The internet is constantly evolving. In the early days, it was all about connecting people and sharing information. Then, with the advent of Web2, we saw the rise of social media and user-generated content. As we enter the Web3 era, what can we expect from this next phase?
There are a few key things that will define Web3: decentralization, data ownership and privacy, and artificial intelligence (AI). Let’s take a closer look at each of these trends.
One of the most important aspects of Web3 is decentralization. With the rise of blockchain technology, we are seeing a shift away from centralized systems. This is a major paradigm shift that will have far-reaching consequences.
Centralized systems have a single point of control, which makes them vulnerable to attack and manipulation. A decentralized system, on the other hand, is distributed, without any checkpoint, making it much more resistant to such attacks.
We are already seeing the beginning of this change with the rise of cryptocurrencies such as Bitcoin. Bitcoin, a decentralized currency not controlled by a central authority, is just one example of how decentralization can create a more secure and resilient system.
Data Ownership and Privacy
Another definitive Web3 trend is data ownership and privacy. In the past, our data was centrally stored and managed by major technology companies such as Google, Facebook and Amazon. However, with the rise of blockchain technology, we can now use decentralized storage for our data. This means that we – not the big tech companies – will own our data.
Privacy is becoming increasingly important as we share ever larger amounts of data online. Blockchain technology allows us to encrypt and store our data securely and privately.
AI will also play a big role in Web3. AI is already being used to improve search engines, social media and online shopping. In the future, AI will become even more ubiquitous and integrated into our lives.
For example, we are already seeing the rise of chatbots and digital assistants such as Alexa and Siri. These AI-powered chatbots are getting more and more sophisticated; eventually they become even more lifelike and can perform more complex tasks.
AI will lead to the creation of new types of applications that we cannot even imagine today. If you want an example of the versatility of AI, it’s been used in creating self-driving cars and beating humans at games like Go and chess. In the future, AI will become even more powerful, and there is no telling what amazing things it will enable.
Laws and regulations
As Web3 unfolds, we can expect many changes in the laws and regulations related to the internet, especially with regard to data ownership, privacy and AI.
Watch the Blockchain Value podcast episodes about securities laws with Lewis Cohen:
The state of the economy
The state of the economy will also have an impact on Web3 development. For example, a new recession or financial crisis could slow down the development of new technologies such as AI and blockchain.
Likewise, major geopolitical events (e.g., the Ukraine-Russian war or a terrorist attack) can also affect Web3 development.
Of course, there will also be many new technical developments in the world of Web 3.0. We can expect new applications and services powered by AI and blockchain. As these technologies become more ubiquitous, we can expect them to enable even more amazing things.
For example, we are already seeing the development of new types of blockchain-powered applications, including decentralized exchanges such as Coinbase, which are secure and private alternatives to traditional exchanges.
We are also seeing the development of new types of social media platforms powered by blockchain. These platforms differ from traditional social media platforms such as Facebook and Twitter in that they are decentralized, allowing users to take ownership of their data.
Metaverse is just the beginning of what will be possible with Web3. So far we have only scratched the surface of the possibilities of this new web. In the future, we can expect even more amazing things to be created using blockchain and AI; we can even expect them to change the way we live, work and play.
Watch the Blockchain Value Season 1, Episode 5 podcast – Developing on Blockchain with Jiri Kobelka.
Finally, a number of world events are sure to shape the development of Web3. For example, the Ukraine-Russian war is a major event that could affect the progress of blockchain technology. And we can expect more such events in the future.
These are just some of the trends that will play a defining role in the development of Web3. While it’s always difficult to predict the future, keeping an eye on these trends should give us a good idea of what’s in store for the future of the Internet.
The future of the internet
What does all this mean for the future of the internet? Expect the emergence of a more decentralized, privacy-focused and AI-powered internet. This will have a major impact on almost every aspect of our lives. So get ready for the future of the internet – it’s going to be awesome!
Watch the Blockchain Value Season 1, Episode 8 – Industry Trends podcast from the Blockchain Association (with Dan Spuller).
Olga V. Mack is the CEO of Parley Pro, a next-generation contract management company that has pioneered online negotiation technology. Embracing legal innovation, Olga has devoted her career to improving and shaping the future of law. She believes that the legal profession will emerge even stronger, more resilient and inclusive than before by embracing technology. Olga is also an award-winning general counsel, operations professional, startup consultant, public speaker, adjunct professor, and entrepreneur. She directed the Women serve on boards movement advocating for women to serve on boards of directors of Fortune 500 companies. She wrote Get on board: earn your ticket for a board seat and Fundamentals of smart contract security. You can follow Olga on Twitter @olgavmack.