If you’ve been paying attention to the world of cryptocurrency or blockchain, you may have heard of the term “Web3.” To put it simply, Web3 is an iteration of the internet that is “owned” by the users. As Dan Schatt of Earnity explains, Web2, which dominates the online space now, is controlled by big companies that provide services in exchange for users’ personal data.
Web companies have been collecting users’ data for years now, and it has only become more prevalent with the rise of social media. The fact has led to a centralization of power within these companies, which has resulted in several issues such as censorship and data breaches
With Web3, users will be in control of their own data. They will be able to choose which applications they use and who they share their data with. The shift will help create a more decentralized and secure internet, returning the power to internet users.
There are a few essential features that describe Web3. Earnity’s Dan Schatt lists down some of them below.
Countless users have been griping about owning and managing several online accounts because the sites or apps have different authentication details and methods. With Web3, users only need one set of credentials to access all their accounts. In addition, credentials will be stored on a decentralized platform, such as a blockchain, and will be encrypted so that only the user can access them.
Web3 will be available anywhere there is an internet connection, which means users will not be limited by geographical boundaries when accessing their data or applications. Internet accessibility will not be that big of an issue anymore.
As Web3 will be decentralized, it will not be governed by any entity. Instead, the community will come together to make decisions about the direction of the platform. Even so, the platform will still be trustworthy because all users must abide by the same set of hard-coded rules, also called consensus protocols.