How The Web 3 Revolution Will Change Everything

Web3, bitcoin, blockchain technology, virtual reality/augmented reality, and the “metaverse” are concepts that are widely used interchangeably nowadays. I believe that people already have a more profound intuitive understanding of how VR and AR can change the future. Therefore, I’ll limit my article to how crypto & blockchain tech in the context of web3 will change the future since it’s a little more challenging to understand and abstract in its concepts.

While political terms like liberty, decentralisation, censorship, and authority are commonly used in discussions about this subject, technical specifics are also frequently used. These are all important, but in the end, whether web3 powered by cryptocurrency is the future will depend on the economic and productive value it brings and the potential improvements in quality of life.

Our actions and current situation

All web iterations are digital revolutions; more components of our analogue (physical) lives are moving online in addition to the creation of new digitally native (digital-first) experiences.

Web1 revolutionised information accessibility in the 1990s.

• Information and content seen online come from the real world.
• Anyone with an internet connection can now access information, which is neither a local nor a physical occurrence.
• Early web protocols support file transfers, emails, and web pages.
• Examples include personal websites, the online versions of Encarta and Encyclopedia Britannica, FTP, and MapQuest.

Web2 represents a revolution in experience, productivity, and connection (since 2000).

• Because of the convergence of hardware and software technologies, which transforms the static into the dynamic, we can now enjoy rich online interfaces and interactions.
• More and more of our lives are being lived online.
• In 1999, 2009, and 2019, compare the proportion of your daily attention that was spent online.
• Whether it’s for our work, relationships, hobbies, investments, etc., we now spend a significant portion of our lives online.
• People can now spend the majority of their lives online because the web2 environment and user interface are so rich.
• Additionally, we generate most of our goods digitally, consume the majority of them, and interact with others mostly through social media and messaging services.
• Robinhood, YouTube, Google Docs, Twitter, Instagram, WhatsApp, Facebook, and advanced home and health technology are a few examples.

Web3 is a revolution in value transfer, ownership, and coordination (2015-).

• I will analyse each of these web3 revolutions in greater detail in the part below titled “Web3 Paradigm Shifts.”
• But the first thing to remember is that a lot of the events that will take place in web3 had their origins in web2.
• It’s simple to overlook that the web2 era is still active and will continue to give rise to profitable new firms amid all the hubbub about web3.
• Let’s look at how some web2 advancements naturally lead to web3, which is powered by crypto.
• If you want to create a project based on new technology like Web 3.0, you should consider working with the top Web3 Development Company.

Web2 extensions in Web3

Enhanced and more robust networks

• Your neighbourhood, place of employment, family, and close friends from your adolescence may have been part of your networks in the early days of the internet.
• A mailing list or forum might have been something you belonged to if you were an experienced online user. Web2 networks have multiplied and are continuing to expand.
• You might have family and friend-specific WhatsApp groups, Facebook networks, Telegram channels, Instagram hashtags, and Twitter nooks.
• This network creation has been carried on with the introduction of the value network in web3. Examples include Polkadot, Solana, Ethereum, and many others; each currency represents a particular user network.
• These programmable currencies also have tokens built on top of them that any individual or group of individuals can issue.
• As a result, there is a growth in value networks that are nested within a larger, more powerful network with which it may communicate and exchange information.
• This is a surprisingly powerful invention since a value network may be added to any existing web2 network, including social networks, messaging networks, and content networks, as well as to brand-new networks.
• We have a wide variety of networks, but almost any network can be made profitable, tokenized, or rewarded, creating supercharged variations of those networks.

Explosion of formats, niches, and creative endeavours

• Even if we only consider web2 businesses that have recently been established, such as TikTok, Substack, Clubhouse, etc., there are a tonne of creative and lucrative niches for people to inhabit.
• When you consider how much simpler it is to share content across so many channels, it comes as no surprise that individual power and creative activity have expanded significantly over the past 20 years (also known as networks).
• In the web1 world, there were still a lot of Hollywood celebrities and best-selling authors.
• In web2, there are activists and famous people in every known media genre, subcategory, and format.
• The future of the web 3 is the ongoing expansion of platforms, markets, and content types.
• The biggest shift is that there will be more rewards and creativity that is fully digital (for example, you might monetize an opera in a virtual environment with a virtual currency that is easily exchangeable for other virtual currencies or items).
• In addition, compared to the current monolithic platforms, the platforms used by producers and creators will be more flexible, less expensive, and less intrusive.

Global cooperation is straightforward

• Thanks to the cloud, strong front-end frameworks, and ever-improving browser capabilities, collaboration with anyone, anywhere, and in practically any industry is now possible.
• Figma and Airtable are just two examples of recent web2 startups that have made it easier to collaborate with individuals around the world.
• The epidemic has accelerated this phenomenon even more.
• With the introduction of web3, organisations can now be formed freely and independently of any particular platform.
• These organisations, known as DAOs, may manage their own affairs using tokenization and are rewarded for working together to accomplish a goal.
• Anyone can have their work appraised and verified by a publicly available blockchain, whether it is totally public, pseudonymous, or anonymous.

Distribution and eliminating middlemen

• Web3 will maintain the pattern of narrowing the gap between the producer and the customer. Disintermediation is a constant on the internet.
• According to web1, a successful music album release ranked artists, labels, distributors, retailers, and consumers in that order.
• Every stage of distribution results in a loss of profit, and gatekeepers decide whether you may go to the following stage.
• For those who are completely independent, you can either go closer in web2 (artist label platform consumer) or closer still (artist platform consumer).
• Web3 advances this disintermediation because the platform just acts as the underlying network or protocol via which the connection is made (artist consumer via protocol or network).
• There are no longer gatekeepers or high take rates.
• Curators who focus on the needs of the public are still a possibility, but their pay is not determined by the artist’s profit margin.
• All service providers and product makers should ultimately have access to direct customer contact.
• Only because self-distribution is getting more and more practical is disintermediation ever a possibility.
• To ensure extensive distribution in the past, middlemen were needed at every step.
• Through websites like SoundCloud, Amazon, Shopify, Google Ads, and social media
• Strong self-distribution skills came via Web2.
• Although tokenized systems have been implemented, all web2 tools are still available in web3.
• Holding tokens you produce that in some way represent your business or artistic endeavour can inspire early users and fans to distribute your creativity.
• Now those lovers will spread your creativity through their own networks and resources.

Changes to the Web3 Paradigm

Users acquire ownership

• Employee stock options made many tech workers rich with the rise of web-first tech companies.
• For companies that rely on network effects, such as those that use any social media platform, sharing economy platforms like Uber, marketplaces like Amazon, cloud tools, or games, early adopters are equally important.
• Early adopters are necessary for subsequent users to join up and for a firm to succeed.
• However, early adopters are no longer compensated for their essential contribution.
• When a business thrives, users and early adopters will gain through both fungible and non-fungible tokens.
• We shall soon get paid for our data is a subject that is frequently brought up in coverage of web 3 in the mainstream media.
• This is true; our data will follow us around and be our own rather than being stored by the platforms (such as Twitter, Facebook, etc.).
• Users will benefit significantly more from contributing their attention, a more important and scarce resource than money.

At some point, the app will either inspire heavy and frequent users of games, cloud services, and content platforms, or they will go to companies that actually reward their priceless attention.