There are a lot of misconceptions surrounding Web 3.0. As the next iteration of the world wide web, Web 3.0 is an evolving concept that will build on the limitations of Web 2.0 to bring in new levels of trust and openness to the internet.
Web 3.0 represents the third generation of the world wide web or internet. It is built on the concepts of decentralization, openness and user empowerment. Web 3.0 embraces automation, artificial intelligence, machine learning and blockchain technologies. By using these technologies, it aims to create a decentralized web where every individual has control of their data. Since Web 3.0 is still in its infancy, there are many misconceptions surrounding it. Some consider Web 3.0 as just the latest buzzword in tech, but the opponents of this concept may be harboring some myths and confusions that are coloring their viewpoints.
WEB 3.0 IS NOT A SCAM
In its current form, Web 3.0 doesn’t offer consumer protection. The inherent feature of Web 3.0 rejects centralized control, so there’s no agency to protect your assets on Web 3.0. This feature has led to fraudsters profiting from the hype of Web 3.0 to scam people who don’t know much about it. But this doesn’t mean that Web 3.0 is causing these fraudulent activities. As the technology progresses, the standards will be established to prevent fraud and rebuild trust in Web 3.0 applications.
WEB 3.0 IS NOT THE METAVERSE
Web 3.0 is about building a decentralized and open internet of the future, while the metaverse is about how users will experience the internet of the future. Metaverse focuses on immersive virtual reality experiences. Web 3.0 and metaverse will overlap when the metaverse users leverage Web 3.0 technologies like blockchain and NFTs to enable user interaction. For example, an artist can create outfits for the virtual world in metaverse that users can buy using NFTs and cryptocurrencies.
WEB 3.0 IS NOT A PASSING FAD
There are Web 3.0 applications already in place like Bitcoin, the popular cryptocurrency that has been around for over 10 years; Diaspora, a decentralized social network and Augur, a decentralized exchange trading platform. Realizing the complete vision of Web 3.0 is a work in progress, but it cannot be dismissed as a fad when there are Web 3.0 applications already in use.
As a growing concept, Web 3.0 is rapidly evolving and dealing with the hurdles that emerging technologies face. It was trust and innovation in centralized exchanges that made Web 2.0 thrive.
This trust and innovation are also powering the transition from Web 2.0 to Web 3.0.
