How Blockchain Can Pave the Way to Actualizing Web3

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The Age of the Internet has irrevocably changed the world to what it is today. Communication is now borderless; information dissemination is wireless; and money is electronic. Businesses and governments have also begun the full digitization and digitalization of their records and systems. 

Internet connection has become a necessity, and everyone is glued to their mobile phones or gadgets most of the day—whether they may be working, studying, chatting with someone, playing games or watching videos. It has come to the point that having no Internet connection makes people go in a panic as it not only disrupts their leisure time, but also many crucial aspects of their life.

But people are becoming impatient, always expecting faster Internet connections, instant transactions and more immersive experiences, among other things. And this is why everyone is anticipating what Web3 will bring. While Web1 is the early age of the Internet and Web2 is what the world is currently using, Web3 is expected to be on a whole new level where everything is fully digital and people are actually able to own and monetize their data. 

“For me, Web3 at the core is about ownership. This is the first time that we can truly own stuff on the Internet, in a digital environment… Essentially, Web1 is read only; Web2 is read and write; and Web3 is read, write and own,” Somi Arian, founder and CEO of innovative platform InPeak and author of “Career Fear (and how to beat it),” said during a backstage interview at the London Blockchain Conference 2023.

However, the road to Web3 has been blurred amidst all the excitement of what it can bring about. Everyone is raving about data ownership, but how is it actually realized? The best answer is through blockchain and micropayments. However, there are qualities that a blockchain must have in order to be able to not only enable micropayments, but to provide the technological efficiency that can act as a solid foundation for Web3. 

A blockchain that is truly decentralized can provide security and privacy. A blockchain that is public enables transparency that allows for auditability, traceability and integrity. A blockchain that is scalable, then, empowers the network to implement micropayments, which are small amounts of payments that usually fall far below the usual limit of traditional systems like banks and PayPal. 

In short, in order to be able to enable micropayments, transaction fees need to be as inconsequential as possible—and scaling on demand is key to making this happen. When a blockchain is capable of scaling, it can continuously increase its data block size and throughput, at the same time further reducing transaction fees. 

For instance, the scalable BSV Blockchain is completing 4GB data blocks and processing 50,000 to 100,000 transactions per second at fees averaging $0.000003 per transaction. And as block size becomes bigger and throughput is increased, fees can only get smaller. This makes it possible for as little as 10 cents to be sent as payment. 

For instance, a social media platform where users can pay, say a cent, for every action they take like posting, liking and sharing is possible. In return, they can also earn when their post is commented on, shared and liked. And this is precisely why Arian, who is known to use the Ethereum Blockchain, has become interested in the BSV Blockchain. By enabling micropayments, a Web3 where one can read, write and own data can become a reality.

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