Most people still think of the Internet as the only place to use the web, but they’re missing out on the most exciting developments happening in tech right now: the growth of decentralized apps (dApps) on blockchains like Ethereum and Steem. These blockchain-based tools are giving individuals new ways to create wealth, communicate, and share value with each other in highly secure ways that were never possible before. The future has arrived, and it’s more decentralized than ever before.
What Is Web 3.0?
In 2016, Patrick Nielsen defined web 3.0 as a renewed focus on peer-to-peer technology, similar to how we experienced it in 1998 with Napster and Kazaa and Gnutella, but magnitudes larger due to global adoption of smartphones and mobile technology. But what is web 3.0?
How Will Blockchain Improve The Internet?
The blockchain has already made a huge impact on how we manage money, but it’s far from finished. The transparent, decentralized ledger is expected to reshape how we interact with technology, and will help usher in a new era of web3.0. In order to fully realize its potential, blockchain technology needs more adoption and improved performance across platforms—the good news is that we are seeing both happening at an unprecedented rate right now!
Changing How People Interact Online
Blockchain technology has opened up a whole new digital world to explore, one with endless possibilities for how we interact online and even how we work together. The decentralized web is already offering us new methods of sharing information, storing data, and developing business models—and as these technologies become more user-friendly and scalable, they’ll impact industries far beyond their traditional scope. Here are just a few ways blockchain technology will shape our lives by 2022.
Regulatory Frameworks and Future
Like with cryptocurrencies, it is important to note that regulatory frameworks for decentralized web services vary wildly from country to country and even from state to state. It will be up to local governments and governing bodies within countries to shape laws that account for decentralized services and give them a legitimate place in their legislative landscape. Having a favorable legal climate—in addition to making sure that corporations and users are aware of how to access these services—is essential for widespread adoption by businesses, consumers, and developers alike.
Future Uses for Blockchain Technology
The decentralized nature of blockchain has a wide range of potential uses, which go far beyond cryptocurrency or financial speculation. For example, while it may seem like a stretch today, blockchain could be used to create fully democratic elections—complete with immutable records and instant results—without anyone being able to fraudulently alter voting information.
The Challenges Ahead
The path to a decentralized web will not be without challenges. Government agencies, centralized organizations, and powerful figures will work tirelessly to maintain control over centralization of blockchain technology and may use existing law to squash its proliferation or attempt to control it through regulations.