Web3.0 A More Decentralised Metaverse

Web 3.0 More Decentralised Metaverse

Web 3.0 envisions a more decentralised metaverse

Web 3.0 envisions the internet to be based on decentralised blockchains using token-based economics for transactions. The new vision contrasts with Web 2.0 where the large internet platform companies have centralised a lot of the data and content. Web 3.0 was coined in 2014 by Ethereum co-founder Gavin Wood and in the past decade has seen more interest as a concept across tech companies, VCs, start-ups and blockchain advocates.

A number of virtual communities in the metaverse are forming with a decentralised concept that may open up the rule making of the community to a collective majority of individuals on the platform and are also adopting the token concept as virtual currency.

While the original “internet” Web1 was built on largely opensource standards, Web 2.0 leveraged those same open and standards-based technologies but ended up creating large and closed communities, often referred to as “walledgarden” ecosystems. As Jon Radoff has argued in one of his posts, walled gardens are successful because they can make things easy to do—and offer access to very large audiences. But walled gardens are permissioned environments that regulate what you can do, and extract high rents in exchange. He argues that there are three key features of Web 3.0 that should change this paradigm of Web 2.0:

Value-exchange (rather than simply information exchange).

The enabling technology for valueexchange is smart contracts on blockchains. The blockchain is a shared ledger that allows companies, applications, governments and communities to programmatically and transparently exchange value (assets, currencies and property, etc.) with each other, without requiring custodians, brokers or intermediaries. The ability to programmatically exchange value between parties is a hugely transformative development.

Self-sovereignty

An important part of Web 3.0 is inverting the current model where one uses one’s login details for “walled gardens” to interact with several other online applications. Instead of having a company own one’s identity and then granting us access to other applications, one would own one’s own identity and choose which applications to interact with. This can be accomplished by using certain digital wallets. One’s wallet becomes one’s identity, which can then allow you to use various decentralised applications on the internet that need to interact with one’s currencies and property.

The re-decentralisation of the internet

decentralisation of the internet
decentralisation of the internet

Currently, there are substantial dependencies across the internet on a small number of highly centralised applications. But with Web3, the power shifts back to individual users, creators and application developers with far fewer centralised authorities to extract rents or ask permission from. This transfer of power and ability for users to monetise their work by certifying efforts on the blockchain and monetising that by exchanging the work for tokens is expected to lead to an explosion of new creativity in the form of applications, algorithms, artwork, music, AI/robots, virtual worlds and metaverse experiences, with more of the rewards staying in the hands of the owners and creators.

Author: Devesh Verma

Python Developer || Crypto || NFT || BLOCKCHAIN || IT Engineer __________ Twitter: tpfdevesh