The team looks at where Web3 can have the most impact, the issues that Web3 could fix, plus some outlandish predictions for life in a world of Web3.
Web3, also known as the decentralized web, has the potential to revolutionize the internet as we know it. It promises to bring about deeper changes to the way we use the internet and interact with our digital assets.
For this blog post, we asked a few members of our team for their thoughts on these three questions:
- Where does Web3 bring the deepest change?
- What is the main issue Web3 has the potential to fix?
- What is your more outlandish prediction for life in a world of Web3?
Let’s look at the key takeaways from our conversations.
Skye, who is our project manager, believes that Web3 has the potential to “take back the power” with a democratic version of an online world that is currently leading us to totalitarianism.
Skye believes that the main issue that Web3 has the potential to fix is centralization. By removing the need for a middleman, Web3 can increase security and give users more control over their data. Skye predicts that in the world of Web3, business can be done securely.
Find out more about Skye Gee.
Our director of technology, Scott, believes that Web3 will bring significant changes to the internet. He states that Web3 will bring more efficient interactions, permissionless collaborations, better authenticity and verification of who people are, and improved institutional transparency and accountability.
As discussed in the book Paper Belt on Fire by Michael Gibson, there is a growing mistrust of many of our “most sacred” institutions. Rather than trusting a human-based intermediary, we may have come to trust code-based intermediaries with open source repositories so anyone can verify what is actually happening.
Through the use of blockchain technology, Scott believes many things can be more efficient, from international rewards to cheaper money transfers. As currently many of our day-to-day lives have inefficiencies, which can be improved. With Web3 collaborations between brands, projects, and people can be seamless without the need for permission, enabling new possibilities and opportunities.
Find out more about Scott Ferreira.
Cody, our creative director, believes that Web3 brings deep changes to the users and their access to their data. He states that Web3 allows users to have provenance and control over their data, their digital assets, and their digital identity in ways that traditional Web2 infrastructure can’t or won't allow.
Cody also believes that user experience is the main issue that Web3 needs to fix to be adopted by the masses. He predicts that in a world of Web3, everything will be an NFT, and the Metaverse will be closer to Zuckerberg’s vision than we’d like it to be. Finally, he concludes that you won’t be able to tell a Web3 interaction apart from a Web2 – it will just be the web.
Find out more about Cody Robertson.
Empowerment through ownership
Nick, Step3's head of product, believes that Web3 adds a new layer of value to the internet that empowers users with digital asset ownership. He states that Web3 will bring a shift in the ownership structure of the web, leading to more products and services that are jointly owned and managed by companies and users.
One main issue that Nick thinks Web3 has the potential to fix is that the internet is currently controlled by big tech companies that provide services in exchange for user data. He predicts that in a world of Web3, nearly all human activity, property, and transactions will be captured on a blockchain, and consumers will be able to monetize their data in ways we haven’t imagined. One day people will be able to make a full-time living by capturing and monetizing their own personal data.
Find out more about Nick Casares.
Web3: A decentralized democracy ?
In conclusion, Web3 could bring about a new era of the internet where users have more control over their digital assets, and a more democratic and decentralized system is in place.
The main issues that Web3 aims to fix include centralization and user experience, and the predictions for life in the world of Web3 are varied, but all point to a more connected, secure, and empowering internet experience for users.