SINGAPORE – Ever wondered what is happening to the data that is generated about you based on your online activities?
The answer may be found in an epiphany from the documentary The Social Dilemma: “If you are not paying for the product, then you are the product.” But a new version of the Internet, dubbed Web 3, promises change, and perhaps for the better.
The Web that we know now has come a long way. In the 1990s, the Web consisted mostly of organizations providing content, with limited interaction.
In 1999, Web 2.0 was coined to describe the emergence of websites and applications characterised by user-generated content. User-generated content includes social bookmarking Web service del.icio.us, online encyclopaedia Wikipedia, video-streaming site YouTube, and social networks such as Facebook and Instagram.
The escalating amount of Internet users’ data generated online has led to increasing privacy concerns. Governments and lawmakers around the world have responded to such concerns in recent years.
In January 2020, the Norwegian Consumer Council published findings about how various apps collected, used and shared sensitive information about their users such as locations, dating choices, sexual orientation, ethnicity and political beliefs.
More recently in January this year, multiple states in the United States have filed lawsuits against Google for engaging in deceptive location data collection practices. The lawsuit is still ongoing, but the company has responded that the claims were based on outdated understandings of their features.
The principles governing the next version of the Internet, known as Web 3, may offer a way to address some of the issues plaging users today.
Web 3 involves applications premised on a new model of data ownership and control by users. It is built on the blockchain, a transparent ledger on a distributed network where users have more control over how their data is collected and monetised.
Web 3 makes it possible for individuals to mint non-fungible tokens (NFTs) to sell their artworks on online markets like OpenSea, or trade cryptocurrencies like Bitcoin using smart contracts which are self-executing computer programs.
Bitcoin trading is considered an early form of a Decentralised Autonomous Organization (DAO), a member-owned community without centralized leadership.
The emergence of DAOs is significant as it opens up the possibility of profiting the community directly through transparency and the decentralized cooperation of all its members.
There are many types of DAOs, reflecting the varied interests of different groups. You might have heard of Pleasr, a DAO on Twitter focused on buying NFTs that are “culturally significant” and support charitable causes. Other DAOs focus on social networking, such as Friends with Benefits.
There are some drawbacks.