Expert Answers the 10 Most Searched for Web 3 Questions by the Public

The most asked question, with over 74,000 searches per month, is “What is Web 3?”. Growing over 234% over the past month, people are looking for a simplified explanation of the new technology.

To understand what Web 3 is, it’s important to understand the first iterations of the internet prior to it.

Web 1 was characterized by static HTML websites where few created content and had limited user interaction, however, Web 2 which emerged in the early 2000s introduced dynamic and interactive features. Users became content producers through social media platforms like Facebook, Twitter, and YouTube, marking a shift towards user-generated content, social networking, and collaboration.

Web 3, also known as the decentralized or semantic web, is the next phase of the internet’s evolution. It is a more intelligent and autonomous web, focusing on decentralization, security, and privacy. The decentralized nature of Web 3.0 is made possible by blockchain technology, which provides a secure and transparent way of storing and sharing information among a network of computers, without relying on a centralized authority or intermediary.

Since last month, over 8,100 searches have been made for “examples of Web 3” – likely due to exciting innovations which are emerging as the technology develops.

Probably the most well known Web 3 project is Ethereum, the first platform created in the Web 3 space. Ethereum is a decentralized platform that enables the creation of smart contracts and decentralized applications. Developers can use Ethereum to create a wide range of applications, including financial tools, supply chain management systems, and online marketplaces.

Some of the most prominent applications include decentralized finance (DeFi), NFTs, decentralized identity, decentralized data management, decentralized metaverse such as Decentraland, decentralized social media and decentralized gaming.

Decentralized Finance
One example of decentralized finance is Uniswap, the decentralized exchange allows users to trade cryptocurrency without a middleman. It uses an automated market maker system to enable trading between different tokens, making it easier for users to access a wider range of assets.

NFTs
An NFT, or Non-Fungible Token, is a unique digital asset that proves ownership or proof of authenticity for an item or piece of content. NFTs are essential in the world of Web 3 as they enable ownership of unique digital assets, revolutionizing digital art and decentralized applications. Allowing owners of these assets to directly monetize from them.

Decentralized identity
This refers to the use of blockchain to provide a secure and portable digital identity. Allowing individuals to have more control over their personal information, and have a single digital identity that can be used across multiple platforms and services. An example of this is uPort, this decentralized identity system allows individuals to create an identity which is tamper-proof and gives them complete control over what information they share.

Decentralized Data Management System
IPFS or InterPlanetary File System, is one version of a decentralized data management system. The project enables users to store and share files in a distributed network of nodes, making it more difficult for centralized entities to control access to information.

​​Decentralized Metaverse
A decentralized metaverse is a virtual world not controlled by a single authority. It offers ownership of virtual assets and transactions through decentralized systems, creating an immersive and user-driven experience. An example of a decentralized metaverse is Decentraland, a digital virtual reality using 3D user-owned avatars which allows users to exchange collectables, buy and sell digital real estate or wearables for avatars, socialize, and interact with each other.

Decentralized Social Media
Decentralized social media is a new and emerging concept in the Web 3 space. It aims to create a more open, transparent, and user-focused social media platform, one example being Mastodon. This social platform allows users to create their own profiles, follow other users, and post updates, photos, and videos. Unlike Web 2 social media platforms like Twitter, Mastodon isn’t owned by a single company or person.

​​Decentralized Gaming
Decentralized games, such as CryptoKitties, leverage blockchain technology and NFTs, allowing players to own and trade exclusive in-game assets. In contrast to centralized gaming, blockchain’s immutable nature allows for greater transparency, control, and accessibility to player data, digital assets and game-state data. Players can also collect, breed, and engage in asset trading outside of their original game, allowing them to have increased control and value throughout their gaming journey.

Searches for the “difference between Web 2 and Web 3” have increased by 200% in the past month with over 2,400 searches.

Web 2 and Web 3 differ in how data and information are stored, managed, and controlled. Web2 is centralized, and dominated by a few large tech companies with significant control over data and information. This centralization has led to various issues, including privacy and security concerns.

In contrast, Web3 is decentralized, with users having more control and ownership over their data through blockchain technology. This provides greater security, privacy, and user control over personal information. Additionally, Artificial Intelligence (AI) and Machine Learning (ML) technologies in Web3 are more advanced and impartial, with users having greater transparency and control over their data and its use.

The question “Is Web 3 dead?” has had a huge 7,100% increase in searches over the past month. Web 3 is still only in its early stages of development but has the potential to significantly transform the way we use the internet in the future.

While Web 3 technology has faced some challenges and setbacks, such as scalability issues, many projects are working to address any early challenges and push the development of Web 3 forward.

The answer in short is no, Web 3 isn’t dead, and with many seeing it as a way to increase transparency, security, and efficiency it will likely continue to grow and evolve in the coming years.

Before the Web 2 boom in the late 1990s and early 2000s, similar questions were asked about the longevity of Web 2. After the dot-com bubble burst many internet companies went bankrupt, leading to pessimism about the future of Web 3. However, as it continued to grow companies such as Amazon, eBay, and Google emerged, revolutionizing shopping, communication, and information consumption. This boom created millions of jobs, generated massive revenue, and drove economic growth and innovation. Leading to the internet we all know today.

“Does Web 3 have a future?” is a question searched hundreds of times a month, growing by 400% last month alone.

Web 3 has a big future ahead of it as it looks to address any of the shortcomings of Web 2, including privacy, security, and centralization concerns.

As well as resolving the centralization issues and creating a more secure platform, Web 3 also presents new opportunities for innovation and collaboration. Creating a platform built on open protocols leads to a more open and user-centric internet where anyone can participate.

Web 3 is the natural evolution of the internet and with some of the top tech companies supporting the development of Web 3 including social media platforms Meta, Instagram, and Twitter, as well as Shopify, Netflix and Apple to name a few, it’s set to be the future of the internet.

One aspect of Web 3 that’s becoming more prominent is gaming, with an increase in searches of 236% over the past month to 9,900 searches.

Web 3 gaming refers to the integration of decentralized ledger technology, such as blockchain, into the gaming industry. In Web 3 gaming, players have greater ownership and control over their in-game assets, which are represented by non-fungible tokens (NFTs). This means that players can buy, sell, and trade their in-game items with greater ease, transparency, and security than ever before.

Additionally, Web 3 gaming often involves the use of DeFi, which allows for peer-to-peer interactions without central authorities. This creates a more open gaming environment, where anyone can participate, regardless of their background or resources.

An example of Web 3’s impact on gaming is GameFi, a concept that combines elements of gaming and decentralized finance integrating blockchain technology and cryptocurrency into gaming platforms. This has changed the future of gaming, allowing users to play and earn rewards which have real world value.

Overall, Web 3 gaming represents a significant shift in the gaming industry, as it enables greater user control, ownership, and creativity, while also creating new opportunities for innovation and collaboration.

With more mention of Web 3 in the media, searches for “when will Web 3 become mainstream” have increased by 400% over the past month.

Predicting when Web 3 will become mainstream is difficult as it mostly depends on factors such as technological advancements, user adoption, and regulation changes. It is expected that there will be significant growth over the next few years, however, as Web 3 transitions from its early stages into the mainstream.

Decentralized applications (dApps) and platforms, built on open protocols like blockchain, are key drivers of Web 3 adoption. These offer better security, transparency, and user-centeredness than traditional web applications. As more people use and interact with these dApps and platforms, Web 3 may become the dominant web technology. Over the past month our traffic to dApp pages has increased by over 10%.

Growing concerns around issues like privacy, security, and centralization in the current web ecosystem may also lead to more people adopting Web 3 technologies that offer greater control and ownership over their data. It’s hard to predict the exact timeline for when Web 3 will become mainstream, but signs suggest it is on the horizon.

The Office of National Statistics found that the proportion of cyber-related fraud incidents increased in 2022 to 61%, growing from 53% the previous year. As this continues to grow people will look for alternative safer & more secure options.

Being an essential part of the decentralized web, it’s no surprise that people researching Web 3 technologies are increasingly searching “What is a Web 3 wallet?”, a search term growing by 600% in the past month.

A Web 3 wallet is a type of digital wallet that allows users to securely store and manage their cryptocurrencies and other digital assets on the decentralized web (Web 3). Unlike traditional digital wallets, which are typically managed by a centralized service provider, Web 3 wallets give users complete control over their assets, allowing them to store, send, and receive digital assets without the need for intermediaries.

Web3 wallets, similar to physical wallets for paper money and cards, serve as a means to store digital assets. They play a huge role in decentralized finance, as unlike holding virtual assets directly, wallets securely store the necessary information for accessing them on the blockchain. It’s important to note that cryptocurrencies are distributed across a network, hence the mention of terms like seed phrase, public keys, and private keys when using Web3 wallets.

There are different types of Web 3 wallets, including hardware wallets, web wallets, mobile and desktop wallets, and even paper wallets. These are categorized as either hot wallets or cold wallets.

Hot wallets:
Hot wallets include all Web3 wallets which are in constant connection to the internet, allowing convenient access from phones or computers at any time. The key advantage of hot wallets is their convenience, however, they carry the risk of potential loss to hackers.

• Mobile wallets:
  Mobile wallets are apps on phones and tablets for storing Web3 payment data. These wallets are stylish and user-friendly, allowing all your keys to be stored locally on your mobile device. Mobile wallets are popular for crypto shopping at supported merchants, however despite being convenient and flexible, there’s high exposure to online security risks such as hacking.
• Desktop wallets:
  Like mobile wallets, desktop wallets are downloadable apps for your PC. They work in the same way as on a mobile and are compatible with major operating systems. Though private keys are stored locally in your PC, there is still a hacking risk since computers are connected to the internet most of the time. The other downside is that desktop wallets can only be accessed through the computer on which they were installed.
• Web wallets:
  Also known as online wallets, web wallets run on the cloud are the most common type of hot Web3 wallets. These wallets are usually used for crypto exchanges and are online 24/7, allowing users access from anywhere in the world. Most Web3 beginners opt for this type as they are easy to set up and operate.

Cold wallets
Cold storage in simple terms means keeping your private keys offline. The two main methods of cold storage are hardware wallets and paper wallets.

• Hardware wallets:
  A hardware wallet is a physical device that stores your private keys offline. This makes them more secure than hot wallets as it reduces the risk of being hacked. These wallets look like USB-sized devices which connect to your computer or mobile device for you to sign in when authorizing a transaction.
• Paper wallets:
  Paper wallets usually store your private keys in QR code format, they offer an alternative to investors who are not in a position to buy hardware wallets. Paper wallets are however largely a thing of the past as the risk of loss or damage is increased with paper being so fragile.

The internet is constantly improving with new innovations being added all the time. However, the movement into Web 3 will be one of the biggest the internet has seen. This being said, people are turning to Google to find “Is Web 3 the future of the Internet”, with searches increasing by 67% this month.

We are certain Web 3 will be the future of the internet, although it is currently unknown how exactly it will be implemented and if it will be to the same degree as Web 2.

Again, Web 3 is still only in its early stages, and there are many obstacles to overcome before it can become mainstream. While many people associate crypto with Web 3 development, bear and bull markets have no effect on it. The industry is building in the background with projects such as Hedera Hashgraph being backed by Web 2 giants such as Google, we are certain that it is part of the future, we just need to wait and see how exactly it will be implemented.

Other highly searched terms were Web 3 jobs, including “jobs in Web3” “Web3 careers” and “Web3 developer job description”. As the future of jobs is being questioned with AI becoming more mainstream, it seems Web 3 is creating its own new variety of jobs.

In the past month, there have been over 40,500 searches for Web 3 jobs, increasing by a huge 1957%.

The rise of Web 3 has opened up new career opportunities in a number of different fields. Some of which include blockchain development, smart contract programming, decentralized application development, Web 3 UX/UI design, decentralized finance, and cybersecurity.

Web 3 is still in its early stages, and there is a lot of potential for innovation and growth within it. This in turn creates opportunities for entrepreneurs and developers as there is a growing need for individuals with the skills and knowledge to work in these areas.