Three functions of Web 3.0 help overcome the problems encountered with the current Internet

Today’s Internet is far from its original purpose of being an open space, but Web 3.0 promises an open, transparent, and creator-friendly future for the Internet.

Blockchain technology has come a long way. Not that long ago, cryptocurrency was a rather obscure term that was circulated by a handful of voters. History changes after the Covid-19 pandemic locked many parts of the world so they cannot leave their home and have plenty of time to learn new hobbies. Cryptocurrencies benefit from increased awareness and participation in daily conversations among friends, family and colleagues.

Even so, cryptocurrency is a stub. Widespread acceptance remains elusive and gatekeeper – gatekeeper

Traditional technologies keep the digital economy under control. To ease that grip, those of us building the decentralized Internet, also known as Web 3.0, will need to better define the representation of what is at stake if we continue to maintain its current state.

Three functions of Web 3.0 help overcome the problems encountered with the current Internet

History of the internet

How can we bend the web back to its original vision of being a global utility and open platform that anyone can contribute and build? We need to capture history to welcome more developers and users to the core of a thriving Web 3.0 ecosystem.

Open code

The open source nature of Web 3.0 means that contributors can collaborate on technologies and features from day one, rather than proprietary code being hacked and leaked. Contrast to closed ecological systems that are built and protected by technology giants (Big Tech). People, companies, and developers simply follow the whims of centralized authority and are forced to adapt to changes in technology company products or terms.

We’ve seen firsthand the overwhelming impact these gatekeepers have on developers. After Doug Petkanics (co-founder of Livepeer) acquired the first company from Groupon, he built a company based on application programming interfaces (APIs) from giant tech gatekeepers: Facebook, Google, Pinterest, and Twitter. These platforms are initially open so that Doug Petkanics can connect his services to the platform. Suddenly, his access was cut off because these platforms decided to block third-party access. Doug Petkanics’ service failed because these platforms could no longer function.

Transparent economy

In its purest form, the Web 3.0 economy is transparent and approval-free and gives stakeholders the confidence that inherent interests are not secretly pulling the strings and controlling the outcome in their favor. This form of creative sponsorship is becoming more popular every day because it is much more designer-friendly than the previous options.

This transparent economy is what creators lack of the existing Web 2.0 dynamic. Because developers build within closed ecosystems, they remain dependent on which economy each platform chooses. And if the platform changes that economics, creators have very little choice.

Three functions of Web 3.0 help overcome the problems encountered with the current Internet

Sales of Web 3.0 protocols

The offers will be adjusted

The final pillar of Web 3.0 is to align incentives between creators, users, and the platform itself. These incentives impact the accountability and governance of the platform, which in turn impacts maliciousness, participation, and control.

Accountability and governance are key issues when it comes to aligning incentives. Web 2.0 gatekeepers have little incentive for creators or users to “get it right”. Since there is little competition, users are stuck in a closed ecosystem. And as a private company with little external regulation, they can do whatever they want. It’s the “we make the rules, so accept or reject them” attitude and the “us versus them” mentality.

With Web 3.0, governance is typically decentralized through a decentralized autonomous organization (DAO) or other community feedback mechanisms. By decentralizing community management from centralized governing bodies, people tend to censor themselves. Communities based on shared passions are naturally regulated, and when community members cross borders, the community takes action. And if a community member doesn’t like something, they can make a suggestion to the community to change the orientation of the platform.

Ultimately, YouTubers want more direct relationships with their fans and have an impact on the management of the platforms they use. The Web 3.0 model attempts to solve this problem by allowing creator-controlled platforms to also allow users to own the platforms, which is often coordinated through tokens. As they benefit directly from the growth of the platforms, users will be motivated to offer vital services like censorship to prevent hate attacks.

Of course, nothing is perfect. Web 3.0 will still struggle with some of the censorship issues that other major platforms are facing. Decentralized platform critics say the lack of a central authority makes censorship difficult.

However, as more platforms emerge to serve niche communities (rather than a single entity that traps them all in a closed ecosystem), these smaller communities are the target as spending on larger platforms with global reach is less attractive. Selling misinformation and participating in a scam just gets harder when there are dozens or hundreds of platforms out there.

What’s next for Web 3.0?

Web 3.0 builders need to recapitulate this story and go beyond “winners all take” to “community first”. It will not be easy. And there is still a long way to go before Web 3.0 creates more creative resources than the Internet ever did.

As Web 3.0 scales, we must also protect ourselves from falling behind. It would be a shame to simply copy the existing caretaker model. Because of this, we must continue to skillfully tell the story of Web 3.0 to help both developers and everyday users understand the value of Web 3.0 – and the pitfalls in order to stay relevant.

If you look at the recent stumbling blocks of Web 2.0, it is clear that we will continue to be blessed with powerful examples of how far we have gone astray – and what we need to do to get back on track to be a complementary and innovative place for society.

We are far. We are missionaries, we listen to our users and we build with a community mindset.

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• – Technology gatekeepers are companies that meet all of the following criteria:
• The companies control at least one “core platform service”.
• The core platform provider must also have a significant influence on the EEA market.

The company must also operate a central platform service that serves as a key gateway for business users to reach end users. Core platform providers must hold or are expected to hold a permanent and open-ended position in their operations.

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