Web3, the Internet of value

The Internet has not always been centralized, but with the advent of Web 2.0 (more on that later), all user data was collected and stored by a centralized entity. Thus giving the power to tools such as digital ads to show us content based on our data traceability. However, with the advent of the "new technology" called Blockchain, it is believed that it could be the perfect component to transcend to the evolution of the 'new internet': the web3.

The term Web3 was first used in 2006 by Tim Berners-Lee, creator of the World Wide Web. It wasn't until Packy McCormick, an investor who helped popularize the term, that it became 'fashionable'. In addition, Web3 is known as the Space Web. There is a non-profit organization (Space Web Foundation) that aims to develop and maintain ethical standards for Web3.

As we commented, web3 is said to be the next evolution of the Internet, using innovative technologies such as blockchain to make a more decentralized Internet. In Web 2.0 the main product was the user leaving traces of their data through the use of 'free social networks'. However in Web3 you will be the owner of all your content and data (yes, we know it is complicated until this is globally accepted, but it will happen). Web3 is just another network that allows anyone to participate in a secure and private way through transparency and decentralization.

Technologies such as Artificial Intelligence and Big Data will also be major components of Web3, enabling a much more personalized user experience. These technologies in combination with blockchain for security and privacy, will be the impetus towards the adoption of Web3 and a more fairly distributed digital world, without a crucial role of Big Tech or tech giants that have a monopoly on data.

Preparing for the revolution

Regardless of whether the use of Blockchain technology and Web3 is not an immediate solution, it is important to prepare for the new digital future to come. As we have discussed, AI and machine learning and natural language processing (NLP) will play a key role in Web3. For example, the use of NLP will enable Web3 to have more accurate listening, so that clearer and more concise answers can be provided more quickly. However, all data is a very important asset and that is why the integration of blockchain is a key to the success of the 'Spatial Web."

On the other hand, perimeter computing and Web Of Things, in combination with 5G networks, will be part of the key to Web3 and the use of perimeter nodes for IoT solutions. Web3 will offer opportunities for businesses to securely automate, modernize and accelerate while improving the customer experience through the use of disruptive technologies.

It is important to review how this technology could start to fit into your company so that you don't have to adapt when it is too late and most businesses are already adapted. Many of the early adopters of the Internet are now technology giants. A Deloitte report notes that organizations are already implementing Web3 technology, with the goal of augmenting existing capabilities, such as IoT for predictive maintenance, enabling performance improvements and cost reductions.

Web1 & Web2

In this section we simply explain a bit of context of what existed prior to Web 3.0, with the intention of understanding the evolution and the need to move from an Internet with monopolies and centralized giant entities to a more decentralized digital world.

Tim Berners-Lee, creator of the World Wide Web, created what is known as Web 1.0, where users could only perform one action: read. That is, they could only view content and there were very few people publishing content, but ironically these publications were somewhat decentralized. So Web 1.0 is the first stage of Internet development, between 1991 and 2004, being a static web with very limited features.

Although Web 1.0 was a revolution, it was not until Web 2.0 came along that mass adoption occurred. Web 2.0 introduced one more variable: it was now used for reading and writing. This is why between 2005 and 2020 blogs, social networks (Facebook, Twitter, YouTube) took hold and many users could both view content and publish it in a relatively simple way, but under centralized companies that have become monopolies.

Widespread adoption slowed

As we have already mentioned, all these technologies are in an incipient phase and need to be improved, just as it happens with an MVP (Minimum Viable Product) and its validated learning, as people use it and require new functionalities or change some existing ones, the final product is created, which will be the one used by everyone.

The truth is that venture capital firms have invested more than 27 billion dollars in web3 related projects and even technology giants such as Twitter and Reddit have begun to experiment with web3 projects. This is an indicator that they are betting heavily on the use of these technologies for our future.

However, although many projects are emerging, the hardest part remains, connecting in an effective way with the real world and connecting with all users unfamiliar with disruptive technologies. A tokenized and decentralized technology is all well and good, but without proper regulation it will do nothing for market adoption. On the other hand, offering a better user experience is of vital importance. Currently to connect to web 3 and use DApps requires a minimum of knowledge of the technology and therefore makes it a barrier to mass adoption.

Solutions such as AirTrace to use Blockchain technology without the need for prior knowledge are initiatives that companies will need to adapt.