Web3.0 has been a fashionable jargon for 2021 where various start-up projects utilize the term to attract various communities and capital firms to invest in their next big thing. It gave a substantial impact to retail interest but unfortunately ignored rational research or due diligence. To be clear from the unnecessary confusion, we’ve reached a prominent figure in the space to give insights of what Web3.0 actually is.

Ash WSB has been in cryptocurrency for a surmountable time, becoming an influential figure in the space due to the philosophies and guidance he has provided to the crypto community resulting in a significant reach of 400k followers on twitter. His experience has enabled him to expand his network and provide value to young entrepreneurs and builders venturing to blockchain and Crypto. When asked about the intriguing ideology of Web 3.0, Ash WSB mentioned that the term was coined by Gavin Wood last 2014 and can be easily explained into decentralization, scalability and self-sovereignty.

Ash WSB: Decentralization matters most for Web3.0 which correlates to trust. If you read into blockchain technology as a whole, it focuses on peer-to-peer transactions without the need for central authority identification. Identification is heavy in Web2.0 for social interactions, web marketing, online product selling or etc. and is largely controlled by conglomerates such as Facebook, Google or Amazon. Transacting between various individuals is tracked and recorded by these corporate giants and be as it may, are utilizing personal data for revenue generation through online marketing. This creates privacy issues as you accept their terms and conditions to use their services. With blockchain’s verification model through a consensus, you will be able to conduct the exact services but without the need of a centralized party or even providing personal information resulting in the dismissal of counterparty risk.

Relating to what I mentioned, decentralization subsequently cascades to reaching a larger audience globally as it removes barriers-to-entry on other factors such as government restrictions, or social platform limits. Financial services are made accessible within 5 to 10 minutes and become more efficient by disintermediating authorities. Through decentralized applications (dApps), users can now access genuine online tools initially inaccessible from certain locations hence the room to scale to a larger audience.

Lastly, Web3.0 creates self-sovereignty, the ability to ownl profit from one’s time and information. Decentralized tools through blockchain such as DeFi, DAOs or even popular trends such as NFTs and Blockchain gaming enable individuals opportunities to contribute, engage, and create ownership in the digital realm and be compensated based on the value they provide, eclipsing any exploitative involvement from centralized repositories looking to profit from your personal achievements.

When asked about the involvement of bad actors that may take advantage of the Web3.0 narrative, Ash WSB acknowledges that while Web3.0 is evolving rapidly, it is still not yet ready to be adopted for global consumption due to reasons such as the educational curve of blockchain technology or the lack of a regulatory framework. Nevertheless, he believes Web3.0 is on a great start to become prominent in the future and is excited in being part of its journey.

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