In the past few years, there has been a particularly active discussion that the current model of the Internet is already outdated and needs to be revised. The development of blockchain, cryptocurrencies, metaverses, NFTs and decentralized applications requires a new model of the Web. 

Let’s look at Web3 or the Internet of the future is, and how it can change lives. 

What is Web 3? 

Web3 is a concept for the development of the next generation of the Internet, which is based on the idea of decentralization. It is assumed that in the era of Web3, users will not only become full owners of their content, but also may not disclose their personal data, and the Internet itself will become more open and safe. 

The official term was coined in 2007 by Jason Calacanis, CEO of Netscape.com. He described the future Internet as a platform where online resources will no longer be monotonous and useless, and content will be created by professionals. As an example, Kalakanis cited the German section of Wikipedia, where professional editors began to review articles. 

If in Web 2.0 the data exchange protocol is HTTP, and the data is stored on servers, then in Web3 it is planned to create a new level of networking without a single point of control. With such an architecture, disabling one module will not cause the entire infrastructure to fall, that is, it will become impossible to restrict access to the Internet. 

Today, the market offers the first decentralized applications (dApps), decentralized autonomous organizations (DAO) and services that provide data storage and processing on a global level. But the problem is that there is no effective way to ensure their communication with each other yet. 

Web3 perspectives 

Active discussion of Web 3.0 began after the summer of 2021, Meta company  announced the creation of a metaverse that will unite physical, augmented and virtual realities. Soon a number of large companies, such as Microsoft, Tinder and others, announced that they would create their own metaverses and intend to integrate them with each other. Platforms are expected to be complete digital worlds with their own blockchain-based economy. 

Web3 will likely become the specification that metaverse companies will use to enable interoperability. Thus, the new standard will ensure the security of financial transactions and the seamless connection of different systems. 

Skeptics believe that in the coming years a full-fledged Web3 should not be expected, but a hybrid model with a centralized Internet and Web 3.0 elements will develop. They explain this by the fact that the metaverses, NFTs and blockchain technologies remain under the control of specific organizations, so the complete decentralization of the Internet will not happen soon. 

How will Web 3 change the world?

Web3 technology will not only change the Internet, but will also contribute to the ever greater digitalization and decentralization of the economy. In the era of Web 2.0, digital services have developed, and now you can buy digital goods for tokens. 

Web3 will provide reliability and security for a large number of new solutions, primarily for the financial industry and its products. For example, there may be no need for banks to store or transfer money. 

The way of authorization in services may change, and the user will gain access to all resources on the Web using one secure key. This will allow you to link both wallets and banking applications to your single account. 

Summary  

The new Internet will become more democratic, and the usefulness of content will be determined by Decentralized Autonomous Organizations (DAO), including large companies and services. Each user will have a voice and make important decisions for the content and the organizations themselves. 

As a result, the role of the users themselves will change in the decentralized Internet. They will be able to monetize personal data, buy and sell goods and services, and profit from content creation directly without intermediaries.