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The “next stage” of the internet is on the horizon, and it’s called Web3. It will look to empower both consumers and marketers in ways we couldn’t have imagined just a decade ago, taking the preferences and privacy of the individual to the next level.
If you’ve heard of Web3, you’ve likely also heard the term “decentralized” as it most importantly describes this evolution to a democratized future with a blockchain-based web, powered by cryptocurrencies, NFTs, DAOs, and more. Whether or not the predictions and expectations will live up to the hype, Assemble is here to make sure our clients are ready for anything. We’re breaking down the biggest highlights of Web3 compared to the current internet structure and giving you tips to prepare for what’s to come.
What is Web3?
To put it in the vernacular, Web3 is decentralized — in other words, it’s cookie-less. The goal of our current internet was to create an environment for people to share information freely. But as it grew, third parties (the government, advertisers, etc.) became more bent on making money than allowing people to maintain that level of freedom and autonomy. As a result, they began harvesting private data, building individual profiles, and selling it to the biggest spender. Monopolies like Google and Facebook own the rights to most of the content shared online, with the little guy left out of ownership and rights altogether. So while today we still rely on third parties to share and receive information about consumers, Web3 won’t. Web3 was designed accompanied by blockchain technology in an attempt to return the internet to its initial intention. Once fully developed and put into use, it’ll be able to cut out those third parties completely. The goal is that your internet experience will be uncensorable, untraceable, and unhackable. You’ll own all the content you create and the privacy that should come with it.
So how can you prepare for the cookieless future of Web3?
1) Stay on Top of DeFi
DeFi, or decentralized finance, uses the blockchain system to eliminate the need for third parties like banks or governments to make transactions. There are cryptocurrencies in use for lotteries and all types of transactions, currently creating a market worth about 200 billion, according to Crypto-Economy.com. DeFi and Web3 are set to run on the same underlying principles. By keeping an eye on DeFi, marketers can get a solid understanding of how Web3 is going to work. Although DeFi took a huge hit during 2021, watching how it grows and gets adopted by institutions over the next few years will contribute some depth that marketers can use in the future.
2) Get Ready to Invest in Edge
Web3 will be based on Edge computing rather than current infrastructure that was originally designed for centralized data and applications. This decentralized cloud is based on blockchain technology, essentially providing a network designed for the people, ready to facilitate individual ownership of data rather than giving it all to big corporations. When the time comes, companies will need to invest in Edge computing to get the most value out of new models and applications. Getting in on shared infrastructure early will make the transition to Web3 a lot more seamless. So consider looking into the system now, so you can create a game plan for the future.
3) Take Steps toward Automation
When Web3 decentralizes all of our data and applications, they’ll be more for marketers to monitor and stay on top of. While you may not necessarily need expensive servers and data centers, you will need to find the best ways to streamline your processes to stay efficient. That means automated wherever you can. A lot of your recurring and everyday operations, i.e., financial transactions and task-management operations, can be automated with very little setbacks, allowing you to save time. Getting a head start now will help you make sure nothing is overlooked.
4) Ensure Transparency and Accountability
When Web3 is in full swing, content will be tied directly to your company without any third-party buffers. If you’re relying on that buffer, it might be time to phase them out. With every transaction directly trackable and visible to everyone on that blockchain, ensuring your company has a positive reputation with no missteps should be a top priority. Transparency can help you draw more customers to your blockchain — if it’s portraying you in a positive light. Start hunting down any gaps in your manufacturing or delivery processes that could be viewed negatively or cause issues in the future. And while embracing the whole mindset of giving individuals a larger sense of ownership and opportunity, think about how any business changes can have more positive impacts on your team and your communities.
5) Prepare for New Cybersecurity
While Web3 will make data much harder to hack, that doesn’t mean that ransomware and digital extortion are off the table — in fact, we’ve seen a rise of these issues within DeFi in the recent past. While hyper-automated, AI/ML enabled zero-trust architectures will help, a great way to prepare for these threats in the future is to make sure your current cybersecurity system is working well. Cybersecurity will evolve with Web3, but experts are likely to start with the basics – many of which will mirror measures in place right now. Have an expert fortify your system for better protection now and in the future.
6) Experience Blockchain Tech First-Hand
If you really want to understand how Web3 will work from a deeper level or more consumer-centric perspective, you can get your feet wet in the blockchain world with cryptocurrency. Investing in a small amount of crypto and viewing your transactional blockchain will open the visual door to how Web3 data transparency will play out. While Web3 is still a ways away, blockchain tech is being used right now. Take it out for a test drive before you officially hit the road with Web3.
Preparing for Web3
As the next-gen web gets closer to becoming a reality, marketers have to innovate their internal processes to stay successful. Spending some time getting acquainted with current blockchain systems, and preparing your teams for what’s to come will not only make the transition smoother, but also make the benefits more impactful. To learn more about Web3, contact the web experts at Assemble today.