Web 3.0 is a concept for the internet’s future phase, which envisions a decentralised ecosystem built on blockchain technology. It would be a change from the present ecosystem’s centralised mega-platforms and businesses, according to proponents, and would repair what’s wrong with the internet today while also reversing the decline of democracy. What do proponents of Web 3.0 think is wrong with today’s online ecosystem? Web 3.0 is the most recent Internet technology, combining machine learning, artificial intelligence, and blockchain to enable real-time human communication. The frosting on the cake is that web 3.0 not only allows people to own their data, but it also allows them to get reimbursed for their online time.
Why do some people believe that Web 3.0 will solve all of this?
Defenders argue that Web 3.0 introduces structural innovations that render the current online ecosystem’s inherent problems essentially outdated. “Platforms and programmes created on Web3 won’t be owned by a central gatekeeper, but rather by users,” says Gavin Wood, known as the “Father of Web 3.0.” Its blockchain infrastructure, which is the same technology that underpins cryptocurrencies, allows for this. There will be no need for large, privately-owned data centres in Web 3.0; instead, data will be securely stored and spread among many devices. Anyone with the financial means and specialised knowledge can use this architecture to make their device a hub.
But, how can Web 3.0 help to re-energize democracy and break the impasse?
Web 3.0 proponents believe it has the potential to revitalise democratic values on both the internet and in society. It is said that the Web 3.0 iteration of the internet will be more democratic and free fundamentally than previous versions. The security and anonymity of blockchain technology, which underpins Web 3.0, might be an indisputable check on government overreach or coercion. Its decentralised engineering will increase people’s rights over usually powerful entertainers by allowing them greater control over how they interact on the internet. The equal representation notion of “one person, one vote” would allegedly be integrated into Web 3.0’s design, with a token mechanism powering its apps.
Many go even further, claiming that Web 3.0 standards may be used to mould our disconnected lives, reshape social orders, and overcome the political impasses. Decentralized autonomous groups are one such paradigm (DAOs). DAOs are democratised, part-owned, and web-based local associations that lack incorporated initiative. Every element of a DAO can propose a proposal and then vote on it using administration tokens whenever the DAO is debating an authorised decision (or representative one more part to utilise their tokens to decide for their sake). When a significant portion of the part holding administration tokens requires a decision, it is naturally carried out.
According to proponents of decentralised autonomous organisations, this organisational style can eventually replace ineffective and corrupt governments. This is due to its structure, which creates “liquid democracy” — an optimal blend of agents in a majority-rule government and a direct majority-rules system that can be used at scale. Residents will no longer have to rely on a potentially unscrupulous politician to represent their best interests, nor will they have to worry about popular legislation being vetoed at the polls; instead, the DAO’s code will automatically enact the majority view of its members.