• 3 Ways Web 3.0 Will Transform Digital Ownership

  • The subject of ownership has often been complex and complex during the current phase of the Internet. At times, this has been an downright difficult conversation, with confusion arising from complex end user license agreements, distribution of ownership rights, and terms and conditions agreements that are rarely read and much less fully understood.

    But it is not too difficult to understand. Despite people spending a lot of money today on all kinds of digital content, from streaming service subscriptions to in-game purchases, we don’t have any digital content that we “buy” online.

    In Web2, what we call the modern version of the Internet, everything is leased to us from the company that holds the license. When you purchase music from iTunes or an e-book from Amazon, you are only obtaining a license to access the Content. Nothing else.

    The present era is of digital tenancy. And this is an era that Web3 promises to end. To help you understand how this change will come, I’ve highlighted three things in Web3 that I believe can completely transform digital ownership.

    1. Change the Wallet Profile and provide an ID (entity)

    Today, our digital identities are multiple, spread across different accounts on different platforms. Your Facebook profile, your Instagram account, your Gmail address – together, these are the things that make up our digital identity.

    However, like the digital content we purchase, we do not own these accounts, and we have no rights over them. Instead, we make an exchange. In exchange for our data, the platforms lend us an account to use. And it makes us vulnerable, because our accounts can be disabled, and we can be disconnected.

    In Web3, we would connect to everything through a wallet. Our wallets will act as the key to all of our digital domains, professional and social. We will use our Wallet to establish our presence online, enter the online economy, enter our workspace, connect with our friends and colleagues, stream and sell content, swap and store our digital assets. The goal is to provide each user with a self-sovereign identity (SSI) and guaranteed access to any services, so no individual or corporation can restrict or remove a user’s access.

    1. NFT will make real ownership of digital assets online

    Last year was the year of non-fungible tokens (NFTs). Projects like Cryptopunks and Bored Ape Yacht Club captured the public’s imagination, and it seemed like everyone everywhere was either writing about them or trying to predict and invest in the “next big thing”. Had been. While these projects have done much to raise mainstream awareness of NFTs, the technology’s use cases are potentially endless, and they will play a big role in ownership.

    NFTs are a unique digital asset that is verifiable and non-fungible. When a person receives an NFT, his details are recorded on the blockchain. The owner of the NFT can freely sell, swap or trade it, whether it is a piece of digital artwork, an in-game item, or a piece of digital real estate in the metaverse. All transactions and transfers are tracked and transparent, all managed by the token’s unique ID and metadata.

    If true ownership is defined through the right of proof and transferability, then NFTs hold the key to allowing netizens to truly own digital assets online.

    1. A Power Change in the Sharing of Personal Data

    One of the major differences between Web2 and Web3 is that Web3 is completely decentralized. Since data is stored on blockchains rather than on big data servers maintained by companies such as Facebook and Google, individuals will ultimately be in control of their own data.

    In the early days of Web2, no one was concerned about handing over their data in exchange for using platforms like Facebook, Google, or Instagram. But as people became more web-savvy, better understood how their details were being monetized, and as big data scams started to happen, control over our personal data became something that could be I didn’t think of the real reason. Worry

    A central tenet of Web3 is to put power over personal data back in the hands of the people. The idea is that it should be the user who decides whether they want to share their data, that they should choose which entities it can be shared with and under what conditions. And should they change their mind and decide they no longer want to share their data, they have the option to stop sharing it.

    We are passing through a very interesting moment in the development of the Internet right now. The next few years, as Web3 develops and matures, we are going to see many more creative examples of digital ownership. Expect to see lots of new projects, experiments, collaborations, and convergence between technologies. Not everything is going to be successful. Not all ideas will work, and some ideas and projects will get out of the way. But it will be exciting.

    In the short to medium term, I don’t think we’re going to be moving away from Web2 any time soon. The infrastructure that supports it is strong, and being the first truly mobile internet, it is very much embedded in our lives. As Web3 grows, I expect to see it slowly absorbing and integrating Web2 to such an extent that it has almost become a portal to Web3.

    What's your reaction?