The world is going through another big technological change. Find out how businesses are getting ready for a paradigm shift that will change how we interact, build, and live online because of Web3.
As the internet keeps improving, regular users are getting access to tools far beyond what Web1 and Web2 could do. Web3 is open, run by the community, and becoming increasingly decentralized. It could change how we think about data, ownership, and even trust.
This change affects businesses. How should companies work in this new environment? Some parts of building web solutions, like front-end engineering, will stay mostly the same. However, a Web3 development company requires a new way of thinking about architecture, DevOps, data management, and backend development. We’ll talk about the pros and cons of Web3, how this new technology is changing businesses, and some things companies can do to get their tech teams ready for the Web3 revolution.
What is Web3?
Web3 is the next step in the development of the internet, and it is made possible by blockchain technology. Web2 makes it easier for people and devices to connect. Web3 builds on this idea by using decentralized technology to create new opportunities and ideas.
A blockchain does two things: it collects data and uses cryptography to keep that data safe. Think of the blockchain as a big digital ledger spread over many computers. Uncentralized, no one person or company controls it.And because blockchains combine the internet’s openness with the security of cryptography, they make it easier for everyone to check information and build trust.
Decentralized Web3 applications are decentralized (dApps). Decentralized blockchain-based dApps don’t have the same restrictions as conventional web apps.
Advantages of Web3
Web3 is different from the older versions of the web in several ways. One of the main goals of Web3 is to take control of the internet away from a small number of companies and give it to platforms where communities, not companies, make the rules. Imagine a Twitter that isn’t owned by any company, where a Tweet is checked against a central blockchain instead of a central database. This system of checks and balances makes it possible to make a more open product with clear rules that make data easy to find and trust.
Some of the best things about Web3 are:
Improved Trust
The blockchain has made online transactions more secure than they used to be. Less fraud occurs and the need for intermediaries (like banks) to confirm the legitimacy of transactions decreases as a result of transactions being verified and recorded on a decentralized ledger that cannot be altered. Instead, transparency is the foundation of trust. Imagine you purchased a concert ticket using a blockchain to make it possible. The signatures on the back of the ticket prove its authenticity no matter how many times it’s sold and resold because a ledger shows where the key originated.
Data Ownership
Servers like Facebook and Amazon store many personal information about people. Facebook can put each user into about 52,000 groups based on income, interests, food preferences, and credit cards. They use this information to improve their services, but they sell it to marketers and advertisers for billions of dollars yearly. But as we use Web3’s ways of interacting online, data ownership will change, and users will have more control and ownership over their data.
Decentralized Infrastructure
By using fully encrypted blockchains like Ethereum, which have unbreakable rules, users now have a new platform they can trust where their data is secure. Users’ data won’t longer be accessible to Big Tech companies. It may no longer be possible for governments and other organizations to block access to services, websites, and social media posts. Decentralized infrastructures have no single point of failure, reducing service interruptions. Spreading data across nodes prevents server crashes and lockups.
The New Internet Isn’t Perfect
Web3 is not a good idea for everyone. Critics say that the technology isn’t ready for widespread use, even though Web3 products like NFTs have done well. Some people like it because it protects free speech and information, while others don’t like it because they can’t control what’s on it.
To use Web3 applications, you need new tools, new ways to work, and a thorough understanding of how Web3 development can go wrong. Progress is slow because Web3 isn’t built into modern browsers, and protocols aren’t standardized. This is starting to change, as shown by Google’s latest Web3 announcement. And since miners currently verify most transactions, slow transactions and deployments caused by decentralization make it hard to grow. Processing information also brings up problems. Environmentalists worry about how blockchains will affect the world. Ethereum consumes as much energy as Chile.
But the mining process, which is how new crypto tokens are made and transactions are confirmed, will be replaced with a Proof of Stake (POS) policy. This is something that the team at NEAR has already done with their carbon-neutral blockchain platform. Once the Ethereum team puts POS into place for the ETH ecosystem, they could cut energy use by up to 95%.
But the most important things for creative agencies, tech teams, and organizations are the complex features and advanced skills needed to build Web3 apps.
How Businesses Gets Affected By Web3?
Web3 will change how agencies and organizations work, make web applications, and design them. It will bring about a big change to the internet, driven by new privacy rules that ensure companies are open about data and keep their focus on creating good products for users. As Web3 technology continues to gain popularity, its parts, including networking, computing, storage, and applications for end users, will continue to change and adapt.
This vision is also moving forward quickly. Web3 apps are available online and in app stores. More than 2,000 live applications handle more than 600,000 transactions per day. They include everything from smart contracts and dApps to distributed computing and the use of NFTs in products like designer sneakers.
The Web3 Revolution
Web3 will be hard to understand for some time. But, like most technology, people who use Web3 tech won’t need to know how it works in order to use it. Software engineers and tech teams at agencies like Beyond are not like this.
Even if Web3 technology is used, there may not be a big change in how the web looks, but the architecture and infrastructure of applications will. And as the adoption of Web3 increases, companies must continue to innovate to stay on the cutting edge. Organizations can take several steps to keep their technical teams informed, train them, and help them get ready for the change.
Focus on Training
Web3 will affect many parts of software development, such as security, privacy, performance, and how easy it is to find. Teams need to learn how to use Web3 technology well. Putting together a clear training program is a great way for technical teams to learn the new ways that Web3 makes it possible to work with code and data.
Other great ways to learn are to make prototypes and try things out. At Beyond, we give our employees the freedom to try new technologies and develop new ideas on their own time. We’ve teamed up with Near, which offers blockchain solutions that developers can add to their code. Our engineering teams can use their advanced code library to build applications that interact with the blockchain, create prototypes, and push the limits of what’s possible in Web3.
Begin Research and Integration
Since Web3 is a hot topic in the tech world, it is easy to find updates, news coverage, conferences, and related events. Encouraging teams to keep an eye on and attend Web3-based events is a great way to learn about the idea and see how other companies, even competitors, are using it to change their online presence.
Start thinking about how Web3 products could improve your business model and how you could change your services to take advantage of this new technology. Smart contracts, non-fiat currencies, and decentralized financial systems are all well-established and well-documented products and technologies.Technical teams should think about Web3 implementations when developing solutions for their company’s products or clients. They should also collaborate with product teams to identify opportunities for Web3 technology to drive innovation and generate revenue.
Think About New Ways of Working
If a developer wants to make a small change to an app in the Web2 world, they make the change and release a new version of the app. But Web3 is not like that. Because contracts on blockchains can’t be changed, once data is written to the chain, it can’t be deleted or changed. Instead, it will always stay at the same address. Each change needs a whole new deployment to a different address. At the moment, this process takes longer, requires more data transfer, and doesn’t give end users the best experience possible.
Web3 also changes how people work together in teams. Developers should create dApps. Considering user experience and functionality. Team members need to talk and work together more if they want to work better as a group.
We also need to change how we work with data. Data in a typical web app resides in a single location on a server owned, operated, and managed by a third party (like Amazon or Google). Web3 stores data on a decentralized network of computers that anyone can access via a blockchain.Companies need to rethink how they store and protect their data, and developers need to think of new ways for people to interact with data.
Align and work with Web3-based experts in your field
Work with people who are already using Web3 to find out more about the technology and how it can help your business. Your business will have the skills and knowledge it needs to make the switch if it works with an agency that has adopted Web3 ways of doing business and trained its employees on Web3 products.
We will use Web3 because it is already transforming how we conduct business, from creating products to making money. Companies need to start thinking about how they will change their teams and operations to work in this new way. By doing this, they will stay ahead of the competition and stay ahead of the curve.
As Web3 grows, it keeps putting time and money into maintaining our teams on the cutting edge of this new technology. We can speed up the development of Web3 products, games, and ecommerce, help web3 game development company to find and take advantage of Web3 opportunities, and give technical and development teams advice on blockchains, decentralized infrastructures, and product rollout.
