Web3 may be comparatively new in the digital space, but every big tech firm is moving towards adopting and developing Web3 products and services.
The introduction of Web3 has brought about a paradigm shift in how users interact with other projects on the internet. Web3 outperforms every traditional client-server product and embraces blockchain technology, decentralization, and digital currencies. It aims to foster transparency, eliminate all possible intermediaries in different sectors, and, most importantly, empower individuals.
People worldwide have made several considerations after witnessing the hype around Web3 and widespread adoption. Web3 has decentralized applications or dApps that exist and run on blockchain networks, indicating no central organization or individual controlling it. Although there has been a concern about scalability, it is believed that technological advancements will allow Web3 to fulfill its full potential to allow users to use and exchange digital services and products without the bank’s or government’s involvement.
Understand The World of Web3
Simply put, Web 3.0 or Web3 is the next-gen decentralized web. It is a considerable upgrade from Web 2.0 or Web2, the current version of the internet. The underlying principle of Web3 revolves around cutting-edge technology and decentralized networks like smart contracts, decentralized finance (DeFi), and Blockchain. Web3 is revolutionary and distinct as it emphasizes user sovereignty and decentralization. Previous year, the world of Web3 gaming experienced a phenomenal surge, witnessing a remarkable 94.17% upsurge in its transaction count.
Compared to the previous version, Web3 guarantees a decentralized web that gives complete control and ownership to the users over their information. In addition to this, it also allows direct peer-to-peer interactions without requiring any intermediaries, thanks to smart contracts and blockchain networks.
Web3 Vs. Big Techs
There are many concerns about who accesses or controls users’ personal information. Big tech firms have been criticized for abusing users’ personal information and their huge online influence due to market dominance. Web3 aims to reclaim this dominance and power of the big tech companies. Web2 relies on systems and services owned by Big Tech, which raises more concerns over vulnerability and system controls. When several Meta-powered platforms saw a global outage in 2021 that got disrupted by the centralization of their service, many people shifted to the adoption of Web3 in 2023.
With this, activities and data get hosted on the network of computers through blockchain rather than corporate service. It will also allow internet activities represented by crypto platforms and wallets hosted through digital applications, or dApps, running on the blockchain.
Essential Features of Web3 and Why the Hype is Believable?
- Single-sign-on Anonymity: Web3 has a single-sign-on anonymous feature that enables a username and authentication methodology for all websites and accounts instead of individual logins. Web3-powered logins will not require users to relinquish their sensitive personal information control. Single-sign-on anonymity is quite different from the current Facebook or Google single-sign-on that provides access to client data until they revoke the access. In addition, the transactions made on blockchain are public, showing that anyone can view their assets and data assigned to their given wallet. Transparency is one of the reasons why crypto and blockchain wallets are anonymous. At the same time, they can be identified by a simple wallet address unless the users choose to assign their personal information to the wallet.
- Individual ownership and tokenization: Activities performed on the blockchain network are rewarded by NFT (non-fungible token) or cryptocurrency tokens. This is done to incentivize the participation of its users and, at the same time, distribute ownership to them.
- Self-governing: There is also a distribution of decision-making power. Blockchain technology relies on the network to verify the activities via consensus without central authority. However, systems like DAO or decentralized autonomous organizations are developed to democratize the power of decision-making based on the quality or volume of the investments made by users into a decentralized app or site.
Comparison of between Web3 Projects of Big Techs
As we move into the world of decentralized Web3 platforms, it is interesting to witness how tech giants are taking unique approaches to harness their potential.
Starting with Facebook (currently known as Meta), the platform is making waves with the Metaverse concept. The VR-based immersive social experience is well-aligned with the principles of peer-to-peer interactions and decentralization of Web3. The main objective is to create a digital universe to redefine how people interact online. The potential of the Meta project is vast in terms of digital economies and social connectivity.
Next, another internet search giant, Google, is utilizing all its strength in cloud computing and data processing for Web3 initiatives. They are focusing more on developing a solid infrastructure for Web3 apps, helping developers to deploy and build blockchain networks via Google Cloud. The approach is expected to accelerate Web3 adoption across different sectors.
Coming to Microsoft, which is leveraging its strength in cloud and software services for its new Web3 journey. The Blockchain-as-a-service BaaS of the company offers blockchain service, allowing businesses to manage, govern, and build a consortium blockchain network. It also aims to smoothen the process of developing Web3 apps, thereby reducing every technical barrier to adoption.
Another long-time leader, IBM, consistently focuses on creating an enterprise-grade solution. The IBM blockchain-based platform is specially designed to offer an efficient and secure way for businesses to implement the blockchain network and enhance trust and transparency. According to a recent article on www.cryptonewsz.com, Cronos Labs and Protocol Labs have teamed up in a partnership to collectively drive the widespread adoption of Web3 technology.
The competition between these big tech firms is all set to accelerate the adoption and development of Web3 technologies and spur innovation. The digital landscape will most likely be redefined as these blockchain-based projects evolve, making Web3 a brand-new internet standard.
Wrapping up, we have already witnessed how Web3, along with its user-centric decentralized model, is all set to make the next evolution online. Big tech giants such as Google, Meta, IBM, and Microsoft are heavily investing in the Web3 space with unique approaches, including creating Metaverse or revolutionizing data security and privacy. All these companies are racing to Web3 and creating fantastic projects, leveraging cutting-edge technology to bring the advantages of Web3 to its users worldwide. Although there are considerable challenges, including regulatory hurdles and technical complexities, the opportunities that Web3 presents are potentially transformative and vast.