The Coming Of Web3 — The Next Iteration Of The Internet
The Internet has been one of the greatest inventions of the modern age. From a small group of universities to research centers, it has grown to become a global network. It started from an initiative of the US Department of Defense (DoD) called ARPANet, with the first computers connected back in 1969.
What would be called the Internet in the 1990’s, would be a result of this. Since then the Internet has provided a layer that interconnects users with information and applications. Whether it is ordering online to messaging services like e-mail, the Internet has become integral to the digital lifestyle.
The World Wide Web
The Internet is now evolving with new applications. The Internet’s main application has been to access the World Wide Web (WWW) or simply called the web. It started with simple text and graphics and slowly evolved to dynamic content. Video can be embedded in web pages along with animations. Web pages that serve content are now more responsive and data driven. This gave developers new tools that not only serve content, but also gather user data. This has allowed the web to become a source of analytics for third parties, as they are able to gather more information about user behavior.
Unfortunately, this type of interaction has negative impacts on user privacy. It becomes controversial due to the monetization aspects in which social media apps (e.g. Facebook) and search engine platforms (e.g. Google) are providing a free service but in return user data can be collected and sold to a third party. It is stated in terms of service agreements that most users do not read. It was fine for an app to gather your usage for statistics and sell it for money. These practices are now deemed unethical, unless there is user consent.
The Problems With The Internet
This has broken the trust relationship with users. If there is less privacy on these platforms, then users have the option not to opt in. GDPR Laws were enacted to force these companies to disclose the nature of their data gathering activities to protect the users. It will then allow users to make a decision whether to accept the terms of use or refuse and not use the service. The main motivation for gathering data has been about monetizing ads and marketing. Third parties purchase the data to analyze user behavior and gather insights that are then used to target the users with ads and other content. All of this was being done without the user’s consent.
While the Internet has become so important, it also has some concerns regarding privacy and censorship. Big tech platforms determine what content users can post, and there are instances where there is conflict. Social media apps are also harvesting data to learn as much as they can about users. It seems harmless at first, but then it becomes questionable when the apps make suggestions based on what they know about a user. The apps can also insert targeted ads that the user did not consent to.
Web3
This new version of the Internet integrates technologies like AI, blockchains and AR/VR (Augmented and Virtual Reality). This is what is called Web3 (Web Version 3). It will be a more decentralized and immersive web experience, that allows users more freedom from corporate influence that big tech companies have. It is in line with the fundamentals of blockchain technology used in cryptocurrency. Web3 will also not be controlled by established big tech companies, but give opportunities to open source developers. There is no barrier to entry that requires a closed system since the Web3 architecture for the most part is an open system.
Decentralization on the web means that platforms do not control the content. The content can be served from a multitude of sources that don’t need permission from content providers. Anyone can become their own content provider through the use of decentralized applications. In theory this is how peer-to-peer networking works with payments and direct communications. The platforms will be neutral and only help facilitate connection to other users, content and information. There are exciting projects that already utilize this idea.
The business models for Web3 are very different. Web3 aims to be more interconnected using a semantic web. This helps platforms learn more about data using AI techniques like machine learning to understand users. This is already being used by popular websites, but Web3 makes it integral in a less intrusive manner. That is because Web3 aims to separate monetization of user information from the platform. The web will also become more interactive with users through participation. This allows users to determine the policies regarding a platform they are using.
Examples Of Web3
The Brave browser is one example. It is a decentralized web browser that does not collect user data for monetization purposes. Instead, the browser allows users to make money from engaging ads from the platform. Ad buyers use the Brave platform to target users, but with consent before the ad is served. If users opt in to ads, they are paid for doing so. This is opposite of the monetization model that has commercialized the Internet. In that model, it is the platforms who earn money by serving ads to users. With Brave it gives users the chance to earn from ads in the browser’s native token called BAT. Advertisers might also be able to save money by spending on organic engagement rather than campaigns which users may simply ignore.
The metaverse or virtual worlds is another example of Web3. It is a world where users can interact with one another using avatars. It is just like the real world, but where value is created from digital assets. In the metaverse, NFT (Non-Fungible Tokens) play a big role in the ecosystem. This allows users to own virtual property in the metaverse and trade or sell it with other users. The transactions will use the platform’s own native token like MANA on Decentraland. Virtual worlds will become a place to trade valuable digital assets that could represent art, music and collectibles. These are based on smart contracts that run on top of a blockchain.
Implementations of Web3 will depend on the developers. There are committees like the Internet Engineering Task Force (IETF) who develop standards and maintain technologies for the Internet. Other organizations like the W3C (World Wide Web Consortium) implement standards that make sure the web is compatible with applications. Developers for Web3 must still work within these frameworks and not try to create their own system. Systems must remain open as much as possible, and not become proprietary for the sake of interconnectivity. Closed systems will not reach the largest number of users.
Synopsis
The importance of privacy and freedom has been realized by users. The developers of Web3 hope to be able to deliver on those ideals. If a platform is powerful enough to censor users, then it can be a violation of their rights. Big tech platforms can argue that they can shut down accounts for violating their terms and policies. A more decentralized platform can prevent that from happening. While this can be controversial, there is reason for concern that too much decentralization can lead to chaos. That depends on the community.
If the community were indeed involved in content that is offensive, it will really be a matter of decision by another authority that is separate from the platform. The purpose of being decentralized is to provide users more freedom, but that can challenge certain things in society. With Web3 bad actors can be removed from the network through consensus from the platform’s users. If the content were deemed offensive, it will be the community that decides and not the platform provider. If it involves cryptocurrency, the offenders can be penalized with a deduction in their token holdings by the platform. That is a way to disincentivize bad behavior.
Besides those issues, Web3 also brings a more updated version of the Internet. It changes the way users interact and how they interact. It also delivers new ways of understanding data through the use of AI techniques that have proven results. Creatives and developers can benefit tremendously from Web3 projects, as their contribution helps drive its evolution. We can also see more integration with cryptocurrency as tokenized systems continue to grow. In the end it could be disruptive as a new way to use the Internet with lesser influence from big tech.
