Web 3.0 for Dummies: The Future We’re (Still) Unaware of!
Have you heard about Web 3.0 (also known as Web3)? There’s absolutely no need to feel bad if you have no idea what it is! You are not alone. Harvard Business Review conducted a study earlier this year that presented that 70% population has no idea what Web3.0 is.
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Web3.0 may rewrite the rules of the tens of decades: monopolies may be broken, fortunes may be made, and lost, and new classes of goods and services may appear. Web3.0 was an idea worth a sale as it offers the chance to revitalize the internet and build platforms using fresh perspectives. And as we embark on creating this new internet and economic system, we must have certain guiding principles …
…. is what a common mind would think, perhaps, but …
Where Would the Actuality of Power Rest?
The idea that Web3.0, a decentralized, blockchain-based internet ecosystem owned and run by its users, is a movement toward a better, more equitable internet is one of the most persuasive narratives surrounding it.
Keep this in mind because that is what a typical Web3.0 proponent would keep arguing about. He would envision an internet where users can reclaim control from a few extractives, centralized institutions, and all the platforms. Thus, everyone with an internet connection can compete on an equal footing because everyone is a user.
However, if we see that as a fair opportunity and follow Rawls’ theory of justice, we should approach this as if we are unaware of our current social standing, including our family of origin, level of wealth, and other factors.
Builders are more likely to create systems based on equity and consideration for all if they lack this knowledge. A decentralized system would no longer allow leveraging even if they had this knowledge.
This knowledge that corrupted Web2.0 is commonly regarded as ‘User Data’ that Web3.0 will discard by building a fresh infrastructure around complete user activity encryption backed up with user anonymity.
What Triggered What: How Did We Get Here?
Simple answer: The data privacy problem of Web2.0, for which we didn’t really care much, but then — It went above our heads! Web2.0 is nothing more than a point of brokerage of user data.
The constant focus on user interaction and engagement in Web2.0 unintentionally led to the emergence of a new user data market. It has also been tracked how the companies behind the internet’s most popular websites have found ways to sell users’ posts and keep track of what users interact with while controlling what users could interact with.
Quick Question: Due to the consistent brokerage of user data, practically all user data is exposed to ongoing cybersecurity threats. And the bigger the company or platform, the more the chances of cybersecurity. Laws like the GDPR were developed in response to user privacy and security need. But really, did the cybercriminals’ drive and appetite for user data stop?
… But Web3.0 is the Ramification of All!
Web3.0 incorporates the effects of what Web2.0 has evolved into while also addressing the shortcomings of Web2.0’s predecessor. Web3.0 appears to be democratizing and opening up the internet with the advent of blockchain technology while making user data more private and secure.
Potentially, the blockchain will serve direct peer-to-peer or business-to-user interactions, shifting user experiences away from large platforms. Businesses, therefore, need to prepare for the paradigm shift that content consumption, data access, and storage will experience due to blockchain technology and Web3.0 because…
Web3.0 Might Become Too Secure!
After the cryptocurrency investor Stefan Thomas lost 7,002 Bitcoin (roughly $220M), we can safely infer that blockchain applications render its data inaccessible to anyone who’s not a part of the virtual contract’s “handshake.” Even if someone forgets his password as Stefan did, encryption software can make matters worse by limiting guesses to ten before permanently erasing the data.
This poses a problem for business continuity for organizations. Businesses risk losing data permanently if a machine is lost, a team member leaves, or encrypted keys are forgotten if they don’t have procedures to protect data accessed and stored in a blockchain environment.
While data on the blockchain will be more secure from cybercriminals, a single mistake could lead to 100% erasure of vital data. So, organizations would need to gear up. Of course, it means an end to the institution of cybersecurity, but it will require formal, well-planned management as it is unlikely to happen organically.
So yes, Web3.0 might actually be too secure (for dummies) if it isn’t normalized by proper change management and continuity plan.
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