WTF is Web3?

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From snooping algorithms to the near-total dominance of Big Tech, the internet has morphed into a surveillance economy where our data is mined, sold, and weaponised. Instead of the TECHNOtopia we were promised, we’ve ended up with something closer to 1984 meets lawnmower man.

But what if there was another way? Enter Web3 — a buzzword that’s sparking heated debates, excitement, and skepticism in equal measure. At its core, Web3 is a decentralised vision for the internet powered by blockchain technology. It promises freedom, user ownership, and a chance to rewrite the rules.

DATA SPLURGE is here to peel back the layers of this fascinating phenomenon. We’ll dive into how Web3 emerged, what it means for society, and why it could finally free us from the grip of our digital overlords. Let’s find out more.

A Brief History of the Internet

The internet’s evolution can be broken into three transformative eras. First came Web1, the read-only phase. In the 1990s, the internet was a decentralised, text-heavy wonderland of static websites and niche forums. Think DIY exploration, where creators built personal blogs, and users consumed content without much interaction. It was chaotic, clunky, and delightfully experimental.

“In Web3, data ownership is massive. Instead of being harvested and monetised by corporations, your data is yours to control”

Then arrived Web2, a slick, centralised beast. Platforms like Google, Meta, and Amazon created an ecosystem of convenience - at a cost. These tech giants monetised user data, turning people into products. Surveillance capitalism took hold, with algorithms tracking every click and companies shaping behaviour to drive profits. Once open spaces became walled gardens, tightly controlled by corporate gatekeepers.

But now, we stand on the brink of Web3, a decentralised vision poised to flip the internet sunny side up. Blockchain-powered, it promises user control and a return to internet autonomy.

introducing web3

At its core, Web3 represents a decentralised internet, built on blockchain technology. Unlike Web2, where tech oafs like Meta and Google dominate, Web3 hands control back to users through decentralised apps (dApps) and cryptocurrencies, removing intermediaries from the equation.

In Web3, data ownership is massive. Instead of being harvested and monetised by corporations, your data is yours to control. This empowerment contrasts sharply with Web2’s surveillance capitalism, where user data is a product to be exploited. Web3 seeks to liberate the internet experience, aligning technology with personal autonomy.

“The Internet, once a tool of liberation, has become an ecommerce hellscape”

Key technologies make this possible: blockchain ensures transparency and security, smart contracts automate trust without middlemen, and tokens provide ownership and governance. With decentralised storage systems, data is spread across nodes, reducing vulnerability. In short, Web3 is the next phase of the internet - user-centric, democratic, and transformative.

The Horror, the horror… of Centralisation

Web2 has increasingly become a surveillance nightmare and Mass surveillance is now the norm, with data collection on every click, search, and post. Personal data is commodified by corporations, sold to the highest bidder, and exploited to target users with precision.

The Cambridge Analytica scandal is a prime example, where millions of Facebook users had their data harvested for political manipulation without consent. Then there’s PRISM, a not-so-secretive government surveillance programme that allowed the NSA to collect massive amounts of internet data from companies like Google, Facebook, and Microsoft. These are just the high-profile cases - countless smaller-scale breaches happen daily.

“As Web3 disrupts financial systems, it will also transform art, work, and society”

In Web2, algorithms dictate our feeds, shaping what we see and how we think. The Internet, once a tool of liberation, has become an ecommerce hellscape. But Web3 offers a glimmer of hope, promising a decentralised, user-controlled future, free from surveillance and Greedflation.

What Web3 Means for Society

Web3 is a societal shift. At its heart is data sovereignty, where users own their own digital footprints. Gone are the days of handing over personal information to centralised platforms - Web3 allows individuals to choose whether to monetise their data or keep it private, empowering users with control over their digital identities.

Decentralised finance (DeFi) is one of the most revolutionary aspects of Web3, cutting out banks and financial intermediaries. Loans, savings, and investments could be conducted directly between parties, redefining access to financial services globally, especially in underserved regions.

New governance models are also emerging, with DAOs (Decentralised Autonomous Organisations) enabling participatory decision-making. These blockchain-based entities allow anyone to have a say in organisational decisions without central authority.

As Web3 disrupts financial systems, it will also transform art, work, and society. The decentralisation movement is reshaping how we interact with technology, encouraging fairness, collaboration, and transparency.

decent-ralisation

One of the most radical shifts of decentralisation is in intellectual property, particularly through NFTs (Non-Fungible Tokens). Artists, musicians, and creators can now sell digital assets directly to fans, bypassing traditional platforms and their hefty fees. This means creators can retain more control and profit from their work.

Beyond that, supply chains are becoming more transparent thanks to blockchain technology, allowing consumers to track the origin and journey of products in real-time. This creates more ethical purchasing decisions and greater accountability.

Decentralised education platforms are also emerging, offering global access to learning without the constraints of traditional institutions.

dSchool, for example, uses blockchain technology to provide a transparent and decentralised learning environment, where students can access educational content and gain verifiable credentials without being bound by geographical or institutional limitations.

This allows for an inclusive learning experience, where learners from underserved communities can access education without the traditional barriers of cost and location.

Meanwhile, Web3's potential for global empowerment is immense, providing economic opportunities for underserved communities and enabling cross-border collaboration through trustless systems.

“Decentralisation could become the new battleground for corporate control, with wealth and power shifting hands without true decentralisation”

Platforms like Opencollective support education initiatives by allowing creators to receive direct financial support from their communities, ensuring that educational content is accessible to all.

This ability to bypass centralised intermediaries and empower communities could bridge the digital divide, creating a more equitable and connected world. By decentralising access to education and resources, Web3 can foster a truly global, open, and accessible learning ecosystem.

Challenges and Critiques

Despite the promise of Web3, it's not without its sceptics. One of the most significant concerns is the environmental impact of blockchain technology. Many blockchain systems, particularly Bitcoin, rely on energy-intensive proof-of-work mechanisms, which have been heavily criticised for contributing to climate change.

Another challenge is the risk of new monopolies forming. As Web3 tools and platforms emerge, there’s a real danger that big players, like venture capital firms or tech giants, could dominate decentralised systems just as they did in Web2.

Decentralisation could become the new battleground for corporate control, with wealth and power shifting hands without true decentralisation.

“Web3’s potential is rooted in community-driven innovation and empowering individual freedom”

Accessibility remains a major barrier too. The current tools and interfaces for interacting with Web3 can be complex, intimidating, and not user-friendly. Until these obstacles are overcome, mainstream adoption will be slow.

but We don’t need to tear the whole house down just to fix the roof. While challenges exist, the potential for Web3 to truly empower users is undeniable.

What Comes Next?

As we stand on the cusp of a truly free internet, the time to act is now. The Web3 revolution is already unfolding, and it’s one that you can actively shape. Start by exploring essential tools like crypto wallets, such as MetaMask or Trust Wallet, to engage with decentralised apps (dApps) and unlock the benefits of Web3 platforms.

For those who want to dive deeper, consider exploring DAOs (Decentralised Autonomous Organisations), where you can have a say in community-driven governance. This is the future of decision making, where power is shared across the collective.

Web3’s potential is rooted in community-driven innovation and empowering individual freedom. As more people turn to crypto in response to the economic exclusion created by practices like debanking, decentralisation is proving to be a powerful alternative. These new financial models and networks are creating opportunities that were once impossible in a centralised world.

Curious about how Web3 can benefit your organisation? Now is the time to explore this transformative technology. With a BRIK consultation, you’ll gain a clear understanding of how Web3 can revolutionise your business and provide you with the tools to take your first step into our future.

Disclaimer: data splurge is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information independently and consult with a professional before making any decisions based on this content.