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Why the World is Warming Up to Web3 In 2023, we'll see Web3 evolve and take a more concrete shape, and it will be exciting to see how it shapes the future of the internet and our digital lives.

By Tarun Katial

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Imagine a world where you completely control your digital identity and the content you create. In a world where your data and online activities aren't being monitored and monetized for profit for only one entity. Sounds too good to be true? Well, that's where Web3 comes in! Web3 is the next big thing in the digital space, and it's here to revolutionize how we use the internet. It's not just another iteration of the Internet; it's a generational shift that promises greater data sovereignty, privacy, and security to Internet users. With Web3, you can take ownership of your online spaces and enjoy a more decentralized internet experience.

But what exactly is Web3, and how does it work? It's a concept that leverages technologies like blockchain, AI, cryptocurrencies, non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs). These technologies are used to build decentralized platforms and applications that give power back to the people by fostering participative ownership and monetization independence. In 2023, we'll see Web3 evolve and take a more concrete shape, and it will be exciting to see how it shapes the future of the internet and our digital lives.

THE PROMISE OF WEB3

The rise of Web3 represents a significant shift in how we view the internet and our digital identities. At its core, Web3 is about empowering individuals and communities by giving them greater control over their digital assets and content. One of the key benefits of Web3 is its potential to create ad-free, censorship-resistant, and creativity-driven environments. By leveraging technologies like blockchain, AI, cryptocurrencies, NFTs, and DAOs, Web3 developers are constructing a universe where users will own the content they generate and the digital assets they buy. This departs from the current Web2 model, where social networks hold power and control over users' data and content. But the benefits of Web3 go beyond individual empowerment. It has the potential to transform entire communities and nations. By bypassing the typical stages of development, Web3 can prepare individuals for future job opportunities and give them the power to shape their destinies. Moreover, Web3 could disrupt the traditional marketing and advertising industry. With Web3, customers are no longer just passive consumers; they are co-creators and co-owners. Brands must adapt to the changing roles of customers and embrace greater transparency, accountability, and respect for individuals' digital rights.

Web3 focuses on giving consumers greater digital ownership while safeguarding their personal information

COMPLETE OWNERSHIP OVER YOUR DATA

Web 1.0 and 2.0 have been marked by a model where the service provider holds complete control over users' digital data, leading to a centralized system where the consumer has no ownership over their data. This has created a digital tenancy era, where users must lease digital property from service providers. However, the advent of Web3 promises to change this narrative by giving users digital ownership and control over their data. Web3 focuses on giving consumers greater digital ownership while safeguarding their personal information. This is achieved through a growing movement that empowers users to control their data ownership and monetization, allowing them to sell their data for digital currency like NFTs. According to a report by Grand View Research, the global Web 3.0 blockchain market size was USD 1.36 billion in 2021 and is expected to grow at a CAGR of 44.9% from 2022 to 2030.

A RESPONSIBLE AGE OF THE INTERNET

Web3 can enhance the digital experience for all internet users. However, more people must comprehend the significance of working towards it to achieve this. It is high time we put an end to large companies exploiting us. The era of Web3 is a permanent fixture, and we embrace a time when individuals have complete control and confidentiality.

Tarun Katial

Founder & CEO, Coto

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