Web3 is a term that gets thrown around a lot. Just as much as decentralization it's almost as bad as the government rewriting definitions of things just so they can say they are right.

The issue with web3 is it's not here yet. Unlike web 1.0 and web2.0 which now looking back at it had clear examples of what changed it web3.0 is a toss up of a mix of emotions and opinions people have.

In this article I'd like to go over what I feel web3 is, if we are getting closer to it and what projects I feel are most involved in it.

The Three Core Factors

There's no denying that there are three core areas of focus for web3 that pretty much everyone can agree on. What can't be agreed on is how to do it or the gray area that sits between it all. Let's go over each of these three in more detail.

Decentralization

The pure definition of decentralization is "the transfer of control of an activity or organization to several local offices or authorities rather than one single one." We see this form of it happen in our every day lives where it's not up to a single company, person or entity to make a final choice call. You could even say a board of directors is decentralization as it's not a single person making the choice.

However for web3 everyone feels like it should be on the far extreme of this where no one monitors what's being posted and it's a pure free for all. I hate to say it but it's been tried many times before and it doesn't go well. There are far too many bad actors that simply trash it for everyone else. From spam, to porn, infringing on others rights, copywrite issues and more full decentralization is something I don't think will ever take off. Not only for the above reason but also because nothing ever gets done. If there's not a single person or group of people making choices then nothing ever gets done or it gets done at a snails pace.

Wealth

With web2 we saw the evolution of social media giants on many levels. In ecommerce you have Amazon, Social media such as Meta (Facebook), Twitter(X), Youtube for video and more. The issue with these platforms is the people that make it up, interact with it and make the platform really what it is get abused by having their information stolen and then no compensation for it either.

My vision for web3 is to restore the privacy factor while still being able to track and post relevant ads to the person. This would be done through the blockchain and other mechanisms which would create a profile but have no ties to the person and who they are. This can be done and there's legitimate sources for it already it just needs to be implemented more and adapted more.

On the other side of that wealth these companies are posting up millions if not billions of dollars in profits offering up nothing to the people producing the content on their platform which is why people come and visit the platform in the first place. We have been seeing a small shift in this through platforms like youtube and X however it's still far of where it should be. With crypto and blockchain the possibilities open up in a big way to give that wealth back to users, investors etc. In a decentralized and transparent manner.

Privacy

I touched on this above in the abuse of power by companies right now and selling your info as well as the government just stacking databases full of this information. It's very possible with blockchain to hide privacy again while still serving up relevant ads to a person like Adsense does.

What Platforms Are Doing This?

In a way InLeo right here on the hive blockchain is. This is mainly through taking revenue earned from ads and dividing it up to users. It does this through transparent smart contracts however it still has ties to tracking ect via Adsense. To me that's ok for now as it's going to take time to make this full transition but it has to start somewhere.

There are other platforms attempting this as well. However for the largest decentralized nature of it all I have to say Hive and INLeo are leading the charge in this area so far and doing it in a way in which I envisioned it.

You also have platforms like Torum which has more of a Facebook look and feel to it but rewards in their own token for activity through actions.

A better case however might be Minds which has a daily rewards pool which is divided up to activity by users each day.

All in all there is advancement happening but it doesn't happen over night.

To you what are the core changes that need to happen in order for you to call it web3?

Posted Using InLeo Alpha