Web3 is a promising and quickly developing concept as the next generation of the internet, focusing on user privacy and control over their data. This shift addresses growing regulatory pressures such as GDPR in Europe and increasing consumer demand for greater command over personal information. Web3 truly is a break from the past versions of the internet, ushering in a new “read-write-own” philosophy.
This is what truly sets Web3 apart from its predecessors, Web 1.0 and Web 2.0. While Web 1.0 was largely "read-only," and Web 2.0 became defined by centralized social media platforms, Web3 aims to distribute power back to the users. This new iteration places a privacy-first approach at the helm. First, it responds to increasing calls for stronger consumer data protections and more user control over their information.
The expansion of Web3 equally matches up with the heightening regulatory focus on data collection practices. Laws like GDPR are pushing for greater user rights and control over personal data, making Web3's decentralized and privacy-focused architecture increasingly appealing. Newer protocols such as Solana and Polkadot are pushing the agenda for decentralized systems that are faster and cheaper. So they do a great job of solving every scalability problem that prior blockchains have had trouble with.
Even with these advancements, more is needed in terms of blockchain scalability to unlock the full potential of Web3. Users will begin to understand the critical importance of these advancements as adoption increases and the demand for faster, more efficient decentralized applications grows. Skepticism about Web3 reflects the same worries that came with the internet’s first arrival in the ’90s.
