There are many moments of enormous innovation in our lives. Some obvious ones are flight, cars, and A/C. However, few innovations drove the world forward like the internet. It’s so powerful that some say total human knowledge doubles every 12 months.

That might be a bit hyperbolic, but it’s true that we have more information than ever. The “information age” is booming as we speak. Information is not the only benefit either, as the internet created several applications we use daily and are pivotal to today’s work and leisure. Video calls, emails, social networks, and more, radically altered our lives.

Yet even though the internet has changed our lives for the better, a handful of large companies control it and our data on it. These companies hold most of the information of everyday internet users. They know a lot about you, which they sell to third parties.

Web users want to create a new and better internet that is designed for the users instead of prominent companies or influential figures. That new internet is labeled Web3.

Web3 is a vision of a new internet that might quickly become a reality. We will describe how it works in other articles, but for now, let’s look at what Web3 is trying to accomplish so you understand why its new tech is so revolutionary.

Web3 Is Decentralized

Centralized entities own the internet. Google, Facebook, Amazon, and others control most of how we manage life online. That doesn’t even include what impact banks, and other centralized figures have on our daily lives, digital or physical.

Facebook can kick off users for saying something they don’t like, and Google could do the same to businesses that need to show up on their search engine for customers to do business. This level of control shouldn’t be vested in a small group of people.

This level of control is already alarming, and that’s without mentioning the data that most companies have on you. They can sell your interests and hobbies to anyone around the world. One study even proved you can know someone’s health problems just by looking at where their emails are sent, not even the contents.

A decentralized platform gives users immutable access to the internet, so no one company could revoke your ability to participate or manipulate your data.

Web3 Is Trustless

You do not have to trust other users to hold up their end of the deal. One user says I will send x in exchange for y, and it happens. There is no way to change this fundamental dynamic. If a sender says they will send $500 in exchange for a product, the sender must have $500, and the recipient must have the product.

If one party does not have their promised resources, the blockchain will not allow the transaction. This process can also affect real-life exchanges through titles. Physical asset titles can become encrypted on the chain, and ownership transfers to the new party, guaranteeing the transaction is valid and that the purchaser has a real asset.

This means there is no need for middlemen either. You don’t need a bank to underwrite a transaction, and you don’t need a credit card company to buy something from the store. The blockchain could allow you to send money directly to your recipient like cash.

An Internet for Users

Web3 is going to change how we interact with the internet forever. It’s going to give power back to users and enable a more private experience for everyone. You won’t feel like you’re being surveilled every second on the internet.

In the next article, we’re going to talk about the technology holding up Web3: Blockchain

But if you want to maximize your opportunity to take advantage of Web3 you should come to W3BX. It will feature the world’s leading Web3 experts and experienced investors so you can have the best chance to get a first mover advantage.

Get your tickets today before someone else takes your spot!