Every time Web 3 comes into the picture, it brings up a discussion and comparison over the traditional internet. Given the fact that Web 3 is considered to be the next generation of the current internet. Moreover, it does not just cover the benefits in terms of advancements but also in terms of providing value and minimizing the existing flaws.
The current form of the internet capitalizes on users’ data and attention, this notion is generally dubbed as Attention Economy. Initially, the market players in this Web 2 or present generation of the internet forcefully entered the personal space of their users. Eventually, they made the process extremely frictionless and this turned out to be a curse for the present digital generation.
However, Web 3 enthusiasts have their whole focus on making the internet decentralized. The Internet in its decentralized form will not be using the user’s personal data and information like the traditional internet. The big tech companies indulge in capitalizing on the attention of their users to show them tons of ads. These tech giants gather information from likings to dislikings of users and sell this valuable data to advertisers.
‘Data is the new Oil’ philosophy nourished during the development of the traditional internet. Decentralization was proposed as one effective way to deal with the stealing of data and hindering privacy. Unlike the internet today, there will be no central authority in Web 3 with control over the internet. So the users can enjoy whatever they want to browse of surf on the internet freely.
Web 3 will be offering lots of fantastic features. It will make users own their data and this will belong to only themselves. Moreover, although the traditional internet was free for users yet capitalizes on the users’ attention, Web 3 will incentivize the user while adding value through their content.
Rather than capitalizing on users’ attention like in the attention economy, Web 3 will be making the user the true owner of his own data. Take an example of a digital art piece that is generally known as NFT. Any digital piece of art based on the blockchain can be easily traceable and its true ownership can also be figured out. Using a similar approach, the user can own his data and even can track down who and how his data is being used. Just like an NFT can’t be used without its owner’s permission, the user’s data would be acting in a similar way.
Source: https://www.thecoinrepublic.com/2022/09/25/web3-holds-fair-advantages-before-unfair-attention-economy/