Is Web3 the Future of Tech?
The tech landscape is constantly changing. You've probably heard the terms 'Web3' or 'NFTs' or at the very least 'Cryptocurrency' a lot recently and how these technology innovations are going to change the world, but what are they and are is this really the future of tech?
Supporters of Web3 would describe it in comparable words to:
Web3 is a decentralised version of the internet where platforms and apps are built and owned by users. Unlike Web2, which is dominated by centralised platforms like Google, Apple and Facebook, Web3 will use blockchain, crypto and NFTs to transfer power back to the internet. – Scott Galloway – Article
As the third generation of the internet, Web3 aims to transfer power and control from the massive tech corporations of today back into the hands of the people through several technological innovations in peer-to-peer networking, cryptography and data transfer.
It all started with Web1, the very first iteration of what the internet was. This was a very traditional, read-only web which consisted of documents connected through hyperlinks, no social media, no dynamic content, just documents and links.
Through innovations, Web2, which is the current version of the internet, took Web1 to the next level with developments that allowed us to engage with the internet and its users through dynamic content, multi-media and social platforms. We're all familiar and have likely used the web in it's current form however, this version of the internet has given rise to huge "mega-corporations" that have significant control over internet traffic and has brought about many privacy, anti-trust and moral concerns over the years. This is where Web3 as concept looks to step in and address many of these issues. Through a fundamentally different infrastructure, Web3 is aiming to create an internet that is distributed, free of middlemen and with platforms that are built, owned and run by everyone.
It's a cool concept that's already making waves in certain areas of technology, such as Fintech and whilst its intentions are pure there are several challenges to overcome before we can expect to see Web3 a universally adopted concept.
Being such an ambitious concept means there are challenges that still need to solved before we can see a more mainstream adoption by companies and the general population. Web3 is still a concept that has many questions attached to it whether that be in a legal sense with compliance, regulation and copyright or through solving the technology challenges with security, speed and user-complexity that still exist within the current Web3 platforms that are out there.
Creating a decentralised world, in theory, has the potential to create a more equal internet and overall better world, which seems like the next logical steps in the web, but is this really the future? We think at this stage it's very open. It's a very exciting technology with innovations, platforms and ideas that we already love however, like any new pioneering advancements with the potential to fundamentally shift how we do things, there are an equal number of issues surrounding Web3 as a concept that will create roadblocks along the way to it being adopted.
Like most advances in the tech space, it can be a difficult concept for some to grasp as the definition of Web3 is a complicated one by nature from its idealistic viewpoint on solving current problems, to its technological implementation on a theoretical level. What is definite, however, is we cannot ignore Web3 and its prominence in the tech space right now and the influence it is having over individuals and businesses alike.
What we can take away from this article, is how we can consider to implement this kind of tech into our businesses. Something we're actively working on here at Barr Media.
If you found this article interesting, let us know! We would love to write more on Web3, how it works, what it's solving and the issues that arise with its adoption!