Web3: Important Technologies, Benefits and Consequences

In a previous blog, we explained what Web3 is, its importance and how it differs from its predecessors. If you read it, you should have a basic understanding of Web 3.0. Therefore, it is the perfect time to explore which technologies are important in its development. We will also list the benefits and consequences that its adoption could bring. Unfortunately, it is not a perfect technology.

Without further ado, let's talk about the technologies important to Web3.

Important technologies in the development of Web3

Web 3.0 will involve a combination of the tools of past generations and cutting-edge technologies. Among these, artificial intelligence and blockchain stand out. However, they are not the only technologies that play an important role. Virtual reality ( VR) and augmented reality (AR) will allow the union between the digital and physical worlds.

Gartner lists the following protocols and technologies related to Web3 :

Reliable off-chain privacy computing integrated into on-chain smart contracts

Interoperability between blockchain blocks that facilitates the movement of assets between isolated blocks

Middleware abstraction layers that help developers deploy applications with portability

Resizable solutions that lighten the computing load of basic level (layer 1) blockchain blocks, such as Ethereum and Bitcoin

Distributed, permanent and secure storage systems for off-chain data linked to the blockchainOther technologies, such as privacy assurance protocols and artificial intelligence (AI) models capable of injecting intelligence into NFTs

What consequences will there be?

The launch of Web 3.0 is expected to dramatically change the landscape of the Internet as we know it. According to Gartner , one of the sectors that will be most affected is digital marketing. This will be due to blockchain technology.

Data collection and privacy will change

Since third-party cookies will be removed from major search engines, it will be more difficult for B2B marketers to identify their target audience and deliver relevant content to them. They will have no choice but to find new ways to collect information from their customers and respect their privacy.

The user experience will improve

Thanks to the integration of AI and machine learning , the internet will become a personal and tailored experience. As mentioned, augmented and virtual reality will change the way users interact with the digital world.

Lack of supervision

This is a double-edged sword. On the one hand, the lack of a centralized regulatory entity guarantees the privacy of users. On the other hand, it makes the regulation of Web 3.0 practically impossible. Compliance regimes to ensure user security in commercial and other activities would be useless.

New types of cyber attacks

There are already threats to the fintech sector and they will continue to arise, but that is not the only threat. Let's talk in general terms. Widespread data manipulation could lead to misinformation. And if all users are anonymous on Web3, this also includes cybercriminals . As Avast points out , holding people responsible for attacks and data manipulation will be even more complicated.

Environmentally unsustainable

Aside from security threats, Web 3.0 consumes a lot of energy resources due to its dependence on blockchain technology. Cryptocurrency mining, DeFi transactions, and data decentralization require an enormous amount of energy to run. Even with the latest advances in blockchain technology and cryptocurrency mining , it is still not sustainable.

While Web3 development companies will open new horizons and lead to previously impossible applications, Web 2.0 still has the advantage when it comes to scale, customer service, and user protection. The aforementioned risks will contribute to slowing down the adoption of Web3. Until they are remedied, it is highly unlikely that companies will decide to replace their Web 2.0 applications.