Challenging time ahead for Web3

Web3 lacks enterprise-level security solutions and there are new challenges of web3 that makes it prone to hacks. The Web2 that we have nowadays, is highly centralized in the hands of big corporations, but this is rapidly evolving to Web3. At the same time, the Metaverse is how the internet or virtual worlds will merge and integrate into our lives so that we will be able to interact with it seamlessly. The metaverse can be called Beyond Universe, a world which could have been called dystopia only till recently.

This would bring into convergence most of the technologies, currently propelling our digital and business world. They would move to the next phase at scale, moving from 2D to 3D, persistence being the bedrock, interoperability being the norm, where ownership of various types inclusive of data becoming the predominant characteristics of the Metaverse age. Meta is defined as the world of avatars in the same setting that the normal world provides. Coming from the gaming tech thought process, we are barely at the cusp of the nascent Metaverse Age.

Web 3.0 is a concept for the next generation of the internet. It is the evolution of how users are able to control and own their creations and online content, digital assets and online identities. As we find AI seeping in different parts of our lives, the term Web 3.0 has also found its space on the shelf, and Apple’s Siri, Amazon’s Alexa, Google’s Assistant with their voice recognition software is one of the perfect examples of it.

These voice assistants are now integrated with smart everyday home devices, which are transforming the way humans interact with or use them. Web 3.0 is initiating a digital revolution that will make manual communication techniques a thing of the past and will introduce an ecosystem where no one organisation or platform will be able to control your actions on the internet, a much needed upgrade to the current scenario we are in. Whereas, Web 2.0 is what we are experiencing at the moment.

Companies develop and provide products and services in a centralized manner. Take Instagram as an example. Do you think you own your IG content? Nah, the company owns everything on the platform, and they have complete control of all the content that users create there. If they want to ban you or block you, they will do it.

Another example is the popular online game Fortnite. Users have zero control over their in-game identities and assets that they “own”. Experts reveal, in Web 2.0, users cannot control and monetize the content they create. More than 2.5 billion gamers worldwide have been lied to that they own their in-game assets. But they don’t own it. web3 does not have or at the very least lacks enterprise-level security solutions compared to web2.

There are only two primary node service providers in the market, Alchemy and Infura. Since there are only two, cryptocurrencies also rely on these infrastructure companies alone to manage their data. Metaverse is an open challenge to tech of all types to make it happen and be commercially viable and inclusive.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA