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Advantages of Decentralization of Web 3.0- Is it all worth it?

24 Sep 2022 By : Harshil Shah
Southeast Asia’s Lar

Key takeaways

  • Web3.0 is a decentralized infrastructure that will support the internet, it is the third generation of the internet.

  • It addresses various concerns including privacy, security, and reliability. 

  • Web3.0 currently has its own issues and speculations since it is still in its infancy but we are optimistic that the world will change for good. 

The Internet has come a long way since its inception almost three decades ago, and with each passing year, it continues to grow its strength impacting the deep roots of human culture as we see it. Today, the Internet has become an integral part of our lives. So much so that we can hardly imagine our lives without it. Almost all aspects of our daily lives are now linked to the Internet. 

Everything is now digital, from social media, entertainment, education, and healthcare to e-commerce and shopping. There’s no denying that today’s internet or as they call it, the web has its fair share of problems as well. From privacy concerns to centralized data storage, the current state of the Internet leaves a lot to be desired. 

Thankfully, in an attempt to solve some of these issues and decentralize them, developers have created various versions of the Decentralized Web known as Web3

Decentralization - A Brief Introduction

Decentralization is the process by which the control of an organization is distributed or transferred away from a central authority. A decentralized system is controlled by its various members, who can operate autonomously. Decentralization is a concept that applies to many fields, such as business, finance, governance, and technology. 

It also has a long history that can be traced back to Ancient Greece. Decentralization is essential in the context of the Internet. As an internet user, your data is currently being stored in centralized servers belonging to a third-party service provider — be it your email account, social media site or any other online platform. 

Decentralization is the process of distributing the control of an organization to its various members or associates. The power is hence transferred away from a central authority, be it a governing body or an individual.

What is Web 3.0?

Web 3.0 or the Decentralized Web is the next primary phase of the World Wide Web. It refers to an upcoming new internet infrastructure, which is expected to provide a decentralized way of storing and sharing information. Blockchain technology is expected to be used by many companies as the underlying technology for Web 3.0. Decentralized applications or DApps on the blockchain can be used for various applications such as social media, online shopping, travel booking and many other applications. 

The Decentralized Web is expected to help solve data privacy and security issues. It is also likely to help provide a censorship-resistant platform. Web 3.0 is expected to bring a significant shift in the way we conduct online transactions. It is expected to be more reliable, secure, and transparent.

How can we achieve a Decentralized Web?

The only way to achieve a decentralized web is by decentralizing the foundations of the internet using blockchain technology or distributed ledger technology. The existing Internet is centralized and controlled by a limited number of powerful entities like Google, Apple, and Facebook. 

The decentralized web will be run by a large number of individuals like you and me. Decentralization is the process of distributing the control of an organization to its various members or associates. The power is hence transferred away from a central authority, be it a governing body or an individual.

In order to achieve a decentralized web, the conventional centralized Internet needs to be transformed into a decentralized network. The transformation can be a very complicated and lengthy process just like how the original Web transformed 

How will Web 3.0 change our daily lives?

If we talk about what problems decentralized technology will solve, the biggest issue is privacy and security. With the decentralized web, users will have complete control over their data and information and can also choose to whom they want to share their data and information. 

Decentralization will also help in resolving the issue of fake news and content. This is mainly because all the data will be verified and authenticated. Decentralization will also result in a distribution of the amount of electricity consumed by computers, data centers, and cryptocurrency mining rigs. 

Decentralization will also result in a more transparent internet. This is because the websites will be hosted on a decentralized network where every single person will have access to the data.

Hence, Web3.0 will change the internet by making the internet a safer and better experience powered by you, a consumer, opening up multiple new streams of earning via the internet. 

Advantages of Web3.0

All of the above-mentioned problems can be resolved by switching to a decentralized internet and web. 

Secure transaction

This will also help boost the economy by saving billions of dollars. The decentralized web will bring about a considerable change in the way we conduct e-commerce. Transactions will be safe, secure, and transparent, and you will also have control over your data and privacy. 

Reliability

Decentralized apps are expected to be more reliable, convenient, and efficient. Web3.0 will also facilitate the creation of new types of apps. The decentralized Internet will be censorship-resistant and will allow anyone to access it. It will also be a lot more efficient and cost-effective.

Trustless Ecosystem

It is always hard to trust a new website or a service provider, there is a chance it is a scam or it would not deliver on its promises. Instead of trusting a person or an institution, how about trusting codes and algorithms that stick to the plan? Web3.0 can deliver them with the help of smart contracts. 

Some of the concerns regarding Web3.0

The concept of Web 3.0 is still in the early stages of development, and there are many concerns associated with it. Some of them are -

Scalability

Whether the decentralized Internet can address these privacy and security issues as effectively as the centralized Internet is yet to be seen, decentralized Applications (dApps) - Will dApps be able to compete with centralized apps like Facebook, Instagram, and WhatsApp? 

Faster

Currently, the decentralized Internet is not able to match the speed of the centralized Internet. Economic implications - It is yet to be seen if the decentralized Internet will be able to boost the economy the way it is expected to.

The Bottom Line— It is all worth it!

There’s no denying that the current internet infrastructure is not without its flaws. The centralized nature of the world wide web has been a cause for concern for years now. Thankfully, it looks like the decentralized web (or Web 3.0) is here to change all that! Decentralization of the Internet is sure to bring about a significant shift from how we conduct online transactions to how we talk to our friends and family. It is expected to be more reliable, secure, and transparent. Web3.0 will also assist in bringing about a significant change in how businesses operate. So, it’s fair to say that the decentralized Internet is worth it and we are waiting for it. 

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