Wednesday, 26th January 2022
<To guardian.ng
Search
Breaking News:

Web 3.0: The Digital Evolution You Should Know

By Oreoritse Tariemi
05 January 2022   |   8:27 am
At a time where cyrptocurrency, NFTs and the metaverse have taken over the digital world, Web 3.0 is another fact rising digital evolution not many know about. If you find yourself on Tech Twitter, there's a high chance you'd come across Web 3.0, so what exactly is this and what does it mean for the…

web 3.0 | Insights

At a time where cyrptocurrency, NFTs and the metaverse have taken over the digital world, Web 3.0 is another fact rising digital evolution not many know about.

If you find yourself on Tech Twitter, there’s a high chance you’d come across Web 3.0, so what exactly is this and what does it mean for the internet?

The Static Web (Web 1.0) was the first generation internet that offered limited access to the web with no intetations. It was soon replaced by The Social Web (Web 2.0) which made the intent far more interactive using web tools like Javascript, HTML5, CSS3 to build interactive web platforms including Youtube, Twitter, Facebook to mention a few.

A shift from older-generation web tools, Web 3.0 combines these tools with cutting edge technologies between AI and blockchain as well as interconnection between users and increased internet usage. In much simpler terms, it is a shift from data collected by tech giants through social networking (Web 2.0) to a decentralized web structure where people control their data. Now the process of content creation and decision-making will involve humans and machines (AI).

As Web 2.0 made several billionaires including Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos and Twitter’s Jack Dorsey, Web 3.0 is another chance for a new world of tech startups to find their way and lead the digital evolution.

So, what does this mean for Nigerians?

Nigerian Blockchain expert, Keith Chung, has said that Nigeria needs to explore the possibilities in the fourth industrial revolution, otherwise known as web 3.0, to address its current challenges.

No newbie to the internet and its revolutions, Chang has worked hard to promote blockchain technology, taking tech education to his hometown in Jos. Speaking to Guardian Life, the tech whiz opined that this blockchain technology (Web 3.0) is instrumental to the evolution and growth of Nigeria.

The fourth revolution has been described to characterize augmented realities where people can connect, interact, and also create new value exchange systems. The revolution, which is in its early stages, is already impacting the financial sector, with the introduction of cryptocurrencies.

Chung pointed out that Nigeria missed out on the Internet/Web2 Revolution “which is why there are no social media or African Tech Powerhouses like Google, Twitter, Facebook, or Meta as it has been rebranded.”

To him and many others, there is a belief that this blockchain technology will greatly modify our value exchange systems, for the country’s benefit.

He said, “It will help us redefine our material value exchange system, with NFTs (Non-Fungible Tokens) already blazing the trail in that regard, a non-correlation, non-asymmetric class of money and asset to the traditional financial system. It has been fascinating watching humans create abstract digital assets of value that can be traded like a stock, shares, or money by people from anywhere in the world and they can serve as a valid medium of exchange or legal tender.”

Using Web3’s cryptocurrencies, wealth transfer will grow tremendously cutting out the middle men.

“This year alone, over $23 billion has been traded in NFTs across the World and that figure is set to only multiply exponentially. The blockchain revolution disruption is going to cut across all industries, governance, and institutions alike, which is so important for Nigeria and Africa as a continent as it had the best potential of Solving the Problem of Government Financial/Administrative Transparency and Voting Transparency since all transactions or relevant records/data can be recorded on a public ledger not controlled by any single corporate entity.”

A more decentralized access to the internet, Web 3.0 provides advanced security when it comes to data protection. Using it’s advanced AI, users can now receive the best filtered, unbiased data.

Built with the sole idea of creating an internet that satisfies everyone, peer-to-peer networks, user-controlled data and monetisation act as building blocks for Web3.

Using the new internet, you can now enjoy a more personalised browsing experience that gives you sovereignty over your data and finances creating an overall rich digital experience.

The possibilities are endless, while the evolution may take decades to complete, now’s the time to get started.

In this article