The downside of Web 2.0 is that the web has become very centralized. Only a handful of central online platforms (think monoliths like Google, Facebook, or Amazon) own the bulk of your digital information. Ultimately, that’s the price to play—in exchange for free access to the web and its services, these companies get access to all your personal information (things like your name, address, email, birthday, shopping habits, etc.). This may not sound so bad until you realize these companies sell (or manage) our privacy for a cool $600 billion a year.
The promise of Web3 is to significantly change this paradigm of leveraging users’ personal data as currency. Of course, like all big promises, that’s easier said than done! So let’s dive a little deeper into how Web3 plans to achieve this foundational shift in how the internet works with blockchain.
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