Web 3: What is it and how can you capitalize on the abundance of opportunities it presents

Web 3: What is it and how can you capitalize on the abundance of opportunities it presents

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I have been thinking about the potential of Web 3 in the last couple of days. Before trying to define web3, it is proper to first explain Web 1 and Web 2. Web 1 (roughly 1990 – 2005) was about open protocols that were decentralized and community-governed. Most of the value accrued to the edges of the network – users and builders. Web 2 (roughly 2005 – 2020) was about siloed, centralized services and run by corporation. Most of the value accrued to a handful of companies like Google, Apple, Amazon, and Facebook. What is different about Web 3 is that it combines the decentralized, community-governed ethos of Web 1 with the advanced, modern functionality of Web 2. It is the internet owned by the builders and users, orchestrated with tokens. A big thank you to Chris Dixon (partner at a 16z, a venture capital firm in Silicon Valley that backs bold entrepreneurs building the future through technology) for these definitions. Many experts believe Web 3 will allow transparency and democratization to be achieved in the digital world. It has also been predicted to provide decentralized digital platform that will enable users to own and control every aspect of their digital presence. It may also put an end to the current centralized systems which encourage data exploitation and privacy violation. Examples of Web 3 include blockchain-based technologies such as metaverse, decentralized finance (Defi) and cryptocurrency be it Bitcoin, Ethereum or even non-fungible tokens (NFTs). Out of all these Web 3 examples, metaverse -a digital universe that allows humans to interact as avatars, letting people work, shop, learn and play in virtual reality spaces without being physically together – is the new kid on the block. If you are thinking about how you can capitalize on the abundance of opportunities Web 3 presents, I suggest you first do your research. Lots of it! Then, take calculated risk and be patient. 

Tosin 'Badeniyi, PhD

Tosin 'Badeniyi, PhD

Tosin ‘Badeniyi, a Professor at the Department of Biotechnology and Food Science at Durban University of Technology, South Africa, holds a doctoral degree in Food Science from University of Pretoria South Africa. Since 2001, he has conducted research and lectured internationally in the area of food quality and safety. He is the editor of Food Science and Technology: Trends and Future Prospects and has published numerous scientific publications as well as four inspirational books.

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