Exploring the Concept of Web3 and Its Role in Blockchain Innovation

With the massive adoption of the Blockchain technology that is happening all around the world, I must confess that this is a sign that we are in an era of transformation of our data in the way it is been stored and secured. Over the years, we have seen the web world evolve in generations and now we are so close to having web3 emergence in the corner.

When we talk about Web3, we mean a scenario whereby people actually begin to work upon themselves massively. In fact I have actually come to discover that Web3 is the decentralised web we all gave been waiting for and this actually is representing a new generation of internet we have all been waiting for. This new generation of internet emphasis much more on the user utility.

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Majorly, the web3 is built on the Blockchain technology and using the peer to peer networks has created a template that allows users to be able to not only owned or but also control their personal data and this is very important. In fact I have really come to discover that the web3 helps to seek and empower individuals to have full control as compared to the web2 that has restrictions of the centralised authority.

The first principle that allows web3 to thrive is what I tagged as the decentralisation nature. In fact this is the most important attribute of web3 and this is what will allow it to thrive for years to come. Instead of being controlled by centralised servers like web2, it is more decentralised as it helps to reduce the risk of data fraud and hacks. The second one I will like to talk about is the aspect of Ownership. Ownerships is making users of web3 to have the full control of their digital assets and their identities the most. This has really helped to shape the decentralised finance around most especially and this is really key.

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Then of course the last aspect that in fact allows users of web3 to earn is the tokenisation and what I call the incentivisation. This is really important and in fact I tagged it as one of the most important factor. This helps assets, services and in fact also participations to earn through tokens as at the end of the day, those tokens can be traded. This will boost the engagement of a lot of users and give a reward for their contributions.

Even though it has this so much benefit, I still believe that there are still a lot of challenges that is been faced in web3 and one of them is the scalability. What do I mean by that, most of the time, transactions in the Blockchain can have struggles due to the network congestion and this can really be a great issue. Not only that, the issue of the user experience is also a concern for me because the interface of interacting with web3 can really be demanding at times and not easy to understand by a lot of people.