What you need to know about Web3

Web 3.0, also known as Web 3, is about to emerge. With its introduction, concerns about the internet's future and its effects on businesses and individual users are widespread. However, Web 3 is a concept that is still being developed, so there isn't yet a definition that everyone agrees upon. In contrast, Gavin Wood, one of the critical thinkers behind the Web 3 vision, encapsulated it effectively in a 2021 WIRED interview: "Less trust, more truth." It suggests a decentralized internet environment, which is the essence of Web 3.

The Internet's Evolution: From Web 1 to Web 3

The development of the internet is an example of ongoing innovation and evolution. Web 1.0, the initial stage, was similar to a digital library — a static environment where users enjoyed information without actively participating. With the arrival of social media, user-generated content, and a more interactive web experience, Web 2.0 created a dynamic, interactive platform. The next big step, Web 3, aims to create a decentralized, secure, and intelligent internet.

Decoding the Core Features of Web 3

Web 3 is an entirely different approach to online interactions and experiences, not just a new version of the internet. Several key elements that are each intended to promote decentralization, user autonomy, and cutting-edge intelligence are the foundation of this next-generation web. Take a closer look at these distinct traits:

• Blockchain technology - This creates the underlying structure of Web 3, providing transparency, security, and trust.
• Decentralization - Web 3 moves away from centralized control, creating an environment where no single company or entity holds total power.
• Artificial intelligence - Web 3 leverages AI to deliver more personalized and smart user experiences.
• Cryptocurrency and DeFi - The new financial layer of the internet features decentralized finance (DeFi) applications and cryptocurrencies like Bitcoin.
• DAOs and dApps - Decentralized autonomous organizations (DAOs) and decentralized applications (dApps) offer services on Web 3.
• User autonomy and anonymity - In Web 3, users get more control over their data while maintaining anonymity.
  

Web 3 in Action: Practical Examples

It might seem vague before you see Web 3 in action, as with any technological advancement. Let's look at some real-world applications already utilizing the power of this new, decentralized internet to give you a clearer idea of its potential. Web 3 is already making waves in various industries, from cryptocurrencies to decentralized social networks and blockchain-based supply chains. Several notable examples include:

• Augur — a decentralized exchange trading market built on Ethereum
• Bitcoin — the original cryptocurrency that uses a decentralized protocol, showcasing the power of blockchain
• Diaspora and Sapien — decentralized social networks focused on user privacy and data ownership
• Everledger — a blockchain-based platform that provides supply chain, provenance, and authenticity solutions
• OpenSea — a marketplace for buying, selling, and trading NFTs (non-fungible tokens) built on Ethereum
• Steemit — a blogging and social media platform that rewards users with cryptocurrency for creating and curating content
• Uniswap — a decentralized cryptocurrency exchange that allows for seamless token trading

These are only the very top examples. Web 3 has a huge and diverse range of potential applications that could impact various industries, including supply chains, social media, and finance.

Embrace the Future of the Internet with Kodaa

At Kodaa, we're at the forefront of these exciting developments. As an experienced UX agency, we bring our expertise in product design, website development, and mobile app design to help guide you through the evolving landscape of the internet.

Whether you're a website developer excited to understand the potential of Web 3 or a business looking to tap into the opportunities this new internet era presents, we're here to guide you.

Ready to explore Web 3? Get in touch with Kodaa to discuss your project. Let's embark on this journey to the future of the internet together.