There is no denying the constant changes, developments and evolution that happens on the web. There is always something new and exciting to be aware of, and there is a constant stream of innovation. One term that everyone is talking about is Web3.
Web3 was coined back in 2014 by Polkadot founder and Ethereum co-founder Gavin Wood. It refers to a decentralised online ecosystem based on blockchain. Though centralisation has made it possible for billions of people worldwide to utilise the web, Web3 is bringing about a lot of change. This is due to the problems that come with centralisation, such as large organisations having control over large portions of the web. This gives them the power to decide what should and should not be allowed, whereas Web3 puts control back into the hands of users.
For many people, Web3 is the answer to changing from a monopolised web to one that is operated and owned by users. We’ve had Web1 and Web2; now all eyes are on what’s coming next. Instead of corporations having the power online, Web3 is a solution that gives individuals more control. In 2014, Wood – along with many people who adopted cryptocurrency early – felt as though the web required too much trust; users were just expected to trust and rely on a handful of large companies who had control, even when handing over personal information. However, Web3 uses blockchains, cryptocurrencies and NFTs (non-fungible tokens) to give users of the web more power. It does this by giving them a greater sense of ownership and reducing the need for identifiable information online.
There’s a lot that goes into Web3, which can make understanding it tricky at first. To begin with, it’s important to get to grips with the main principles.
There are a lot of benefits that come with Web3, which is why it’s something that a lot of people are excited about. Below, we have listed some of the main advantages Web3 has over Web2.
With so many changes to the way the web works, it’s easy to see how Web3 could impact ecommerce websites. Luckily, it’s likely that this impact will be a positive one.
Though Web3 might appear confusing at first, there is no doubt that it could be a positive change for ecommerce businesses, large and small. Get in touch with the Quickfire Digital team to find out more about Web3 or for help in the evolving world of ecommerce. Contact us today to speak to one of our experts.
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