No one can deny that the world is facing changes in almost all areas. With new technologies being invented and launched almost every day, it is easy to understand why. But the changes are not solely from technology. They can also be attributed to changing conditions and as well as a broader interaction between people as the world.

 

With the internet reaching about 4.66 billion people, the world has become smaller, making international interactions more plausible. So how will the world change? Are solutions like Web3 and cryptocurrency going to change everything and create a new perfect world? Let us delve into that right now.

 

Contents:

Web3 and the Future

Web1

Web2

Web3

Ethereum and Decentralization

Final Thoughts

 

Web3 and the Future

Since its invention, the internet has proved to be more valuable than expected. That is why you can find several internet-based platforms that are providing value in different ways. So whether you are relying on followers on Instagram or just want to focus on your assets on a platform, the internet provides that.

 

One uncertain thing was guaranteeing value. Now that is possible thanks to Web3. To get a clearer idea of why Web3 is a hot topic, let’s look at a brief history of the internet. It can be divided into 3 periods.

 

Web1

This period spans from when the internet was first introduced in 1991 till 2004. Consumers had access to static content. Most of the content was text or images. There were no databases to store files. Instead, information was stored in a static file thus making under interaction impossible. All you could do with Web1 was read the content.

 

Web2

The current form of the internet that most people are familiar with is Web2. The current web form is all about user interaction. Therefore, users can not only read but leave feedback and also interact through social media platforms. Unlike Web1 which only allowed developers to create content, Web2 makes it easier for almost everyone to create and post content. Despite the many great features of Web2, there are so many areas for improvement: 

• Security breaches
• Monetization of apps and software
• Information overload

 

One of the main problems with Web2 is the fact that you have zero control over how your data is stored. So you are constantly exposed to security breaches. Free speech can become a problem for users in countries that have centralized servers, putting them in danger.

 

Web3

Web3 is designed to tackle all the problems that users are facing currently. The main thing that differentiates these two web forms is decentralization. It offers the ability to:

• Verify information
• Control your data
• Create apps with built-in payments
• Deploy apps on several servers

 

Applications on Web3 are designed to run on blockchains. They can also run on decentralized networks. Such applications are usually referred to as decentralized apps (Dapps). Apps can also run on a combination of blockchains and decentralized networks through a crypto-economic protocol. Web3 is highly linked to cryptocurrency. That is because cryptocurrency provides the mode of payment for creators. 

 

So anyone using a protocol will pay using cryptocurrency. This payment goes to the creators. Any guarantees made on a blockchain are trustworthy. With trust, it is possible to launch new things. Guarantees on Web3 range from DOAs to NFTs.

 

Ethereum and Decentralization

The distrust for governance is growing across the world. Hence there is a need for decentralization. Blockchains provide a medium for decentralization while allowing a consensus to be reached. For instance, DeFi has amassed billions of dollars in a very short period. This was made possible by the smart contracts on Ethereum.

 

The Success of DeFi is a sign of more change coming. Traditional financial institutions, as well as other areas of government, may become obsolete soon. All areas that are currently centralized including the government will become more decentralized. Blockchains are promising to provide more guarantees, which creates trust. This is crucial since many people are losing trust in their governments. Even when countries, like China, try to block cryptocurrencies like Bitcoin. However, the number of users keeps increasing.

 

With crypto growing, there are more than enough funds to start different projects. Web3 provides more room for coordination at an unprecedented pace. Information and money can move across borders at lightning speed. So the redistribution of wealth occurs at a faster pace.

 

Final Thoughts

Different innovations are changing the world currently. There is no doubt that the internet will disrupt life as we know it today. Expect a more decentralized world where there is faster coordination and more personalized control of data.

 

Governments and any other institutions are more likely to become decentralized, as blockchains offer more guarantees and create trust in the population. Web3 will take humanity to the next level. It creates hope for a more free, peaceful, and less violent world. Whether Web3 will create a perfect world remains a question to be answered.

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