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Everytime Web 3 comes into the picture, it brings up a discussion and comparison over the traditional internet. Given the fact that Web 3 is considered to be the next generation of current internet. Moreover it does not just cover the benefits in terms of advancements but also in terms of providing value and minimizing the existing flaws.
Current form of the internet capitalizes on users’ data and attention, this notion generally dubbed as Attention Economy. Initially, the market players in this Web 2 or present generation of the internet forcefully entered the personal space of their users. Eventually, they made the process extremely frictionless and this turned out to be a curse for the present digital generation.
However, the Web 3 enthusiasts have their whole focus towards making the internet decentralized. The Internet in its decentralized form will not be using the user’s personal data and information like traditional internet. The big tech companies indulge in capitalizing the attention of their users to show them tons of ads. These tech giants gather the information from likings to dislikings of users and sell this valuable data to the advertisers.
‘Data is the new Oil’ philosophy nourished during the development of the traditional internet. Decentralization was proposed as one effective way to deal with the stealing of data and hindering privacy. Unlike the internet today, there will be no central authority in Web 3 with control over the internet. So the users can enjoy whatever they want to browe of surf on the internet freely.
Web 3 will be offering lots of fantastic features. It will make users own their data and this will belong to only themselves. Moreover, although the traditional internet was free for users yet capitalizes on the users’ attention, Web 3 will incentivize the user while adding value through their content.
Rather than capitalizing on users’ attention like in the attention economy, Web 3 will be making the user the true owner of his own data. Take an example of a digital art piece that is generally known as NFT. Any digital piece of art based on blockchain can be easily traceable and its true ownership can also be figured out. Using the similar approach, the user can own his data and even can track it down who and how his data is being used. Just like an NFT can’t be used without its owner’s permission, the user’s data would be acting in a similar way.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
