Understanding The Future of Web3

The world of internet is really fast developing and moving forward massively and this is a beauty. There have been a revolution going on in the internet space and one of it is the rise of the Web3 which is promising us a decentralised nature of web. It is called the third generator of internet and I am so sure this is just the beginning as there will be a lot of issues web3 will solve that has been caused by the centralised nature of web2. Even though the web3 has so much of potential ahead, let's briefly talk about the future of web3 and how position we are to receive it in years to come.

But before then, let me quickly establish what is Web3. Well, web3 is just the transformation of the internet from the centralised nature web2 to the decentralised nature. Web3 majorly is build on the Blockchain technology and this factor helps the decentralised nature to thrive quite very well. When it comes to web3, it gives the users more opportunities to be able to control their data much more than the centralised authority in web2.

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Of course there are lot of key features of web3 which I will be looking at briefly in this post today. Starting with the decentralisation feature like I said earlier, instead of data been controlled by centralised servers as it is done in web2, now it is stored in distributed network that allows users to have more control over their personal data. This has been one of the major key features that every user has been longing to have in the web2 but have not been able to be achieved due to nature but well thanks be to God for web3 who is just about to offer it and bring it to reality.

The second key feature I will like to talk about is the economic incentives and also the tokenisation. There is this new model that Web3 has helped to introduce that is allowing users to be rewarded for different level of their participation and contributions. One of the perfect examples for this tokenisation is the new trend of the telegram Airdrops that is moving everywhere right now. This has allowed projects to be able to practice tokenisation without being hindered by centralised authority or regulations as intermediaries.

There have been so much of impact that Web3 has on various sector. Let me talk about the finance sector of course which is the first. There is something called the decentralised finance that has been able to removes the obstacles of traditional banks and even the financial institution but has allowed peer to peer transactions, borrowing, lending and even reading also to users directly happening on the Blockchain network. This was quite possible by introducing the concept of smart contracts.

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Web3 also over the years have been able to transform the media world also. Content creators now have more ownership about their content and this is really what is needed. Nowadays we have Blockchain platforms like Nft and many more that are allowing creators to have full ownership to their content and helping them to even avoid centralised authority and those traditional platforms like those YouTube, Spotify and many more. Also look at the gaming and virtual world. I have always said that the world of web3 will be based on the gaming world and thanks to God that the Blockchain world is experiencing a massive upgrade in the aspect of gaming and more is to come.

Of course even though there can be a lot of potentials but it still have so much of challenges and roadblocks that needs to be tackled. The fact that it is decentralised nature even though have it's own so much of a benefits, I believe strongly that it is exposed to fraud, scams and many more which I strongly believe that if it is not tackled, will bring a lot of issues to the web3 world and even much more. This is just my take though.