Real Vision x Sui: What Is Web3 and Why Does It Matter? (Episode 1)

0:13What is Web3? If you're trying to explain Web 3, it's probably best to start by making sure we all understand Web 1 and 2. Web 1 was the earliest version of the Internet, and it's what we used from the 1990s till the early 2000s. It's hard to imagine it now, but in those days the Internet was made up of very static, read-only websites, with very limited interactivity. As users, we had almost no ability to comment or contribute, and most of the content was created centrally. But crucially, we did own our own email address and domain back then. That all changed in the mid-2000s when Web2 came along.

0:56Web2 is the internet that most of us know today, with interactive, social and user-generated content, along with mobile-first experiences. These were all great innovations, but they masked what we lost from Web 1, which was our user control. You see, with Web 2, we don't actually own our data or our followers. All that has been taken from us by the huge tech companies that now dominate Web 2. And they have such power. They can kick you off their platforms or channels at any time, and you lose everything. or your comments, followers, threads, reviews, the lot. Imagine how catastrophic that would be, not just for an individual, but also for a modern business.

1:42These tech giants are the gatekeepers, and they control everything. Web3 is the next generation of the internet, and it's already starting to touch the mainstream. In terms of how it looks and feels, Web3 can still be accessed through our existing devices. And as you might expect, it will be full of different websites, apps, channels, platforms, videos and communities. It will also use search engines to help us find our way around it. In other words, it will give us all the things we're used to. But, and it's a big but, the massive change from Web 2 is that Web 3 control is taken away from the tech giants and given back to the users.

2:24That's because in Web3, users own their own data, rather than trusting the tech platforms with it. This is a huge shift, and it's only possible because Web3 is built on blockchain. So if you want to sum up the benefits of Web3 in a sentence, it's probably that users get to own and control their own data. But it doesn't just stop there. because the fact that Web3 is built on blockchain means there are loads of other advantages too. For example, payments can be made directly from user to user without having to go through a third party like a bank, which could take a large cut. Ownership of assets can be recorded and represented on-chain for total transparency and security.

3:11This will also cut out the need for intermediaries such as lawyers or brokers. Other advantages of Web3 will include the fact that social media users will actually own the content that they create, rather than the platform or channel taking control of it. Online identities can remain consistent without being siloed within separate platforms. And search engines will be transparent, without built-in manipulation via algorithms. So, as you can see, there are many ways in which Web3 will change the way we engage online and interact with each other, whether as individuals or as businesses. Of course, this all begs the question, when will Web3 be launched?

3:51Well, it's already being built. But the thing to remember is that the development and adoption of Web3 is an ongoing process rather than a single event. Web3 will happen organically, just like it was when we transitioned from Web1 to Web2. You can learn more about the process in another video in this series called Why Move to Web3 Now? And on that very subject, one of the companies making the move to Web3 right now is Real Vision, in collaboration with SWE. And Real Vision believe this transition is so important, they're going to share their journey with you, telling their story in a video series that will give you all the information you need to pick out what will best work for you and your own business when it comes to moving to Web3.

4:37If you like this episode, I'd love for you to head over to realvision.com forward slash join for a free membership. Start your journey today to unfuck your future. Just one click away.