Bitcoins, NFTs, and more digital phenomenons are sure signs that the internet is entering the Web3 generation.
With almost everything already easily accessible through the internet, netizens may think that technology could not get any better than this. However, digital enthusiasts may argue otherwise.
You may have heard of the term, Web3, as SpiceWorks reveals that we are currently in the phase of entering the next generation of the internet. However, what exactly does Web3 mean?
What Exactly Is Web3?
According to Harvard Business Review, to understand Web3 is to reimagine the kinds of activities we already do on the internet, but with a fundamentally different model of how netizens interact and transact with one another.
To help netizens visualize the Web timeline, imagine that what we are experiencing on the internet right now is the second generation of the internet, or can be referred to as Web 2, where users can read and write their content here.
However, in contrast to conventional methods where all operations would be handled by one company or organization, Web3 is said to run on decentralization, a key component of blockchain. This way, Web3 will distribute the responsibilities of key internet functions to a network of users, including server control, transaction confirmation, and time stamping.
Is Web3 a ‘Ponzi Scheme’?
However, some netizens have expressed their skepticism regarding the internet phenomenon, Web3.
According to Fox News, Palantir Co-founder Joe Lonsdale publicly expressed his take on the alleged next-gen internet.
“A lot of what people are calling Web3 was a Ponzi scheme, and it made no sense whatsoever,” the Palantir co-founder previously told Fox News. “That said, the protocols to have decentralized ownership are very interesting.”
In 2020, over 30% of the internet would have been housed by servers similar to those of Amazon Web Services. Web3 pledges to disperse that responsibility among users, profoundly altering online interactions.
What Does Web3 Mean for Future Content Creation?
In today’s Web2 internet, social media networks like Instagram, Twitter, and TikTok allow creators to post, and they can even get paid for it. Content can spread quickly or be produced to advertise specific brands.
Meanwhile, Web 3 will be made up of decentralized digital infrastructure, including non-fungible tokens (NFTs) and cryptocurrencies like Bitcoin, which are intended to be essential elements of Web3’s operation, according to Slice.
However, since web3 technology is still in its infancy, best practices are still being developed as developers step up to the plate and master new coding languages, a brand-new business model, and how to integrate web2 and web3 projects.
Venture Beat reports that some developers are exploring how and where to include tokenomics through apps and online browsers. Game creation will also have a reformed way in Web3. In terms of controlling players and their behavior, as well as battling the technical side, it will be a completely new and complicated aspect of game creation.