The internet has come a long way from simple pages that you could only glean information from. As technology rapidly advanced, so too did the internet. At an astounding rate, the internet became more interactive and engaging as the digital age moved from Web 1.0 to the era of Web 2.0. Now, users are able to read-write. Not only could they passively consume content, but they could also be active creators of it and connect with a large community of like-minded people. This was the advantage the second iteration of the web had over the first.
However, in recent times, another buzzword has emerged: Web 3.0. Web3, in all its glory, is yet to come to fruition… But the hype it has garnered over the course of the past couple of years seems to indicate a plethora of use cases, from the development of Web3 games to actually bringing a full-fledged Metaverse to life! Going by the attention it has received, a favorable future seems to be in store for the Web. Built on the foundations of blockchain technology, this version of the internet is slated to be decentralized, with users being able to truly own their assets.
Now we know what Web3 is… But what of its advantages and disadvantages? Read on to find out.
Advantages of Web3
As has been made abundantly clear, Web 3.0 already has more than just a few applications and benefits to its credit. Here are a few of the advantages that come with Web3 development.
Data Ownership
Web3 is all about ownership… Ownership is the watchword when it comes to Web3. The blockchain technology that it is built on enables users to own their assets and data truly, and even monetize them! For instance, the use of NFTs in healthcare could allow patients to monetize their data and decide whether they want to share them or not. In-game assets, too, can be truly owned by players regardless of whether they play the game. Even if they stop, the assets will continue to be owned by the holder and can still carry value in the market.
Greater Control
The objective of Web3 is to give control back to the users. Apart from ownership, the users decide what to do with their content and their assets. In a decentralized world where you have the option of being anonymous, your identity, too, comes under your control. You can decide which data you want to share and whom you share it with. This builds the foundation for the next key advantage: privacy.
Enhanced Connections
Web2 is often hailed as the social web. It allowed social media platforms to flourish and users could connect with people all over the world. The advent of Web 3.0 is expected to take things a step further in this regard. For one thing, when the Metaverse comes to be, users will be able to move around in the virtual world in the form of avatars and even converse with other users who share the space. Such innovations already exist and will form the basis for increased connections in the world of Web3.
Disadvantages of Web3
While Web3 does offer a plethora of benefits, like any new technology, it comes with its drawbacks. It always helps to have a good idea of these as well in order to protect our data on the internet.
Technological Requirements
As Web3 comes into play, older sites will become more outdated. Older sites and apps will need to be updated to keep up with the demands of Web3, which may take a while to complete. A sharp transition, therefore, would firstly be uncomfortable for users. Furthermore, gadgets that can support the requirements of Web3 will need to be developed.
Regulatory Concerns
Being a new technology that is so heavily focused on decentralization, it might be quite difficult to put into place regulatory frameworks that can guide users and developers. While some may feel that overt control may defeat the purpose of decentralization, the point remains that with access to a larger amount of data and information, users may feel safer with proper regulations.
Complexity
The transition from Web2 to Web3 is set to be a lot more momentous than the one between Web1 and Web2. With this being the case, the concept of a decentralized web might be more than just a little difficult for newbies to grasp. This iteration of the internet will be composed of a variety of different elements which are quite complex at the beginning. Usage, too, may become second nature only with ample time spent on the internet.
Closing Thoughts
The foundational aspects of Web3 are already in practice and are being used to serve a range of purposes. While several applications and use cases have been proposed for this brand-new version of the internet, it is important to keep in mind that there is often a flip side to emerging technology. If and when users are cognizant of all the aspects, good or bad, they will be equipped to harness the full potential of Web3.