We’re moving from where we rely on large, centralized organizations to provide us with everything we need to one where individuals are empowered to do so themselves.
There are middlemen everywhere: social media networks, service providers, e-commerce sites — and even identity verification services like Google or Facebook.
All these entities can access any information we share online, whether it’s our location history or search queries.
What if we could break down these walls and create a new world that allows us to take back control of our digital identities? That’s the promise of blockchain technology, and it’s a promise that’s being realized today.
Web 3.0 aims to create a decentralized worldwide web where no one company or organization will own all your information — you’ll be able to decide which parts you want to share with each app or service provider.
To realize this future, we need blockchain as the basis for decentralization, cryptocurrencies and decentralized finance to provide access points into it, Non-Fungible Tokens (NFTs) as new digital assets within that world, and metaverses as interfaces between people from different economies.
Blockchain will be the foundation for this new web, creating an infrastructure that can create digital identities and securely store data in a way that can’t be tampered with or hacked. It will also provide a decentralized system for applications to run on top of.
Bitcoin is often credited as the first blockchain application, but today, thousands of other projects are building their blockchains.
Collaboration in the web3 world will evolve from team and zoom meetings to collaborative spaces that allow for the creation of new content and experiences.
Digital twins will allow us to manage our online identities and reputations, while data traders will allow us to monetize our personal information.
Verified credential services in the future will allow us to prove our skills and experiences easily. At the same time, reputation systems will help us make better decisions about who we do business with.
NFTs will allow us to own and trade digital assets, while decentralized exchanges will allow us to exchange them fairly and transparently. And finally, tokenized securities will allow us to invest in companies and projects we believe in by purchasing their tokens.
Decentralized organizations will prevent censorship and ensure that everyone can participate in the governance of these organizations. We will see a shift in how we interact with each other and how we organize ourselves as humans.
In conclusion, I believe that the future is bright. We are on the precipice of a new era where people will have more freedom and control over their lives than ever before. I hope this has given you some insight into what we can expect from web3 technologies and why it’s essential to look at these issues today instead of tomorrow.