The Future of the Internet is Web3

The internet has come a long way from its first wobbly introduction to the world decades ago. By now, nearly everything you need can be accessed from the comfort of your couch. It’s hard to believe that this technology has only been available for a couple of decades, and that we continue to tap into a vast range of expanding possibilities.

Until now, the internet has been centralized and controlled by servers which all data passes through. However, a new decentralized web is emerging, eliminating that middle step and creating a completely new vision for today’s version of the web.

The Evolution of the World Wide Web

When the internet first entered the public scene, the web was a limited information environment where users could only read content. Websites from the Web1 era are static. These sites provide information but never change and there is no way for the users to interact with the site holder.

Around 2000, the internet began to evolve to Web2 where users were able to participate in content creation by uploading videos, writing blogs, and interacting with other users. This era is often referred to as the Social Web because of the emergence of social networking sites, such as Facebook, YouTube, and Twitter.

We are now entering a new era of the internet where users have the ability to execute changes. While much of the internet still follows the Web2 model, technology is rapidly evolving and web usage is headed down several different paths. These transformations are collectively known as Web3.

Web3 platforms can be defined as new and emerging enterprises and infrastructure for fully and partially decentralized applications.

A major change that comes with Web3 is the way the internet is controlled. In the world of Web2, a single company or organization owns and controls a large portion of these internet sites. Web3 platforms don’t rely on a central authority, operations and content creation are managed by a decentralized community. This means that the users will become the owners of the internet. They will have a much greater say on how platforms evolve and operate, ensuring that the value they provide is always optimized to satisfy the users.

What are Tokenized Networks?

A tokenized network is a protocol that uses tokens to securely exchange data between people who don’t know or trust each other. Web3.0 is built upon tokenized networks because most of the features provided by these platforms are best supported by blockchain technology.

The key characteristic of Web3 is the creation of applications that utilize tokens in order to create a secure environment for users. Users may use tokens to provide services or products for sale on the platform, or simply use the tokens as a medium of exchange between themselves.

By using blockchain technology, Web3 creates an open platform that can allow any developer to create new decentralized applications. Web3 is a framework that will allow for the development of a blockchain-based application ecosystem.

Tokens on a web3-friendly platform typically represent a point of value exchange and can serve as:

  • User identity, ranking, and reputation system
  • Rewards for contributing, improving, and expanding the network
  • An equity structure
  • A commodity storage unit
  • Access to certain rights or network services
  • A payment or exchange mechanism for products, services, and fees

These tokens provide secure exchange and interaction between users on these platforms.

What are the Advantages of Web3 Platforms?

While many Web2 platforms still exist, the advantages of exploring Web3 opportunities are hard to ignore. Here are some of the things Web3 can offer us:

  • Value-based vs profit-seeking business model. A reduced cost structure means platforms aren’t constrained by profit maximization and can focus on building value for their users.
  • Distribute ownership & control to contributors. Placing control in the hands of the users improves network transparency and will contribute to increased retention of high-quality users and contributors, and incentivize them to grow the network.
  • Improved ability to receive and act upon feedback from users. With improved channels for feedback, opportunities for growth and improvements will be quicker and more effective.
  • Peer-to-Peer transactions. Removal of the middleman and direct interaction reduces or removes outside involvement and fees from payment processors.
  • “Code is law.” Digital assets are governed by code. This enables the platform to build a global network with a standard set of rules that can be enforced regardless of geographical location.
  • Enhanced security. Blockchain technology represents a new era of security and data validation, which has the potential to eliminate many of the most common security vulnerabilities within online services and applications (e.g. security breaches, power outages, DDOS attacks, and others).

Web3 and Blockchain will Shoot Internet Usage to a Whole New Level

Web3 aims at enabling blockchain technology to expand its use/benefits and absorb a larger user base by creating a platform that enables any developer to create decentralized applications.

The improvements in Web3, together with blockchain technology, will forever change the way we use the internet. Because of the sophistication of Web3, networks are able to eliminate the need for banks or agencies to perform financial and other secure transactions. With the security offered by blockchain technology, the opportunities for platforms to become completely decentralized are endless.

The Use of Web3 and Blockchain in the Real World

New platforms are cropping up all over by taking advantage of Web3 and blockchain. By eliminating the middleman, these decentralized offerings save money and develop a deeper sense of transparency and trust amongst users.

These are some of the new platforms changing the way we use the internet:

Dtravel — This decentralized home-sharing network operates on a similar concept as Airbnb. But this platform is governed by hosts and guests, allowing for over 50% lower fees than other home-sharing sites while keeping more money in the pockets of both homeowners and travellers.

Braintrust — Unlike freelance sites like Toptal that mark up talent by up to 70%, this decentralized platform eliminates huge fees from the middleman and charges its users a flat rate of 10%.

Storj — Decentralized cloud storage. Rather than storing files in centralized data centers, Storj files are encrypted, split into pieces, and distributed on a global cloud network. Think of it as your personal vault key for fast and secure storage.

Audius — Basically a decentralized Spotify, this platform enables artists to generate immutable and timestamped records for their creative works. Their work is protected by an incentive-aligned decentralized network of node operators.

Where can I Learn More About Web3 Platforms?

WhaleRoom has created an optimal environment for token-based communities to come together around their favorite teams, projects, creators, and influencers.

As such, WhaleRoom is a safe space for crypto enthusiasts and blockchain project developers and supporters to come together to learn and discuss their technology in a high-integrity environment. We’ve made this super easy inside our official WHL social token rooms (the official WhaleRoom community rooms)

The possibilities afforded to us from Web3 and blockchain technology are endless. If you’re as excited as we are about the future of the internet, come join the conversation on WhaleRoom today!

This article was co-written by Ignacio Garcia Leon (Twitter, Linkedin)

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