A lot is being made about Web 3.0. There is also a great deal of resistance. The reality is that it is not going to be stopped.
This is a natural evolution of the Internet. The ability to stop this is as likely as stopping the earlier progressions. Of course, we are calling Web 3.0 early now as compared to in hindsight with Web 2.0.
Nevertheless, we are dealing with a transformation in the basic structure of the Internet. Right now, we are dealing with a system that is not in favor of the users. As the old saying goes, we are the product.
Web 3.0 promises to change all this. We are looking at communities being of importance as opposed to the platforms. This is something that is going to be a radical difference.
One of the keys is the ownership of data. We know that whatever we type on Twitter or Facebook resides on their servers. This means all is property of those companies. We have no right to the data and only can access it with their permission.
An extension of this is true account ownership. With Twitter, as an example, we can engage as long as there is no violation of the terms of service. Of course, this is something that can be rather questionable considering how bans occur.
The problem is not only does one lose the ability to engage, but all data tied to the account is lost. While it exists on the company server, there is no way for the user to find it. Unless the account is unbanned, all that was posted over the years is gone.
Web 3.0 completely alters this. By utilitizing the private key system so common to cryptography, people can access their wallets regardless. This means whatever is tied to it is there via the key.
Assets are now property of the individual, not the game or platform. The challenge with Web 2.0 is that it cannot be designed to fit this new model.
How long do we go without seeing someone posting something online pertaining to an account being banned by Twitter or YouTube. It happens regularly and we all know people who fall into this category.
For most, losing it is a pain in the hindend yet is not fatal. Perhaps there is some business related to it. Some influencers on YouTube can find their earnings hurt a great deal. however, for the most part, a ban isn't the end of the world for most people.
The situation changes completely when we start to have assets tied to these social media accounts. We can think a wallet as a digital identity. Having assets in our wallet is not something that people want to lose.
What happens when a platform like Twitter bans an account that is tied to cryptocurrency or NFTs? What kind of regulatory nightmare does this open up?
Remember, in Web 3.0, what we are really talking about is data. Cryptocurrency, in whatever form, is a digital asset. In other words, it is really nothing more than data.
How do the established social media companies compete in this realm? The same is true in the gaming industry? There are 3 billion people around the world who play games online. Are all of them going to proceed without owning their assets?
It is not likely.
There are billions of people who will alter their online engagement. This is something that we have to pay attention to. Web 3.0 is not going to be stopped because it is the natural progression of the Internet.
Just like Web 1.0 companies were illl-suited to operate in a Web 2.0 world, the same is true of this transformation.
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