When trying to discuss the crucial differences between web2 and web3 networks, there are always a lot of factors that can be put into consideration. One should not doubt that web2 has also played its part in innovation, yes we always know technology has always undergone a process to reach a better phase. Moving from web1 we did embrace the web2 system. Over the years we have seen some disadvantages that needed to be tackled. The birth of web3 through decentralization indeed has done much to mitigate these issues.
The world is quickly evolving especially in the internet landscape. I personally see the transition from web 2.0 to web 3.0 as not merely a technological shift; it signifies an irresistible change in the way users interact with the digital world. When looking at the center of this transformation, it is easy to spot the concept of user empowerment, which serves as a powerful hedge against the pitfalls of centralized control and fostering a more resilient and user benefiting digital environment.
Indeed, user empowerment is to be held in high esteem thanks to the development of blockchain technology. When looking at how difficult it is to access funds in the web2 system there is a need to appreciate this pinnacle achievement in the web3 system. Even adding to the user empowerment advantage in Web3 is the concept of decentralized identity.
In Web2, there is a lot of exposure to privacy risk as users often surrender their personal information to centralized platforms. On the other hand, Web3 hosts decentralized identity solutions, allowing users to control and manage their digital identities securely. This shift becomes a hedge against identity theft and surveillance, putting users in command of their online personality. Various alternative models in web3 like decentralized finance (DeFi), token economies, and direct peer-to-peer transactions is an innovation.
User empowerment through Decentralized Finance (DeFi)
There has been a perfect replacement in the financial system. Web3 through blockchain technology introduces a financial landscape whereby traditional banking intermediaries are replaced by decentralized applications (dapps). Users now have an open floor to lend, borrow, and trade assets directly, without having to rely on centralized financial institutions.
There is nothing to argue here, this financial empowerment serves as a hedge against the limitations and vulnerabilities associated with traditional banking systems, offering users greater control over their assets and financial activities. How do you feel to be able to get access to soft loans from decentralized platforms without having to pass through unnecessary third parties who are also here for their gains? Truth be told, we all know the traditional banking system does not use their personal money to give loans but rather those that are deposited by their customers.
So what happened there is you getting a loan from an unknown customer but having to pay hefty charges to the bank. Web3 has created a pool where investors meet to transact fair business and profit from the ecosystem. Do you know what it means to get a borderless loan? I think we have to rethink what such a huge opportunity web3 has brought to the table. I will have to take time and expatiate this in another article. Currency differences are brought to zero concerns as cryptocurrency easily balances value for fair trade and negotiations.
Engagement reward is an added hedge
I know there are several web3 platforms out there that reward their users for their time and engagement. One of which I would love to point out is the hive ecosystem. I basically joined this platform with zero dollar invested. All that was needed was my time and my creativity. You may be saying, time is money and I deserve the reward. So what happens in the web2 platforms where a lot spend their time and money without making a dime?.
They just buy data and navigate through so many pages throughout the day without any reward. I have such people around, sometimes I ask them if it never bothers them that they are always inputting into the system without rewards, the reply is always an arguable one. You can also say one can make some bucks through content creation in web2, if you take time to read the terms and conditions, you'll come to realize you are only paid a penny for your efforts and will soon change course.
This empowerment goes beyond financial assistance. You get to meet smart and invention minded people in this ecosystem. I am opportuned to swim in a well of well sieved knowledge in the web3 system. In short, if you know how valuable the people here are, you could leverage to become something great sooner. They are always available to support, it's just how the system was formulated, to add value to every individual and also warn off centralized tactics. Not even talking about the fact you could become an investor without lots of paperwork like the centralized system.
Adding value to the chain by staking comes with a life changing reward. In the centralized system, we've also seen how a lot are shielded from investing in certain assets and platforms but web3 has played a different ball game entirely. Just from the comfort of your home , you can reap long term rewards by having a stake in the ecosystem. Is this not worth the effort? So why are a lot still hanging on the web2 system? Maybe ignorant or doubt, but whatever it be, the floor is always open to make research to clear your doubt. In the web3, nothing is hidden, the proof is open for everyone to see.
To conclude, let me add, user empowerment stands as an inevitable hedge in Web3 and at the same time safeguards individuals against the vulnerabilities and pitfalls of centralized control. The shift towards decentralized identity, data ownership, and financial empowerment does not only reshape the digital landscape but also ensures that users are active participants and getting a fair share of reward. The financial system has always seemed too complex for ordinary investors to navigate, yet web3 through a decentralized future has brought empowerment to users not just as a principle but a crucial safeguard for a more resilient and user-centric internet.