The internet has been widely used since the 1990s. It connects people globally, can be used to exchange information near-instantly, and has become deeply ingrained into our daily lives. However, the internet has faced criticism regarding its manipulability, lack of transparency, and unfair data collection practices.
A new iteration of the technology, dubbed Web3, seeks to address these problems but still faces challenges. But what is Web3 exactly? It blends the internet with a tamper-proof blockchain (an unalterable record of transactions hosted across many devices in a decentralized manner) to enhance privacy, trust, and control within the digital landscape.
This merging of technologies gives people back control over their data and increases trust in the space by fostering a more transparent environment. Likewise, as Web3 keeps an immutable record of activity, companies and individuals are forced to take responsibility for their actions, resulting in greater accountability compared to the traditional web.
So, Web3 takes power away from central authorities through decentralization, affording users greater control and the ability to monetize their content/data while strengthening security through the implementation of cryptocurrency’s blockchain technology. Let’s learn more.
TL;DR
So what is Web3? It’s a new iteration of the internet that introduces blockchain technology. The goal of Web3 is to solve issues present in the current version of the internet, like lack of transparency, corporations having control over the web, and content manipulation/censorship.
Web3 is based on an immutable ledger, meaning that records stored on the blockchain cannot be altered. However, other Web3 content, such as websites or applications, may still be modified. Likewise, Web3 stores data across a distributed network, granting users, instead of corporations, control over personal data.
While there are many hurdles before Web3 is likely to become mainstream, projects like tomi are working tirelessly to improve the sector and to ensure that the internet’s new iteration is better for everybody and doesn’t suffer the same misgivings as the current web.
What is the Problem with the ‘Digital Space’ Today?
In the current version of the internet, the status quo revolves around an imbalance of power that gives large corporations unfair, unilateral control over the web and the content hosted on it. Companies like Google and Meta control which content is prioritized and have significant influence over online visibility, which raises concerns about bias and centralization.
As a result of rampant manipulation, today’s digital spaces suffer regarding freedom of speech as corporations and governments wield censorship as a weapon to enforce their views and beliefs. This can result in certain communities or demographics having limited visibility online, reducing diversity of perspectives.
Similarly, residents of certain countries can be restricted from accessing particular services, platforms, or information, depriving people of key resources, putting them on unequal footing, and moving the posts to success.
Privacy and security issues also plague the current iteration of the web, with large companies harvesting user data and selling it off or using it to target people with ads for tailored products. In this system, service providers disproportionately benefit, while users rarely gain anything from their data being profited upon.
The Future of a Decentralized Internet
While the internet in its current form is pegged to large companies, Web3 projects like tomi are working to improve the space and make it fairer to regular participants. tomi’s vision for the future of the web involves a user-focused, censorship-resistant internet that distributes power equally between users and corporations.
tomi believes in freedom of speech for all. The team is dedicated to fostering a transparent environment where people can have and share unique opinions without fear of being censored. Web3 technology is immutable, meaning blockchain records cannot be altered, making it more difficult to suppress information. However, content moderation and governance still pose challenges.
By building a suite of tools enabling people to browse and experience Web3 applications in a user-friendly way, tomi aims to improve internet accessibility and level the playing field by giving everybody equal access to resources and information. The project is developing a privacy-focused browser for Web3, a decentralized domain system, and infrastructure to support the hosting of web projects.
Internet companies can make decisions unilaterally, meaning they’re often made in the best interest of the business, not the users. However, tomi takes a decentralized, democratic approach to governance. TOMI token holders can submit and vote on proposed updates to the project within the tomiDAO, ensuring it’s community-driven and always has user interests at heart.
tomi leverages the blockchain to create a secure and privacy-centric environment for users. This is achieved by storing data and computational resources across a distributed network, which improves attack resistance and reduces incentives for bad actors while ensuring the network cannot go down entirely.
As the world adopts Web3 and a censorship-resistant, privacy-focused internet that cannot be manipulated gains popularity, it could have a profound impact on the world. People will have unrestricted access to knowledge, boosting innovation and making it difficult to pit people from different nations against each other. People will likely come together as different views will be able to be expressed and discussed, leading to a more cohesive society.
Challenges and Criticisms
There are several key hurdles that must be overcome before Web3 can gain widespread popularity and usage. They primarily center around scalability, moderation, and tech-literacy. However, tomi has planned ahead and has come up with solutions for some of the most pressing challenges in the Web3 space.
With Web3 emphasizing privacy and anonymity, maintaining digital identities, like people do on platforms such as LinkedIn, could become challenging. However, the tomiPassport solves this issue by creating a secure identity-verification system that could help to eliminate fraudulent accounts while maintaining user privacy.
A common criticism of Web3 is that it has a significant technological barrier to entry that will make mass adoption challenging. However, tomi is tackling this hurdle by developing a comprehensive suite of Web3 tools designed to be user-friendly, easy to get to grips with, and suitable for everybody.
Another issue surrounding Web3 or any freedom of speech-focused project is moderation. Censorship is wrong, but an entirely unmoderated internet would give rise to illegal activities. tomi will address this problem by banning sites fitting into a few highly criminal categories like terrorism or arms trafficking. tomiDAO participants vote to disable an NFT associated with a site, but owners are given a chance to rectify issues and be reinstated.
While the road to a mainstream Web3 will likely be bumpy and long, tomi is committed to enhancing the space and improving the internet for everyone.