Why You Still Lack Full Ownership Control in Web3

Web3 is often described as the future of the internet, a new paradigm that promises to decentralize power and shift control from the few to the many. It is designed to democratize data ownership and enhance user sovereignty over digital identities. Although its foundation is solid, the building isn’t at its best yet!

Let’s peel back the layers and explore the persistent challenges of keeping full ownership control of data in Web3 out of reach — and how upcoming developer tools by iExec can help Web3 developers overcome them.

Here are just some of the reasons why we still lack full ownership in Web3:

Inflexible monetization frameworks

Despite Web3’s promise to revolutionize traditional economic systems by enabling direct monetization without intermediaries, many platforms within this emerging ecosystem still fail to meet this ideal. This model, intended to grant creators and developers unprecedented control over their revenue streams, is crucial for democratizing data ownership and empowering users.

However, the reality often resembles the old paradigms of Web2, where inflexible monetization frameworks bind creators and data owners. These systems impose restrictive revenue-sharing agreements and limited transaction options, stifling creativity and limiting potential earnings.
This is precisely why it is time for Web3 platforms to integrate versatile software development kits that provide developers with the tools they need to devise various customized earning strategies, directly aligning with their unique requirements. With the emergence of Confidential Computing technology, combined with blockchain, as iExec has been pioneering, we can envision a future where users control monetization securely, free from centralized oversight.

Lack of control over how your digital assets are used

We all know that Web3 seeks to distribute authority and control broadly across its users to foster a more equitable and secure digital landscape, but has it been achievable yet?

This desired distribution of authority is intended not just in terms of governance but also in terms of data ownership, giving users the ultimate control over their personal and digital assets. By rethinking data control, we can empower individuals to manage and share their information securely without intermediaries, potentially reducing vulnerabilities arising from centralized data repositories.

In many current Web3 platforms, we still encounter centralized control points that manage critical functions, such as who gets to access what data and how transactions are approved. These can lead to inefficiencies and risks similar to those in traditional, centralized systems, which is exactly what Web3 aims to avoid! Acknowledging this issue is the first step toward rectification. iExec developer tools allow devs to give back control to their dApp users. Privacy-enhancing technologies (PETs), like Intel SGX hardware enclaves used for confidential computing by iExec, combined with blockchain in iExec developer tools, can allow dApp users to maintain complete ownership of their data by encrypting it and have full control over how apps can use it.

Limited control, security, and transparency for other types of digital assets

In Web3, the blockchain excels at tracking ownership of tokens and NFTs, providing a clear, immutable ledger that records every transaction. Web2 was the Internet of information, facilitating the transfer of information, and Web3 has evolved into the Internet of value, enabling value transfer through tokens and NFTs. However, when it comes to other types of digital assets like data, files, or content, the transparency and control offered by blockchain need to be enhanced. Personal assets and data like these also hold immense value and require robust mechanisms for secure sharing and ownership verification. By adopting advanced solutions like those provided by iExec, Web3 can expand its scope to include these assets, ensuring they are managed with the same level of security and transparency as traditional blockchain assets. This approach protects the assets and empowers users, giving them full control and bolstering trust in digital interactions.

Redefining ownership and monetization in Web3 with the upcoming iExec Dev Tool Upgrade

Coming soon: Data Protector — the Monetize version.

The challenges we face with ownership control, flexible monetization, and true decentralization call for a reimagining of what Web3 can achieve. As we come closer to this new era of having full ownership control of our data in Web3 with flexible monetization and true decentralization, iExec is excited to be releasing an upgrade to our DataProtector Dev Tool — the Monetize Version. It protects data in use, thanks to encryption. Its new functions allow developers to build apps with data ownership and monetization by design. Users can empower their data: owning it, sharing it, and monetizing it — and on their terms.

Empower Your Data. Own It, Share It, Monetize It: Build apps with data ownership and monetization by design ⚡️

Watch this space!