Web 3.0 - many people believe it will change the way our data is stored and handled. But are we ready for it? Is the needed technology already available? And finally, is Web 3.0 going to stay or it may be a temporary trend that will pass in a couple of years?
The opinions vary from Web 3.0 keen supporters to in-between, and finally, to those who deny that the concept is viable. But some things cannot be argued.
Web 3.0 is supported by Elon Musk, Mark Zuckerberg, and Mark Cuban. These people have already created products that have been tested for generations.
Blockchain, NFTs, and cryptocurrency are the hot topics within the last few years, and they fall under the Web 3.0 umbrella.
It is an up-and-coming technology that may change the way we store, share, and own data.
Web 3.0 will touch all sectors of our lives, including finance, fashion, art, legal, hospitality, and others.
Sectors to Be Impacted
As I have mentioned, all sectors are going to be impacted. In what way? For now, the majority of developments are difficult to forecast. But we can make guesses.
The Financial Sector
Cryptocurrency and blockchain, the main constituents of Web 3.0, are changing the way of handling finance right now. Many users around the world benefit from peer-to-peer trustless transfers. The most promising crypto projects are already solving the issues of scalability and energy efficiency. DeFi is changing the world of lending. Even though the resistance from the traditional financial system is strong, and we understand the reasons, Web 3.0 is on its way in this sector. It is just a matter of time before it starts prevailing.
Fashion Industry
Here, I’d have to talk about Web 3.0 in connection with the metaverse. Many brands build their communities in metaverses. They create virtual shops, sell virtual branded items, let users dress their avatars, etc.
It is not just a game. These activities allow to reduce consumerism levels and contribute to environmental protection. Instead of buying real things, users get virtual ones to dress their avatars. As a result, fewer things have to be manufactured and thrown away, and thus, fewer materials contaminate nature.
Along with the benefit to the environment, Web 3.0 makes luxury items accessible from any point of the world. One doesn’t have to look for a physical store but instead, can log in to a metaverse and get the wished items.
Data Processing and Storage
Users now rely on central servers to store and handle their personal data. So, if one submits personal information to create a Facebook profile, the provided data is stored on the servers of the company and handled by the company. The same happens everywhere. Such companies earn billions of dollars on our data. How? They sell information to advertising companies.
What do we, usual users get from those revenues? With Web 3.0, users will own their data and handle them independently. It means that all the profits will belong to users. It sounds good, doesn’t it?
Internet of Things
The internet-of-things (IoT) has already made our lives easier. But with the adoption of Web 3.0, this technology is supposed to move to a qualitatively different level. It is going to be decentralized, and the main benefits derive from this characteristic:
The entire network will be managed by community members.
Users will be able to manage data collected by their smart devices: decide what data to share with whom, and for what price.
Users will contribute to different aspects of the IoT network: provide computing power, space, connectivity, etc. In return, they will be rewarded based on their contribution.
Something Else
This technology is going to impact everything. But for now, it is still difficult to imagine the impact scale. To a great extent, it also depends on us - the developers, the community, and all indifferent people.
The Transition Won’t Be Easy and Fast
Is it all going to be smooth? I doubt it, and there are reasons to do so. Let’s leave the technology. The underlying infrastructure needed for its adoption is highly complex, and it may take up to one decade to build it. But even when we do so, some more factors delay the Web 3.0 arrival:
Cost: we are already experiencing it with blockchain. Even though the main attraction of blockchain was free transactions, over time, this technology has become very expensive.
Scalability: it takes time to confirm a transaction in a decentralized network. It happens because every transaction has to be broadcasted through the entire network. It takes a lot of time and requires huge volumes of computational power. According to Intel, we need 1,000x more power to make Web 3.0 work.
User experience: existing web browsers don’t support Web 3.0. To access apps of Web 3.0, you need to install MetaMask for Ethereum, Phantom for Solana, and so on. You cannot just access Web 3.0 directly. For mass adoption, Web 3.0 shall be easier to navigate and access.
Accessibility: the current devices are not made for Web 3.0. So, before Web 3.0 is even launched, a massive upgrade of servers and user devices is needed. It won’t happen immediately.