What Is Web 3, And How Does It Benefit Underdeveloped Communities?

The next iteration of the internet and the more advanced, more loved and appreciated upgrade to Web 2.0, Web 3.0 promises to be the game changer that gives the power back to the people. But what does all this mean?

While Web 2.0 is the “Read — Write” phase of the internet that allows users to interact with websites, Web 3.0 is the “Read — Write — Execute” phase that will enable users to not just interact with websites. Using the Semantic Web, Artificial Intelligence, and Machine Learning, Web 3.0 allows computers to connect with information and interpret it like humans and then provide the most valuable content that addresses the needs of individuals based on that interaction.

One of the most promising aspects of Web 3 is its potential to benefit underdeveloped communities worldwide. In this article, we will explore what Web 3 is and how it can positively change those currently excluded from the traditional internet. It takes power back from tech giants and places it in the hands of the users. This is possible because of blockchain’s decentralised ledger system that is open, transparent and immutable. Before now, tech Giants like Google have been in control, asking users to provide their data to access their platforms and then selling this data for profit through ads. Web 3.0 allows users to willingly provide their data for a profit while still retaining ownership rights to their data and enjoying data privacy.

Another reason to be excited about Web 3.0 is that it provides a safe pathway for user interaction without intermediaries — taking out the sanctions and centralisation from authorities or tech giants. It also means the internet is available to anyone, anywhere, at any time. It goes beyond smartphones and computers to an interaction between intelligent devices and gadgets.

Here are some benefits of Web 3.0 to underdeveloped countries

1. User Data Stays In the User’s Control, and Privacy is Guaranteed

Tech giants can no longer forcibly extract data from users who intend to use their services. Users now have control over if and when they want to release their data and what information they want to make public. Decentralised identity solutions built on Web 3.0 technologies could empower individuals in underdeveloped communities to own and control their identity and personal data, allowing them to participate more fully in the digital economy and access services that require proof of identity.

2. Access to Financial Services and Micro-Transactions

One of the most significant advantages of Web 3 is its potential to provide financial inclusion to those who are currently unbanked or underbanked. In many underdeveloped communities, access to traditional financial services is limited or non-existent. This can prevent individuals from participating in the global economy and hinder economic growth.

Web 3 technology, such as blockchain-based cryptocurrencies, can provide an alternative to traditional financial services. With blockchain, individuals can send and receive payments without a bank account. This can be particularly useful in areas where banks are scarce or expensive.

It could enable individuals in underdeveloped communities to create and participate in decentralised marketplaces, opening up new opportunities for entrepreneurship and economic growth.

3. Personalised Marketing and Advertising Experience

Because data provided by the user is explicitly sold to websites and third parties that interest them, their advertising experience is greatly improved to fit with the products and services they most connect with. This is also an advantage for businesses and advertisers because the chances of ads landing with users who are likely to convert increase considerably, improving your return on marketing investment.

Interaction between user and website content is also specific, and search results are better tailored to fit the user’s particular needs at each point — making browsing experiences much better for users.

4. Enhanced transparency and accountability

Web 3.0 technologies such as blockchain could enhance transparency and accountability in areas such as supply chain management, voting, and governance, which could benefit underdeveloped communities that may be particularly vulnerable to corruption and fraud.

5. Improved Supply Chain

Web 3 can also improve supply chain transparency, benefiting underdeveloped communities that rely on agriculture or other primary industries. Supply chains in many parts of the world can be opaque and riddled with inefficiencies, leading to waste and higher consumer prices.

Web 3 technologies can provide a transparent and secure platform for tracking and verifying supply chain transactions, leading to more efficient and sustainable supply chains and benefiting farmers and other primary producers.

6. Open Source Internet Connection and Access to Information for Everyone

Web 3 ensures that access to the internet is not limited to only those who can afford it. As the internet becomes decentralised, Internet Service Providers (ISPs) lose the power to decide who gets access to an internet connection and control how it is distributed among classes or locales. In many parts of the world, access to information is limited or censored, making it difficult for individuals to stay informed or access educational resources. Web 3 technologies can provide a decentralised platform for information sharing, making it easier for individuals to access and share information. This can be particularly useful in countries with restrictive internet policies or limited access to educational resources. Web 3.0 technologies such as decentralised storage, internet and content distribution networks could improve access to information and education.

An example of this is what Wicrypt Network is doing with its “Share To Earn” model of internet connectivity.

Wicrypt’s “Share to Earn” model allows individuals to become mini ISPs and give control of internet access back to the people. They do this with their product, the Wicrypt Hotspot Hub, which allows hub owners to reallocate data to users in their immediate environment per data usage or time frame. This model will enable users to purchase data at a much lower rate than is provided by the major ISPs, while also allowing hub owners to make some profit on data they provide as a passive income.

Here are some potential benefits of Wicrypt for underdeveloped communities:

1. Access to affordable internet: In many underdeveloped communities, access to the internet is limited or expensive. Wicrypt could enable individuals and businesses to share their Wi-Fi connections, making the internet more accessible and affordable for those who cannot afford their own internet service.
2. Opportunities for entrepreneurship: By sharing their Wi-Fi connections on the Wicrypt network, individuals and businesses could earn income, creating new opportunities for entrepreneurship and income generation.
3. Increased connectivity: Wicrypt could increase connectivity in underdeveloped communities by enabling more people to access the internet. This could have a ripple effect on economic growth, education, and social development.
4. Decentralised and secure network: Wicrypt is built on blockchain technology, providing a decentralised network. This could help ensure the network is reliable and resilient, even in areas with limited infrastructure.
5. Access to blockchain technology: By using Wicrypt, individuals in underdeveloped communities could gain exposure to blockchain technology and cryptocurrencies, opening up new opportunities for innovation and development.

Click here to learn more about the Wicrypt and its “Share to Earn” model.