Even the internet, the supposed great equalizer of access and information, remains highly centralized. A small number of large information technology companies serve as gatekeepers. This has a stifling effect on inclusivity. This gatekeeping and control also opens the door to censorship and improper data collection practices.

The public is waking up to the implications of tech oligopoly when it comes to privacy, censorship, and other areas, but the days of a centralized internet may be numbered. At least, given how rapidly advances in Web3 technology are taking shape.

A byproduct of the cryptocurrency revolution, Web3 stands to be the most viable contender to replace the current centralized internet more commonly in use today.

To Centralization and Back

It’s important to note that decentralization of the internet represents a return to its roots. Back in the 1960s and 1970s, when entities like universities and the U.S. Department of Defense developed them for noncommercial use, decentralization was a key feature.

These systems were designed to stay operable, even when portions of the network temporarily went offline. This decentralization persisted through the 1980s, mostly due to the internet being primarily used for defense and research rather than commercial purposes.

However, this all changed by the 1990s. At the start of that decade, the rise of the World Wide Web, and with it the standardization of the internet, kicked off the start of this technology being commercialized.

Over time, centralization began to take shape, bringing us to the current environment, where the internet is effectively controlled by just a few companies, each one dominant in areas like search engines, social media, and e-commerce. Again, however, while this may be the current status quo, it may be no match for the rising tide of decentralized Web3 technology.

The Rise of Web3, and Why This Latest Iteration Could Build a Better Internet

When Bitcoin first launched in 2009, few could anticipate how this decentralized cryptocurrency would have such a significant impact on the technological and financial world as we know it. There have been numerous byproducts resulting from the rise of Bitcoin and blockchain technology, one of them being Web3.

During the 2010s, as blockchain technology led to the proliferation of other cryptocurrencies besides Bitcoin, new decentralized networks like Ethereum launched. Over time, the use cases for these networks expanded, blossoming into an entire Web3 ecosystem we see today. Throughout this ecosystem, decentralized applications, or Dapps, have come online along with other blockchain platforms like Solana which has made Web3 possible at scale. SOL offers transaction speeds up to 65,000 per second making it critical for the scale of the entire internet. Due to SOL’s efficiency the coin has grown to a market cap of $62.65 billion and a enjoys a massive user following. In fact, a recent survey of 545 Binance users found that 46.61% view the coin as having a “very bullish” rating.

Offering access to not just decentralized finance (DeFi) applications, but online gaming and other applications as well, Web 2.0, dominated by big tech, may now finally have a run for its money. Mostly, because while still in its infancy, the newly-emerging online ecosystem stands to better give the public what they seek when engaging in online activities.

Web 2.0 limited users to the whims of just a few gatekeepers. Web 3.0 stands to be accessible to all. Top Web 2.0 platforms have been accused of engaging in censorship. They have also been accused of violating user privacy. This stands to be less of an issue on Web 3.0, given its decentralized nature. By achieving these objectives, Web3 could build a better internet.

The Takeaway Going Forward

While growing significantly over the past decade, the Web3 ecosystem remains in the early stages. However, according to Grand View Research, the Web3 market is expected to grow by an average of 49.3% annually between now and 2030.

Factors such as increased interoperability between Ethereum and other up-and-coming blockchain networks, such as Solana, could help accelerate the pace at which this niche area of the internet is adopted by mainstream users.

Yes, the prospect of Web3 “going mainstream” perhaps opens the door for big tech to do to Web3 what it did to prior iterations of the web. However, only time will tell whether this happens.

Until then, expect this latest iteration of the internet, designed around inclusivity and privacy, to stick to these principles.