How Web3 Will Aid in a New Era of Credential Data Ownership and User Empowerment

The first thing that comes to mind when thinking of Web3 might be the likes of NFTs, the metaverse or blockchain technology. Although all of these concepts do fall under the umbrella that is Web3, additional features such as credential data networks also fit into the picture, which play an integral part in the progression of Web3. Back to Basics The current structure of the internet (as we know it today), often labelled as Web2, allows for user-generated content to be posted on a number of different channels. As opposed to the first version of the internet that was stagnant and limited to “read only”, the internet has moved to a structure which allows users to generate their own content as well as interact with it, such as one posting an image to their social profile, while other users like, comment and share the content. With technology ever changing at rapid speeds, Web3 is believed to be the next step in the transition of the web. Often dubbed as “the future of the internet”, Web3 is a decentralised version of the web, which integrates the likes of cryptocurrencies, NFT’s, DAOs, and decentralised finance into one space. With this being said, Web3 offers a magnitude of web versions which can be read, written or owned, allowing users to have financial stake and control over online communities that they belong to. One of the largest and possibly most disregarded aspects that differentiate Web3 from Web2, is the credential data...