The third ‘iteration’ of the internet is known as Web3. As a result, you might think of the internet as a progression. The only constant changes. As a result, the internet is constantly evolving. In the 1990s, we began with static websites. We can now do a variety of things, such as a shop, talk, collaborate, play, and earn money. It is best if we begin with a history lesson to provide some context for how we arrived here. This history lesson is separated into three sections: Web 1, Web 2, and Web 3. After that, we’ll be able to see how Web3 is a new approach to engage your audience and get a competitive advantage.

Evolution Web 1.0, Web 2.0 to Web 3.0

What exactly is Web1?

In order to begin, the transistor and microprocessor were invented. As a result, these silicon-based electronic devices aid information in taking up the least amount of space possible. Moore’s law must be recognizable to you. It claims that our ability to cram more information into fewer spaces doubles every 18 months or so. This means we can accomplish more with our data while using less space. We broadcast everyone as we developed the ability to store vast amounts of data. Fiber optic cables were deployed in grand initiatives to connect every home with a broadband connection. The Web1 age has reached its pinnacle. We saw the emergence of massive corporations in the 1980s and 1990s, which we are all familiar with now. Apple, Amazon, Google, and Microsoft are among them.
HTTP, SMTP, and TCP/IP are examples of decentralized, free-to-use protocols from the Web1 era. HTTP made it possible for programmers to create websites. The email era began with SMTP. TCP/IP was the foundation of the internet. It’s the protocol that governs data flow from one computer network to the next.

What exactly is Web2?

In the next turn of the Millenium, the focus switched to how we could leverage open-source protocols to produce value. As a result, people begin to ask questions about the internet’s usability in our daily lives. The focus changed away from sharing information via free websites. The digital advertising era arrived. E-commerce, social media, payment processors, and other businesses were all on display. In the early 2000s, the digital economy was born. Everything was on its way to becoming digital as we got through the Great Financial Crisis of 2008.

The iPhone and mobile internet introduction is the clearest illustration of web2. People began to use the internet as costs decreased around the world. People began to stay online for extended amounts of time. This suggested that people’s attention has turned to the internet. It was now being monetized through advertising, commerce, and entertainment.

What exactly is Web3?

The birth of Web3 can be traced back to the publication of the Bitcoin whitepaper in 2009. For example, the phrase Web3 has been used previously in several situations. A user-owned internet is not a novel concept. Researchers and academicians have been attempting to establish a peer-to-peer network since the 1990s. This would eliminate the necessity for platform-based companies. Satoshi Nakamoto demonstrated that it was achievable in practice using Bitcoin for the first time.

Tokens are the atomic units of a new internet in Web3. As a result, tokens are to Web3 what websites were to Web2. Tokens enable us to integrate payments into the very fabric of the internet. Separate from the internet, the financial system has always existed. Human value exchange and coordination may now be scaled thanks to blockchain technology globally. In this new economy, creators will prosper. It’s also worth noting that Web3 will put an end to data monopolies. Instead, encourage businesses to concentrate on developing excellent products and services.

Prepare Your Business for Web3

Advantages of NFTs for businesses:

– Gain a competitive advantage
– Eliminate friction
– Grow community

Tap in! Book a free call to learn more: https://t.co/ihqrweQsbR #NFTCommmunity #blockchain #Web3 pic.twitter.com/Jfa0WX4B2y

— thewhizzard.nft 🇿🇦 (@thewhizzardnft) August 1, 2022

Web3: A New Way to Involve Your Audience and Gain a Competitive Advantage

So, why is Web3 such a big changer for enterprises and companies? Let’s have a look. For example, we classify the points based on the audience’s point of view criteria. We also bear in mind that businesses seek to use Web3 technology to achieve a competitive advantage.

Allow users to have the control they desire.

Data privacy is a topic that piques people’s interest. As a result, it is dismissed because the solutions are inconvenient for users. For example, as an internet user, you must make numerous efforts to guarantee that you own your data. Similarly, in Web3, the blockchain eliminates this issue. As a result, smart contracts are used in every contact we have on a blockchain-enabled website. Users now have ownership of this information in their wallets.

Companies can use Web3 to engage users with digital assets.

The market for non-ferrous metals is not new. Popular games did use digital objects and skins to engage consumers in some ways, but they did it within their own walled gardens. Web3 and NFTs, on the other hand, enable businesses to construct interoperable digital assets. Every organization with an internet presence can employ digital assets to engage its customers. Users can have access to specific experiences using programmable digital assets.

Web3 creates new economic value by utilizing blockchain technology.

Web3 reinvents the internet’s data architecture. As a result, the dynamics between users and businesses are altered. Customers become owners of enterprises using blockchain technology and tokens. Tokens allow users to become advertisers. This small move has massive ramifications for every business on the planet.

Token owners enjoy talking about their companies to others, which helps them develop. For example, for a long time, businesses treated customers as though they were something to be pursued. This old paradigm is reinvented as a new form of economic value via Web3.

Also, read – Time for Brands to Move into WEB 3.0 – Here’s How To Do It

Conclusion

Web3 is reinventing the internet. For example, the Web2 community is still grappling with it. But only for a short time. Similarly, the world’s largest corporations and institutions have already revealed plans for digital assets. We’re entering a decentralized internet, and it’s feasible that the transition from Web1 to Web2 will be faster. Companies of all sizes must accept this transformation and continue to operate according to their current business strategies. If your business strategy is internet-based, you’ll have no choice but to adapt to Web3.