Web 3.0 — The Next Big Thing?

Web3, one of the hottest tech trends this year, is generating plenty of controversy, says EOLAS RECRUITMENT.

What exactly is Web3?

It was Ethereum co-founder Gavin Wood who came up with the term ‘Web3’ in 2014, using it to describe a decentralised digital economy where peer-to-peer interactions are verified via blockchain technology. Enthusiasts believe this will be the next big thing but sceptics share Elon Musk’s view that Web3 is more “marketing buzzword than reality right now”.

Whichever side of the debate you are on, one thing that’s clear is that significant capital is currently going into the Web3 ecosystem. According to a recent Forbes report, globally $30bn+ of venture capital was invested in crypto start-ups last year. Meanwhile big players are also getting involved—Google’s parent, Alphabet, is said to be looking at blockchain while Facebook’s parent Meta is reportedly aiming for deep compatibility with Web3.

So, what’s the background to all this activity?

Blockchain and Web3

More than a decade has passed since Satoshi Nakamoto implemented the first blockchain enabling bitcoin to be sent peer-to-peer without having to go through a third party intermediary like a central bank.

Since then, the best-known uses of blockchain are trading cryptocurrency, decentralised finance, and, more recently, buying Non-Fungible Tokens (NFTs). However, developers have explored a plethora of potential use cases ranging from secure sharing of medical data to supply chain management and regulatory reporting. Already gaming and virtual worlds are using blockchain-based digital assets. If Web3 gains traction, it could mean that in future many day-to-day interactions and transactions will be conducted via the blockchain.

Web3 Pros and Cons

Web3 advocates claim that this decentralisation will shift control of user-generated data away from big tech players like Google, Facebook and Amazon and give users back ownership of their own information—an attractive idea at a time when people are increasingly aware of the value of personal data. Take the decentralisation idea a bit further and it might even involve reorganising society (for example, replacing regulators with technology-based solutions).

However, sceptics argue that while servers may be able to operate peer-to-peer, an intermediary will most likely still be required for an individual user to participate on Web3 from their mobile device or browser. So, it’s perhaps debatable how ‘decentralised’ Web3 will really be. Sceptics also raise privacy concerns and suggest that scaling in a distributed, decentralised digital economy may be technically difficult and costly.

The bottom line?

While it’s difficult to predict how Web3 will evolve in the medium to longer term, it’s clear that meaningful progress will involve a lot of hard graft by tech workers.

For consumers, the next generation Internet might not feel very different from Web2 but for enterprises and developers, building the infrastructure and decentralised apps (dApps) to support a Web3 economy will be a major challenge.

Regardless of what the future holds, one thing we can be certain about is that there will be ongoing demand for tech skills, particularly developers and tech workers with experience in areas like artificial intelligence, cybersecurity and blockchain.

As always, if you are planning to recruit IT workers, the best way to source talent is to work with a specialist IT recruiter. Eolas Recruitment can manage every stage of your hiring process, from identifying candidates to screening applicants, arranging interviews and contract negotiation. Likewise, if you’re looking to advance your career in IT, our team has strong relationships with employers and will work closely with you to identify and secure a suitable role. Check out our videos and online reviews for further information on how we work with companies and candidates.