October 1, 2022

Dubai Week

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3 reasons why "Web 3" is a revolution in the world of digital assets

3 reasons why “Web 3” is a revolution in the world of digital assets

Dubai: Qanza Al Jubair

Ownership has become a complex issue in the current stage of the Internet, with complex end-user license agreements, distribution of property rights, and T&C agreements that are rarely read and fully understood, but difficult to understand. While people today spend a lot of money on digital content of all kinds, from live streaming subscriptions to in-game purchases, they don’t have digital content to buy online.

In the case of Web 2, which is what we call the modern version of the Internet, the thing is rented from a licensing company; In other words, when someone buys music from iTunes or an e-book from Amazon, he gets a license to access the content and nothing else. The current era is the era of digital rent, but it promises to be the end of Web 3. To understand how this change will occur, it is necessary to highlight three things in “Web 3” that are believed to turn digital ownership upside down.

Self-identifier

1 Wallets switch profiles and give a single identifier (company).

Today, digital ID is spread across multiple and different accounts on different platforms. A Facebook profile, an Instagram account and a Gmail address make up a digital ID. However (like the digital content we buy), we don’t own these. accounts and has no right to; Because a person only makes the exchange; That is, in exchange for this data, the sites allow him to use an account, and this makes him vulnerable, as his accounts may be disabled and he may be fired.

As for “Web 3”, everything can be connected through wallets, where a person’s wallet serves as the key to all his digital domains (professional and social), he will use his wallet to prove his presence on the Internet. Enter the Internet economy, his workplace, and he can communicate with his friends and colleagues, broadcast content, sell, exchange and store its digital assets. The goal is to provide each user with a self-governing identifier and content usage of any Service; So no individual or organization can restrict or remove user’s access.

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Owning a digital asset

2 gives “NFTs” real ownership of online digital assets

Last year was the year of non-fungible tokens (NFTs) as some projects (like Board AIP Youth Club) caught the imagination of many. While these projects have boosted mainstream awareness of NFTs, the use cases for the technology are endless, and will play a huge role in ownership.

An NFT is a unique, verifiable digital asset that, once someone receives it, their details are recorded on a blockchain, and the owner can freely sell, exchange or trade it as a digital artwork or commodity. A game, or «Metaverse» is a piece of digital real estate. All its transactions and transfers are monitored and managed transparently, through its token ID and metadata.

When ownership is verified through proof of ownership and portability, the token becomes a key feature that allows a person to own a digital asset on the Internet.

Digital asset

3 The transformative power of sharing personal data

One major difference between “Web 2” and “Web 3” is complete decentralization. Although the data is stored on the “blockchain”, the individual controls his data, not on large servers owned by companies such as “Facebook” and “Google”.

In the early days of Web2, no one cared much about handing over their data in exchange for using sites like Facebook and Google, but that changed as people became more familiar with the Internet and better understood how to monetize their details.

One of the fundamental principles of Web 3 is to restore control over personal data to its owners. The idea is that users decide whether or not they want to share their data, and they get to choose which companies they can or can’t share it with, the terms on which it can be shared, and then if they change their mind and decide they don’t want to share it, they have the option to prevent sharing.

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With the development and maturation of “Web 3”, it is hoped that we will see many new projects, experiments, collaborations and integration of technologies and “many creative examples of digital ownership with the expectation of gradually absorbing and integrating Web 2”. ”, so it could almost be “Web 2”. Web 3 portal.