Web3, often dubbed “the future of the internet”, first coined in 2014, has seen it’s expansion across a number of industries, continuing to grow as the months go by. Looking at the past, present, and even the future of Web3, one may only wonder what the growth and acceptance of the industry looks like, and how one can implement these technologies into their own institutions.
The Progression of the Web as a Whole
Web1 can be considered the founding father of the internet. Being a lot more static than what the web looks like today, Web1 gave users an opportunity to search for and view different information on the internet. This version of the web was static in that it was “read-only”, not allowing users at the time to interact with content in any way. This version of the web was purely for the consumption of information.
In comes Web2. The acceptance of this web version was accelerated by its interactive interface - allowing users to participate in the creation of content. Since its inception in 2004, Web2 has grown into a massive online space which supports the likes of social media networking, blogging, podcasting, web content voting/commenting and so much more. Over 15 years later, the Web2 space continues to thrive, while a new age of technology approaches.
Although Web3 was already coined in 2014, the progression and acceptance of this version of the web has not yet been as widespread as its predecessor - Web2. This however, is not to say that the growth of the industry has not been accelerating in recent years.
Often associated with the likes of NFT’s, cryptocurrencies and the metaverse, Web3 goes far beyond these concepts and has seen a widespread acceptance across a number of industries. Blockchain, the technology on which Web3 lies, has in fact seen successful adoption across a number of industries, including media and entertainment, government, healthcare, and more. Many believe that almost every sector is expected to adopt Web3 technology sooner or later. Like any other technological advances, businesses and users are expected to accept and adapt to the progression of Web3 as it enters it’s most successful era.
What Gives Web3 the Edge for its Continued Growth and Acceptance?
An increasingly favourable aspect of Web3 is the democratization of organizations. Through the power of DAO’s, Web3 gives users who hold a specific governing token to make decisions regarding the project in question. Community based airdrops have seen an increase in popularity, whereas companies would send promotional/free NFTs to their community members. This tool is not simply a “free money” exercise, but rather gives community members the responsibility of being a decision maker in the DAO.
Data security in the Web2 space has become an increasingly large issue in recent years. Due to the centralized nature of Web2, the chances of potential data hacks and leaks are extremely high. Data hacks, whether directly on the server of the Web2 app, or on a personal profile seem to have become the norm, with hacks happening on the daily and continuously putting Web2 users at risk. With this in mind, Web3 dApps have a supreme advantage over their Web2 counterparts and can serve as a strong tool to attract new individuals, communities and organisations into the world of Web3.
- Decentralized Identities
Social media hacking is unfortunately only a small portion of threats that users have to experience in the world of Web2. The potential for identity theft has been on the rise in recent years, often being attributed to the mass amount of unprotected online marketplaces. Users logging in to their different profiles with their email/cell phone and a password is unfortunately not enough to curb these issues.
In the Web3 space, Decentralized Identities (DID) are making waves. Already in action, Web3 credential data network Galxe has seen great success in their DID department. Users who sign up for the Galxe ID will have access to one universal ID which will be their main identity in the Web3 world, providing them with multiple case uses. The encryption on these online ID’s will guarantee the users safety, no longer having to worry about hacks to any of their online data. On top of this security measure, the Galxeaxy ID will permit users to display their collected Web3 credentials and the history of their achievements.
- Data Ownership
Currently, data ownership on Web2 apps is fully controlled by the organization itself, meaning that users of apps have no authority over their own data: from their personal information, all the way to their online behavioral stats. These online credentials are then used by the organization for their own marketing benefits, making billions in profit per annum while leaving individual users with no benefits or perks. In the Web3 space, online credentials have completely shifted, giving users full ownership and control of their data, while being rewarded when sharing their data. Currently, Web3 users are reaping the rewards of the new web, through the likes of Galxe, which also help Web3 developers to create successful and meaningful products in the Web3 space. A win-win situation for all.
Leveraging the Web3 Space
Looking at the above perks offered by the Web3 space, entering this industry, whether as a user or an organization is a no brainer. When entering this new age of the web, organizations should keep in mind the multiple tools that will help them leverage the growth of their brand in Web3. Focusing on the security (DID) and data ownership benefits for users, it is vital for organizations to understand how they can use these tools to accelerate their growth in Web3.
The likes of Galxe have proven to be an all-rounder partner in the Web3 space, providing not only users with endless perks, but also giving organizations the tools necessary to grow their Web3 products while keeping their community engaged. Although one cannot predict the future - the Web3 space has the potential to advance and become the leader of the web. For now - only time will tell!
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.