Since its start, the Web, or the Internet as we know it today, has suffered some transformations that have brought good and bad along with it. One of the most prominent dilemmas with the Internet is centralization, often owned by the government and big corporations.
But let us rewind to when Bitcoin, blockchain technology, and Web3 emerged. We all remember when a couple of years ago, the Web3 buzzword started to gain the attention of many people, even though it was somehow misunderstood. Since then, along with the popularity of many cryptos, things have started shifting. Thus, Web3 is gaining a more concrete form.
Indeed, we cannot deny its implications, but it leaves us wondering if Web3 is the future or what we should expect in the coming years. Today’s articles discuss this, analyzing the global market, what blockchain and tech industry professionals suggest, and what blockchain’s relevance is in Web3. So, let us get to it!
What is Web3?
The term was coined for the first time in 2014 by the founder of Polkadot and co-founder of Ethereum, Gavin Wood, when he described a decentralized online ecosystem based on blockchain.
In short, Web3 is a new and improved version of the Internet. This new form uses blockchain technology close-by, open-source, and interconnected decentralized applications. Web3 gives power to the users instead of corporations because it changes how information is stored, controlled, and owned.
Also, many Web3 advocates debate whether this new Internet changes the economy, creating new classes of products and online services to return democracy to the Web. Even the founder of Artfunder, Salvatore Delle Palme, said, “We’re witnessing the birth of a new economic system.”
Is Web3 the Future of Tech?
Before dwelling on whether Web3 is the future of tech or not, let us look at what the Internet was like until now, as it can enlighten where Web3 is heading and in what form.
By now, we are all familiar with the 90’s internet bubble, or in other words, the Web1 phase. This phase lasted from 1990 to 2004 and was dominated by static web pages, only to be read and skimmed.
Then came Web2, the one we still use today. Besides allowing us to interact with webpages, it also lays the foundation for Web3. But, the apparent simplicity of things can be deceiving, especially when it comes to big tech companies offering customized browsing experiences to billions of users. Thus, Web2 has sparked worries about issues such as centralization and the protection of user data.
Yet, Web3 can completely change how we interact with each other in this decentralized world. As many crypto enthusiasts often complain about centralized data, as seen in Web2, they still appreciate the platforms’ many functionalities and user experiences.
On the other hand, when it comes to Web3, some of these enthusiasts view it as a chaotic and trendy user experience disaster, despite acknowledging its potential for transformative change.
But let us analyze some key statistics before jumping to conclusions. The current market capitalization of Web3 is $27.5 billion and is expected to be worth $81.5 billion by 2030.
Thus, many big tech companies, such as Meta, Tesla, Spotify, and others, are investing in Web3, and it wouldn’t be for nothing if this weren’t the future of tech, right?
So, in the rapidly expanding realm of Web3, job opportunities are flourishing as businesses and projects embrace decentralized technologies, and why not take advantage of them? At this point, if you want to make a career upgrade, it is best to research the top Web3 job list to gain an extensive range of options for joining the Web3 ecosystem.
Moreover, the Web3 and crypto ecosystem intertwine, thus offering many opportunities on the market. But have you ever wondered about the number of jobs these two pillars offer?
A recent study also suggested that in December 2021, approximately 18,000 Web3 and crypto developers were on the market. As of 2023, in June, the U.S. added 209,00 jobs, according to the monthly employment report from the Bureau of Labor Statistics. So, things are shifting for the better.
As crypto and Web3 are the future, all you need to do is jump into the pool and start swimming through the many opportunities these sectors offer.
Blockchain Relevance in Web3
Undoubtedly, blockchain is a game changer for Web3. Based on its nature, it changes many things, from how we interact and leverage our data to the financial segment, which cuts off intermediaries.
We know that the value of the Web is embodied in the data it contains. Thus, blockchain creates trust as the information is documented differently and immutable. Moreover, as seen in smart contracts, most services are executed based on rules and coding instead of intermediaries susceptible to biases.
Although the future of Web3 extends beyond blockchain, cryptocurrencies, and financial gains, understanding the possible return on investment can provide insights into the growth and profitability of different projects and technologies within the ecosystem.
While exploring the future of Web3 and what lies ahead in the coming years, it is essential to consider the financial aspects of investing in the emerging digital landscape. Tools like the crypto ROI calculator can be invaluable for those interested in assessing potential returns on crypto investments.
Early investments in the Web3 space have the potential to generate substantial returns on investments, making it an enticing opportunity for those who are looking to capitalize on the next big thing in Silicon Valley. Thus, startups positioned well in this emerging landscape stand a chance to thrive and impact the industry.
That said, Blockchain and Web 3.0 are linked, and the future will see several changes in operations through them.
To conclude and answer “Is Web3 the future?”, we say that it has so much potential to become the future. As decentralization defines Web3, it opens a new world of trustless and permissionless interactions. With many emerging technologies like machine learning and artificial intelligence, Web 3 gained much traction and seemed to be ascending.