Web3 is coming. Are you ready?

By: George Koynov

Web3 is the next iteration of the internet. It’s going to be a much more intuitive, immersive and liberating place to log into. You won’t need to keep track of all your different social media and other platform accounts anymore. Your online identity will be encoded on the blockchain and used for logging into everything. You will control your very own avatar inside a virtual metaverse where you can seamlessly move from one social media platform to another. You will be instantly recognizable everywhere and your social reputation will be available on the blockchain for everyone to see. Oh yes, we should probably mention that everything will run on scalable blockchains.

This might sound a bit far-fetched right now, considering Ethereum’s perpetual scalability problems, but Ethereum 2.0 seems to be just around the corner. A stable, scalable blockchain that catalogs everyone’s online activity, similarly to the way cryptocurrency transactions run today, would certainly shake up a lot of things. While it might be somewhat disturbing to know that your online reputation will be recorded on the blockchain for all to see, remember that everyone else’s online reputations will be viewable by you as well. This will hopefully leave trolling, hate speech and antisocial behavior in the past. Web3 will finally give you full control of your own private data, instead of it being stored on servers of giant corporations. You will be able to choose if (and to whom) you want to sell your own consumer behavior dataset. That’s the power of decentralization.

 

Power to the people

Indeed, decentralization is a key term you often hear in connection with Web3. A blockchain-based internet that won’t let itself be controlled by a single, central mega-corporation, such as the Googles, Metas or Amazons of today, but rather by democratically elected, DAO-structured communities. At least that’s what Ethereum co-founder Gavin Wood predicted when he coined the Web 3 term back in 2018.

The question remains, however, if Web3 will manage to fulfill its promise of neutrality or will it turn into just another platform for serving us more immersive, harder-to-ignore ads. Kevin Werbach, author of The Blockchain and the New Architecture of Trust, has expressed concern about the limitations of Web3, stating that some of its solutions are “not as decentralized as they seem, while others have yet to show they are scalable, secure and accessible enough for the mass market”. Jack Dorsey, another Web3 critic and the co-founder and former CEO of Twitter, has publicly dismissed Web3 as a “venture capitalists’ plaything”, expressing his doubts about its decentralization.


 

Everything that can be tokenized will be tokenized

Web3 will let you be the owner of not just your tokenized data, but of other tokenized items and virtual goods as well. NFTs will most likely become an integral part of the Web3 metaverse economy, representing your ownership of virtual items that can be bought and sold for crypto. Naturally, crypto will most likely establish itself as the standard currency of Web3.

But it is tokenization that is likely to be the next big thing on Web3 and the metaverse, as social platforms and virtual real estate become tokenized. Tokens, representing your stake of ownership, will enable you to participate in decision-making processes inherent to the open-source, decentralized nature of Web3. No longer will the FAANGs of this world be able to create their own rules, censor free speech or perpetuate their monopolistic machinations over our virtual (and real-world) lives. It will indeed be fascinating to witness the metaverse we will one day wake up in. We have some crypto stashed, just in case.

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