Are you inundated by the web 3.0 buzzword but without a clear idea of what it really entails? It doesn’t help that that there is a loosely held, almost theoretical definition of the web 3.0 construct, even amongst industry experts. At its very core, Web 3.0 is based on having a different relationship with data and ownership on the web then we have currently. Web 3 enables decentralized networks to freely interact with code, data and contracts. For the uninitiated, some actual under-development web 3.0 examples will help elucidate how the web 3.0 differs from the status quo (or what we now retroactively call web 2.0)
- Decentralized Social Networks
Private corporations now have the ability to de-platform the president of United States. Regardless of one’s politics, you can see the slippery slope that comes with Facebook and Twitter becoming almost an essential service in terms of its utility to the world. With all their utility, the corporations have been handed powers that they are ill-prepared and ill-suited for and most of their policies are reactive to stop a fire from burning. One common criticism is also that the social networks have no mechanism to guarantee that information being circulated on social media is rooted on trust or not. Tech monopolies control content curation, moderation and narrative across the world.
Decentralized social networks are the one of the key web 3.0 examples with real-life utility. Web 3.0, blockchain based social media platforms are based on the premise that any rule of engagement of a social network will be determined by their set of users, in a democratically decided fashion. The web 3.0 social network will likely have multiple smaller community-driven platform with the rules of content moderation policy, democratically decided by each community and programmed into the blockchain. It is also envisioned that there would be verifiable mechanism to capture ‘truth’ on the blockchain which will prevent fake news dissemination.
One of the many reasons distrust in Facebook has multiplied, is due to concerns on how Facebook is using data from private Whatsapp conversations. There are memes on how you can message your friend on what you are planning to eat, and your FB feed with be filled with targeted ads. While alternate platforms like Telegram have end to end encryption features which are an improvement over whatsapp, all conversation data is still being stored and controlled by a singular entity.
The objective of communication platforms based on Web 3.0 would be complete privacy and anonymity for users. Alter and Altermail, a private and decentralized messaging dApp built on Secret Network give the control of messages and files back to users. Alter is using a combination of public and private keys (given to each user) to ensure data security and integrity for user communication.
While hardly a perfect solution, many different web 3.0 startups are experimenting with protocols and platforms which will secure the messaging completely and offer additional protection against
against phishing attacks by linking authenticated user identity.
According to McKinsey’s survey, 71% of the respondents said that they would stop doing business with a company if it gives away sensitive information without permission.
With this heightened privacy sensitivity, Brave was developed as a free and open-source web browser and has seen tremendous adoption. Brave has also adopted the IPFS, a Web 3.0 example of a decentralized peer to peer protocol, designed to make the web less centralized.
Typically, on Chrome, we are remarkably cavalier about sharing our data through ads and cookies. With Brave you can opt in or out of receiving ads. When opted in, you receive ads based on how frequent you choose to receive them. Additionally, the payment structure for companies advertising is aligned towards the individuals viewing the ad with users getting almost 70% of the ad spend (in the form of Basic Attention Token)