Web3 represents an idea, vision and movement to create a decentralized internet that’s almost free from centralized intermediaries. This feature essentially makes it pro-privacy for a user’s data and also renders it more user-centric instead of platform or business-centric. Tim Berners Lee, who invented the World Wide Web in 1999, was the first to propose the idea. It would be a Semantic Web with AI.

Let’s start by giving you an example to help you understand decentralized web. We all have heard stories about our personal data being sold, hacked or leaked at some time in our lives. There was no way to stop it.

Why? It’s because we don’t have it, no matter how much it may belong to us. Because our data can be shared online through central digital channels or other means, corporations or individuals have the freedom to make whatever use of it, which directly impacts our day-to-day lives. Our data can be used to display ads relevant to us based on what the AI thinks.

What if all data we own is ours and we can use it however we want? Decentralized websites will enable us to achieve exactly that. We will be able trade, transact and communicate better with no third parties, whether they are a corporation, government or influencer.

Web3 is heavily dependent on blockchain and cryptocurrencies in order to stay afloat. There is a lot of talk today about NFT or crypto becoming legal tender. Although there’s no timetable for when they might happen, multiple platforms and companies are still building infrastructure pieces that will be critical to Web3. Konstellation for instance is a platform that aims to create a decentralized capital marketplace. Interoperability is another feature that allows you to transact between multiple blockchains. Doesn’t it sound interesting?

Everything we do around the world today revolves around finance. If you need to transact or trade, currently there’s a third party. Decentralized finance (DeFi), which will become the norm in the next few years, will come to be the preferred method of financing. Platforms like Konstellation can then help build DeFi hubs.

Web3 is a service that we can use as a commoner. Service will be handled by platforms and organizations like Konstellation. It will look similar to our web browser, but it will be more open-source and trustless.

Consider money transfers. It can take a long time and could be expensive to exchange USD 1000 for another currency or send it to someone else. To complete the transaction, you will need to undergo a lengthy process as well as pay a large fee. Web3 is based on cryptocurrency and blockchain ideals. The process will be fast and inexpensive because funds can be transferred directly through decentralized, worldwide, borderless applications (dApps).

Use is what defines our language, and experience is how we define it. It is likely that the future internet will do the exact same thing for us. Web3 (currently being developed) will revolutionize our internet future, even though many celebrities have their own opinions.

Konstellation platforms, which are built around the same principles as Konstellation, promote Web3 and improve adoption and operations. Many developments are taking place in space, and it will be fascinating to see how they unfold for us all in the future.