What is web 3.0 and why its great

Power to the people!

A centralised web has helped billions of people jump into the huge infrastructure that it has created. But at the same time, a handful of corporate responsible for helping create the infrastructure also decide what can and can’t be allowed.

Web 3.0 takes away this monopoly. Instead of a Web governed by technology companies, Web 3.0 works on a decentralised system, a system built, operated, and owned by the users. This puts the power in the hands of individuals rather than the big tech corporations.

It is hard to provide a firm definition of what Web 3.0 is but a few core principles guide its evolution.

  • A decentralised system: instead of the internet being controlled and owned by centralised entities, the ownership will be distributed amongst its builders and users.
  • A web for all: everyone will have equal access without exclusion.
  • Bye Bye Banks: Web 3.0 will use cryptocurrency for buying and selling online. The reliance on third party banks and payment processors will be removed.
  • Trust factor zero: As a decentralised system, the trust in third parties will no longer be needed.

Are we there yet?

Web 3.0 is a fast evolving ecosystem. You can see in recent times that there has been a big rise in the interest in cryptocurrency, blockchain, NFT’s and user generated content.

We are still only at the beginning of creating a greater web, but as we improve the infrastructure that will support it, the future of the web and what can be done looks pretty great.