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NEWS


IT’S TIME TO DEFINE WEB3 IN A WAY THAT PEOPLE ACTUALLY UNDERSTAND

December 15, 2022

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By Alan Vey, Founder & CEO, Aventus

The Web is the avenue through which most businesses scale operations and
innovate. The majority of people are familiar with Web1 and Web2. However, now
Web3 is suddenly here, and it’s clear it’s not going anywhere. 

But what exactly is Web3? There are a lot of different definitions, but they
usually use extremely technical terms that most people aren’t familiar with, so
it remains elusive.


THE EVOLUTION OF THE WEB

You can think about the Web like this: 

Web1 was ‘read’ – it allowed users to access data that was hosted on the
network. This is where concepts like email, open networks, desktop browser
access and the green shoots of e-commerce were born. 

Web2 added ‘write’, which enabled user-generated content to be shared, allowing
for the explosion of social networks like Facebook, Twitter and Instagram. 

Now, Web3 adds ‘own’. For the first time, users have the ability to truly own in
a digital context via verifiable decentralised blockchain networks (rather than
just having a digital representation of physical ownership).

But these concepts around the value-add of Web3 are still somewhat abstract, so
let’s break it down further: 


THE INFRASTRUCTURE 

In order to truly understand Web3, understanding its foundations is crucial. The
infrastructure, or ‘engine’, of Web3 is the blockchain. 

Blockchain is a system in which a record of transactions is maintained across
computers that are linked in a peer-to-peer network. It removes the need to
trust a central party through its characteristics of decentralisation, meaning
no single entity owns it, and immutability – meaning you cannot change the data
that is recorded on the blockchain. 

Just like the TCP / IP infrastructure that sits behind the internet, users might
not even notice the blockchain. If the applications built on blockchains are
user-friendly and intuitive, people will not give the underlying infrastructure
another thought. 


THE PRODUCT

Because of these characteristics, the potential uses for blockchain are huge.
The most common and well-known way blockchain has been used so far, beyond
crypto currencies, is for decentralised finance (DeFi). In centralised finance,
money is held by banks and other third parties who facilitate money movement
between parties. Each third party charges a fee for its services. 

Decentralised finance eliminates the need for third parties like banks and
brokers to facilitate financial transactions via blockchain technology, using
independent verifiers (sometimes called validators) to validate transactions. 

But the product that blockchain enables is so much more than financial assets.
As a whole, the product is tokenisation – the process of converting something of
value into a token that’s usable on a blockchain application. A token is
essentially a digital representation of that value.

This encompasses everything from DeFi, cryptocurrencies and NFTs, to less
well-known sectors like supply chain management, legal contracts and data
collection. 

Practically anything can be tokenised if it is considered an asset that can be
owned and has value, and can be incorporated into a larger asset market (e.g.
medical records, supply chain cargo pods). 

And the potential is huge. According to Boston Consulting Group, around 10% of
global GDP will be tokenised by 2030, which is conservatively a $16T
opportunity. 


THE EXPERIENCE 

But how will users access or experience these products? Most likely, through the
metaverse. 

A metaverse is a collective virtual shared space, created by the convergence of
virtually enhanced physical and digital reality. It is an independent virtual
economy, enabled by tokenisation and a variety of other technologies. 

Just like we moved from computer mice, keyboards and desktops in Web1 to
smartphones and touchscreen devices in Web2, the move to Web3 will see more
interaction with virtual reality (VR) and augmented reality (AR) in the
metaverse. 

The metaverse won’t completely replace the way we interact with the Web
currently through smartphones, for example, – just like there are still uses for
desktops and keyboards. But we will see more and more people interacting with
and in the metaverse over the coming decade – in fact, Gartner expects that by
2026, 25% of people will spend at least one hour a day in a metaverse for work,
shopping, education, social media and entertainment.

It’s natural human instinct to be resistant to change, especially in the face of
uncertain political and economic landscapes. But with large enterprises from
Nike to Shell beginning to realise its benefits, VC investments in the industry
exceeding $18B in the first half of 2022, and the global Web3 market size
expected to reach $81.5B by 2030, it’s clear Web3 isn’t going anywhere.

Ignoring Web3 is like saying you were going to ignore Facebook back in the early
2000s. You were free to make that choice, if you wanted, but it wouldn’t have
changed the fact that it was going to change the fundamental fabric of society
for good. Just like Web3 will. So the sooner you understand it, the better.

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