A Comparative Contrast

The current Web2 environment offers limited economic opportunities for its users to fully maximise their interests. This limitation has become increasingly apparent as technology and digital platforms have advanced.

Centralization of Power:

Web2 platforms are typically controlled by a small number of dominant corporations. This centralization of power gives these companies significant control over user data, content moderation, and access to information, leading to concerns about privacy, censorship, and biased algorithms.

Ad-Based Revenue Models:

Many Web2 platforms rely on advertising as their primary revenue source. This often leads to a focus on maximizing user engagement to drive ad revenue, which may not align with users' best interests.

Limited Monetization Opportunities for Users:

Web2 platforms typically monetize user-generated content and data without adequately compensating users for their contributions.

Data Privacy Concerns:

Web2 platforms often collect vast amounts of user data without clear transparency or consent. This data is frequently used for targeted advertising and other commercial purposes, raising concerns about data privacy and security.

These problems with Web2 have given rise to the development of Web3, a new generation of the internet that aims to address these issues by leveraging decentralisation, blockchain technology, and user-centric principles. Web3 offers the potential for more ownership, control, and privacy for users, as well as greater transparency and interoperability across platforms.