You will no doubt come across the terms web3, blockchain, NFT and smart contracts, but what does this development mean for your smartphone? We dive into the future of our lives online.
Read on after the announcement.
Web3 and your smartphone: should you do something with it?
In the development of the Internet, several versions of the web can be distinguished. In the first version, the sending was done mainly while you, as an Internet user, received. One-way traffic like a newspaper or a book, but through a screen.
That changed with web2, when any Internet user could add content online. This is how blogs, social networks and more were born. Applications are the direct result of web2. It had to become easier to post stuff online, so it became possible with the computer in your pocket.
But while the Internet may seem like the whole world now, it’s not. Everything we post online is owned by major parties like Google, Meta, Amazon, and Twitter, who monetize what we add to the internet, even if they don’t always adequately protect our privacy. Web3 needs to change that.
this is web3
In web3, the keyword is decentralization. You no longer depend on big parties where you are the product, but everyone is once again the owner of their own content. Either they made it themselves or bought it.
All data is stored on a blockchain, which means it is not stored in a single point of vulnerability. Therefore, a malfunction no longer causes the paralysis of a service. Also, there can be no censorship and everything is done publicly in stark contrast to the secret companies mentioned above.
People who believe in web3 see a lot not only in content ownership, but also partial ownership of entire platforms. Think, for example, of a social application or a game creator. Since he owns some of the organization’s cryptocurrency, he has a say in the next steps of the platform. For example, what game will be created or what update will be implemented. This is called DAO, or decentralized autonomous organization†
What do NFTs have to do with this?
Now, if you’ve heard of web3, it’s probably related to NFT: non-fungible tokens† That is currently the most practical and widespread practical implementation of web3 next to cryptocurrencies.
With NFTs, it is possible to take ownership of something digital and prove it through a smart contract on the blockchain. That is an agreement that goes into effect automatically when specific conditions are met. NFTs can also be sold again through this technology. Does anyone pay a certain amount? Then the person becomes the direct owner of the NFT.
Currently, NFTs consist mainly of images, for example of monkeys. It is seen as an investment, because the hope is to sell the monkey at a later time for a larger amount. But NFTs can also be tweets, gifs, or other digital content.
Web3 on the Play Store
Web3 applications are also known as DApps, to distinguish themselves from other applications. The D obviously stands for decentralized.
To reach these applications, Dapp browsers are used. Opera has released a special web3 browser that Dapps can be used with, but there are also other browsers available especially for web3 apps, such as Dharma, Argent and Enjin.
Opera Crypto Browser
These are the biggest problems right now.
There are still some problems with this technology. The biggest problem is that working through blockchain technology is bad for the environment. While green options are being worked on, any crypto transaction currently consumes a significant amount of energy. Climate change is a big enough problem that online life is switching to crypto.
Also, ease of use is now a major issue. You really have to dive into it before you understand what you need, what you can do with it, and what the risks are.
Since most new web3 applications are made by geeks (in the most positive sense of the word), they use an inaccessible language with inscrutable interfaces. Special things happen there, but they are incomprehensible to the average consumer.
Do I have to do something with web3 now?
On several sides, you are now getting the message that you really have to do something about NFTs, because otherwise you will be left out. These are mainly people who invest in NFTs themselves and want to increase the hype around NFTs so that there is a greater chance that they can sell their NFTs at a higher price. Furthermore, it is mainly companies that do something with NFTs or the metaverse, probably because shareholders demand it.
As an average consumer, you don’t lose much by not participating. Web3 is still just a concept. Much of this technology is still in its infancy and plagued with problems, such as low-priced NFTs being stolen due to minor errors on a merchant website.
It’s the underlying technology that’s interesting and will influence the way we move online via our smartphones in the future. Possibly only in the background, but it doesn’t hurt to read the terms a bit beforehand.
And then the metaverse
Inextricably linked to web3 is the metaverse, which is presented as the successor to the internet. There are even rumors now that HTC is working on a smartphone with metaverse features. The idea of digital property is very relevant in such a shared virtual world. Will you enter there in the future with your smartphone? Or should we wait for augmented reality glasses to replace the smartphone?