Web3 is touted as an inevitable game changer for the internet by advocates, while others think its overhyped project with impossible barriers to mount. This new, decentralized and blockchain backed version of the internet is worth talking about, according to a May 10 Harvard Business Review article.
Web3 is a shorthand for the project that aims to change the internet by using blockchain to disrupt how information is stored, shared and owned. In theory it could break the monopolies of a select few companies who control information. Some argue that it will create new products, economies and democratize the web, creating a web that you can read, write and own.
Cryptocurrencies and non-fungible tokens are some examples of blockchain technology being used on the web that could become very important in a Web3 internet. In a Web3 internet, users won't need separate logins for every site but instead will probably have a centralized identity, they will also be able to earn or buy tokens that could allow them to vote on decisions on a site or unlock some functionality.
"Web3 is the internet owned by the builders and users, orchestrated with tokens," said Chris Dixon, a partner at the venture capital firm a16z.
Whether customers will be able to adapt to this more decentralized version of the internet or even like it remains to be seen.