It was not until early 2014 that the term ‘Web3’ was actually coined. Polkadot founder and Ethereum Co-founder Gavin Wood essentially described the third iteration of the internet as a “decentralized online ecosystem based on blockchain.”
Today in 2023, the semantic web, or what most people popularly address as Web3, is significantly transforming the online ecosystem and transforming the way businesses operate.
It’s the culmination of technologies such as blockchain, AI & ML, metaverse, and so on, that is contributing to the phenomenal growth of Web3 and taking a toll on how we’ll be perceiving the internet in the forth-coming times.
Smart entrepreneurs and visionaries have understood the relevance of a decentralized online ecosystem and are switching to Web3 platforms that enable complete transparency and ownership of data.
In this article, we’ll be looking at the ongoing Web3 trends that are revolutionizing the way businesses operate and how they’re essentially paving the way for the third iteration of the internet.
What is Web3 and Why is it Important?
Web3 is basically the third iteration of the internet. The concept of Web3 evolved out of the consequent problem that was encountered in Web2, the internet that we’ve all been using for quite some time.
In the present internet ecosystem, data is centralized and owned by massive tech giants and other internet mobile houses which is not healthy as there’s no room for privacy. User data can be misutilized for various purposes.
Web3 essentially solves the problem of centralized authorities and misutilization of user data by paving the way for decentralized platforms run on blockchain and executed by smart contract codes. It’s bringing the concept of peer-to-peer decentralized platforms where every member in the blockchain has equal weightage and none is superior to the other.
Top 5 Web3 Trends That Are Transforming the Way Business Operate
The third iteration of the internet is a mix of several technologies. Although at the heart of it, Web3 promises an online ecosystem that’s built on decentralized platforms, there are plentyof layers to it. Businesses today are leveraging the indisputable powers of these exhilarating technologies. Let’s look at the top 5 Web3 trends causing mainstream ideological disruption right now.
1. Blockchain as a Service
BaaS or blockchain as a service is significantly gaining popular demand as businesses worldwide are seeking groundbreaking blockchain solutions that make their operational platforms and online applications decentralized.
It’s out of the realization that customers would prefer a decentralized platform so that they can trust and be assured that their data is not misutilized. In this model, the customer is placed first with trust issues being resolved and hence business prospers.
BaaS solutions are offered via the cloud and companies can benefit from them as they can build blockchain applications with limited expertise and reduced costs. It’s estimated that the BaaS market will grow in manifolds to USD 11,519 million by 2026, according to the MarketsandMarkets report.
2. Metaverse bounded to Web3
The metaverse is intertwined with Web3 and paving the way to a disrupting Fourth Industrial Revolution where the whole concept of accessing data and networking will be redefined. The idea behind the metaverse is to offer internet users an ethereal experience that’s a consequent amalgamation of physician and digital entities.
Virtual worlds, avatars, 3D web technologies will underline the core of the metaverse. The entire scope of the possibilities of a new era of digital interaction is deeply linked with Web3 as it offers an online ecosystem that necessitates transparency and trustable association and networking.
As the metaverse is focussed on connecting individuals over the internet in a deeper level involving the technological concepts of virtual and augmented reality, it’s very important to build such immersive platforms staking user data on decentralized Web3 platforms.
3. Web3 Empowering Artificial Intelligence
There’s no doubt that AI is industry-disruptive. With the advancements in AL & ML, and consequent innovations such as the ChatGPT or the humanoid robot Optimus, it’s clear that a measure of safety protocol needs to be implemented.
Web3 essentially helps to bring transparency and enable a high-level of data encryption and storage. Given that various businesses use AI algorithms to study user behavior, blockchain ecosystems can assure that they are never misutilized or mismanaged.
AI is also mustering the growth of Web3 as it helps to code smart contracts necessary for the automation of business operations pertaining to decentralized organizations and DAOs. It also facilitates biometric recognition and enhances cybersecurity measures by integrating with Web3 technologies.
4. The Surplus Rise of NFTs
Finance and trading is an integral aspect of decentralized ecosystems, which is the heart of Web3. Virtual currencies such as crypto coins, tokens etc.. facilitate trade and transaction between two parties in the blockchain just like we use physical currency in the real world.
With NFTs, or non-fungible tokens, digital ownership is stamped and transactions take place legally, avoiding ownership disputes as every product or service proprietorship is recorded in the blockchain and is immutable.
NFTs are significantly shaping the credibility of Web3 ecosystems as it’s expanding from just using it for digital ownership to creating digital identities that can be used for voting and other membership rights. It’s becoming ubiquitous with the Web3 technology as time progresses.
5. Social Media and Web3
You wouldn’t be able to imagine a life without social media today as you sit crouching all day long on your sofa texting on WhatsApp, skipping through reels on Instagram, etc.. The only hitch is that these social media apps have a centralized authority which poses risks to data privacy and breaches.
Web3 is already shaping the way social media apps operate by making them decentralized and particularly a Dapp. Not only are they removing the cause of centralized authorities but also offering creative revenue streams for both creators and consumers via digital assets and tokens such as NFTs, crypto, etc.
Ethereum’s social networking platform, MINDS, has witnessed great success thanks to its open-source, decentralized model. Users can connect with each other safely and also get monetary benefits via cryptocurrencies by posting and even commenting.
There you are! These are the five popular trends that are revolutionizing Web3 and influencing the way how businesses operate in the modern age. It’s just the beginning and in the coming years, the read-write-execute iteration of the internet will become mainstream in almost every platform of data association and networking.
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