How Web3.0 is the next generation of Internet and will exist on blockchain | The Financial Express

How Web3.0 is the next generation of Internet and will exist on blockchain

Web3.0 is expected to change netizens’ perspectives in a variety of ways, with peer-to-peer internet services and no single authority or gradually decentralization

How Web3.0 is the next generation of Internet and will exist on blockchain

By Reggie Raghav Jerath

The 21st century is the era of several technological innovations. With the introduction of cryptocurrencies to the rising phenomenon of NFTs and Metaverse, the world is experiencing a tide of revolutionary ideas coming to reality. Along with these rapid transformations, a new breed of the internet has risen where users can interact effectively, gain information intelligently, and collaborate efficiently without worrying about the dangers of privacy and data control. Web 3.0 is expected to change netizens’ perspectives in a variety of ways, with peer-to-peer internet services and no single authority or gradually decentralization.

The next gen of the internet will exist on the Blockchain, and users will experience an autonomous, intelligent, and open internet with the influence of the DLT (Decentralized Ledger Technology). 

The idea behind Web3

The current phase of Web2 is centralized and is majorly dominated and regulated by bigger firms and government bodies. Web3 will positively change the perspective of how users use the internet and relieve them from monopolistic control. The Web3 will be on a decentralized ecosystem or Blockchain, where it will be owned by the users, not any centralized entity. The data that can be misused at times by advertisers will gradually be reduced, giving the provision of safety for internet users. Also, the Blockchain will facilitate a peer-to-peer network in which the data stored on the ledger will be only accessed by the people who have permission, making it a secure place to have transactions or store data. Network developers will also be rewarded for creating a stable decentralized network and DApps while delivering high-quality services. This will promote the rapid adoption of Web3 among the masses while creating tons of career opportunities in the market.  

Furthermore, the building of Web3 will require several experts from different domains, such as Blockchain, AI/ML, UI/UX designers, data analytics professionals, content writers, and front-end and back-end developers. It will also use new-age technologies like AR and VR, through which users can interact with each other in the digital space with immersive methods. The Blockchain-enabled Web3 environment will also provide data decentralization, transparency, and infrastructure where users are in possession of their data. Everything will be interconnected with each other, including crypto wallets to Metaverse accounts and social media, giving netizens a unique experience of the decentralized internet. The brands will have better engagement opportunities and a myriad of touchpoints, which could help them connect significantly with their prospective customers. 

Future Forward

Blockchain has already given a majority of benefits in terms of privacy, uniqueness, data security, transparency, and speed. Now it is here to cater to the need of the hour and provide a revolutionary form of the internet for the netizens. People having business meetings inside a VR environment is already a reality. Peer-to-peer crypto transfers are also becoming the norm now. 

Big tech firms are creating digital universes to give netizens a rich user experience, all thanks to the Blockchain-enabled Web3. 

Users won’t have to create special accounts for platforms, instead, they will have a unique identity that will be used for interoperability purposes. The demand and supply of the information will be controlled by the participants, and the major decisions will be made by looping in every user in the Web3 ecosystem, giving everyone a sense of freedom on a distributed ledger. Major Indian start-ups are already positioned to take benefits from Web3 and are working constantly to implement it for the Indian purview.

The author is founder and CEO, Gather Network

Also Read: Cryptocurrency trust percentage of global retail investors dropped from 65% in Q1 to 61% in Q2 of 2022: Survey

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