We’re entering the “read-write-own” phase.

It is the web you’re familiar with, but with a slight twist: a shift from data centralization to data decentralization. Here, no watchdogs or tech giants are telling you what you can and cannot access. It is also much harder to sell or misuse user data.

How is data decentralized in web3? Well, you are no longer creating a new account every time you want to join or be a part of a certain network.

Think of it like this: instead of having four separate accounts for TikTok, Instagram, and Amazon – all of which own your data since your account is created under their platform – you will just have one account that you can use to jump in and out of any of these platforms.

Your account is fully owned and controlled by you. It will allow you to access any network without the need to open up a new account for every new website you come across.

So how would you log in? Well, you would use what is commonly called a “web3 wallet”.

Web3 wallets (or just known as “wallets”) and how they work will be covered in a later chapter.

For now, think of it as your “access ticket” to join, leave and take part in a network. Your wallet is fully owned and controlled by you, and acts like your access ticket to join different types of platforms without creating accounts under them.

It’s also like a digital version of a physical wallet that you would bring around with you to carry your financial assets like cash or coins.

Having full ownership of your wallet means you can transact with other users online without needing an intermediary or middleman to facilitate the transaction.

End of Chapter Reminder:

Things move pretty quickly here. And both the skeptics and believers you saw in the earlier phases of the web did not exactly predict the internet to be what it is today.

In many ways, it is much more than anyone imagined it to be.

With a smartphone today, you really have the whole world in your hands.

You can buy a plane ticket, watch a video on how to fix your car, talk to your family on the other side of the world, read the news, check the weather, show friends what you’re eating, and much more.

The internet has already changed the world, and many believe that web3 is the next phase of this journey.

If you do choose to stay a little longer, we’ll jump into the early days of the web3 rabbit hole together.

We aim to help you develop your own opinions and thoughts about the space, and show you how it can change your life or the way you live in the future.

Ready to take another step?

Discover our sources and find out where information is coming from.

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