Web3. A term that is so covered in vagueness. Yet, people nowadays are often hearing terms experts have now dubbed the Web3, referring to the next wave of trends that will rule and restructure the internet. These terms include blockchain technology, cryptocurrencies, and, most recently, NFTs (nonfungible tokens) and what Trilicon Digital coined Digitial Business.
In general terms, the main difference between the current version of the internet and the version that Web3 is referring to is the focus on decentralized, transparent operations. Many believe this shift in priorities will promote equal opportunities. Furthermore, optimists believe the newer version of the internet would give users more power over their data and allow both organizations and individuals to have direct, equal interactions.
While currently, Web2 is still the dominant structure, many tech professionals believe Web 3 is very much on its way to revolutionizing digital interactions and deals. In this article, 9 tech experts from the Forbes Technology Council and one being Trilicon CPO Jermaine Vanryck discuss what they believe Web3 is all about. Here are 10 points everyone needs to know about :
1. Blockchain Technology to Decentralize
Web3 is a limited yet powerful social movement aiming to use blockchain technology to democratize today’s internet technology and services.
The objective of today’s real-world blockchain applications is mostly to eliminate complicated third-party verification processes.
For instance, blockchain technology could be used to transparently verify trades of sensitive and complex securities like power plant shares or trades involving securities of executable software.
2. Blockchain, Blockchain, Blockchain
NFTs and Bitcoin, Bitcoins and NFTs. Those are constant terms used to represent Web3. Yet, it must be understood that Web3 isn’t simply about nonfungible tokens and bitcoin. Blockchain, the technology that allows these assets to be traded, can also be utilized for commercial and industrial tasks.
When distributed blockchain transactions become more secure and affordable, the underlying technology will be able to power a wide range of transactions between trusted and untrusted parties, such as contract signature and execution, which will be revolutionary.
3. It Will Become Mainstream Faster Than Today’s Internet Did
In the early 2000s, the internet was known as Web2. The commotion that was going on at the beginning of the millennium is going on now with Web3.
However, given the rate at which innovation occurs, Web3 will mature and become mainstream in less than two decades.
Don’t be terrified of what’s about to happen in the industry.
Learn it, accept it, and be ready.
Web3 will revolutionize the way we conduct business and hold us accountable for our activities.
4. Dependency On APIs
Web3 is basically all about application programming interfaces if you think about it.
Blockchain is nothing more than an open, massive, and dynamic API on which new kinds of decentralized apps are developed.
We’ll see additional verticals develop, from healthcare to travel and beyond, in addition to today’s usage, such as crypto, NFTs, and decentralized finance.
Web3 is about to become far more reliant on APIs than the internet has ever been.
5. Easier Barriers to Entry and Exit
Data will be controlled in a decentralized manner or in some situations, not controlled at all, removing entry and exit restrictions.
End users will be able to freely move their data from platform to platform as a result of this.
The rapid and iterative release of code that optimizes the end-user experience will rule the day in this new environment.
The greater transparency will make it easier to develop inclusive artificial intelligence systems that are bias-free.
6. Unique Security Challenges And New Regulations
In many ways, Web3 is completely vague, untested, and ambiguous.
As a result, security flaws are almost unavoidable.
Before diving in, businesses should have a clear strategy and structure for securing their share of this exciting new world.
They should also anticipate legislative involvement on how this should be achieved and independently confirmed.
7. Smart Contracts
Nowadays, smart can be added to any word implying a newer version of it that is digitalized, and so is the case with contracts. Smart contracts based on blockchain technology will become increasingly common.
When certain criteria are met, these contracts will automatically execute.
This means that parties can get real-time service while avoiding the fees of traditional intermediaries.
In the financial services business, where practically every transaction is based on a contract, smart contracts will have a significant impact.
8. Machines adapting to their Master Machine, Humans
Machines have always been this thing that did not understand humans. Web3 is bringing humanity to the software industry as a whole. Humans have had to adapt to software and devices up until now, but with Web3, systems will adapt to mankind. Every facet of an organization’s connection with its workforce, customers, partners, and suppliers will be impacted by Web3. Every process will be more trustworthy, collaborative, transparent, real-time, and accurate, thanks to Web3.- Madhava Venkatesh Raghavan, TrusTrace
9. T for Transparent
Be prepared for a world as transparent as it gets. Web3 is going to bring in a whole new era of transaction transparency. Businesses must remember that while their processes will improve, they must be prepared to operate in a “glass house.” This new era of operational openness is a fantastic opportunity for businesses all across the world.- David Astoria, Pranos
10. Blockchain Businesses aka Digital Companies
The technology of Web3 will allow all corporations to be created in an entirely new way. Long gone will be the typical CEO with receives all the rewards from a company and will be replaced with DOAS ( communities ) of members that share revenue with the company and help push the company in the right direction. What is wrong with the old system is that innovation is throttled to make more money for these corporations, so what the end-users are left with is not more innovation but algorithms and advertisements at every glance.