What is Web3, and how is it Disrupting the Future? The web as we know it has been passing through
The web as we know it has been passing through many changes since its inception. We are now experiencing a very fast merge and the birth of a new version of it, this third version of the web is being called Web3. In a 24/7 connected world, the evolution of the global network of computers is crucial to determine how technology can change human relations.
Following the analysis of several specialists, our society is transitioning from Web2, which started at the beginning of this millennium, to Web3, that's taking its first steps as we speak. As it's still a work in progress, the community, developers, and entrepreneurs are trying to figure out the best use cases for it; for that reason, there is not yet a complete concept defining Web3. But, on the other hand, this new trend will dictate the behavior of the internet in the years to come.
Based on the concept of a decentralized internet, Web3 has the mission to give back the control of data and information to the ones who generate it, the users, instead of concentrating in the hands of a few corporations. Blockchain technology makes this transition possible since it's used as the infrastructure of today's cryptocurrencies and smart contracts, making it possible to establish an encrypted and decentralized connection with an open and verifiable record.
The differences from Web2
Web2, which we have used since its inception in the early 2000s, was responsible for this great ascend curve of important innovations that we are living, starting with mobile internet and social networks. It was a driving force that made possible new ways of doing web-centered businesses such as e-commerce and entertainment, and it has made possible a broad reach of internet access.
One big difference Web3 brings is the possibility of a more privacy-centered internet since it reduces the use of intermediaries, like big corporations and governments, between the users' interactions.
It's ok to say that Web2 was responsible for disseminating portability and internet access to a broader number of individuals. However, there are still some groups that control and manipulate this environment. Web3 consolidates mobility with a more decentralized, private, and secure ecosystem, focused on the user while reducing the control from groups and authorities.
One of the most known applications this new web has brought and is showing the potential of this evolution are cryptocurrencies, smart contracts, and NFTs.
Web3 main applications
You have probably already heard the term cryptocurrency by now, and if not, you will hear a lot about it in the future. Bitcoin is a type of cryptocurrency that has been in the spotlight in the last few years. Beyond its popularity, it brings a small taste of the internet's future: encrypted, independent, instantaneous, and secure transactions. And this is possible not because of the coin itself but because of the blockchain.
The blockchain guarantees the authenticity and legitimacy of the transfers; these transactions are reviewed by independent and decentralized miners, which are responsible for running the network and are rewarded for it. They keep the network trusted, accessible to everyone, and its records immutable.
With blockchain, augmented and virtual realities, the metaverses should increase use-cases driven by Web3. These digital and virtual environments aren't news, but with these new techs behind them, they should experience new models and some growth in different sectors. Beyond the visual aspect of it, the metaverses are boosting the economy, uniting gaming, NFTs, and multiple utilities.
What is expected, but still needs to be measured is how the metaverse will affect working relations since professionals will be able to create more immersive meetings beyond geographic limitations.
As time went by, internet users began to understand the importance of preserving sensitive information, demanding a lot of companies to adapt to this behavioral change. In general, a big part of the data generated by users is sold or stolen by hackers. With Web3, the idea is to prevent this from happening and strengthen the ways to block trackers and digital activity monitoring.
Montreal Web3 Conference
At the same time, Web3 initiates the ownership economy on the internet and gives back the power to the users, but there are still some regulatory and legal risks involved. Despite all the benefits, it gives some margin to cyber crimes in a decentralized structure, making it harder to protect the users from malicious actors.
It is paramount to think about security processes and reinforce data protection to prevent these threats. At the Montreal Web3 Conference, you will have the opportunity to learn and experiment with the most innovative solutions for the Web3 era. The conference will be held in May 2023, and it's promising to be the bigger conference on the topic in Canada, bringing together industry leaders, investors, and the community in two days of unforgettable experiences and total immersion in the internet of the future ecosystem.