Cryptocurrency, digital assets, and uses for blockchain are making headlines, but have you heard the term Web3? What is Web3, how is it different from the current internet—or Web2—and what are Web3’s goals? The recent virtual Web3 summit, cohosted by the Kogod School of Business and the Global Blockchain Business Council, explored these questions and more. During the summit, experts in the blockchain space discussed their hopes for the future of this emerging technology.
In the words of keynote speaker Tomicah Tillemann, Web3 is a proposed next iteration of the internet focused on handing control of data back to individuals. Though the current internet, or Web2, enabled the advent of social media, Tillemann says it has since been commandeered by larger entities that limit the user’s control over how their data is used.
Web3’s stated aim is to promote transparency and privacy by decentralizing where user information is kept. However, as with all new technologies, the unknown factors make it challenging to meet these ideals—and Tillemann says it’s vital to meet them early in development.