Where We’re AtThe users of today are becoming disgruntled over the state of the web. Web2, as the present iteration is called, has become prime for companies to monetize user habits and behavior. Such highly predatory and self-serving practices are making users recognize the need for better web infrastructure.Of course, creating such an ethical alternative seems quite daunting at the moment. Web-based companies have exploited web users for so long that it feels like the norm. However, an ethical alternative is becoming viable, thanks to the advancements in blockchain technology. They are bringing about the decentralization of various aspects of the web such as its economics and data storage. This, in turn, is leading to web-based innovations that are user-centric. By focusing on the needs of the user, both functional and ethical, we are moving towards an improved web called web3.What Web3 Will Do DifferentlyWeb3 at its current state, is being propelled by a community of developers and users who value the principles of decentralization and privacy. Obviously, blockchain technology possessing the same inherent principles has become the cornerstone of most web3 innovations.A distinguishing feature that will change how we use the web forever is the decentralization of data storage. The current web2 landscape consists of centralized servers that hoard the free-flowing user data. To be fair, providing data was a trade-off most of us made for better services. Personalized Twitter feeds and weather updates are great things to have. Such products and services, however, don’t come free even though some appear to be so. For profitability’s sake, they sell advertisements.While all kinds of companies have made a great chunk of their revenues through advertisements, web2 companies have taken it too far. With highly specific information about their users, they can target each of us with exceptionally personalized advertisements. With so much data out there on the web, it has become easy for these companies to profile each user accurately. The fact that this is a lucrative industry comes as a surprise to nobody. Identifying this, these companies have been tweaking their products to collect maximum user data.The dark side of today’s web is that web-based companies have collected the data we agreed to share but are using it for purposes we didn’t share it for. Leaving a bitter taste with most web users, the search for better projects has always existed. But with the way web2 has evolved, any innovation has always adopted unethical business models for maximizing profits.User Data Will No Longer Be HarvestedWeb2 companies have always followed a model where they try to increase profits at any cost. At first, they try to get the maximum number of users on board to utilize their services. However, after a period, the increase in revenue from user growth hits a plateau. This also happens to companies that have huge market shares. In wants of driving profits higher, they turn on the user base that made them profitable. By extracting data from their users, they store it in dedicated servers analyzing each user’s behavior.Unlike web2, web3 intends to store data over a decentralized network of devices. Breaking up data into fragments, encrypting it, and sharing multiple copies over the network prevents any single entity from ever monopolizing user data and the web itself. With that, there will be no possibility of profiling any user.Web3, with its decentralized storage practices, empowers users to do with their data as they wish. Now, they can surf the web pseudonymously — protecting their privacy. They can choose to share their data when they want to. Everything done with user data is completely transparent. Moreover, the users can monetize it if they wish to, for their gain.Say Goodbye to CensorshipWeb3 will restrict ways for centralized entities to establish their reign over the web. Naturally, by eliminating the need for their existence, a freer web emerges. The web3 ecosystem will allow the free flow of information and access to it, without any constraints. By removing all barriers to entry, anybody with an internet connection can hop onto the services and products present on web3. The web2 platforms of today have barriers to who can use them. Additionally, they are also notorious for restricting access to existing users when they find it hassling for themselves. A huge number of services prevent people from using them due to factors like religious inclinations. More services have been banning users for merely stating opinions — even the ones whose opinions aren’t too far out there.Web2 ecosystems aren’t open to everyone, require permission to access, and are gatekept. With web3’s arrival, the web will transform into a permissionless ecosystem that is open to everyone.The Power Is in Your HandsWeb3 looks to make the web accessible to all kinds of people by dismantling the power structures that web2 has erected. The obvious question that arises then is who’s really in charge of web3 and its protocols?Like everything else, the management of web3 protocols too is user-centric. Web2 was monopolized by entities serving their own interests. The want for maximizing profits made them leave the interest of their users behind. Web3 is bringing the power to the hands of the users by letting them govern the future of the protocols. Users through democratic processes like voting call the shots. Of course, they need to be monetarily invested in the protocol to be a part of the governance structure. Blockchain technology makes this possible through decentralized native currencies called cryptocurrencies. The incentives derived from the protocol’s growth keep the users from choosing what is best for the protocol. It’s simple game theory at play.Cryptocurrencies — Surprise Surprise!The presence of cryptocurrencies within the web3 ecosystem does more than just facilitate successful user governance. It brings about an entire decentralized economy. Users no longer need to rely on centralized financial institutions and payment systems to send and receive money.Just like other web2 companies, web2 payment systems too have been guilty of restricting people from using their services. By blocking people from receiving payments, these entities bring about huge uncertainties to their livelihood. It has been documented that some of these services block people from receiving payments for no valid reason. Unlike centralized payment systems, cryptocurrencies enable financial services to everyone around the world. They are revolutionary in creating economies whose access is open to everyone on web3.We’re Not There Yet… But We Will BeWe can see the foundation of web3 being laid through the success of cryptocurrencies and blockchain protocols. However, it is going to take quite some time for web2’s metamorphosis. In the coming years, we are going to see tremendous innovation in the web3 ecosystem powered by independent developers from all over the world. The need for overthrowing the current web2 entities is apparent. Despite the resistance offered by them, web3 applications will grow to be mainstream and become the way the world uses the web.Check out our new platform 👉 https://thecapital.io/https://twitter.com/thecapital_iohttps://medium.com/media/3b6b127891c5c8711ad105e61d6cc81f/hrefWeb3 Will Grow to Be Better Than Web2 was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.