It is Web 3.0 or the new internet. But you can’t be blamed for connecting it to crypto, as the concept is more popular among crypto owners. Web 3 decentralizes the internet we know now with the help of blockchain and cryptocurrencies. Platforms that will support Web 3 are “open,” which means everyone has equal footing on everything. Web 3 aims to replace the current Web (2) that is largely dominated by BigTech companies that leave little revenue or ownership for retailers to claim.
However, co-founder of Twitter, Jack Dorsey criticized the concept of Web3. According to him, Web 3 is a marketing hype that Venture Capitalists are cashing on. Perhaps he’s being conservative, to say the least, because for now, Web 3 “offers the possibility, not guarantee, of something better,” according to entrepreneur Balaji Srinivasan.
Yet, the hype is significant.
What will Web 3 migration look like?
Look around and you’ll find that Web 3.0 is already here. Decentralized networks like FundingDAOs and SocialDAOs are trying to improve governance and funding, while others are demanding retailer’s right to own government artifacts. Brave, a popular web browser among crypto investors, runs on its own blockchain, where BAT serves as the main token. Then came Opera with its latest partnership with Solana blockchain that allows access to decentralized apps based on Solana. You can expect more such collaborations between crypto and Web 3.
How scaling Web 3 will depend on crypto adoption
More people own crypto now or have had some interaction with digital assets than before. Crypto owners, who are typically well-researched, diverse and forward-thinking, will find Web 3 more comfortable as it encompasses tokens, NFTs and the likes. As a matter of fact, Web 3 platforms are permissionless, or free from government authority. These networks are trustless -that don’t include third parties too and draw their strength from social consensus, a way of agreeing on some rules. So the whole idea of Web 3 is to empower the community, a concept that Bitcoin introduced us to.
Like crypto, regulating Web 3 could stem from the need to protect retailers as they get more involved. And it won’t be long before Web 3 inspires governments to launch their own platforms, as they did with digital currency experiments.
Whether it’s interest from VCs, retailers, or governments, it’s still early to say how Web 3 will evolve. The only thing for certain is the platforms that put ownership in the hands of the community are the ones that will win. Because without community ownership involvement, it is not Web3 at all.