Highlights:
- Web 3.0 will be the game-changer for organizations to create a new community and economic opportunities.
- Web 3.0 consists of building blocks like decentralized protocols and technology stacks to create metaverse parts.
A report by Gartner has stated that most enterprises will use Web 2.0 for most applications until 2030, but Web 3.0 innovations are in the process to revamp the internet.
Gavin Wood, the co-founder of Ethereum, popularized the term Web 3.0 with an aim to create an advanced and decentralized version of the World Wide Web that’s powered by blockchain technologies. Web 3.0 allows peer-to-peer interactions without any reliance on intermediaries and centralized platforms. Users can control their data, privacy, content, algorithms, and intelligent contracts will flexibly utilize trustless computing that does away with the need to trust and pay intermediaries.
Tokens and cryptocurrencies are the backbones of Web3’s business model and economics and have been designed into the blockchain protocol. Web 3.0 has many building blocks that can help create new applications. It also supports new business opportunities, such as making revenue from non-tangible tokens (NFTs) in new “metaverse” applications.
Metaverse and Web 3.0 are usually combined, but they represent different (yet related) concepts. Metaverse describes an evolving vision of a digital native world where individuals can spend time working, socializing, and doing other activities. Web 3.0 provides decentralized protocols and technology stacks that can be used to create parts of a metaverse. Additionally, it will generate new community and economic opportunities.
Web 3.0 is a robust tool that provides precise and proven solutions to overcome all the negative consequences of Web 2.0. Consequences include gatekeepers, like giant tech companies and governments, feeding off end-user data for their financial and/or surveillance purposes, censoring users and content, and manipulating client experiences based on the algorithms designed for their benefit. Strikingly, the current Web 3.0 applications like decentralized finance, NFTs, Play-to-earn games, and community-organized decentralized autonomous organizations (DAOs), have delivered unachievable gains to everyday users, investors, artists, creators, and communities.
In this decade, enterprises will explore Web 3.0 for applications that benefit from new blockchain-supported business models and the latest social or gaming networks. Gartner’s report suggests that approximately 25% of enterprises will integrate legacy applications and services with decentralized Web 3.0 applications by 2024.
Gartner has advised businesses to start implementing applications and processes that benefit from trust-minimized computing and the latest business models and opportunities that only Web 3.0 promises to deliver.
