By Neeraj Khandelwal
In today’s evolving and fast-paced world the internet continues to be the primary catalyst for change. Web3 is emerging as its new growth engine which is steering the change towards a decentralized, transparent, and creator led economy. The latest iteration of the internet is expected to resolve many fundamental issues of Web2 such as putting greater control in the hands of users, more privacy over data, ending the monopoly of Big Tech, etc.
The year 2022 has laid a solid foundation for Web3 with discussion on major issues like unfair censorship and data security gradually starting to come to life. This movement will eventually empower users by giving back the power to control their own data. Digital economy sans traditional gatekeepers and middlemen will be the next phase of the internet.
Seamless switch between Web2 and Web3
The Web3 landscape is widening with every passing year, 2022 being another critical year in its building phase, with $30 billion of funds flowing into blockchain projects. With the spotlight on ‘Developers and Builders,’ the year saw much progress on the underlying technology and Web3 infrastructure. Emerging DeFi apps are designed to be user-friendly with excellent user interfaces. In 2023 and 2024, many such apps will revolutionize this space.
As the barriers and layers preventing people from entering Web3 applications are simplified, we will soon reach a point where users can access Web3 with the same superior user experience that is currently available in Web2. The dApps(Decentrialised apps) on Web3, will be powered by blockchain technology, which allows them to run without the need for a central authority. It means users can interact without giving away their personal data, leading to less censorship. Users will seamlessly switch between Web2 and Web3 applications and may not even be aware that their application is powered by underlying blockchain technology. The experience will be seamless and…
