Web 3.0: Unleashing the New Internet on an Old Model
Creating CDs in a world where everyone listens to Spotify. Perfecting diesel engines when the world is shifting towards electric alternatives. Choosing to store wealth in traditional FIAT currencies when Bitcoin offers an alternative. We all seem to recognize that there’s something amiss in engaging in these outdated practices. So, why do we continue to build the new Internet on the foundations of an old model we are actively striving to abandon?
Over the past decade, the Internet has been under the control of a few tech giants, tirelessly expanding its infrastructure that billions of people use daily. The proverbial Internet Superhighway has grown relentlessly, with a staggering 4.95 billion daily users in January 2022. This number continues to grow at a rate of 4% annually, welcoming approximately 500,000 new users each day. However, this Highway needs to evolve further, exploring uncharted territories and accommodating the unprecedented data volume that the rapid growth of IoT, autonomous EVs, the metaverse, and the blockchain industry will generate in the years to come.
The current global cloud storage capacity can only store around 2.9% of all data created since 2010. Despite existing growth in capacity capabilities, it is predicted to shrink to 1.2% in 2030 and further to 0.8% by 2035. The exponential surge in data production in the next decade is poised to challenge our infrastructure even more.
Web 3.0, the new web, has witnessed significant adoption in the last 12 years. With the advent of Bitcoin, followed by Ethereum and other blockchains like Avalanche, tokenomics and decentralization have become familiar concepts. Words like DeFi, DAO, NFTs, and metaverse now resonate with us, all promising a completely decentralized model.
While blockchain technology presents a revolutionary way to decentralize information and build trust through distributed ledgers, its data requires a Highway, an infrastructure layer that currently depends on Big Tech for cloud storage. This centralization raises privacy and security concerns, as data stored in a few places becomes vulnerable to hacks and breaches.
To move forward, it’s time to rethink the foundation of the new web. Projects like Nerian Network are taking the initiative to offer alternatives to the conventional cloud services. By building physical infrastructure supported by their community and incentivizing users with their native currency NERIAN to purchase node licenses, they are paving the way for a more decentralized and unconventional solution within the blockchain space for cloud storage.
It is crucial to have real choices and diverse frameworks to foster the genuine growth of Web 3.0 on the new Internet. Embracing such alternatives and promoting decentralized infrastructure will pave the way for a more robust and inclusive Web 3.0.