What is Web3 and why it means revolution for the modern internet? Read about the most essential information presented by Michał Maciejewski Software Architect and Web3 community leader from Transition Technologies PSC. Learn how Michał become a Web3 and blockchain evangelist in our company. Enjoy another portion of knowledge from our expert!
What is the Web3?
M.M. Centralization has been the backbone of the modern Internet. At the same time, a handful of centralized entities controlled the Web, unilaterally deciding what should and should not be allowed. Web3 is the answer to this. Instead of a Web monopolized by large technology companies, Web3 stands for decentralization as well as ownership and is being built, operated, and owned by its users. Web3 puts the power in the hands of individuals rather than corporations.
I think there are three fundamentals of Web3 – a combination of decentralized platforms, secured interoperability, and verifiable computing through distributed ledger technologies.
Web3 is a concept that will change the internet from something that takes from us to something that empowers us. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership.
What is the main difference between Web3 compared to Web1 and Web2?
M.M. The main difference is the ownership. Web1 was read-only. You could read what’s on the internet but there was no interaction between the author of the content and the readers. This part was added in Web2 and that’s the time of big corporations like Facebook, Google, Amazon, etc. All kinds of forums and social media that lets you read but also write to interact with other people. The thing with Web2 is that even if you upload a picture of yourself or your family, the picture is not yours anymore but the company behind the application that you use. And that’s why we need Web3, to get control of what’s ours because, in Web3, its creators are rewarded for their input to the internet. The other thing is security. It’s decentralization that allows the creators to keep the ownership of their content but it’s also another layer of security. The blockchain (the technology behind Web3) is spread all around the world and encrypted by design which means it’s immune to any kind of issues that are known from Web2.
How did you become such an enthusiast about Web3 and what are your perspectives on this technology?
M.M. Web3 is a new area that gives opportunities for the growth and development of our teams and customers. I was the one who initiated the development of Web3 direction at TT PSC.
In 2017 I heard and learned about cryptocurrencies for the first time. I decided to try and started to invest. With time, my interest grew. I was following the best experts and learning about the technology behind this. I was getting more and more excited about all these new Start-Ups and the possibilities that Web3 gives. It’s when I started to think about Web3 not only as a cryptocurrency but from a bigger perspective. Starting in 2020, I was playing in blockchain, looking for usage in the business. In the last months, I became less and less interested in Web2 and I didn’t feel satisfied with what I was doing, knowing that there was this wild Web3 world waiting for us to discover. I’m a strong Web3 believer and I know there’s much more to come in that area. It will become more and more popular next years, and we need to be ready for it. That’s why it’s time for all modern companies to start building competency around blockchain. It’s still a very early stage of Web3 now, so if we start now, we will be a few steps ahead of other companies who do not think about this yet.
I believe expertise in Web3 will give us a strong competitive advantage in the future and we plan to further develop our competencies in blockchain technology and Smart Contracts as a TT PSC team.
You mentioned that Web3 gives new opportunities – could you give us some real-life examples? How can companies benefit from that and how it can change the way of work?
Most companies have their own processes and workflows that are becoming more complex over the years. The bigger company, the more non-production/supporting employees you need to handle these processes. Imagine an automated, trustless solution that solves that problem and just works by design. That’s exactly what Smart Contracts are for.
If I understand it correctly, you started to build a society of blockchain experts within the TT PSC, is that right? What do you want to achieve by that?
M.M. That is correct. I am sure that blockchain soon become one of the technology trends related to Industry 4.0 concept. As I explained earlier, Web3 can give companies new, better possibilities and benefits like less bureaucracy, trustless automation and using smart contracts to automate payment processes, using tokenomics within the organization or blockchain itself as secure, transparent databases.
Blockchain technology will be important for industry and banking sectors in the future and we want to further build competencies around blockchain technology in our company. That’s why I am building a strong group of experts that are supporting each other, learning, and gaining new knowledge and competencies to know not only how to build solutions by using blockchain and Web3 but also what are the best, most efficient and practical ways to improve production plants. We are aspiring to be the best Web3 experts and innovators for our customers.
How do you see the development of Web3 in the nearest future?
M.M. We are dynamically building a community around Web3 because we see the potential in this area, also in the context of projects that we run for our clients. We’re sharing Web3 news, searching for interesting events, motivating each other, and learning about new technology. The next step is to transform our knowledge into pragmatic solutions for our customers. We are going to make the work in manufacturers and business companies better and more efficient thanks to the blockchain technology by for example, implementing Smart Contracts which basically are programs stored on blockchain and executed when specific conditions are fulfilled. Thanks to it we will be able to automate the execution of an agreement between participants. We always give a basic example – send a given amount of tokens when hours are logged and accepted in Jira and customized, complex platforms filled with Web3 possibilities.
Thank you for that inspirational conversation!
M.M. In the end, I would like to encourage everyone interested in new technology to join out TT PSC team and visit our community! We are open-minded and focused on real-life business needs, you’re gonna love it!