What is Web 3.0?
Web3 or WEB 3.0 is an idea for a new iteration of World Wide Web which incorporates concepts that includes decentralization and blockchain technologies, and token-based economics that also distributes data, WEB 3.0, is built on a foundation consisting of the core ideas of decentralization, openness, and more excellent user utility. The term “Web3” was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies and venture capital firms. The concepts of Web3 were first presented in 2013.
Evolutions of World Wide Web
Web 1 and Web 2.0 and Web 3.0, it refers to eras in the history of the World Wide Web. it evolved through various platforms and formats, and also to social media and blogs. Web 1.0 Refers roughly to the period 1989 to 2004, where most sites consisted of static pages, and the vast majority of users were consumers. Web 2.0 is based around the idea of “Web platform” and centers the user-created uploaded to social media and network services, blogs and among other services. And so on to the point it upgraded to Web 3.0
Web 1.0 is read only decentralized web that existed around the period between 1990 to 2000s with linear information, that is defined as text that must be read in the traditional straight-line format that is only about content finding and information
Web 2.0 is a dynamic web that contains a non-linear format that does not need to be read in the beginning. Websites that are made with Web 2.0 enables community-based input or interactions, content sharing and collaborations and user-generated contents
Web 3.0 uses encrypted digital currencies such as Etheriums or Bitcoins. Web 3.0 also empowers individual users through decentralized technologies, it also promotes a metaverse version, complete with machine learning, deep learning and semantic web and decentralized technologies.
Web 3.0 attributes to business
Decentralized: Web3 is highly decentralized. It is driven by machine learning and artificial intelligence and leverages blockchain technology. When Web3 arrives it is expected that the internet will become a decentralized space that will be much safer for all Internet users. This also gives a big impact on your business because it will offer a better optimization for businesses
Complete Ownership: This also offers a complete ownership as well for every user to not worry about any support from intermediaries and can get ownership with transparent public ledgers for example. With Blockchain powered Web 3.0, the end users will get complete data ownership
Semantic Web: Semantic Web allows users to share and post links through searching. This is good for businesses especially when advertising, this contains tools and technology allowing computers to understand and interpret information similarly to humans.
Permissionless: Participation is open for everybody meaning to say including the users and suppliers, and does not need authorization from any entity exercises control.
Graphics: Web 3.0 provides better graphics and visuals images and designs and illustrations. This also helps businesses to display or advertise their products and to show services of what their business is capable of.
Better Transactions/ Online Payment: This is actually good for small businesses and other markets that uses Web 3.0 especially the ones that uses QR code scanners for online payments and faster transactions with just a simple scan of the code, a faster transaction means a better and smooth flow of business
Does Web3 really help small businesses?
The answer to that is yes, it does help small businesses and for instance some local butcher shops in the Philippines use a QR code scanner. And other local markets like we would like to call “Budget Lane” and others like “Puregold” that are the local small markets here in the Philippines that implemented Web3 as their part of the business as well. They use a variety of different online payment platforms or E wallets.
GCash: The most used online payment platform in the Philippines because of how trustworthy it is when it comes to transferring or for it having a smoother transaction, it is a very good Web3 focused app used for online transactions and yes it uses Web3 because it is decentralized and it has a feature that uses a blockchain technology.
UnionBank: This is an app that also adopted the Web3 properties and besides the scanners they also provide a card and this is the most crypto friendly bank UnionBank has been actively integrated the Web3 properties Maya: PayMaya rebranded itself to Maya, as an E-wallet transformed itself into “all in one money” this can be useful to most of the businesses because it offers good transactions and it offers additional functionalities such as crypto and any innovative digital banking experience. It will have a impact on any businesses and more, for it adapted Web3 as well.
Should Businesses Care about Web3?
Yes this is the only method that they can use for their businesses and to improve it to the next level. Adapting this system for their business does not only help them but does give them improvements, upgrades, and revolutionary flow of business and better transactions and of course to have a proper way to manage things with the help of Artificial Intelligence as well that comes along with Web3, and with that it makes things easier for advertising your products as well for it provides images and graphics designs and visuals. Most of the businesses on this generation of modern era is just very advanced than what it used to before, just like online shopping it’s only one tap from your phones or any devices and it is delivered to your doorstep with one click, with the help of Web3 everything is going into advanced state that is going to revolutionize every businesses with a high possibility.
Will you use Web3 in your business to help your business grow? Or just use a different method?