Web 3.0 is the next step in the evolution of the internet. It is a decentralized platform that allows for secure and transparent transactions. Such qualities make it ideal for various purposes, including trading goods and services, managing digital assets, conducting online transactions, and securely sharing data. At Earnity, Dan Schatt and Domenic Carosa, fintech veterans and executives want to make use of this potential.
Web 3.0 is founded on three critical elements: IoT (Internet of Things), blockchain technology, and artificial intelligence. IoT will aid in the interoperability layer of Web 3.0, linking intelligent devices to the internet. Blockchain technology will promote decentralized data storage, strengthening global users’ belief in the virtual community. AI will assist in filtering and decoding online data to offer the most suitable options to users.
Unlike its predecessors, Web 3.0 aims to reclaim the power big tech companies acquired over the years. One of its objectives is to reduce big tech companies’ control over the internet, making it more democratic and accessible to everyone. Advocates of Web 3.0 promote internet activity to be monitored and controlled by many rather than the few whose biases and businesses may be protected.
To use Web 3.0, its proponents are eyeing an anonymous single-sign-on that permits one username and verification method covering all accounts and websites instead of having different logins for every platform. As Earnity’s Dan Schatt and Domenic Carosa want users to take advantage of Web 3.0 allowing self-governance. Operating without government regulations and beyond the control of centralized financial institutions, Web 3.0—currently in its infancy—promotes better distribution of ownership, as well as dispensation of decision-making power. Blockchains will depend on the whole network to authenticate an activity through consensus.
While there are still many questions surrounding the mass adoption of Web 3.0, its proponents and advocates are looking forward to developing its potential.