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Web3

Web3

What do people mean when they refer to Web3?

Before we delve into the ethos of Web3, here’s a quick overview of the evolutionary stages of the Internet, also known as “the Web”. 

 

Web 1 was the first version of the Internet. This period, roughly between the years 1990 to 2000, was a static, mostly informational place. You could search the Internet via a web browser and find all sorts of information, both public and private. Email was also a new concept that became popular during this period.

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Web 2 was the next big development - this was the era (from 2000) of mass adoption of commerce on the Internet. Credit card processing became common. Social media exploded and developed into a dominant force. Web2 is what most people are still using today - however a new version (Web3) is currently being implemented and adopted. 

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Web 3 is a sophisticated, new decentralized internet where users have more control and protection over their data and digital interactions. Unlike the current web (Web2), which relies heavily on centralized servers and platforms owned and controlled by big companies, Web3 aims to distribute power and ownership among its users.

In Web3, blockchain technology plays a key role by enabling peer-to-peer transactions and smart contracts, which are self-executing agreements with the terms of the contract directly written into code. This decentralized approach promises greater privacy, security, and transparency, fostering a more democratic and inclusive digital environment where individuals have more autonomy and sovereignty over their online activities and assets.

Web3–bringing more power to the user

Web3 peer-to-peer blockchains deliver a magnitude of improvement in the areas of privacy, security and reliability when compared to the aging HTML based systems of Web2.

 

Cryptographic blockchains are growing exponentially world-wide and gaining prominence; networks such as Bitcoin, Ethereum and Cardano are processing immense amounts of financial transactions with increasing sophistication annually. The business experience on these new networks is far more secure and robust when compared to doing business via legacy credit card processing systems on corporate owned and administrated servers and brick and mortar banks.

 

Blockchain technology brings these new systems offering highly secure financial transactions on robust, fault-tolerant, decentralized networks that are the next standard replacing aging Web2 era technology.

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Decentralization

Unlike traditional websites and apps where information is stored on centralized servers owned by companies, Web3 operates on decentralized networks of computers. This means no single entity has control over the entire network, making it more resistant to censorship, malicious tampering and down-time.

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Smart Contracts

Web3 allows for the use of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. Smart contracts automatically enforce and execute the terms of the agreement when certain conditions are met, without the need for third parties like a brick and mortar bank.

Cryptocurrencies

In Web3, people can use digital currencies like Bitcoin, Ethereum or Cardano–or many other more specialized cryptocurrencies–for transactions and payments. These currencies are based on blockchain technology and enable secure and transparent financial transactions without the need for traditional banks or intermediaries.

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Ownership & Control

With Web3, users have more ownership and control over their data, digital assets, and online identities. They can securely store their information on the blockchain and decide who has access to it, reducing the risk of data breaches and privacy violations.

Benefits of Web3 for artists today

Web3 enables the ‘tokenization’ of digital and physical art. By tokenizing their work, artists can create unique digital assets that can be bought, sold, and traded securely on blockchain-powered marketplaces. This can expand their reach to global audiences and potentially increase the value of their art over time. 

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  • Blockchain technology provides a transparent and immutable record of ownership and authenticity saved as a digital asset. Artists can use blockchain technology to prove the provenance of their work, establish copyright, and protect against unauthorized reproduction or distribution.

 

  • For the first time, artists will have the ability to receive royalties on secondary sales of their artwork. The royalty agreement is coded into the sales smart contract for that artwork and subsequent royalty payments to the artist are automatically transmitted upon resale and then recorded in the blockchain transaction history.

 

  • Web3 fosters the growth of decentralized creative communities where artists can collaborate, share resources, and gain exposure. Decentralized platforms and social networks empower artists to connect directly with their audience, receive feedback, and build meaningful relationships without the influence of centralized gatekeepers.

 

  • In Web3, artists have greater control over their personal data and creative content. Blockchain-based identity solutions and decentralized storage platforms enable artists to protect their privacy, retain ownership of their intellectual property, and mitigate the risk of censorship or manipulation by centralized authorities.

 

  • Web3 encourages experimentation and innovation in artistic expression by providing access to cutting-edge technologies like virtual reality (VR), augmented reality (AR), and non-fungible tokens (NFTs). Artists can explore new mediums, formats, and distribution channels that challenge traditional boundaries and redefine the concept of art in this digital age.

 

While the transition to Web3 may present challenges and uncertainties, the potential long-term benefits for artists are massive in terms of  independence, creative freedom, and community empowerment. 

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