Web3: What will the new Internet look like?

Web3 is the digital sovereignty of individuals, businesses, and nations. It is no longer possible for anyone to decide what the Internet should look like. So this is the Web3 principle. Known as the Internet Revolution based on cryptocurrencies, NFTs, Metaverse and blockchain, this is a new web vision. It wants to revolutionize our browsing habits and change the current concept of the net. Beyond these disruptive technologies, it is a new paradigm that can immediately impose itself on us. Therefore, it is important to understand what Web3 is, or what it will be.

In contrast to the current internet, where giants such as Facebook, Google, and Amazon are pushing the system and having all the power over data, Web3 is revolutionizing the way we think about the concept of property. According to this new principle, which is based on the decentralized blockchain, users own their data properly and truly. Therefore, this is a new architecture and a new way to think about interconnection and ownership. For now, it’s a marketing idea rather than a functional system.

Web3: A decentralized world that empowers users

Decentralization, which is the cornerstone of Web3, means that no one depends on a particular network or central entity... Facebook, for example, is a centralized system for posting content and searching for information. But at any time, Mark Zuckerberg’s social networks can make drastic one-sided decisions. Delete your account or censor this topic or that topic. Facebook applies US law and works with US authorities … Moreover, these web giants’ economic models often hurt users. Their value is based on our deep knowledge of data ownership and our behavior.

The Web3 principle reverses this trend and Empower users.. The idea is to decentralize the concept of services and content and ensure that everyone has control over their data and everything they create on the Internet. Each individual owns his or her own data, connects to other services, and chooses whether to interconnect with other individuals to publish or exchange content. All this is made possible by the blockchain, a decentralized protocol used primarily by cryptocurrencies today.

Unstoppable model

Just as most blockchain protocols today are “unstoppable,” Web3 is unstoppable. The philosophy is the same: it is based on a dense network of servers and computers, hundreds of millions of interconnected machines. And that’s why, Bitcoin’s success has a lot to do with it.. In order for this cryptocurrency to work, we had to create a condition to prevent anyone from shutting down this network. If not, the first regulatory agency or state to come may have decided to completely dismantle Bitcoin.

Therefore, the idea of ​​decentralizing the entire system and imagining cryptocurrency mining (an algorithmic calculation method that validates and records transactions) is distributed in the four corners of the world. It is impossible to attack the central system because there is no central system. No one, even the founder of Bitcoin himself, can stop the network from verifying new transactions and exchanges. Web3 is modeled on this principle.

Billions that bring Web3 to life

When it comes to investing in favor of Web3, the question is no longer whether it will see the light of day, but when. In 2021, more than $ 27 billion was invested. Start-ups working directly or indirectly with blockchains, NFTs, and even cryptocurrencies. Global spending on blockchain solutions alone could reach $ 11.7 billion this year.

June 2021, Venture capital fund a16z Announced the creation of a new investment structure.Baptized Donated $ 2.2 billion with CryptoFund III, It’s completely Web3 only. To be on the safe side, a16z was created by two Netscape graduates Marc Andreessen and Ben Horowitz who have previously invested in startups such as Facebook, Twitter, Airbnb and Groupon. Today, Andreessen Horowitz participated in OpenSea (NFT) or Roblox (Metaverse). In short, Web3 is getting their full attention.

Gold rush (and opportunity)

In November 2021, another major investment fund, Paradigm, raised $ 2.5 billion to support the development of companies aimed at developing Web3. Its investment portfolio is full of crypto solutions, blockchain protocols and decentralized services. The era reminiscent of the era of the Internet bubble is not far away An overview of the “New Economy” from 1998 to 2001. However, the story currently being written seems to be quite different. This pile of capital that can be used to create Web3 and ensure the transition from Web 2.0 to this new world seems to be “too big and too unsuccessful.”

Former a16z Katie Haun recently raised $ 1.5 billion at the end of March 2022 to set up her own investment fund, Haun Ventures. The latter will invest in various crypto projects such as NFT and Web3. 1.5 billion is twice what she wanted. “Web3 is a new era for the Internet and deserves a new era for investors.”, She told CNBC. In Europe, venture capitalists such as Maven 11, Tioga Capital Patners, BlueYard, Greenfield One, Semantic and Fabric Ventures have appeared. The latter turned to Web3 in July 2021 by creating FabricX, a dedicated fund that donated € 109 million.

Has capitalism been reviewed and amended?

At the launch of Fabric X, the three co-founders of Fabric VC shared their vision for Web3 in a media post. “New open web technologies such as cryptocurrencies, blockchains, NFTs and Metaverse support the free flow of users, data and values. This is an opening with higher overall economic benefits for all players. Facilitate collaboration by promoting the economy, and ultimately a fairer, more stable and sustainable society. Fabric Ventures sees it as an upgrade to capitalism itself. “

For those who see it as an anti-capitalist system, they couldn’t get far from the truth. Most of the technologies related to Web3 are aimed at creating more value (especially hard and fast). In particular, the principle of decentralization does not mean that money will be redistributed equally to all. The vast majority of Web3 pioneers are clearly there to make a fortune.

Technical solutions to political problems

in the end, This Web3 is a technical solution, especially for political problems. Underlying for a long time was a serious problem during the Trump era. “Who owns the Internet?”.. Why do Facebook, Twitter, etc. have such strong censorship rights without relying on them? This new distributed system addresses this issue.

However, it risks introducing another bias. Commercialization of all aspects of our lives through tokens (digital tokens) and other NFTs. Perhaps in parallel, unless you establish free tools and open access. Like a Creative Commons license. An open and collaborative project for everyone. So not only will Web3 be a new El Dorado for investors, but it will also be a public service by returning to the World Wide Web philosophy envisioned by Sir Tim Berners-Lee and W3C (just entering 33). : Makes everyone accessible to the web.