Web3 is a name given to the idea of a new form of internet service and is rapidly budding as a new normal in the technological sector. It is a series of open-source and interlinked decentralized applications powered by blockchain technology and created a strong position in the crypto land.
The main question is, why was web3 introduced? Is it really going to replace E-Commerce in the near future? Let’s take a look at the history and features of web3 that make it unique and more potent than E-Commerce.
The History of Web3
The word Web holds a strong position in the world of the internet and is developing its strong position in the crypto market. The concept of the web was first introduced by Tim Berners-Lee in 1989 to meet the demand for automated data-sharing anywhere on Earth.
Web 1.0 worked well till 2004 after which Web 2.0 replaced it with the emergence of social media platforms. Web 2.0 made it easy for businesses to share content as well as share user-created content and maintain effective interaction with users. Nowadays, Web3 is replacing all these traditional functions and emerging as a vision for a better internet. Introduced in 2014, by Gavin Wood, involves cryptocurrencies, NFTs, and blockchains to empower the internet.
This is all about the Web evolution with time. But, what makes that concept more superior and potent than E-Commerce?
Which Makes Web3 Superior to E-Commerce?
It is expected that Web3 is about to replace or defeat E-commerce in the near future. Technology is going to play a key role in the growth and progress of the E-commerce industry. Web3 technology has the capability to revolutionize or modernize the way buying and selling practices are carried out online. Within five years, the technology is going to make NFTs and Web3 transactions commonplace in E-commerce storefronts.
What potential does Web3 hold that makes it a strong competitor in E-commerce?
Let’s talk about the core ideas of Web3 that made it significant in the crypto landscape. The technology is decentralized, permissionless, and trustless making it more efficient to use for online buying and selling. The ownership and control of the platform are distributed to the builders and users to make the platform decentralized and transparent. Also, there is no need to take permission from any individuals as every user has equal access to web3 making it more reliable to use.
Another core element that boosts the significance of Web3 in the E-commerce sector is its native payment system which uses cryptocurrencies for making transactions and does not depend on outdated or traditional banks for payment processing. No relevance to third parties also saves time and money for the users.
Conclusion
Web3 is ready to emerge as a new normal in the online market and is expected to replace E-commerce in the near future. Decentralization, a native payment system, a trustless platform, and permissionless access make Web3 more effective, unique, and potent in the crypto market.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/13/web3-to-replace-e-commerce-the-next-big-change-to-take-place/