Companies without a CEO, control of your data and a «hyper-financial» Internet: this is the new Web that will change everything
The concepts and advantages of cryptocurrencies advance over the rest of the Internet applications. The keys to this new stage «Web3»
Thirty years ago, a group of scientists from the European Organization for Nuclear Research (CERN), published the formal proposal for the World Wide Web
The proposal was a success and opened this technology to the whole world , lighting the fuse of the digital revolution.
In a first stage, called Web1 , it offered static content and the user could only visit pages , without much other interaction. Around the middle of the first decade of this millennium, Web2 or «social» arrived. Platforms such as YouTube and Facebook created the figure of the prosumer: Internet users not only consume content, they also generate it .
Thus, a network that had been thought to be «decentralized» (if one of the nodes went down the infrastructure was not affected in its entirety), ended up being centralized: large Internet companies or «bigtech» are the ones that offer the platforms and control a large part of the online business . In fact, Google and Facebook account for 90% of global digital advertising based on user data control.
In 2009, a new trend began that promoted Bitcoin and was in turn continued by various experts, such as the co-founders of Ethereum in 2015.
They managed to program applications on the blockchain respecting the principles of the first cryptocurrency: without authorities or intermediaries (exchanges take place directly between users), protecting anonymity and 100% open . Thus, they took up the old promise of the Internet and kick-started the creation of a new one: Web3 .
The new internet Web3
Ethereum kicked off decentralized finance (DeFi) through smart contracts. That is to say, a software with predetermined rules that allows to automate functions , such as receiving deposits, investing them and distributing the income proportionally among the users.
But DeFi is part of a broader universe of decentralized applications (Dapps) where everything is done person to person (P2P), without companies involved : social networks, communication, ecommerce, games and much more. This is a strong paradigm shift that collides head-on with the business model of bigtech companies , such as Google, Facebook, Microsoft and Amazon, among others.
“As no one controls user data, only the user knows it, obviously we achieved a system with greater privacy for users. That data exploiter figure that we have seen in the rise of bigtech disappears», highlights iProUP Ezio Rojas, Social Media Manager of Parity Technologies .
In the same sense, Maximiliano Hinz, director of Binance, adds to iProUP : «Until now there was no possibility of participating in the handling of our data , we had to transfer it to a third party.»
Web3 promises greater control and privacy over data
«With decentralized services, not only do we spread that information in smaller bits to many people, but we can be part of it and verify that it stays private,» he says. But, in addition to data privacy, security is also promoted , which » depended on a single company when you gave up your information or money,» says Rojas.
«In contrast, in a decentralized protocol, the only way there is an attack is if they attack more than half of the nodes simultaneously, which complicates the logistics and makes it more difficult to carry out these types of interventions,» complete.
Nahuel Burbach, Argentine representative of the Zerion platform , assures iProUP that «there is a spectrum of decentralization: the more decentralized a network is , without losing too much efficiency, it can provide higher levels of privacy and security to users through the different protocols and applications.
Likewise, Rojas remarks that » Web3 seeks to eliminate the Single Point of Failure from the equation, thus seeking to prevent the fall of a Facebook server from causing WhatsApp to stop working for 1,500 million people .»
Hinz says that «the growth of decentralized applications will challenge bigtech and it will be up to them to harness it.». Today, we have protocols like IPFS to have a decentralized storage system .» In this way, there are already Web3 options that provide solutions similar to those of bigtech, namely:
Social networks: Steemit and Sapiens are networks similar to Facebook
Videos: DTube and Dlive are inspired by YouTube and Twitch
Cloud: Zeronet provides storage (in the style of Amazon Web Services)
Communications: Nestre seeks to be an alternative to WhatsApp
But they are not the only ones: the dapps map changes all the time and some even allow you to earn rewards for certain actions within the platform. To use these apps you need to have a non-custodial wallet (such as Trust, Math, Metamask, etc.) that works with Ethereum.
According to Hinz, we are up to a pivotal moment, in which «the classic paradigm of concentrating power has been shown to not work . Today, the crypto industry (not just cryptocurrencies) is one of the fastest growing and is based on decentralization and democratization of power».
In fact, initiatives like Argentina’s Decentraland and CriptoCountry also came out before the bigtechs in the metaverse , the next big Internet trend with the promise of a US $800 billion market . For that, they use another tool in the crypto world: non-fungible tokens or NFTs .
«The metaverse is a way to close an idea that has been brewing and allows people to interact in a world that mixes the real and the virtual to unimagined levels . NFTs have a lot of potential not only in terms of art, but they will allow a form of authentication never seen before,» says Burbach.
Hyperfinancialization and companies without a CEO
Mariano Di Pietrantonio, Argentine representative of MakerDAO, tells iProUP that the new concept of » Web3 is purely financial , not only from the point of view of markets, but that everything can be tradable .»
«You can do things that you couldn’t do before because you depended on an entity . Like what happened on Web2 with PayPal in Argentina: we were very outside. But Web3 allows the hyper-financialization of all Internet activities, » he completes.
The expert points out that in the new Internet there will also be a «financialization of the tribes», that is, virtual communities, through the Decentralized Autonomous Organizations (DAO) , equivalent to «companies» without a CEO or parent company , in which all users who buy a token will participate in its governance , in the style of a voting shareholder.
«A DAO is a bunch of people who come together to develop a common goal . For example, otakus who like anime can form one to buy NFT or relics related to a Japanese cartoon. You can take that to any niche, worldwide and with financial products», completes Di Pietrantonio.
According to Hinz, in addition, «the DAOs will be the ones that can compete with the bigtechs if they propose it . The great benefit is that the users will be the ones who decide on the product and not the other way around.»
Rojas agrees and adds that «DAOs will play a ‘democratizing’ or even ‘inclusive’ role within corporate sectors. With this governance system we open the possibility for the users themselves to make decisions and be part of global projects».
As an additional advantage, Di Pietrantonio remarks that «the financing of these organizations will be easier than in Web2, since it can come from the people themselves , as we saw in the ICO era», referring to the Public Offering of Coins. that several projects launched to raise funds, in the style of an IPO.
«It is another paradigm shift: before, access to investment possibilities was very limited, but today it is in the hands of any user .
Burbach assures that «startups are already accessing financing more quickly than in the traditional way due to the agility of technology. In addition, the field is opened to smaller investors who could not do so before due to geographical, regulatory limitations, etc. The Argentine ecosystem is no exception: there are very good projects that were born from scratch using this opportunity «.
For his part, Hinz remarks that «today many companies avoid carrying out an IPO because of the cost involved and even launching an action in a small market like Argentina does not make sense, since the chances of a positive round are low. to an ICO model, the chances of success are much higher, because the potential market is 200 times larger .»
«This translates into more chances of an effective launch and leads to business growth with job creation and a positive effect on the local economy . Without a doubt, it is something very interesting and that local entrepreneurs should see closely» , complements.
Web3 opens up another great opportunity for the country , according to Rojas, because it has » very talented people , but unfortunately they have come up against many bureaucratic limitations that have put an unfair ceiling.» «The Internet and the advantages without borders that it offers from the beginning have served for the great emergence of projects, such as Mercado Libre «, he exemplifies.
Thus, Web3 promises to change everything . A new scheme in which the big ones will be less big. But the best thing is that users will be fewer users and more «managers» of their online services.
We thank parahombre.top for all this information, you can find more information on the website.