Web 3.0 isn’t just a buzzword - it’s the new iteration of the internet and one that is often misunderstood. Web 3.0 is not just blockchain or cryptocurrency, it is rather a mission to better the internet. Tim Berners-Lee, the creator of the World Wide Web, intended the internet to be a place for information collection and access, but never at the cost of data breach and user privacy.
Today, the internet is dominated by a few large companies who provide services such as email and social networking for “free.” The word “free” is relative as the trade-off here is the vast amounts of user data gathered for the purpose of targeted ads which expands the chance of data breaches and data loss.
Data is the primary incentive for these large organizations and because of it, the following problems have arisen in the space:
- Data Breaches: Large corporations collect large amounts of data and store it in servers that are centralized which makes them vulnerable to hacks. Hackers are able to steal this information and sell it off to other businesses.
- Data Losses: Data loss can destroy corporations and even economies. If Google has to lose all of its data, every organization in the world would essentially crumble as all its information will be lost. These centralized servers, as stated previously, make it much easier to lose data with a single failure.
- Censorship: Internet users don’t have control over what they can view on the internet as it is driven by what companies want users to see. This is a contentious issue but particularly important when it comes to targeted advertising campaigns.
With the above in mind, it is clear that there are significant problems that have arisen in the Web 2.0 space. This is where Web 3.0 comes in - and this is why it matters.
Understanding the Benefits of Web 3.0
Web 3.0 is dedicated to re-decentralize the World Wide Web with a variety of applications that give users the ability to control their data. This internet is designed to give people back their power.
- Data Breach: Everyone has experienced quick sign-in options for websites that allow you access if you sign in using your social media or Gmail accounts. This is a quick way for these sites to gather your information. If these organizations experience just one small breach, your data can be stolen. Web 3.0 aims to prevent this through decentralized identity management. Using applications such as Enigma and Solid, you will be able to ensure the safety of your data, making it almost impossible (or impossible) for hackers to breach the system and steal your data.
- Preventing Data Loss: In the world of Web 3.0, data isn't stored in massive data centers. Rather, it is saved at multiple locations across the internet with the sole purpose of preventing data loss. An example of this is blockchain technology. This is a system of recording data in a way that makes it impossible or difficult to hack or cheat the data system. This technology is referred to as a digital ledger of transactions that is duplicated and placed across the entire network of computer systems on the blockchain.
- Decentralized applications to end censorship: The reason companies are able to censor content online is because they own the platforms. Therefore, Web 3.0 is offering applications that cannot be centrally owned. Web 3.0 aims to provide users with decentralized online alternatives to the current Web 2.0 applications that are offered.
The primary objective of Web 3.0 is to make sure the internet is decentralized and open source. However, this requires infrastructure changes in how applications are built and data managed and stored. This is the transition that is currently happening and we are one step closer to fixing the internet thanks to the Web 3.0 movement.
And this is why Web 3.0 matters - to businesses and individual users.
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