Since the advent of the internet, we’ve been learning and developing new ways to stay connected, learn and grow. It’s gone from an outlandish new technology to something that, realistically, most people couldn’t go a day without checking.
Our reliance on systems like Google and social media is enormous, but the future of the internet lies elsewhere: with WEB 3, Decentralised Finance (DEFI) and the Metaverse.
Over the decades, we’ve seen three evolutions of the internet. Think back to the early days, and you’ll find WEB1. If you picture the original intent of WEB 1, you might imagine the internet where you’d Ask Jeeves or send an email on Yahoo. But we’ve moved so far beyond this.
When the advent of social media arose in the early 2000s, people were afraid. New things can be intimidating, but when the user-generated content boom of WEB 2 hit, we saw the rise of e-commerce and blogs, with people posting their content to share with other users. This revolution of what the internet could be used for was a gamechanger, and it took some time for people to come on board.
So it’s unsurprising that now that WEB 3 is developing a reputation, people are similarly concerned about its viability and future. Will there be ramifications to widespread WEB3 usage? What changes will WEB3 bring to the internet as we know it? How can WEB 3 help our businesses and livelihoods?
That initial question might be hard to answer, but the last two are simple – all with the help of a blockchain consulting studio in Sydney. The first thing we should consider is the opportunities that WEB3 creates.
Take decentralised finance or DEFI. DEFI is an infrastructure that operates on blockchain technology and has been made possible by advancements in digital platforms. Whether you’re a cryptocurrency investor or you’ve taken your business onto the blockchain, DEFI offers more scope for transparency, security and immutability than conventional banks and financial institutions can offer.
WEB3 and DEFI have a unique relationship because both depend entirely on a decentralised model that allows users to take responsibility for their contributions rather than be at the discretion of corporations and governments.
In turn, they as infrastructures influence further blockchain implementation as more businesses turn to DEFI for their financial requirements. This opportunity wouldn’t have been possible without the growing push for WEB 3.
If the sound of this progression causes you to raise an eyebrow, just consider that once upon a time, it wasn’t WEB3 and DEFI that were causing this response. It was Facebook and Instagram and user-generated content.
The irony is that this type of social user-generated content will be taken a step further. Alongside WEB 3 and DEFI, we have the Metaverse. Pushed heavily by Meta, previously known as Facebook, the metaverse is a concept that idealises virtual connection in a digital space.
Often paired with virtual reality – and poorly compared to an alternative version of Zoom – the metaverse is intended to become a series of networks that allow users to exist, form relationships and conduct business as an avatar in the digital world, with the help of blockchain consulting studios.
However, as it currently stands, the Metaverse cannot fully exist in the manner it was intended because centralised networks do not allow for easy transference from one platform to another. With the implementation of blockchain technology and WEB 3, the decentralised nature could allow for far smoother transitions and render the metaverse a reality.
Remember that none of this would be possible without the gigantic strides made with the implementation of blockchain technology and WEB 3. It’s the one essential advancement that has taken the internet from a place to share memes and post photos to a site where it’s not only safe and secure to conduct your business, but it’s better for your company.
With the help of a leading blockchain consulting studio in Sydney, you too can learn more about WEB 3, DEFI and the metaverse, and make sure you’re ahead of the curve when it comes to implementing these practices, protocols and platforms into your business.
After all, the internet has come a long way, and you don’t want to be remembered as someone who didn’t have the foresight to see its potential.