Here’s Why Web3 is The Future
The evolution of the internet has lately been a topic of exploration. Noticeably, end-users of technology are slowly transitioning to the next predicted evolution of the World Wide Web; Web 3.0 (popularized to be referred to as Web3).
Here are some bullish indicators of why it is coming sooner than you think:
Key Market Players Are Embracing It
It should not be a shock that I start by mentioning the Founder of Meta, Mark Zuckerberg. Towards the end of the year 2021, he made an impressive announcement of overhauling Facebook to build the “metaverse”. Though he has received tough criticisms that he may not be the one to properly bring this idea to life, it is necessary to note the predictions of key market players. This strategic play immediately saw Microsoft (founded by Bill Gates) make pronounced statements on their ambitions to also release their innovations in the metaverse space.
Now I am not assuming that there was a sort of communication to cascade this transition to the next stage of the World Wide Web evolution among the world’s greatest CEOs but I imagine thought leaders’ predictions are too important to ignore. That’s why Jack Dorsey’s resignation from Twitter should not be taken lightly. While his position was quite controversial (he faced numerous criticisms due to being the CEO of two companies), his resignation hints that his energy and focus will now be directed towards his other company, Square, which concentrates on DeFi.
Though there are some nuances in the type of innovations by these individuals, they are all looking to embrace blockchain technology. A central feature of Web3.
Web 2.0 Has Run Its Course
Web 2.0 has done an amazing job in enhancing interconnectedness and interactivity among users (businesses and consumers alike). To be honest, I didn’t think anyone pictured it to be this innovative. I mean look at TikTok! But in terms of user interaction, I think most innovations now will somehow be repetitive. A good example would be Instagram’s update to introduce reels that were analogous to TikTok’s method of creation and sharing of content. However, therein lies the problem, the constellation of similar experiences attained from the usage of these different platforms, ultimately leads them to desire to migrate to something more exciting.
Here is where Web3 comes to play.
It offers immersion and flexibility that Web 2.0 simply cannot give.
The Success of Bitcoin
Bitcoin is a quintessential example of Web3’s rise. It is impossible to not mention bitcoin when looking at the possible diffusion of the Web3 innovation. The disruption this cryptocurrency has caused is quite unbelievable yet simultaneously impressive. Reaching an all-time high of $68,000 in the year 2021, the value of this coin is far from depreciating. What is fascinating is a recent statistic that shows there are 1.7 billion ( a quarter of the world’s population), unbanked adults, across the world. The numbers show massive potential for individuals to make space to readily embrace web3.
Final Thoughts
I believe the happening of the integration of Web3 into our lives in the next couple of years is inevitable. Tim Bernes Lee predicted this evolution and he wasn’t wrong about Web 1.0 and Web 2.0 so I doubt that the Web3 would be any different. So, just like the rest of the world, I will wait to embrace it and marvel at what immersive experiences it will avail to us.
