WEB 3.0 Economy
Think tanks and tech conferences alike are abuzz with Web3 — what many are hailing as the next evolution of the internet. Developers are gearing up, businesses are repositioning themselves, governments and large corporations are sweating. Web 3.0 is coming, and it is going to be huge!
In fact, many believe it is already here — third level of the internet.
You may be wondering how we got here. “Web3? I didn’t even realize there was a Web2!”
In this article we take a brief look at how we got to Web3 and explore why it’s important.
What happened to the old Web?
In its relatively short history the internet has undergone some major changes from Web1, Web2 and now its latest iteration Web 3. However, these terms don’t actually refer to an individual piece of software, or even a particular protocol. They instead are meant to categorize the general utility of the internet.
Web1 was the very first iteration of what most of us know as the internet. It existed between the early 1990s and 2004 and was very barebones. Web1 was static — people visited websites and communicated in chat rooms, but lacked the interactive social aspects we’re familiar with today.
Then came Web2: the social internet. This is the internet we’re most familiar with today — it serves a social function, is dynamic and keeps people in touch. This internet goes two ways, and the connection is always live and changing. Web2 connected the world, but from our reliance on this interconnection, something sinister emerged;
Data breaches, server failures, privacy concerns, censorship and monopolization are leading us towards an uncertain future, one in which the internet ceases to be a tool that benefits everyone, but instead serves the few. Our once personal data has now become a multi-trillion-dollar industry profiting off of selling snapshots of our digital identity to the highest bidder. Something major needs to change, and fast.
The Web3 revolution
Web3, or the decentralized Web, seeks to solve the shortcomings of Web2. By removing user data from the hands of centralized services and instead distributing it around hundreds or thousands of points, Web3 seeks to make the web fairer, safer and more reliable for the users. It’s no surprise that Web3 is being built on blockchains, the technological innovation which has so far delivered on its promise of security, transparency and fairness. The journey to web 3.0 has begun already with the emerging DeFi solutions, metaverse and other crypto use cases.
At Adaverse, we’re helping to grow Web3 in Africa. We think it’s important and we’re confident in the opportunities that it’ll bring. But why should you care about Web3?
Because of the way they’re designed, blockchains can’t be changed or altered retroactively. They’re also good at issuing unique identifiers which can’t be hacked or stolen (unless you store it somewhere unsafe).
If a client says they sent you funds, you can check in an instant whether it’s true. And if a computer says it’s the valid operator of some important function, it simply needs to provide its blockchain-based identifier to prove to everyone that it’s who it says it is. The actual process is a little more complex, but the principle is simple: Web3 data is verifiable, and because of that, more trustworthy.
Business relies on a lot of trust. Even if you’re protected by legal documents and contracts, the process of claiming and scrutinizing breached agreements is a headache. But it’s not just business — we trust people every single day, in almost all aspects of our lives. And this is particularly true online.
With Web3, a reliance on trust can be removed from the equation. By using deterministic blockchain-based smart contracts, completely trustless agreements can now be facilitated online. Trustless agreements are just that: they require no trust as all outcomes are certain.
When two people agree to something, the details are written in the contract and agreed on by all parties. When certain conditions are met, the contract executes a prespecified outcome and there is perhaps no judge more impartial than computer software.
Because these smart contracts are written on the blockchain they can’t be changed retroactively. They’re also transparent — either party can view all the details before and during the agreement. This technology has many applications, but it’s impact on business and finance is already proving revolutionary.
The Web3 ethos is one of democracy, where users determine the shape and future of the network. From crypto tokens conferring voting rights to the open markets where they can be traded, Web3 protocols and businesses exist without oversight.
If this sounds daunting, it’s because we’re used to a world where the works of the internet were hidden behind closed doors. But because Web3 is verifiable and trustless, the centralized controls that stifled businesses and their progress are being removed. When you interact with a Web3 site, you know what it’s going to do and how. Any transactions you make are secured by smart contracts, and information it shares can be verified.
Web3 has no borders, so you can move your business to a more welcoming and comfortable platform. If you use a site a lot, Web3 protocols are often programmed to offer rewards and give you a say in the governance of the platform. Why? Web3 is democratic, and it gives you charge to change your future.
Web3 on Cardano
Cardano is one of the blockchains building the Web3 economy. It’s fast, scalable and cheap to use, which makes it perfect for widespread adoption. Cardano is one of the fastest growing blockchains in Africa, and one of the best platforms for delivering a fair, trustworthy Web3.
At Adaverse we’re helping promising African startups build projects for Web3 usage and harness its benefits. We are set up by EMURGO Africa to provide funding, tech support and mentorship to accelerate crypto-native projects with a proven concept in Africa.
Our accelerator program commences in January 2022 and we are currently accepting applications. If you have a game-changing idea for a decentralized economic development in Africa, we are your sure support for growth. Apply here
You can check out our FAQs and reach out to get started.
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