The web3 market has developed like the universe over the past ten years, rapidly extending in all directions. There has also never been a better opportunity to contribute to the development of web3’s future because innovation is advancing at such rapid rates.

The world wide web’s dependable, resilient infrastructure was made possible by centralization, which also assisted in bringing billions of people online. At the same time, a small group of centralized organizations control a sizable portion of the World Wide Web and make unilateral decisions over what should and shouldn’t be permitted.

The solution to this problem is web3. web3, which supports decentralization and is being produced, operated, and owned by its users, is not a Web that is monopolized by big tech companies. Web3 gives people the ability to make decisions rather than companies.

The phrase “web3” has come to represent the idea of a new, improved internet. In essence, web3 uses blockchains, cryptocurrencies, and NFTs to return ownership and authority to the consumers.

So what are the most significant benefits of switching to web3?

OWNERSHIP

With the security of encryption, end users will recover full ownership and control of their data. A case-by-case basis or with permission/need might then be used to spread information. Users on web3 can directly earn tokens for their involvement in activities within the community. These tokens provide users with real ownership of their projects and have a true monetary value.

PIONEERING IN THE NEW SPACE

Web3 is a young and evolving ecosystem. There are a lot of abilities that help you grow very fast since there are not that many companies or platforms yet, but still, a lot of audiences are interested in the topic. Web3 is just the beginning of our efforts to build a better Web, but as long as we keep enhancing the foundation that will sustain it, the web’s future is promising.

DESTRUCTION OF THE CENTRAL POINT OF CONTROL

Blockchains like Ethereum offer a trusted platform where the rules are unbreakable and the data is completely encrypted. As a result, the intermediaries are taken out of the equation. The user data will no longer be under Apple and Google’s control. No government or other organization will be able to shut down websites or services, and no person will be able to control the identities of others.

PRIVACY

Data will be stored on the blockchain with web3. Data will continue to be transparent and traceable. This depicts true freedom and equality, but it also begs the question of how to safeguard users’ personal data. Your data and information, for instance, will be included in a blockchain transaction. Transactions can be followed back to their original sources. And there are a lot of implications there.

COLLABORATION

A DAO (Decentralized Autonomous Organization), a modern management structure without boards of directors and executives, powers web3. DAOs, on the other hand, function in accordance with a set of rules that are codified in code and allow for an infinite number of participants. In the upcoming 10 to 15 years, many conventional businesses are predicted to switch to DAOs as their operational paradigm.

COMMUNITY

A major component of the web3 world is community. Although “community” isn’t unique to web3, there’s no denying that some of the most successful web3 projects we’ve seen so far have had strong communities at their core. A strong sense of community can frequently be the difference between success and failure.

The problems of web3

Even though web3 has a lot of benefits, there are still some downsides that we have to count on.

UNREGULATED BEHAVIOR

The internet stood for freedom and anonymity for a very long time. Censorship was regarded as a very bad word, and you could write whatever you pleased. The situation has evolved somewhat in recent years. Through social media, hate speech and fake news in particular have grown to be issues that need to be addressed.

In this regard, web3 is once more a step backward because it may make it more challenging to take action against offensive or inaccurate information on the decentralized internet. Furthermore, jurisdictional issues become considerably more complex than they already are. For instance, it is more challenging to create a legal framework for cybercrime without actual servers.

INDEPENDENCE MYTH

At first glance, decentralization appears to be a great idea. More control over your own data when you’re away from large platforms. This will probably turn out to be an expensive miscalculation. Already, several large corporations are funding metaverse projects, though not out of altruistic motives. When the metaverse emerges, they want a sizable piece of the action or, even better, the power to create the metaverse’s rules.

A CHALLENGING TRANSITION

In comparison to the move from web1 to web2, the transfer to web3 is more difficult. Web2 has only impacted how we use the Internet; the underlying technologies have not changed.

On the other hand, web3 calls for much more drastic measures. Web3 requires an entirely new substructure in order to move away from centralization and enable future visions, as the current internet has hit its technical limit. The most popular option right now is blockchain, which allows each user to contribute a little portion of their computational power to the Internet.

So having this all in mind, which web2 talents would profit the most from the transition into web3 space?

• Software Developer
• Software Engineer
• Application Developer
• (Data) Analyst
• Community Manager/Builder
• Graphic Designer/Illustrator
• Technical Writer
• Marketing Manager
• Product Manager
• Finance & Operation Manager
• Business Developer

So now that you've read this article, which advantages of web3 influenced your decision the most to make the switch from web2? Or if you are already engaged in web3 - share your transition experience. Drop a comment and let us know.