MORE IDEAS FROM Your Personal Data: Its True Value, Power, and Why It Really Is The New Oil
Web 3.0 aims to decentralize the internet by giving users complete control of:
User data is the fodder of AI(artificial intelligence) and is required for the global tech revolution. This personal information is the new oil, and individuals, who are the real and rightful owners of their data, are now starting to realize its value.
Web 3.0, or the DWeb, is the Decentralized Internet and does not have any hosting company, making it completely democratic.
It is controlled by users themselves, and not by a handful of tech giants with valuations touching a trillion dollars.
Web3 enhances the internet as we know it today with a few other added characteristics. Web3 is:
In Web3, developers don't build and deploy applications that run on a single server or that store their data in a single database (usually hosted on and managed by a single cloud provider).
Instead, Web3 applications either run on blockchains, decentralized networks of many peer to peer nodes (servers), or a combination of the two that forms a cryptoeconomic protocol .
Two trends are believed to shape the world in the next 10–15 years:
And the arrival of both trends will firmly rely on the technology of NFTs in order to be successful.
Let’s see why and how.
These new and upcoming ideas could very well shape up how we interact and work with each other in the near future. It's good to have a basic understanding of these buzzwords.
Blockchain is a peer-to-peer decentralized distributed ledger technology that makes the records of any digital asset transparent and unchangeable and works without involving any third-party intermediary. It is an emerging and revolutionary technology that is attracting a lot of public attention due to its capability to reduce risks and fraud in a scalable manner.
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