Article: “WTF is Web3?” - https://digiday.com/media/wtf-is-web3/
The writer of this article found its target audience in me –
I think “WTF” when I encounter anything related to blockchain,
cryptocurrencies, NFTs, and Web3. I
decided to focus this week’s blog post on Web3 to uncover a bit of this topic.
Web 3.0, stylized as Web3, is a decentralized version of the
internet that is jointly owned by users and builders. What does that mean? It is best explained through an example. Web2 allowed for centralized platforms like Google,
Apple, and Facebook to function by monetizing data mined from users on a daily
basis. Web3 cuts out / limits the
middlemen (the Googles, Apples, and Facebooks) by allowing users to own their online
data and control what information is shared with the websites and platforms
they access. As a result, users can monetize
their own data:
“For example, someone navigating to
a publisher’s site could log in automatically with their crypto wallet that’s
linked to their browser and offer up a predetermined set of information about
themselves in exchange for a micropayment of cryptocurrency from the advertiser
looking to obtain that information. In this case, users have a more proactive
role in knowing — and agreeing to — what data is shared.”
Additionally, on Web3, a user accesses platforms not through
a username or password, but through cryptographic proof of identity which is the
same everywhere on Web3. Companies can
create their website or platform on Web3 by making a website that ends in .eth rather
than .com.
Web3 will have serious implications for the digital marketing industry. With less power attributed to the middlemen and more to the users, advertising will not have the same role in the web as it does today in the world of Web2. Users will have the ability and expectation to be compensated for their interactions with a company’s platform as well as the expectation they can provide input about products.
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