The Pros and Cons of Web 3.0

Web 3.0 is the third version of the internet and will bring a pattern shift in the way users browse, socially interact, or shop. While Web 2.0 provides better communication and online interactions, this newer version will focus on improving personalization, collective ownership, and sharing of content.

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The use of blockchain will be the most significate change in 3.0. Blockchain is a system in which a record of transactions made in bitcoin or another cryptocurrency is maintained across several computers linked in a peer-to-peer network. Using blockchain allows the internet to be supported by decentralized networks, and, as a result, this gives website owners freedom from needing to depend on servers owned by large companies.

As reported by New York Times, investors have already supported $27 billion on Web 3.0 to be the “future of the internet.”  So, while there are benefits to Web 3.0, there will also be snags along the way. So here are some opinions on the pros and cons of this next iteration.

Pros

It will be for everyone – Web 3.0 does not require a single entity to control it. More prominent corporations may no longer maintain any aspect of the internet. 

It will Increase personalization –  Web 3.0 will understand your preferences, so you can extensively personalize the web browsing experience. This will also help you productively surf the web.

Provide better marketing – Artificial intelligence will help sellers understand customers buying needs and show them products and services they might be interested in purchasing. 

It will be more reliable – This will give more freedom to creators and users in general. With decentralized networks, Web 3.0 ensures its users will always remain in control of their data. 

It will have uninterrupted services – Decentralization means all data will be stored so that users won’t worry about suspension of accounts or service disruptions due to technical or other reasons.

Cons

Ownership concerns – The question is, will Web venture capitalists and investors will own 3.0? If so, the control could remain centralized.

What About Regulations – Some experts believe decentralization will add to difficulties in monitoring and regulating cybercrimes and online abuse.

Better processors will be required – Older devices will not be able to handle Web 3.0. so only devices that have above-average specifications will be able to use this version 

Existing website will need upgrading – Businesses will need to upgrade their digital offerings to ensure that they do not lose their market.

Public and personal information could be accessed – Since this version is vast and interconnected, it is also easier for anybody to access public and private information shared online.

What we do know is Web 3.0 will offer some changes. If you have questions about the advantages and disadvantages and how it could affect your business and web software, contact us at 502.907.6593.

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