What is Web 3.0 and Why Do We Need it?

While the internet is something many of us use daily, the web is not without its flaws. 

The transition into Web 2.0 (the internet as we know it) heralded the beginning of an internet filled with user-generated content. With social media and enhanced communication applications, anyone can create media in any form and upload this content onto platforms where millions can view them. 

However, on Web 2.0, this user-generated content didn’t belong to the users. Instead, corporations could use their software to track and record down information (unbeknownst to the users) before turning this valuable information into a profit stream. While it was unobjectionable in the beginning, the evolution of the internet and how technology has been increasingly integrated in society now has made it such that the data collection characterising Web 2.0 has turned into a massive breach in personal privacy. 

As blockchain technology is driving the formation of Web 3.0, it is envisioned that this new iteration of the web would allow for a decentralised identity paradigm where users can maintain control over their data and communicate privately and anonymously.

To put it simply, on Web 3.0, users will no longer have to be afraid of big tech companies tracking their every action and communication made on the internet. 

Blockchain Technology and its Benefits

The introduction of blockchain has been a significant advancement in database technology, allowing users to share data easily and conduct transactions while maintaining a high level of confidentiality and privacy.

For example, with Ethereum (and its cryptography coin ETHER), the innovative smart contract allows users to ensure that all parties honour their words. Unlike a physical contract where parties might still breach their end of the contract, smart contracts are self-operating. This means that the specified actions (such as a transaction to purchase a good) will only be executed after the specified conditions in the contract are fulfilled, preventing a case of contract breach. 

Furthermore, as these smart contracts are self-operating, they do not require the use of intermediaries, such as lawyers. This ensures that the transactions are allowed to occur privately while remaining secure for the parties involved. 

With the database technology developed through blockchain innovation, data on Web 3.0 will also be stored using secure decentralised storage protocols instead of centralised databases (such as on the servers of a social media company). As a result, users are now better able to prevent their data from being collected for profit by large corporations.  

Moving Into Web 3.0

In a world where the largest social media platform, Facebook (with nearly 3 million active users), is said to prioritise profits over the safety of those on the Internet, the introduction of Web 3.0 will bring much relief to all internet users. 

With open-sourced blockchain technology (that everyone can work on together) and improved privacy and security protocols, Web 3.0 promises to make the internet a better place for everyone to work and enjoy themselves.

And with the continued evolution of new technologies (especially in cryptocurrency) that come with Web 3.0, Regtank continues to stay committed to helping firms remain compliant with the latest regulatory laws, as well as keeping up the fight against ML/FT activities.

Contact us at info@regtank.com for a demo!