If you’ve heard people talk about Web3 but you don’t quite know what it is, or if you’ve never come across the term at all, you may want to invest some time in getting to grips with it. In the tech industry, the evolution of the internet has been identified as two distinct waves, Web1 and Web2.
Web 1 describes the internet as we knew it from its inception to the early 2000s. It was a one-dimensional environment with the single function of displaying information. You visited pages to find things out, not to converse, share or comment, because in those days you simply couldn’t. The value tended to accrue to those at the edges of the network, which was based largely on decentralised, open protocols.
Web2 changed everything. This was the 2-dimensional development which we have come to know today. It is heavily centralised with most of the value attaching to corporate giants such as Google and Amazon. It introduced almost limitless potential for interaction and fuelled the rise of enterprises including Instagram, Facebook and Snapchat. It also ushered in the era of social media, for good or ill.
Now we are looking at a reinvention of the internet. Certainly three-dimensional and possibly multi-dimensional, making the concept of the metaverse a reality. It will reverse the centralisation of the last twenty years, combining the best elements of Web1 (decentralised, community-governed) and Web2 (advanced functionality).
The birth of version 3 coincides with the significant decentralisation pioneered by non-fungible tokens (NFTs), cryptocurrencies and other technologies. Dispersing power from the centre is a movement that seems to be unstoppable and although blockchains are associated mostly with finance, the potential of the technology goes much further.
Blockchain in Brief
A blockchain is a digital ledger in which each block records the details of a transaction. Every time the data is updated, every user in the chain is asked to approve the update and once at least 50% of users respond the update is reflected in the chain. This is a perfect example of decentralisation because instead of all data being held in a single central file, every participant has an exact copy.
Blockchain technology can be applied to virtually any interaction. This makes it fundamental to the development of the new internet, a protocol for publishing and exchanging data in a system which operates on peer-to-peer networks instead of multiple centralised servers.
Why is Web3 Important?
It represents a more democratised web which gives power to people instead of institutions and corporations. In that sense, its significance is more philosophical than technological, although it couldn’t exist without new technologies like NFTs and blockchain.
Innovative businesses are already using Web3 to create decentralised applications which remove intermediate layers within industries, from ecommerce to streaming, from real estate to energy, from finance to manufacturing.
If Web1 was the ‘read’ internet and Web2 the ‘read and write’ version, then the new incarnation is ‘read, write and own’. In a sense, it is a return to the first principles of the internet as Tim Berners-Lee envisaged them, but with technology and functionality that was undreamed of 30 years ago.
The Challenges for Business
Now that more and more companies are adapting to the new environment, the demand for sophisticated tech talent is stronger than ever. In a candidate-driven market competition to attract the people who can create Web3 services is intense. Finding people with sufficient experience in this new environment is not easy which is why your business needs expert help in finding the ideal talent solution.
At rmg digital, we have invested heavily in our preparations for the new world. As a leading provider of product and design talent solutions, we have always maintained our position at the forefront of new developments. We are ready to meet the challenges of this revolutionary shift, with the knowledge, experience, networks, and resources that are vital to providing exceptional outcomes for our clients.
Phase 3 of the internet is something to be embraced, not feared. Let us show you the remarkable opportunities it offers your business and help you find the outstanding professionals you need to grab those opportunities.
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