Benefits
The main idea behind Web3 is to deliver the internet’s original promise of an open, transparent, and secure system of computer networks that would bring users together. If we implemented Web3, it’s main advantages would be:
- Decentralized- On Web3, no single entity would control data and applications, so users would have greater control over their data, and companies would have to pay to access it.
- Transparency and security- The decentralization principle on Web3 would eliminate the go-between, making the internet more transparent. Decentralized solutions for data storage are also more secure.
- User empowerment- Web3 would give the power back to the users to own their data. Without a single authority, there would be no inter-platform communication restrictions.
- New forms of transactions- Web3 would use smart contracts for decentralized exchanges using cryptocurrencies, decentralized apps, and platforms that do not require an intermediary.