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what you need to know

Web3 is the next-generation Internet technology that proponents believe will redefine everyday digital experiences. With the help of cryptography and distributed ledger technologyWeb3 promises to create a user-owned and controlled Internet. Numerous Web3 projects have already sprung up, opening up new opportunities in fields such as entertainment, retail, financial services, gaming, and esports.

Web3 will allow users to transact and interact with each other in entirely new ways, says Alex Manders, partner and global blockchain leader at technology advisory and research firm ISG. “Most importantly, it will allow data creators to retain ownership of the data and receive incentives to share it.”

Web3 promises a whole new generation of online services, decentralized and leveraging the same types of technologies found in cryptocurrencies such as Bitcoin. “Web3 is the foundation for many services and features that, over the next three to seven years, will become minimum success requirements for the continued operation and growth of the Internet,” says Mark Thiele, co-founder and CEO of Edgevana, a company that has developed a global market for the automation of data center acquisition processes. “Web3 will lead to more secure and personal web interactions.”

What will Web3 mean?

Web3 promises to stimulate innovation in almost all industries and markets. It will change the way people and businesses interact with each other, offering new revenue streams for both major brands and individual creators, says Markus Levin, co-founder of XYO, which offers a decentralized crypto location network that is designed to provide accurate location data. from cars to smartphones.

Web3 is an improvement on current Web2, which often fails to adapt to the individual needs and preferences of Internet users. “Web2 led to the rise of companies that control our data,” says Levin. Web3 will allow users to move to a more inclusive model. “It will allow users to take control of their own data and monetize their content,” he says.

When viewed in a business-to-business context, Web3 promises to revolutionize supply chain and business process optimization. “It offers new ways for business partners, vendors and suppliers to transact through e-commerce and collaborate in virtual realities,” says Manders. “There is a huge opportunity for companies to explore and design new revenue streams and business models beyond technology.”

Web3 is also designed to allow consumers to interact directly with businesses, including through tokenization, NFTY digital twins of products displayed in consumer avatars. New e-commerce models will allow consumers to pay for goods and services with digital currencies, whether in person, online, or in an extended reality setting, Manders says.

What are the benefits of Web3?

Web3 promises to give users greater control over how they use the Internet, as well as the people and companies they interact with. “With power to the people comes the vision of democratized access to services, payment systems and business transactions that will facilitate a global boom in new small businesses,” Thiele predicts.

Social behavior online is also likely to change. “Currently, it feels like we’re all sitting at a digital dining table, fighting for attention,” says Jan Daniel Semrau, founder and CEO of Ternary Capital Group (TGC), an investment firm specializing in convergence finance. traditional and decentralized. . “In Web3, we are returning to a ‘single player’ experience where personal needs are met through a much calmer and less ‘social’ online experience.”

Manders points out that Web3 will put personal data back into the hands of the author, effectively preventing unauthorized third parties from exploiting private facts and habits. Additionally, by decentralizing data assets, Web3 promises to reduce the threat of large, targeted data breaches.

What are the drawbacks of Web3?

Web3 applications and use cases are appearing (and disappearing) rapidly, making it difficult to predict which technologies and business models will thrive on the next-generation Internet platform. “Sometimes it can be confusing to understand how or why an application or use case is developed,” says Manders.

Capital investment in Web3 technologies and services is fluid and erratic. Some investment areas are more active than others, depending on what is designed and tested, says Manders. Complicating the situation, many distributed applications lack strong governance models, which can lead to security gaps. Usability is another concern. “A lot of things being developed today are very technical and lack good customer/user experience design,” says Manders.

When will Web3 arrive?

Web3 is still an emerging concept, indicating that there will likely be a smooth transition from Web2 to Web3. “Developers are working tirelessly to make this new iteration of the Internet scalable and easier to use,” says XYO’s Levin. “In addition, regulators around the world are having a constructive dialogue about what kind of regulation will protect Web3 users without stifling innovation.”

What to read next:

Tech Brief: An Introduction to the CIO on Key Emerging Technologies

Introduction of a CIO to the metaverse

Crypto and NFTs: A New Digital Footprint for Businesses?

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