Depending on who answers the question, web 3 – The next iteration of the Internet has come as we know it. This is essentially a good way to wrap your existing internet infrastructure with a layer of encryption. One of the key tenets of Web3 is that it will be built on the foundations of blockchain technology, ensuring decentralization and transparency. Decentralization: Because data is not stored on a single server of a single entity. Transparency: When data is stored on multiple servers, it is nearly impossible to change its existence or use an opaque policy.
Another key element of Web3 Dreams is its rogue ecosystem for peer interaction. For example, a transaction between two parties does not involve a third party service provider, including the government, acting as a facilitator in their own interest. Another important aspect of Web3, which is said to usher in the Internet 3.0 era, is that the applications and services built on this replication of the Internet will be open source. Now the question of whether Web3 exists is moot. Broadly speaking, Web 1.0 existed from 1990 to 2005, and Web2 is what the world is dealing with today. Web3 stakeholders suggest going from the next five years to the next decade to make it ubiquitous, but not all experts share the view.
According to Gartner, despite its progress, the web3 landscape will not catch up with existing web2-based applications in the business domain in the current decade. In such a confusing landscape, the best way to gauge when Web3 will arrive is to study how its core technologies work. As the internet and emerging sustainable trends are examined, the real impact will be measured by the number of users accessing and participating in it. By that definition, Web3 is still a dream. Take, for example, platforms like Google and Facebook, both of which have billions of users and are almost synonymous with Web2 transformation. With the exception of cryptocurrency, none of the Web3 usage scenarios has this impact. Even in the case of cryptocurrencies, setting up a wallet and executing a cryptocurrency transaction is a tedious task.
Niche utility, big problems
Simplifying for the masses and achieving widespread adoption of cryptocurrency payments, especially in the everyday lives of consumers and merchants, is the biggest challenge. Given the widespread cases of fraud and hacking that have affected the entire ecosystem, convincing the average person to embrace the cryptographic world of Web3 will not be an easy task. A reversal of all perceived benefits is the whole world of high profile fraud and theft in the NFT verse. Even OpenSea, the world’s largest NFT marketplace, has recently admitted that most of the NFTs on their platform have been stolen or cheated. Despite the promise of a decentralized future for the internet, the web3 industry itself appears to be investment-oriented. So how important are numbers anyway?
According to DataReportal, 10% of physically able internet users (aged 25-34) worldwide are involved in cryptocurrencies. But according to Statista, this age group represents only 33.8% of the world’s population using the internet. And that means that the total number of internet users who have tried cryptocurrencies is around three percent. Nowadays it is also difficult for the average internet user to explain what Web3 is, without blockchain, De-Fi, trusted exchanges and protocols, among other things, without a tedious explanation. It took decades for Web1 to realize. It only took Web2 one to go mainstream. But as for Web3, it’s hard to predict because it’s at an early stage of progress. From the lack of attractive products to high barriers to the average participation of internet users, web 3 It has not yet reached a tangible point for the masses and is unlikely to happen in any significant way in the next decade.
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.