The future of the internet is decentralized: Why Web3 matters | By Ujjwal Dhariwal | March 2024

Ujjiwal Dhaliwal
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Web3 is the next stage in the evolution of the Internet. Its core is decentralization through blockchain technology. Think of blockchain as a super-secure public record-keeping system that is not controlled by any one company or individual. This is a fundamental shift in the way the Internet currently operates.

You may have heard terms like “cryptocurrency,” “NFT,” and “metaverse” being used in conjunction with Web3. Sure, these things are related, but there’s more to Web3 than the buzzy headlines:

  • It’s not just about cryptocurrencies. Of course, cryptocurrencies are often the way things are bought and sold in the Web3 world, but that’s only part of the bigger picture.
  • It’s not too complicated for the average person. The technical terms can be intimidating, but the core ideas of Web3 are about empowerment, and they will become easier to use over time.
  • This is not a fad. The drive for greater online control and transparency won’t go away. Web3 is a technology framework built to solve this problem

Let’s get specific. Here are some of the industries Web3 is already shaking up:

  • finance: Imagine a bank without high fees and bureaucracy. Decentralized Finance (DeFi) allows direct peer-to-peer lending and investing.
  • Creator Economy: NFTs (non-fungible tokens) allow artists, musicians, and creators of all kinds to sell their work directly to audiences, eliminating exploitative middlemen and keeping more of the profits where they belong.
  • gamble: The cool armor or weapons you acquire while playing the game actually have real-world value that you can trade or sell, even outside of the game.

It’s not just business transformation. Web3 has the potential to give ordinary people unprecedented power on the Internet:

  • True ownership of your data: No more tech giants selling your browsing history to advertisers. Web3 lets you control what data is shared and with whom.
  • Direct Monetization: If you create cool stuff online, Web3 cuts out the platforms over the top and lets you connect directly with your fans and supporters.
  • Voices of the future: Many Web3 projects let you have a say in how they are developed and run. This means that the services you use are determined by the community, not just the corporate board.

Well, you’re interested. How do you actually start exploring Web3?

  1. Basic crypto wallet: Think of it like an email inbox for the Web3 world. Popular options include MetaMask or Coinbase wallets.
  2. Explore the market: Websites like OpenSea or Rarible allow you to browse NFTs and see how creators are using the technology.
  3. Reliable resources: I recommend [Insert 1–2 good beginner-friendly Web3 websites or blogs].

Web3 is the future, but that future is still under construction. There will be challenges along the way, but the potential for a more democratic, user-empowered internet is revolutionary. Want to stay ahead of the curve? Leave a comment on what aspect of Web3 you’re most interested in and subscribe for my future in-depth research!

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