Are We Brushing The Web3-Related Issues Under The Carpet? 

What Is Web3?

Web3, or as many addresses it as Serenity, is emerging to be the evolution of the internet we are using currently, i.e., Web2. Web3 is basically an internet powered by blockchain technology. It aims to provide the users with the power to develop and own the applications. 

Talking about the whole scenario, in brief, Web1 facilitated the users to witness the information (read-Only), and Web2 allowed individuals to interact with the information by chatting, editing information, etc. The fact that organizations own all the data is the loophole here, as they use and benefit from the user information as per their needs.

But in Web3, this is the aspect where things saw a sea change. In Web3, you are the sole owner of your data, and due to decentralization, there is an elimination of the middleman. 

Is Web3 Perceived Exactly How It Should Be?

The concept of Web3 might be really fascinating for the folks because no one likes to give power to others. 

Crypto helped the concept of blockchain to get into people’s minds. Still, scepticism, issues, and volatility of the digital assets deplete the confidence to say that Web3 will be a remarkable step.  

But is the blockchain working according to the primary principle of decentralization? I don’t think so; as per a data aggregator, the top 9 percent of accounts have 80 percent of holdings in the NFTs market value worth $41 Billion on the Ethereum blockchain. 

For instance, let’s take Bitcoin (BTC), the crowned cryptocurrency; Michael Saylor’s MicroStrategy is the top publicly traded firm to have the largest Bitcoin holdings, these majority of holdings to some entities can also be considered a crack on the wall. 

It is not a hidden fact that while new crypto projects roll out, they all maintain their significant ownership over their projects, which is again not proper decentralization. 

Web3 is great when it comes to decentralization, but it’s safe to say that adopting Web3 would be difficult for some entities. 

Despite the issues that hover around, Web3 is a concept that can prove to be a great step in the world of internet and technology. Because whether it is cryptocurrencies, blockchain, Metaverse, or Non-Fungible Tokens (NFTs), all have opened a plethora of opportunities for the people. NFTs have given a whole new level of experience to digital artists, creators, and holders. Whereas, DeFi enhances the powers of investors too. 

It is to look forward to how exactly Web3 would blend in with the current technologies and how it would emerge as a mainstream utility? 

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.

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