Well over 4 trillion hours… Can you imagine that is the amount of time individuals throughout the world have spent looking at their mobile devices in 2021 alone? While that number may seem astonishing, it is actually not that much of a surprise, as people have come to rely on technology, especially during the pandemic.

Since its inception in the 1980s, the World Wide Web has made the way people live completely different. From how people work to play, the internet has become a vital part of almost everyone’s life, even changing the way we look at the economy.

A recent report stated that 7 out of the 10 minutes people use their mobile devices is spent on social or video sites, proving the power it has over peoples’ lives.

There is little question that the internet has become irreplaceable to many people. However, there is a share of problems including system outages and data privacy that has spread over the past couple of decades, leading to a larger percentage of the public beginning to question how their data is being used by many of the tech giants.

Many are looking to the future for hope, however, is it a possibility or a pipe dream? The solution many are looking for is a decentralized web.

While more and more people are seeking a greater percentage of ownership over their own data, the idea of a Web 3.0 has become more appealing.

We have started to see the trends start with Web 3.0 as more people begin to discuss the metaverse and non-fungible tokens. There are still a number of concerns surrounding it. Typically, along the lines of cybersecurity and the general reliance on a centralized ecosystem that was seen with the CoinMarketCap glitch in price.

We are left to wonder if Web 3.0 is going to be able to live up to its promise or will it fall by the wayside.

Through the help of blockchain technology, Web 3.0 has been defined as the next phase of the internet that is designed to be more autonomous and decentralized. The idea is that the power is given back to the people and the need for a centralized ecosystem is greatly reduced.

People have simply grown tired of so many data breaches and harvesting of data. The general idea of decentralization is quite appealing. This means that data is secured across a distributed database where no single entity has full control, additionally allowing the consumer to own their own data.

Additionally, a blockchain’s immutability ensures that any data that is entered is going to be permanently recorded and irreversible, taking away any risks of fraud or tampering. Individuals are able to view their own data on the public chain, which will end the monopoly of third-party vendors, and will provide users with unlimited possibilities to monetize their own data.

In addition to transparency and immutability, blockchain Web 3.0 technology will allow for a much greater sense of ownership. If an individual wishes to buy tokens or cryptocurrency, they can actually claim a stake in the protocol or network.

It is actually rather easy to participate and, as long as you own the token, you will have the ability to vote for decisions in regards to the general protocol. This allows individuals the opportunity to participate in the projects they believe in.

Is It Possible For The Web 3.0 To Become A Mainstream Utility

As the public grows more interested in blockchains and crypto, Web 3.0 has also gained a great deal of traction with a hint of curiosity and trepidation. There are those who believe that it will be the future of the internet. However, there are a number of individuals who believe it to be nothing more than a marketing buzzword.

Despite such polarizing views, Web 3.0 as well as similar technology has seen a number of use cases develop since the term was first coined back in 2006.

The Development Of Web 3 started with bitcoin

One of the more common areas for Web 3.0 is within the crypto world, which includes NFTs and cryptocurrencies. However, the overall utility of Web 3.0 in addition to the blockchain goes much deeper than just cryptocurrencies. Consider the fact that decentralized applications are fully available for gaming, art, finance, and collectibles.

An NFT has the ability to fully reshape a number of industries including entertainment, sports, gaming, and the arts. Consider some of the content creators who are able to monetize their content through NFTs.

These creators are able to bypass the middlemen who would have been more than happy to take their cut. The same is true of the gaming sector, where people can play in play to earn games have the chance to earn additional income.

Of course, the metaverse has been linked to Web 3.0 and has seen considerable hype. While much of the metaverse has been linked to NFTs and GameFi, there has been a growing trend with it among many mainstream celebrities and companies looking to get into their share of this development.

An example of this would be Nvidia Omniverse, which developed a scalable development and simulation platform in an effort to build the multiverse. This ultimately allows developers the opportunity to simulate the digital world in real-time and is extremely good for the future of the metaverse, as more developers join in to help with the development of infrastructure.

There is also a change coming to the financial environment, as decentralized finance begins to pick up steam. We’ve seen a 1,200% increase in the total value locked into DeFi protocols in 2021.

One of the core components of Web 3.0 technology is DeFi, which allows for financial transactions within the real world to be carried out on the blockchain, allowing those typically kept out of the traditional financial ecosystem to gain access to financial vehicles and instruments that they would not have typically had access to.

Understanding The Dynamics Between Web 2.0 and Web 3.0

Despite the potential for Web 3.0 to tear down a number of walls and place power back into people’s hands, there have been a number of concerns and criticisms about its validity.

One example of this is in the ownership of multiple blockchain networks, which are technically inequitable in distribution. In this case, the majority of protocols have shown ownership in many early adopters or through venture capital investments. This means that the actual power of this technology is still in the hands of the few. Additionally, we have already seen many of the tech giants enter the world of Web 3.0, which has caused many to believe that it will be the same old, same old.

It is more than likely Web 3.0 will be composed of a number of various companies that develop different products across multiple sectors. Considering how Web 2.0 was built upon the foundation of Web 1.0, we will see Web 3.0 built upon what already exists.

How this will conclude is yet to be seen. What is known as of now is the fact that people will have more to say on the general structure of Web 3.0. One thing we can expect to see is the future of the internet being decentralized.