Do you think you own what you post on Facebook, Instagram or Tiktok? Let me be straight, you own sh*t!
This was how it used to work, but there are alternatives now. If you don’t trust the way the internet works nowadays and believe The Social Dilemma is right, continue reading. There’s an alternative: Web3.
First, we need to understand what the decentralized web is. The Web2 that we have nowadays is highly centralized in the hands of big corporates, but this is rapidly evolving to Web3. At the same time, the Metaverse is how the internet or virtual worlds will merge and integrate into our lives that we will be able to interact with it seamlessly. Let’s explore more in this article on the differences between Web 3.0 and the Metaverse and how they will complement each other in the future.
Web 3.0 is a concept for the next generation of the internet. It is the evolution of how users are able to control and own their creations and online content, digital assets and online identities.
Web 2.0 is what we are experiencing at the moment. Companies develop and provide products and services in a centralized manner. Take Instagram as an example. Do you think you own your IG content? Nah, the company owns everything on the platform, and they have complete control of all the content that users create there. If they want to ban you or block you, they will do it.
Another example is the popular online game Fortnite. Users have zero control over their in-game identities and assets that they “own”. In Web 2.0, users cannot control and monetize the content they create.
More than 2.5 billion gamers worldwide have been lied to that they own their in-game assets. They don’t own it.
In Web 3.0, however, users can create content while owning, controlling and monetizing them through the implementation of blockchain and cryptocurrencies. This is what enables NFTs. Am I sure you heard of it, right?
Blockchain can enable users to interact with online services governed by peer-to-peer networks, which is essentially a decentralized network of computers instead of the server of a single entity. In such a setting, users can own their data and have permissionless and peer-to-peer transactions, bypassing middlemen’s need for anyone with an internet connection and cryptocurrency wallets like Metamask. The full control of digital identities and how and when data are shared is therefore returned to users with different online applications through their private keys.
You can also read : Metaverse Architecture – A Peek Into The Future
The world is moving fast to Web3. The internet of assets:
- From AWS to IPFS
- From LLC to DAO
- From Chrome to Brave
- From your bank to Metamask
- From centralized systems to decentralized blockchains
- From Facebook to Steemit
- From Eve Online to Star Atlas
Data privacy is another issue of the current Web 2.0 internet. While the centralized entities have full control over the access to the service, they have full control over the users’ data. Users register to access a service and give up their precious private data and content in exchange for the convenience of the service, by agreeing to the terms of services. However, in Web 3.0, not a single entity has control over the access to the service as it’s open to everyone. No registration is needed, users then have complete control over their private data, but at the same time, users have to take the responsibility to protect their own data and assets as they will become the only custodians.
I think web2 has noticed this, and it’s already moving towards Web3. Twitter, for example, rolled out NFT profile pic verification.
Recently we have seen some fantastic new consumer behaviours emerge from Web 3.0 initiatives, like the booming of non-fungible tokens (NFTs), play-to-earn (P2E) games and Decentralized Autonomous Organization (DAOs).
For the potential applications of Web 3.0, since it is presented to be the standard of a new generation of internet, we can take it as a set of rules and guidelines applicable for every internet user. As a result, web 3.0 would be applicable throughout the whole internet instead of just certain applications.
You can also read : Metaverse Use Cases and Benefits
The word “metaverse” is originally from the 1992 sci-fi novel “Snow Crash”. Recently Facebook brought the Metaverse to the mainstream by rebranding itself as “Meta”. The Metaverse is not yet a concrete reality, while the vision of it is a 3D immersive world where we will be spending a lot of time socializing, working, entertaining, learning, etc. It is the combination of virtual reality (VR), augmented reality (AR), mixed reality (MR), gaming, cryptocurrencies, social media and much more.