Web3 is the third generation of the internet, built on decentralized technologies, blockchain, and cryptocurrencies. It aims to redefine the way we interact, transact, and engage with digital systems by introducing greater transparency, security, and user control.
Key aspects of Web3 include decentralization, tokenization, smart contracts, decentralized finance, identity, and privacy. It has the potential to disrupt traditional industries such as finance, supply chain management, and governance. However, its full impact on the economy has yet to be realized.
The Salesforce Innovation Lead, Marc Mathieu, stated clearly at the Consensus 2023 event that Web3 needs a reboot to become more acceptable globally and deliver the promises attached to it. Despite the enormous amount of information and expectations shared about Web3, including the metaverse, it is important for builders within the space to focus on developing and creating communities built on its philosophy of decentralization, the Salesforce official added.
“Decentralization of the internet is one of the key elements that need to be part of the reinvention of the reboot of Web3,” Marc highlighted. He noted that decentralization is a culture of today’s generation as opposed to the previous generation.
If the iPod gave 1000 songs, what would Web3 give?
Marc shared an important insight: iPod’s early success disrupted the music industry by changing how things worked. To catalyze adoption in Web3, we need to do something similar: make sure our designs prioritize decentralization, transparency, and self-sovereignty, while also providing a business model that meets the needs of Web3 users. Think of it as the iPod of blockchain.
According to him, the importance of the iPod was its unique combination of an excellent user interface and a groundbreaking business model. This innovation laid the foundation for the current mobile and web technologies we have today. However, Web3 technology is still in need of a game-changing application to capture the wider public’s attention.