Blockchain technology has brought new protocols and tools into the digital world. Over the years, we have seen users adopt cryptocurrencies, NFTs, DAOs, and more.
This increasing adoption of blockchain-based technology shows a clear trend of users moving towards a Web3 era. We can expect this trend to continue as blockchain technology becomes more popular with the masses.
Web3's decentralized nature is a significant departure from the internet's prior incarnations. While the original internet was made up of just static web pages, the current iteration focuses on user-generated content stored on platforms owned and operated by a handful of powerful corporations.
In contrast, blockchain technology allows for decentralized data storage on Web3. This makes it possible for platforms to be set up and run without the need for centralized servers and middlemen.
For example, decentralized data storage works by breaking files into multiple pieces, then stored in multiple distributed computers, so there is no single point where the file is hosted. With several copies spread out over the network, it becomes impossible to change or alter data.
So, no one but the owner can see or change the data, no matter where or who runs the server where the data is stored. This is because you need either the permission of the data's owner or the agreement of the whole network to access or change the data.
Could Web3 be a reality in the near future?
There are several reasons why Web3 is likely to become a reality sooner or later. First, users have a greater sense of privacy due to the decentralization present within blockchain technology.
In addition, with the growing frequency of data breaches, users may be happier with decentralized alternatives to traditional centralized systems.
Furthermore, users also get to have full control over their assets and data. This is a radical change from the current internet experience, where centralized entities typically control user data. This data can even be sold to other corporations, sometimes with the end user unaware of the data sharing.
DAOs can replace centralized platforms by putting authority into the community's hands. Decentralized governance can be very beneficial for users because it promotes individual agency and democracy by allowing citizens to participate in the organizing and running of a platform.
While there are many Web3 applications that users can access today, widespread adoption in its current form does have some hurdles. For one, governments and regulatory bodies may attempt to push back against the concept since the increased privacy and autonomy make it more difficult to track users.
In addition, governmental organizations may prefer some degree of centralization so it is easier to track down malicious actors. However, only time will tell how governmental organizations respond to Web3.
Conclusion
As with every technological advancement, there will be obstacles presented by the newest innovations that must be overcome. Many companies have begun using Web3 technology, while others are only beginning to see the possibilities of this emerging concept.