By Anthony Mutunga
Technology has managed to be a problem solver over the years but it has the potential to do more, and that is exactly what Web 3 is about. Web 3 is considered to be the next big thing as it stands for the future of the internet – it is all of users operating in a decentralized manner rather than relying on major commercial enterprises, or centralized organizations.
However, it remains popular only among technology professionals and those looking to make a profit from it. Most users at the moment have only interacted with the internet through Web 2, which enables a person to person interaction, mainly socially, commercially, and politically.
While Web 2 was dominated by a handful of big dollar technology companies with control over the interactions with the aim of making profits, Web 3 is mainly focused on the users and content creators.
It is also interesting to note that to be on the Web 3 space, you must be tech-savvy, and willing to take a risk on the new technology. This is because the latest web calls for informed tech decisions and understanding of complex stuff as well as challenges.
The Web 2 titans are already looking at ways to tap into Web 3. Spotify, for example, is reportedly recruiting for early-stage projects related to Web 3. Stripe, which is an online payment processing provider, also recently announced a couple of crypto and Web 3 focused features.
Another big player to enter the Web 3 race is Microsoft. The firm has joined a fundraiser towards ConsenSys, one of the companies viewed by investors as one of those that will power Web 3, through their partners; Temasek, Singapore’s state-owned investment firm, and Japan-based SoftBank, a multinational investing company.
Although Web 3 continues to be a buzzword, techies who started off with Web 2 are yet take advantage it presents. For instance, Twitter founder, Jack Dorsey, recently stated that users don’t actually own Web 3, which is a movement that hinges on decentralization and community. Dorsey said, “it’s ultimately a centralized entity with a different label.”
It takes years to benefit from a new Tech companies that will make the (right) early bets are set to achieve more returns.
Despite being based on cryptography, Web 3 heavily relies on web 2 style processes to link to blockchains – a blockchain is a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems.
So, a bitcoin block, for example, contains information about the sender, receiver, and the number of bitcoins to be transferred. In simple terms, it is a chain of blocks that contain information.
Renowned apps such as OpenSea and MetaMask, are using application programming interfaces (APIs), which are the cornerstone of Web 2 to access the Ethereum blockchain through a third party.
As more and more tech giants enter the Web 3 race, the reality of it being a centralized entity will remain given the fact that its current backers are not ready to be removed from the throne. Maybe in time, this will change, but currently, the number of users such as Facebook, Instagram, WeChat and TikTok will not whither anytime soon.
Web 3 is the way to go as it gives control back to the hands of the users. It is said the day individuals with mobile phones and computers will be able to plug directly into the blockchain with ease, there will be a revolution as far as evolution of the world wide web is concerned. In truth, web 3 will clearly turn around fortunes not only for users, but also