Wednesday W.O.W - So what actually is Web3? 👨🏻💻
[5 min read] Every Wednesday you get bite sized treats on the things you need to know about the future of money, the internet, and society. W.O.W stands for: What - Objective - Why it's important.
A nibble of knowledge in your inbox every Wednesday with a simple format:
What the technology is
Objective(s) - what is it trying to achieve
Why is it important to users and well as businesses & brands.
Thanks for the positive feedback on the W.O.W format. A few people wanted a primer on Web3 itself so that’s the focus for today.
What is Web3?
Web1 was about decentralized, community-governed protocols. The value went to users and builders.
Web2 was about centralized corporate services, where most value went to a few big companies.
Now we're at the start of Web3, a new era of the internet combining the decentralized, community-governed ethos of Web1 with the advanced functionality of Web2.
What is the objective(s) of the technology?
To create an internet where users and builders own and control the network through tokens, giving them property rights and the ability to own digital objects like art and music.
To create a privacy-focused and decentralized internet that is secure and accessible to all regardless of geography, religion, ethnicity, etc. All you need is an internet connection!
To align network participants towards common goals through token incentives, on blockchain rails for transparency. “Trust, but verify”.
To fix the problems associated with centralized platforms such as user data breaches, stifled innovation, and centralised value accumulation.
Why is it important?
For users
Web3 is important from a philosophical perspective as it seeks to create a more equitable, democratic, and empowering internet.
The current centralized model, where power and control is in the hands of a few corporations, has resulted in many negative consequences for users and the internet as a whole.
Web3 aims to address these issues by putting the power and control back in the hands of the users and builders. This allows for a more secure, private, and open internet where everyone has an equal opportunity to participate, grow and benefit.
For businesses and brands
Web3 offers a decentralized, community-driven model of operating, which eliminates many limitations and challenges posed by traditional, centralized systems.
With Web3, businesses and brands have the opportunity to interact with their customers and users in a more transparent, equitable, and empowering manner, where everyone has a stake in the network and its growth.
This can help build trust and a sense of shared purpose between businesses, brands, and users, which can translate into a more engaged and loyal customer base. (See prev post on Web3 loyalty programs)
Web3 provides businesses and brands with access to a rich and thriving ecosystem of decentralized technologies and services, which can be leveraged to create new and innovative products and services that can address the specific needs and demands of their customers.
Ultimately, Web3 represents a shift in how we think about the internet and its role in our lives and society, and it presents an opportunity for businesses and brands to play a more meaningful and impactful role in shaping this future.
Can I help your business or brand with Web3 training & strategy? It’s one of the consulting services I offer. Contact me at https://johnsonandhunt.com/reach-out