How Web3 will change our lives

Sometimes we tend to confuse or think that Web3 is just about cryptocurrency, but it has immense potential for change and not just in the finance sector. Decentralized technology is changing the way users interact with the web, making them owners of the content, eliminating intermediaries and centralized dependence, securely and privately storing transactions, reducing fraud in operations, streamlining and making processes cheaper. 

Web3 is already a reality

Thanks to the implementation of decentralized technologies, we are facing one of the largest digital transformation processes in history. According to some reports published this year, it is expected that the global Web3 market will grow from 5 trillion dollars this year to almost 40 trillion in 2025, that is 67% compound annual growth. It is clear that Web3 is not the future, but it is already a reality, but how will Web3 change our lives? What other solutions, besides cryptocurrency, will it bring us? 

Today, it is undeniable that Bitcoin and other decentralized finance projects have come to replace traditional banking, but many sectors are experiencing changes. Some startups are already introducing decentralized technology as a method to give users control of their own movements, without the need for third parties. For example, companies like Filecoin or Storj, are developing storage services where users' data is stored on equipment provided by the community, and which will also receive benefits from them. Other projects like the Brave browser will change the way users interact with advertising, the Odysee video platform is being touted as an alternative to YouTube, and the technology of the Theta platform competes with Twitch to stream videos using decentralized technology. In addition, we can already register decentralized domains in ens.domains or chat safely and anonymously using Speek, but there are also many other platforms such as forums, insurance companies, Big Data, Artificial Intelligence or metaverses that are already using Web3. 

We are facing one of the largest digital transformation processes in history

Another possibility offered by Web3 is the creation of Smart Contracts or intelligent contracts to automate processes in a public and transparent way that is stored, managed and executed autonomously. Its use implies the simplification of complex processes and greater transparency in the work done by intermediaries (such as banks or notaries) with the corresponding cost savings for companies, customers and citizens. 

On the other hand, there are also NFTs or "Non-Fungible Tokens", or the digital representation of a unique and immutable asset, and which are being used in a plethora of use cases such as, for example, creating unique digital assets such as music or video, property certification in festival tickets or any other event, membership cards, collector items, company shares or any other asset that can be tokenized. The great advantage of NFTs is that through them the ownership of this can be proven, so we would completely eliminate fraud. For example, if you buy several tickets for a football match, you won't be able to do business if you intend to resell them as they will be identified with their owner. 

There is no doubt that Web3 offers a plethora of possibilities and the most interesting thing is that we are still in the early stages, and its potential makes its applications many and very varied, completely changing most sectors. The time has come to give way to a universe of opportunities and who knows if this will allow us to read the next article immersed in some metaverse.