User data and the internet companies that invest in that data are transforming the global economy. K The last article from Harvard Business Review notesInstead of dominating individual industries, platform companies like Facebook, Google, and Twitter use “competitive bottlenecks” to collect and harvest personal data of their users. Acting as gatekeepers across a range of industries, these internet giants are now taxing and mediating value creation in the digital economy.
Fortunately, the Internet story does not end here. Alongside the innovation bottlenecks imposed by entrenched data monopolies, new tools are emerging around them Web 3.0 that can enable people to own their data. where web 1.0 Introduced a new global platform for digital consumption, and Web 2.0 Enable social networking and user-driven comments, Web 3.0 The emergence of the distributed “smart” web is rooted in blockchain technologies.
First coined in 2014 by Gavin Wood (Co-founder of Ethereum blockchain), “Web 3.0” is envisioned as an open and decentralized version of the Internet. Proponents of Web 3.0 often describe it as an “untrusted” Internet – free from the dominance of a handful of large corporations. The hope is that distributed ledger technologies (DLTs) and storage on the blockchain will revolutionize data.
Of course, not everyone likes the idea of Web 3.0. Last year, the founder of Twitter, Jack Dorseyand criticized the enthusiasm surrounding Web 3.0, noting that The real power brokers in space are actually venture capital firms. Technology industry analysts were quick to respond that business models like Twitter and Facebook are precisely the kinds of business models that Web 3.0 companies are now seeking to displace.
Most of the Internet applications we use today are centralized – that is, the data we produce is owned and managed by a very small number of platform companies. For example, when we use a cloud-based service such as Google Docs, we give Google explicit permission to access all information in our documents in order to monetize that information. To many critics of this model, Web 3.0 represents a different kind of Internet. Instead of all users connected to a central network or ‘server’, data can be stored and managed locally, across a highly distributed data ecosystem.
One company that demonstrates the kinds of new tools emerging with Web 3.0 is a US-based company stones. InfStones acts as a bridge between blockchain technologies, simplifying the process of building, scaling, and securing decentralized web applications (DApps). Providing an API gateway and nodes-based infrastructure, InfStones technology supports tens of thousands of nodes on over 60 blockchain protocols. Already working with prominent names in the industry such as Binance, Polygon, Circle and Chainlink, InfStones recently closed a $66 million funding round led by SoftBank Vision 2 Fund and GGV Capital.
In fact, there is a wide range of young entrepreneurial companies in the United States and around the world working to make Web 3.0 a reality. The venture capital firm is driving the financial drive to build this new industry Andreessen Horowitz (also known as A16z). The Silicon Valley-based venture capital has invested billions in blockchain companies to date and plans to raise $3.5 billion for its latest crypto investment fund. The company is also launching an industrial research lab aimed at solving major problems in the Web 3.0 space.
Can Web 3.0 enable a highly distributed data infrastructure where users own and control their own data? Many tech developers seem to think so. But doubts remain. Media coverage on Cryptocurrency and blockchain as a whole soured. Concerns about a looming consumer recession make tech companies less attractive to investors. However, technology companies are still among the richest companies in the world. And a lot Tech investors are still eager to fund new innovation.
After Web 2.0, changes will come. By linking technology and personal privacy, a truly distributed internet may one day enable users to manage and monetize their personal data, all while accessing an ocean of digital services via public block chains. maybe this third generation Internet services will be the catalyst for a new Internet, linking data-driven technologies such as artificial intelligence and machine learning to fully distributed data ecosystems.
Of course, there is a long way to go to develop a truly decentralized Internet. The architecture requirements of Web 3.0 alone are much more complex than the current Web 2.0 architecture. It is difficult to estimate the sheer number of nodes involved in developing a truly decentralized Web 3.0 infrastructure. However, venture capital funding for blockchain startups is expanding. In fact, venture financing last year It reached $25.2 billion, up 713% from $3.1 billion in 2020. This is good reason for hope.