Web 3.0 Set to Go Mainstream in 2022; Looking Into the Future of a Decentralized Ecosystem

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Web3 or popularly referred to as Web 3.0 is the latest version of the internet, it is slowly becoming a major adoption trend following the rise of blockchain networks and cryptocurrencies. This new version of the Web takes a different approach from its predecessor Web 2.0, which is the supporting infrastructure for platforms such as Facebook, Twitter and E-commerce ecosystems like Amazon. 

While Web 2.0 has been fundamental in the development of the internet, the past few years have exposed critical issues when it comes to users’ security and data privacy. Web 3.0 seeks to address these issues by introducing a decentralized internet, where users can participate in ecosystem governance and reap financial rewards whenever their data is monetized. In Web 2.0, centralized parties have the autonomy of control over users’ data and revenue sharing. 

Currently, most of the advanced innovations in Web 3.0 fall within the crypto industry. This is because cryptocurrencies are built on blockchain networks whose architecture is based on decentralization. Ideally, Web 3.0 decentralized protocols feature a peer-to-peer ecosystem hence eliminating the middleman. In addition, they are run and governed by a community (miners or validators) depending on the underlying algorithm. 

Gavin Wood, the founder of Parity Technologies and early advocate of Web 3.0, defines this new phase of the internet as a shift from limited internet communities to a globally decentralized ecosystem. In a recent interview with the famous American-based Magazine Wired, Wood explained the underpinnings of Web 3.0