What is Web3?

Hear from Itai Elizue, COO and Partner at MarketAcross on What’s on the Block? talking about Web3 and advice to companies thinking about making the move towards harnessing the power of new web.

MarketAcross offer complete marketing solution for blockchain projects specializing in SEO, PR and Online Reputation Management through content marketing.

What is Web3?

Web 3 is a general term used about the applications of blockchain and different open-source technologies. It’s the manifestation of blockchain-based infrastructure.

Web1 was one person talking to a machine, Web2 was two people talking together, and then Web 3 is machines talking to machines.

What technical improvements are needed to make this movement? 

 The user experience – we need more people with Web3 based wallets, and more integration of these wallets to different sites. There is an importance to creating an accessible entry into the space for people to explore, in order to get proficient.

How scalable is Web3?

It is as good as what people do with it. It’s not about one corporation – every person could be a potential stakeholder, but we are really dependent on the legal infrastructure keeping pace with the different experiments that people are doing.

What are the biggest challenges with Web3?

There needs to be a standardization of the term Web3 – currently it’s just a buzzword – and I fear that it could be hijacked by a big corporation and seen as a cool iteration for something that Facebook or similar companies are doing.

Is Web3 the answer to data privacy concerns that have emerged with Web2?

The ability to collect information creates a lot of issues – Web3 could, at some point, have an issue where is it very easy to collect all the information from the wallet. It will be easier to create models to incentivize for ads.

What advice would you give a company that is thinking about making the move towards Web3?

 Don’t just look at the opportunities of it – you have to be receptive to the open-source concept. There are so many ways to play around in the space, creating different internal currencies for example, without becoming a Web3 company.

What’s next for Web3?

It’s already an interesting place for both institutional and private people – but there’s a heavy regulatory question around it which is going to be an issue in the futures. There’s also a lot of interesting things happening in the world of gaming – especially in casual and mobile gaming.