Technologists and journalists have described web3 as a possible solution to concerns about excessive centralization of the web in some Big Tech companies. Some have expressed the notion that Web3 could improve data security, scalability and privacy beyond what is currently possible with Web 2, 0 platforms. Governance in Web3 puts power in the hands of its users, not in a centralized overlord. Its strong cryptography eliminates the need for an all-powerful intermediary because it avoids double spending of digital assets and, therefore, we can exchange value with strangers.
Degree of confidence in a signed contract, vote cast, value sent. Trust can increase when society uses a digital system. What business owners really need to pay attention to is the application layer being developed, as it will inevitably affect many businesses in the future. It's like when smartphones had apps, at first they were just games, but they introduced new ways of doing things with our phones.
Web3 is the application layer of blockchain and is introducing new ways in which we will use the Internet. Once again we are at a time in history when a group of people are trying to spearhead the redesign of the entire Internet. As with 'Web 2.0', this renewal promises to put power in the hands of people, rather than big corporations. It brings with it visions of a completely egalitarian website where you and I, not big technologies like Google and Facebook, have control over our own online presences, finances and data.
But, like any promise on this scale, Web3 requires a great deal of scrutiny before we can even rely on its basic concepts, let alone its lofty promises. In terms of technology, what do we have? We have cryptography. Cryptography, at its basic level, allows me to talk to my friend, but that the communication channel is public or goes through a third party and I still have a good level of expectation, credible expectation, that it will be a private conversation. It will be as private as if we were in a camp and we were chatting with each other and we could see that there was no one around.