Web3: Private, Decentralized Technology

Lery PointDuJour

When you think of the internet, do you feel you have a grasp on everything it touches? Every #desktop, #laptop, #server, #mobile, #app, car, #drone or #connected #device which uses any kind of remote service most likely communicates thru the vast set of protocols made for the internet. So how did we get here and what does #Web3 have to do with it?

Web1.0 and Web2.0

Think of #Web1 as the start of the internet. Picture not so many people being online just yet and connected devices being reserved to college campuses and businesses mostly... Now open it up to everyone. Basic, non-functional web pages allow anyone to create a webpage for the world to see instantly. Shortly after that, the desire for a more functionality gave rise to video, forms, advanced scripting, animation and most of what you see online today, #Web2.

As we embraced a more functional internet, we also embraced non-privacy and centralized data i.e. enjoying the services of our favorite web site or #app, perhaps for free, but giving away information about ourselves for advertisements and more to a few centralized players. “I have nothing to hide” you say, which may be true but as we would later learn, there are bad actors on the internet who can do wonders with our #data however harmless we perceive our data to be. In some cases, it’s led to tracking, online bullying, manipulation, shaming or the more costly data breach where your credit card information is at risk. The world would not be the same without what has been achieved by tech companies and we all extract a tremendous amount of value from using these services every day.

Enter #Web3

Think of #Web3 as building on the success of Web2 but this time, things are more private and #decentralized theoretically giving the power to many instead of a few. For example, you sign up for a new app service that is private (no data sharing), you legally own and control your data (thru some agreement or regulation) to be deleted or moved or dealt with as you like. Something to think about here is without the service provider making data sharing revenue or ad revenue, how can the service be free? Another example is #decentralized #finance, such as #crypto and #blockchain, where the thought is, since we are all connected, do we really need financial ledgers to be kept in singular bank servers or can we have multiple banks keep track of the ledgers which gives banks the ability to verify holdings from many sources establishing more trust & confidence.

Summary

Web3 is still being defined even as it is currently used in some #tech. Web3 can take the form of a model existing companies will implement to make the internet more secure and private or new apps can drive the demand for web3 presenting it as a feature. Web3 does perhaps make it easier for new apps to enter the market by plugging in to the available decentralized data to hit the ground running so to speak thereby making your app experience the differentiator in services, not content or data. In our app service provider example, theoretically a person would be able to download/delete their data and move to a new service without much effort maintaining ownership rights to said data throughout.

So, is Web3 important to you?


Lery works with technology, finance, marketing, analytics, business intelligence & data science teams to further their efforts in data driven innovation; DataESV (engineering, science & visualization).

Work management for large and small teams using pre-built project blueprints, new projects and social collaboration. Think PPM.