Why Web3 is the Future of the Internet

• Blockchain Council
• September 10, 2024

The internet has changed significantly since it first started. Now, we’re approaching another major shift with the rise of Web3.

The Evolution of the Internet

To understand why Web3 is gaining attention, let’s first review how the internet has evolved over time.

Web1: The Early Days

In the early 1990s, the internet’s first version, Web1, came into play. It was mostly static. People could read content on websites, but interaction was minimal. Websites were like digital pamphlets, with limited content creation by users. Only a few individuals with technical skills contributed.

Web2: The Interactive Web

By the early 2000s, Web2 emerged. This brought new ways for users to engage with content. People could now create, share, and interact online. Social media platforms, e-commerce, and blogging sites became widely popular. Platforms like Facebook and YouTube made interaction more common. However, Web2 also led to a few big companies gaining control over user data, raising concerns about privacy.

Web3: A New Approach

Web3 aims to address the issues seen in Web2. Web3, known as the “decentralized web,” aims to give users greater control over the internet. Unlike Web2, where data is often centralized, Web3 uses Blockchain technology to distribute data across networks. This setup allows users to manage their data and online identities independently.

Key Differences in Web3

Web3 fundamentally changes how data is handled. In Web2, major companies typically control and benefit from user data. Web3, however, spreads data across a network, reducing the power of any single entity. This approach enhances security while lowering the chances of data tampering. Another key feature of Web3 is smart contracts. These are automated agreements written in code that execute automatically when specific conditions are fulfilled. Therefore, they remove the need for intermediaries. This can lower costs and make transactions more transparent.

Why Web3 is the Future of the Internet

Web3 is gaining attention because it introduces several key changes:

• Decentralization: By using Blockchain, Web3 distributes data across many nodes, reducing risks like censorship and data breaches. Users have more control over their information.
• Ownership and Digital Identity: Web3 allows users to own digital assets directly. For instance, in Web3-based games, if you purchase an item, it belongs to you and is stored on the Blockchain. You can trade or sell it, unlike in Web2, where such assets are often restricted.
• Improved Security and Privacy: Web3’s design inherently improves security. Data on Blockchains is encrypted and hard to change, addressing many of the privacy issues that exist in Web2.
• New Economic Models: Web3 brings tokenization. It allows assets to be represented as tokens on a secured Blockchain. This opens up new possibilities for ownership, trade, and decentralized organizations where decisions are coded rather than controlled by central authorities.

The Growth of Web3

Web3 is expanding quickly, fueled by advancements in Blockchain and a rising interest in decentralized applications (dApps). The global Web3 market is expected to grow significantly, potentially exceeding $81.9 billion by 2032.

The gaming industry highlights Web3’s growth. Games like Axie Infinity let players earn tokens that can be traded or used within the game’s ecosystem. Similarly, platforms like Decentraland and The Sandbox offer full ownership of digital assets within virtual worlds.

Career Opportunities in Web3

As Web3 grows, we can see new job opportunities across various sectors. Here are some notable roles:

• Blockchain Developer: Developers in this field build and maintain Blockchain systems and dApps, with salaries ranging from $100,000 to $200,000 annually.
• Smart Contract Developer: These developers create and deploy smart contracts, often using languages like Solidity, earning between $80,000 and $160,000.
• Web3 Marketing Specialist: These professionals specialize in promoting decentralized platforms, with earnings from $70,000 to $145,000.
• Crypto Community Manager: These managers focus on growing and engaging communities around Web3 projects, earning between $60,000 and $90,000.
• DeFi Analyst: These analysts focus on decentralized finance, providing insights into market trends, with salaries ranging from $70,000 to $140,000.

These roles not only offer good pay but also provide a chance to contribute to an important shift in technology. Gaining a certification in Web3 like the Certified Web3 Expert™ could give you the foundational knowledge needed to excel in these areas.

Final Thoughts

Web3 represents a significant shift in how the internet operates. It gives users more control over their data, identity, and digital assets. While the technology is still developing, and widespread use may take time, the potential benefits are considerable. Web3 could change how we interact online and alter our views on ownership, privacy, and decision-making in the digital space.