Web3: 5 reasons to take an interest

Data ownership, new forms of organisation... Web3 is not just about investing in cryptocurrencies.

This is probably the question we hear most about Web3: "Okay, but what's it for?" And it's a very good question, because with all the talk about bitcoin and the price of this or that cryptocurrency, we almost forget that Web3, which represents this new layer of the Internet based on blockchain, isn't just about "speculation".

Here, then, are five potential uses for Web3 - identified by Fabernovel - to try and shine at the coffee machine or at a dinner party.

📊 Data control

Today the Internet is largely dominated by a few Tech players. You all know them: Google, Amazon, Meta (formerly Facebook) and the others. These giants embody an Internet in which all data, yours and that of companies, is centralised. Big Tech uses this data to sell advertising and push its own products and services. Not very satisfying, is it?

While blockchain and Web3-related technologies are not the miracle solution to this centralisation, they do offer an interesting use case: regaining control of our personal data (identities, bank details, subscriptions, etc.) which are written to a blockchain.The second potential use case is directly linked to the first. Because if users regain control of their data, they can decide how it is used. You could, for example, decide to give it away (for a fee) to a company that wants to use it for advertising or something else.

For a creator, such as a singer, Web3 also potentially makes it possible to reclaim some of the value of their songs by distributing them directly, without an intermediary, via NFT (we explain how it works here). In 2021, the US music industry generated $43 billion in revenue. Yet only 12% of this revenue went to artists. The rest? It was captured by a few major majors and platforms...

🔎 Traceability

A blockchain is a kind of ledger that can be consulted by anyone. The advantage of this system is that it makes it possible to trace EVERYTHING in an unfalsifiable way and without intermediaries.

Sent €100 to a friend? No need to check with the bank to make sure the transfer has been made. All you have to do is consult the blockchain with the "public keys" (a kind of identifier) of the sender and recipient.

The advantage of this system is that it reintroduces trust in the digital age. The blockchain makes it possible to guarantee the origin of a sum of money, of a product (where was it made, under what conditions?). It can also be used to guarantee a person's identity.

🌍 New "businesses"

Web3-related technologies (crypto, NFT and blockchain) are not just having an impact in "monetary" terms. They also make it possible to envisage a new form of business organisation, known as a "decentralised autonomous organisation" (DAO).

Behind this slightly complicated vocabulary is actually something very simple: a DAO is a human organisation based on code. Its articles of association and governance are recorded on the blockchain - the most widely used for DAOs is Ethereum (we tell you about it here in the Premium edition) - which has several advantages:

  • No one can take a decision without the agreement of the majority
  • All decisions are transparent because they can be consulted on the blockchain
  • A DAO has no geographical limits.

Currently there are just over 4,500 DAOs on the planet.

🤝 Other social links

Have you seen the first images of Meta's metaverse? Without spoiling the surprise, the virtual universe imagined by Zuckerberg is very far from dreamy. Aside from the 'poor' image quality, it's the experience that's most disappointing. There's simply nothing immersive about it.

But does that mean we should bury the metaverse and its fine promises? Not necessarily, as Fabernovel points out. Because the sector is still in its infancy, and it could potentially bring a lot to the table in areas such as education (immersive distance learning courses), research (full-scale tests in the metaverse) and communication (new remote tools).

To be continued!

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