Background and history of the world wide web
Starting from the basics, Web3 is the term used to describe the evolving concept of the World Wide Web (WWW). It refers mainly to the concept of decentralization, blockchain technologies, and token-based economics with particular emphasis on user security and consciousness and individuality with power.
To fully understand the concept, we have to get back in time. The World Wide Web firstly was introduced in 1989 and became a reality in 1990. Since around that time to almost early 2004, people were only consuming the web as it was. The internet was, as to speak, the wild west. Users were hard to identify, and sites were static with design layouts straight from Microsoft Word. Of course, you could not forget about funny clipart fonts slowly waving from the hero banner with unique and sophisticated text such as "welcome". Sounds nostalgic?
After 2004 we jump into the web2, which is the current phase and the phase from which we are slowly moving forward. It was a huge breakthrough as this evolution changed completely the rules that were set in web1. From static, kinky websites, we jump into analytics, pixels, digital marketing, and e-commerce. It is considered that the internet became as to name "web as a platform" in which users have the power and ability to create content. It is also the time when social media and e-life emerge.
Web3 is the next step of the evolution of the internet and, as a term, is believed to be established by Ethereum (cryptocurrency) co-founder Gavin Wood in 2014. As an idea, web3 is based on giving back to users the power of individual actions, e.g. having a currency that is operated without the supervisory of third institutions. The web3 will also contain the whole metaverse environment and NFTs.
What are the assumptions of web3?
Ownership is one of the main themes among enthusiasts of web3. Ownership means that not only we are the producer of the content, and interactions and generate our data like in the web2 but indeed we have the rights and the tools to actually own it. A good example of ownership is a model based on the blockchain. Data is decentralised and unitary across the web. So the only claim of ownership has a person with a specific token.
Changes that come with web3:
- ownership
- enriched data security
- scalability
- privacy for users
- combat the influence of large technology companies
- true paperless
- digital identity
Why is the connection between traditional finances and decentralization crucial?
With seamless integration between traditional finances and crypto-wallets using a smart open banking scoring system, people can decide and plan their savings and expenses and get accurate prognoses based on substantial earnings. Therefore, open banking can provide a seamless and stressless customer experience (CEX) with all the safety needed during all operations.
On what exactly can crypto benefit from open banking?
- customer safety
- great and trustworthy UI
- broad accessibility based on industry standards UX
- wide range of implementation
- first-party data that is upon user consent
With all of the current world affairs, the crypto market, like almost every asset-related platform, is endowed with a big uncertainty. On the other hand, open banking is well-known, highly secure and established idea that needs some energy and vitality as the crypto market has.
To have the best of both worlds businesses should look up for a better way of asset consolidation. As we can undoubtedly see, open banking could be the way to go. It is on the market for a few years and more and more companies have started to notice its leverage. It is a well-tested tool that can really shine through current uncertainties with its bright light of almost endless integrations.
