Have Its Place

While Web 3.0 is bigger than cryptocurrency, the latter has a vital role to play. Tokenization is what can really level the field and alter the path of things.

Even though we had to endure a bunch of nefarious activities, it is important to separate that from the technology. In fact, history shows that new capabilities are often mired with behavior that we recently witnessed.

The introduction of the Internet, along with the railroads, saw exit scams as well as pump and dump schemes.

Unfortunately, it seems we have to endure the early days of fraudsters before moving on. The important thing to note is the presence of scams does not predict the future success (or failure) of a technology.

This is the case with cryptocurrency.

When it comes to a new ownership model, this is going to be at the core of it. However, that is still only a piece of the puzzle.

Decentralized and Immutable

Cryptocurrency does not solve the data problem. We know the amount generated is only growing. We come back to who is in control of said data?

One of the key provisions of Web 3.0 appears to be account ownership. This is one step forward on the path of wrestling control away from major technology behemoths.

Decentralization certainly holds some promise. If the control of the data eventually ends up in the hands of the stakeholders, that is a much different scenario as compared to Facebook. At least those providing the data are benefitting. This is not the case with the way the Internet is structured now.

Another factor is the need for compliance. When operating on a company's platform, they dictate what appears and what does not. It is all in their control. Over the last couple years we saw clearly how dangerous this is.

For this reason, there is little difference between the CCP and the major technology companies. In both cases a small group of individuals is using their position of control to determine what people have access to.

Naturally, opening up another avenue creates a new realm of possibilities. Could it be possible to produce a realm where people are able to openly share their ideas? Is it in our future whereby the ability to silence dissent is removed?

We cannot answer these questions at this time since we are still in the embryotic stages of this development. However, we can easily see how Web 3.0 might be ushering in a 3rd alternative to our choice between government and mega-tech.

If you found this article informative, please give an upvote and rehive.

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Whilst Web3 seems to be a good solution to most of the internet's centralized plight, the world simply isn't ready for it yet. The shock that will result from transitioning from the Monolithic Web to Web3 is going to be huge.

The association between Web3 and Cryptocurrency didn't come from nowhere: The same technology that powers cryptocurrencies will power Web3, but Cryptocurrencies are going to be so intricately, and intimately webbed with Web3 that the separation of both is a much harder feat than associating them together. Tokenization hammers this point home even further.

Do you think the current public image of Web3, along with Crypto, will hinder adoption as compared to the that of the Internet's early days? The internet was met with the same "its just a fad" while Crypto gets a furious handwave and a "its full of risks, scams, and volatility that I can't handle." A ton of people liken both of these things' adoption rates together, but unlike how the internet operated back then, people now could have a tangibly bad experience with crypto that forms the basis of their denial of it.

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Where is the line between Web 1.0 and Web 2.0? The reality is this is only obvious in hindsight. We cannot know when we will transition from one to the other.

As for the image, it is more difficult but much of the foundation was developed outside the eyes of the public. Because of the monetary aspect, we see Web 3.0 pulled into the eyes of the public.

Finally, the analogy to the early days of the Internet is applicable since we saw many of the same things back then.

It keeps happening no matter the technological advacement.

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 11 months ago Reveal Comment
 11 months ago (edited)Reveal Comment

Eventually, people will realise that Web 3.0 is a better alternative in solving some major global problems than web 2.0 . But this also has problems if it's own. Take the example of account owmership. There's no way to close down 'bad apples' especially if that 'bad apple' has amassed a large stake in the network. How do you deal with those kinds of problem?

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True, jut the bad apples should have the same natural right to be here as well.... what used to happen in lore hunter gatherer style societies, the bad apple would get excommunicated. I think we'll start seeing things like that happen, they can just be ignored since in a Decentralized model the bad apple couldn't be kicked out.

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That is the price of freedom. The argument of control based upon the fact there might be some bad actors is what the present system is built upon.

And remember, it is usually a matter of perspective. From the perspective of whom? The old saying is one man's freedom fighter is another's terrorist.

Often it is a matter of perspective.

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Wise words there! Yes perspective plays a huge role... I do forget about that sometimes.

Thanks for the reminder

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 11 months ago Reveal Comment
 11 months ago Reveal Comment

Web 3.0 is a evolutionary one. It will change many things and it will help us to make our life easier secure and more comfortable. But unfortunately many people just know the name web 3.0 because of crypto projects where crypto is a part of web 3.0. only.

It is true that is it evolutionary. We are dealing with a lot of things being built.

That takes time and then we need layers built upon it.

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 11 months ago Reveal Comment

People need more knowledge to keep themselves safe from the online activities, otherwise they sphere will not grow up to the mark.
What do you think about the Internet Computer Protocol (ICP), and really still we are within the border of crypto, may be it needs time to realize the bottom of the iceberg🤔

People need more knowledge to keep themselves safe from the online activities,...

That is true. People need to move away from the nanny state.

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There was a time only those suspected of a crime were being monitored. Now it is everyone and anyone.

I hate this!

Thanks for showing us how to link to LeoGlossary.


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Absolutely mind blowing the change for the better web 3.0 WILL bring to us 😀




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I think that certainly Web 3.0 has enormous potentialities that range from those that we can perceive and understand at first, to those that we cannot understand right now, but that will also come as soon as Web 3.0 technology is fully established in a significative way.

The power over our own data is one of the things that seems to me to be the most important regarding Web 3.0. Because Web 3.0 will give us control of our data, and that is awesome, and, as I see it, a dream come true. I mean, the simply fact that governments, technology companies and social networks are disabled to accumulate our personal data and preferences, already seems to me a spectacular advance regarding the privacy of all people globally.

This, of course, will make the panorama very bleak for all the schemes, structures and systems anchored to the old model of Web 2.0, as centralized, inquisitive and controlling as it is.

Essentially, I completely agree with everything you say in this post. Thank you for writing about this interesting topic. Greetings.

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I can't really tell what Web 3.0 will look like but will it really look any different from what the internet is today? I guess the structure of the system might change somewhat but I just can't seem to figure out what Web 3 will look like.

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An informative article as you will always have it . Web 3.0 really comes with many add ons it seems . Saving us from the claws of monitoring government schemes and mega-techs is what Web 3.0 seems to achieve!

Great Post!


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 11 months ago Reveal Comment

Glad you are back. You enjoying the bear?

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