We’re currently the observers of the slow yet steady evolution of the Web3 technology sector, as lately it has been making crucial steps in achieving its foremost goal — becoming not a distinct niche, but comprehensively outweighing the mainstream Internet (or, in other words — Web2). The acceleration of development which can be noticed in Web3 is genuinely dizzying, and the brainchildren of it are turning the tides — contrary to being literally concepts, a better part of Web3 projects are leaving the paper and evolving into tangible novelties, already shaping the better world for us. The state-of-things web3 enthusiasts always strived to evoke not only debates and predictions but also curiosity. The case in point of the latter: how did it come that Web3 is forfeiting the misconception of a narrow sphere and transforming into a mainstream piece of technology? Let’s shed light on the main catalysts, spurring the increased adoption of Web3 products.
Let’s face the music: for a vast majority of people, Web3 is a completely unknown term, and for many others, it is rocket surgery. Accordingly, the recent survey by Consensys revealed that only 24% are aware of the definition of Web3. Still, it is quite simple — Web3 term refers to a new iteration of the Internet, based on decentralization, blockchain technologies, and token-based economics. However, it is not quite adopted — namely, Elon Musk considers this term only a marketing buzzword. But in fact, the number of projects which are categorised as Web3 do not actually meet with the term. Or, would it be more sound to state that the definition of Web3 we are used to is obscure and irrelevant?
Apparently, there are projects which comprehensively comply with the initial explanation of Web3: beginning with MetaMask and ending with such revolutionary projects as WB Soul — WhiteBIT’s Soulbound Ecosystem, which main idea is non-transferability and unchangeability of the data embedded on their native blockchain WB Network, or MEDICLE — Web3 medical service, based on the decentralization and blockchain technologies (interesting fact: its token is listed on the mentioned before WhiteBIT exchange). By and large, both instances are using blockchain technology as a part and parcel, and hence claim themselves to be Web3 projects. But what if I tell you, that there are representatives of the Web3 sphere which do not limit themselves to using technologies other than blockchain?
Remarkably, there are Web3 products which do not stick to the ordinary definition of the term, but do not hesitate expanding the borders of their technological development. Namely, the integration of Artificial Intelligence (AI) is a common trend in this day and age. A great bunch of novelties and products, such as SingularityNET, TARS Protocol, Cortex, has turned out to be the cases in point of a successful cooperation between decentralization, blockchain, and AI. Does this leave us with the fact that those applications can not be considered as Web3 ones? Absolutely not.
The point which I am trying to convey is that the obscurity around Web3's definition led to the absolutely new, more complex implication of the concept — apparently, the integral characteristic of using the blockchain and distributed ledger technology is not the foremost criterion.
In fact, Web3 is not all about using specific technology — it is a newly-shaped approach of using cutting-edge means in aspiration of creating and popularising the more advanced stage of the Internet.
Let’s reverse the chronological framework of the article and turn back to the research by Consensus, as it is a powerhouse of genuine insights. Accordingly, 79% of global users want more control over their identity on the Internet, which clearly indicates that people are seeking a way for the Web to contain more information about them that distinct them as a personality: employment, housing, education, medical history, etc. This data is currently stored on social media or other web-resources which, as a matter of fact, are taken over by third-party entities, hence the user is not able to obtain full control of its bits and pieces.
Consequently, that drives the decentralization to be implemented — the distributed ledger technology, i.e. smart contracts or P2P trading, would ensure that the intermediaries are not access to any sort of data or credentials that represents the digital identity.
Versatility and security — that is what most users are in need of.
Web3 contributors are exhaustively aware of this issue, hence they target it with the most ingenious solutions. The smart contracts — the automated and self-executed program, which creates the unique network between the parties; decentralized data centres; Vitalik Buterin’s concept of Decentralised Society, an integral element of which is mentioned before soulbound. Its idea is the implementation of souls — the wallets, which would contain Soulbound Tokens (SBT) — unchangeable attributes representing credentials, academic documentation, qualifications, and other vital data.
All things considered, global users do experience the increased demand for solving the issues, which are levelled by Web3 technologies. Thus, interest in the realm’s products is showing a skyrocketing increase.
Undoubtedly, the article did not list the full range of Web3 wins and Web2 drawbacks, yet listed the foremost ones. The aspiration to develop a secure digital identity and the tendency of changing the perception of Web3 are the catalysts, resulting in constant growth of the products’ popularity.
Paul Osadchuk
