By Charles Ellingsen
Introduction
Connecting with others and exploring new ways of communication has been a passion of humanity since the beginning of time. A wealth of information is now in our pockets, thanks to the invention of the internet and the proliferation of smart devices.
However, the internet is still a relatively new invention and it's not surprising that, as a society, we're still figuring out how we can best use this resource. The internet is continuously evolving, rapidly changing the way we connect with one another and how we communicate. Going from Web1 to Web2 wasn't noticed by the general public; it was when big corporations like Google and Facebook found ways of monetizing Web1.
Going from Web1/2 to Web3 has been noticed by the general public, with headlines ranging from “crypto millionaires” and “the latest scam.” Web3 demands our attention and the development of this amazing technology is a collective effort made by people from all around the world – and everyone's invited.
The distant Web3
Web3 is a new way of connecting to one another through the internet – but it is still not within everyone's mind to grasp the concept of it. It works as a layer on top of the current Web1/ and Web2 internet and provides many solutions to challenges we have with today's internet. But much like with the James Webb Space Telescope mission, it is still unclear how it will unfold and which Web3 discoveries will change the future.
The idea of Web3 is like a space photo taken by James Webb Space Telescope of an object from light years away. Its high resolution image is much better than a baby monitor camera, which is like Web1 and Web2, that is only one floor or one room away.
The technology produces a crisper photo, but people feel they can’t touch it yet so people are scared. It is commonplace for people to shy away from that which they cannot grasp, therefore writing it off as simply “the future.”
But the future is now. Adoption can take time and it can be difficult. People are wary of changing their established social norms for no good reason, but that doesn’t mean that the technology is bad.
In fact, the technology is robust, and the capabilities are still being explored. It usually takes time for humans to adapt to new technologies, and we are currently at that human-technology relationship process where people choose to use or not use a technology based on the social norms that are in place at the current time.
Making Web3 mainstream requires a shift in the community and it is not a shift that is easy to accomplish. It requires a new way of thinking, a new way of interacting and a new way of developing.
To make Web3 mainstream, we must make it accessible for everyone, within reach. Access translates to adoption.
In bear markets, we build
It’s not a secret that another crypto winter has emerged. Web3 technologies are currently experiencing the effects of this crypto crash. Many people are panicking and selling their holdings but those who are holding strong are building a solid foundation of a long-term investment.
Web3 is a technology that has seen tremendous growth in the past few years but it has also seen its share of storms. In the past few months, the global crypto market cap has dropped significantly. This has led to the devaluation of cryptocurrencies and has made many people sell their holdings and panic.
While the crypto crash is happening, the business in Web3 technology is working on the development of its infrastructure. At such a low price point, an entry point is presenting itself for many. With the innovative developing business in Web3, there is a high probability of the price of the tokens increasing in the future.
Web3 today
The current state of Web3 is at the stage of the 1997-1998 internet and it is safe to say that we are all still very early to the party. There are currently many companies working on an array of Web3 technologies, from startups to large corporations.
There is a lot of excitement around blockchain technology, and the technology is quickly maturing to offer more innovative solutions. It is still in the process of developing and being adapted to solve a variety of problems.
On the one hand, Web3 technology has the potential to change the way people interact over the internet. On the other hand, it's also been embraced by a number of groups and individuals as a way to make money. Many people who have experienced Web3's potential for internet change are now starting to explore the technology’s potential for making a lot of money.
Looking ahead
Web3 technology is rapidly changing the way people interact over the internet. This new technology also holds the promise to revolutionize how we connect with each other and solve everyday challenges.
The opportunities are truly endless with Web3; it’s the missing piece of the internet needed to provide a healthy shift in wealth and power back to the people. Everyone with access to a phone and the internet is able to access Web3 and explore its massive potential.
Now it is just a matter of time before we see major mass adoption.
About the author:
Charles Ellingsen is the Founder and CEO of Unity Network. An passionate innovator who believes in harnessing the power of technology, he and his team aim to bring DeFi to the masses through a single-token ecosystem of easy-to-use decentralized finance applications. To learn more about Unity Network and the company’s mission, please visit: https://www.unitynetwork.app/.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.