Implications of Web 3.0
Change is on the way to the internet as we have it in the present. Web 3.0, in reality, the shift could be already underway due to the introduction of cryptocurrency assets. In the early days of Web 1.0 users accessed the online using dial-up modems. They could also glance at static websites. Consumers as well as business alike, were required to accept only read-only sites and poor handcart services. Although they were laughable in the present it was actually the beginning of the information age. We’ve seen what access to information can do to our societies. The Gutenberg press printed books in blocks , and then distributed information with the speed of physical distribution. When it was Web 1.0, information was exchanged between two people at a speed of 56 kbit/s. This was the bandwidth that was available to consumers class modems of the time. A 2 gigabyte movie would take about 85 days to download at some point in the future . We’ve made significant progress since. The internet today, often described as Web 2.0, allows users to connect with web-based services such as Facebook or Google using a range of devices , including mobile phones, laptops, tablets, laptops and even residential IoT devices. Even at the beginning the era of Web 2.0, user interfaces did not have the spit and shine of the modern services as well as accessing your social media profiles on a mobile device.
The first blogging platforms like LiveJournal and Blogger made the web move from an “read-only” era to a “read-write-publish” era. The newer concepts of machine learning, collaboration, and mobility would transform Web 2.0 into Web 2.5. In this case, businesses were prepared to work within a similar document at the same time, and storage was transferred to third-party drives such as Google Drive or iCloud. The advent of mobility has transformed day bloggers from keyboard mashers to poolside WordPress superstars. Machine Learning, IoT cryptocurrency assets, as well as IoT offer a range of options in the wake of the internet . AI/machine learning offer the potential to speed up trend recognition and enhanced service delivery. IoT devices are a perfect complement to the interactions on screens that we’ve grown accustomed to . Making house supply orders is as simple as shouting your purchase bent Alexa from the comfort of your living room .
Web 3.0 isn’t only about technological innovation but is also a major change for consumers and businesses alike. In the age of Web 3.0 world assets will also be tokenized to allow cross-border and fractional ownership. Investors will be prepared to join the infrastructure that will power subsequent series of applications. In the coming sections, I’ll look at the macro implications that the crypto asset market brings to Web 3.0.
Digital Asset Sovereignty
Cryptoassets are a new type of digital asset. An asset is the property of either an individual or a company . Take a look at your profile on Facebook for just a second ,
If you haven’t yet deleted it. If you’re a regular Facebook user, you’ll spend time to share your life or use the News Feed feature to quickly get the news of what’s happening within your social network. However, your Facebook profile isn’t really yours. Terms and Conditions imposed for you by Facebook Incorporated dictate whether you’re within the boundaries of the rules they have to set. If you violate these terms, you’ll quickly be suspended or deactivated.
Bitcoin For instance, it was the first world-wide example of a digital asset that has a high level of resistance to censorship. The Bitcoin network is controlled as well as maintained and secured through the thousands of nodes which constitute the entire network. To attack the network effectively requires a large amount of coordinated takedowns or manipulation of the nodes. In conjunction with financial incentives to ensure that nodes operate as they were intended. The most effective results include a network that is transacting as well as creating virtual assets. Bitcoin owners are safe with respect to their assets. There aren’t any conditions or terms to be adhered to in Bitcoin’s permissionless network. Insofar the Bitcoin owners have access to their private keys, they can have access to their funds. This kind of censorship resistance leads to the sovereignty of digital assets.
Reducing the cost of switching and intertwining competition with web-3.0
If you were a fan of World of Warcraft once you were younger, you built formidable fortresses and earned several serious coins throughout the process. The time and effort that you put into accumulating an in-game fortune disappeared when you quit playing. The switch to a new game required you to begin all over again. There’s a cost or cost to purchase switching. They’re called the cost of switching. Digital currencies such as Bitcoin provide the chance of players moving funds from game A across to Game B. In the event that both titles were designed by different game publishers , it opens up a new realm of possibilities for business. Activision could be able to lure Call of Duty players to take a look at another game from their library, such as Destiny without having to set their players back. The players could purchase, sell and transfer ActivisionCoin to Call of Duty over to Destiny. It’s even more bizarre that players who own ActivisionCoin can then trade it with other exchanges in order to take part in a market that is competitive, similar to Electronics Arts Games. In addition, Activision is in competition with EA for sales of games however, they’ll now be competing on the scale of game-based economies or more accurately, inter-game economies.
Paradox of Choice
Columbia University professor Sheena Iyengar conducted a study of the best choice. The researcher and her assistant discovered a stand full of jams. Every couple of hours, they’d contain between six and 24 jams on display. The bigger display attracted sixty percent of people who walked by, while the smaller display attracted forty percent. Of those who stopped at the smaller display of just six jams, 30 percent actually bought jam. The bigger display led to 33% of people buying. The stark difference in purchase behavior suggests that there is a possibility that more purchases might also mean less.
In the near future the tokenized economy could cause a paradox of choice. If every digital platform had a token as well as its own mini-economy, it could possibly cause more problems than provide solutions. Today, cryptocurrency exchanges have dozens of coins to trade. Additionally, there are likely many exchanges having their own regulatory fees, restrictions, and variations in liquidity. Web 3.0 may allow for new possibilities for value and ownership, but it will also hinder the ease of doing business.
Stubborn Networks and Privacy
Decentralized networks could experience greater delay, but they also show operational resilience. The attackers who are aspiring to take over the network would want to gain control over significant parts of the network in order to have an effective takedown. Data breaches such as Equifax’s hack of Equifax may be difficult to remove from networks where financial information is a rightful property of the individual. Research continues and several other projects are focusing on increasing privacy measures. Businesses are bound to draw lessons from these emerging technologies and can reap by protecting their property . Consumers will also benefit since they’ll not only be able to select central services such as Facebook however they will also have the option to choose not to use privacy-invading products. With their own personal data and keeping it in a decentralized system users can choose to use the services they require and not worry about theft across the entire system or disruption.
Web 3.0 application for future
Developers who create applications will have more options to consider than ever before Web 3.0. Applications of the future and today will need to be made available across a range of formats, including mobile phones, tablets and screens-free IoT devices. Unfortunately, we’ll continue to be targeted by using cookie trackers , but we’ll be targeted with a clever marketing strategy as we choose to disclose our data with decentralized and secure services. Our digital assets are going to remain with us and are not at risk of confiscation, forfeiture or suspension.