How the Leap into Web3 Will Impact the Internet Over the Next Decade

How the Leap into Web3 Will Impact the Internet Over the Next Decade

Web3 is an alternative version of the traditional internet structure based on blockchain technology. Blockchain technology is used in cryptocurrency, where consumers buy and sell goods for virtual coins rather than physical or digital currency, like dollars, pounds, and Euros.

Since its invention in 2014, Web3 has threatened to disrupt the foundations of the existing internet and global finances. The increasing popularity of cryptocurrency has opened new ways of experiencing and using the internet and Web3 could have a lasting impact on online use over the next decade.

Decentralisation

One of the ultimate goals of Web3 is to implement the aspect of individual ownership to the platform. As a result, the whole concept is built around digital blockchains, cryptocurrencies, and NFTs under a universal pinpoint.

The platform acts as an alternative to government and state-controlled internet, where limitations are in place and domestic laws apply to internet usage. All Web3 users, therefore, have some stake in the platform’s success without any interference from nations and governments.

The use of money is one example where users do not have to adhere to the laws and procedures of the state. Alternatively, users exchange Bitcoin where there is no restriction on cross-border payment laws and taxation.

However, this setup comes with the element of risk. Consumers have less legal protection for payments and transactions. Furthermore, the value of bitcoin and cryptocurrency is hugely volatile as the markets fall and peak at extreme rates compared to traditional currency.

Gaming Impacts

One of the other aspects of Web3 applies to online gaming experience and usability. Instead of traditional pay-to-play games via consoles or online accounts at iGaming sites such as Casumo, players can participate in blockchain-style games.

Through these, players can earn Bitcoin for playing the game. Also, consumers can trade the game for a profit.

This approach essentially challenges the notion of ownership from a gaming company or developer. The Web3 approach argues that game developers and companies can delete player accounts, which results in the loss of a game linked to a player’s profile. Whereas, via Web3, players are not dictated to by companies and game owners. Instead, they are free to play, sell or trade at any time without the threat of account or game deletion.

Some gaming platforms have already launched on Web3, such as Axie Infinity – a Pokémon-inspired augmented reality game.

Browsing Freedom

Web3 creators believe that consumers have limited access to information and freedom of browsing through traditional internet structures.

The existing internet has third-party companies that provide services, and advertisements and limit the browsing scope for many users. Yet, the Web3 approach again aims to provide an alternative, where there are no restrictions on what a user can and cannot view on the platform.

The unregulated approach, however, opens the possibility of scamming, fraud and illegal activity without protection or consequence. In addition, the need for individual account creation is not required on Web3. Instead, a complete account through the Ethereum system leads to anonymity and lack of accountability for users on the platform.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The Political Anthropologist.