Introduction

Recently, GoFundMe, a well-known fundraising platform blocked distribution of over CAD 9 million raised by donors for a social campaign on the grounds that the protests were not peaceful and were in breach of its terms of service. The funds were instead unilaterally redistributed to causes favoured by the platform (though are not necessarily supported or even agreeable to by the donors).

This was widely viewed as a move made by the fundraising platform in response to immense political pressure, especially from relevant government authorities. This sparked a flurry of criticism over the existing pre-dominant financial infrastructure which can be politicised and clamped down upon.  

Many believe that a switch to cryptocurrencies (“cryptos”) is the way out. In fact, an increasing number of fundraising platforms have launched cryptocurrency donation programs, as cryptos provide a censorship resistant alternative to the public to communicate value. With an ever growing focus on the utility of cryptos, this article will explore the potential of Web 3.0 Solution and its application in our everyday life.

What is Web 3.0 solution

As a quick recap, Web 1.0 is the first generation of the internet which was established in the late 1980s with a focus of increasing accessibility by the general public, whereas Web 2.0 is our present generation of the internet which emphasises n user-generated content and compatibility with other products and systems. For both Web 1.0 and Web 2.0, the majority of data is stored in centralised repositories.

Contrary to popular belief that Web 3.0 is a brand new technology, Web 3.0 was actually introduced back in 2006. It is the third generation of the internet where token-based economics will be at play and data will be interconnected in a decentralised manner. Eventually, websites and apps will be able to process data with human-like intelligence through AI technologies and systems. It is the next big evolutionary leap forward of the internet and heralds sweeping changes as to how we interact with the internet.

Decentralization

Under Web 3.0, users will no longer need permission from a central authority to post and receive content on the internet. Currently, a few global corporations dominate the internet, such as Meta and Google, whereby we are required to provide our personal data in exchange for access to their websites or platforms and their services, and in turn, these corporations make profits out of our personal data, e.g. by advertisements. Meanwhile, these corporations have a “kill switch” in the sense that they can censor contents posted on their platforms and monitor our activities online. 

With Web 3.0, information can be found based on its content and stored in different locations simultaneously, thereby achieving decentralization. The end result is that the existing internet giants will no longer be able to exert control over our activities online whilst users will retain ownership control without sacrificing their privacy or relying on intermediaries.

Semantic Web and artificial intelligence

The Semantic Web was introduced to enable computers to interpret information and data by adding data descriptors to existing content and data online. In other words, computers will be better equipped to analyse and decode data online. Complimented with the use of artificial intelligence, which makes use of algorithms to imitate human learning, computers will be able to provide better user interaction by producing faster and accurate results and making predictions.

Artificial intelligence will also deliver more accurate and reliable data to users by discriminating between genuine and fraudulent data online. One of the biggest features that distinguishes Web 2.0 and Web 3.0 is that Web 2.0 is primarily human-based, which is prone to human errors, bias and fraudulent behaviour. For instance, companies often pay users to rate and leave feedback on services they received online. It will be helpful if artificial intelligence is able to identify and differentiate between genuine and fake information online, and deliver only genuine information to its users. Its potential application goes beyond advertisement into the construction of precision materials and climate modelling. 

To this end, the development of such AI solutions are in line with Hong Kong’s continuing development of legal framework against false information. Already, the government of Hong Kong has announced plans to push legislation criminalizing ‘fake news’, misinformation and hate speech.

Transparency and censorship resistance

Web 3.0 is built upon the core concepts of decentralization, openness, and greater user utility (e.g. the blockchain). The blockchain is maintained by a peer-to-peer network of codes, which is collectively owned by everyone in the network as opposed to a single company and is accessible by anyone in the world. Users are therefore able to monitor their data and check the code behind the blockchain platform without the need of seeking authorisation from a governing entity, which promotes transparency and eliminates dependency on the tech companies and intermediaries.

Given the above, users and the content posted by them will not be restricted arbitrarily by tech companies and intermediaries based on geographical location, gender, political stance etc. In short, users can maintain full control over their data and assets without external restraints, and secure their own data and digital footprints.

With Polkadot (“DOT”), which has a blockchain interoperability standard, value and data can be transferred between previously incompatible networks such as Bitcoin and Ethereum. Through DOT, users can conduct transactions simultaneously and share data in a secure manner.

Key takeaways

Web 3.0 has unlimited potential in empowering us to interact with data, value and other distributed users through peer-to-peer networks without the need of intermediaries or gatekeepers. By returning data ownership and enhancing interaction between human and machines, Web 3.0 promises an interconnected and permission-less future.

The fact that there have been many criticisms that Hong Kong’s existing data privacy laws have failed to grant sufficient control of personal data to the data owner has propelled the city’s legislature to put forward the Personal Data (Privacy) (Amendment) Bill. To this end, Web 3.0 solution stands to compliment both legislative efforts and government policies.

As the technology goes mainstream, authorities may put in place regulations to govern transactions under Web 3.0, and legal and compliance issues arise. If you wish to tap into the great potential of Web 3.0 and other cryptocurrencies, you should seek legal advice to account for possible legal ramifications of your proposed transactions and best practices to secure your rights.