Recent geopolitical events have polarized the world. Partisan and ideological divisions further balance the Internet, with its guards violating the access rights of millions to financial services. Countries are gradually realizing that there are neutral protocols and national stacks.

Web3 is the next generation of the Internet and will be sanctions-resistant and storage-free. Gavin Wood, co-founder of Ethereum and founder of Polkadot and Kusama, coined the term Web3 in 2004. Five years later, the Bitcoin (BTC) White Paper was published in 2009, further reinforcing the need for decentralization. Will the decentralization narrative persist? Let’s find out why Web3 is so popular today.

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Web 3: The role of decentralization in an innovative economy
Web3 can offer global digital dashboards to help with innovation and independence. The requirement for judgment in Big Tech has sparked discussions in Web3. Big Tech’s dominance of the internet and its control over personal data has sparked a call for decentralization. a16z, a respected Silicon Valley venture capital company, has published its policy paper “Building a Better Internet: 10 Principles for World Leaders Shaping the Future of Web3”. It states that data ownership and revenue generation will lead to new business models in the Web3 era, arguing that:

“The world deserves technologies that can empower the millions of people on the cusp of an innovative economy and enable people to take control of their digital lives.”
The basic premise of the Internet was to connect people to each other. The Internet has changed in the last 30 years, and our interaction with it has changed too. Despite the changes, the era of online communities can be roughly divided into three time periods.

“Privacy is essential for an open society in the electronic age,” said Eric Hughes, an American mathematician and founder of the cypherpunk movement, highlighting the importance of privacy and how it is most visible in a decentralized version of the Internet. The current state of the Internet, Web2, surpasses the monopoly of big technology companies; Facebook, Amazon, Apple and Google currently own and control the Internet.

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Web3 proponents call for the future of the Internet to be built on the first principles of decentralization, autonomy, data ownership, and oversight. At the core of Web3 is the philosophy of a decentralized internet infrastructure designed to provide individual privacy.

Web3 has not yet reached its full potential. At this point, the idea that people are in complete control of data and privacy seems dystopian because acceptance is irrelevant and limited to people savvy about cryptography. In the field of Web3, we need to resolve the friction at the initial level.

Web3 Adoption
The ideals of ownership in a truly decentralized economy can only be achieved if we create additional tools and infrastructure compatible with Web2 and Web3. Web3 adoption is still in its infancy, although several Web2 companies have gradually begun to migrate to Web3 and implement decentralization. An easy-to-use infrastructure and activation services must be built to ensure a seamless user experience in the Web3 era. Lots of things to do.

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The idea of ​​mobile digital identities and Internet ownership is being pushed into easy-to-use Web3 wallets for everyone, including non-native cryptos. Credential management along with storage of digital assets is the missing link preventing Web3 adoption. A sophisticated wallet that could allow users to verify their physical and digital identities, store credentials for digital assets like NFT tokens, and ensure that payments, efforts, and more are what the hour needs. The services of existing players (from fiat to crypto) and external services (from crypto to fiat) are far from satisfactory, which needs to be addressed in terms of user experience to ensure mass adoption.

Source: CoinTelegraph