From Web 3.0 to Metaverse: 5 Trends that Defined 2022

Web 3.0 and Metaverse

About 20 years ago, Web 2.0 changed how we interact and do business with each other. It allowed us to engage in social networking, open e-commerce stores, etc. But these entities capture your data. Also, financial data is necessary for online transactions. What happens with this data? No one knows. As a result, Web 2.0 users have raised many questions about ownership of this data and privacy.

All this data sits with large tech companies that keep it locked away. And accessing this data and knowing how it gets used is becoming challenging. So, Web 2.0 users no longer wish to risk their privacy.

With Web 3.0, data that sits with Big Tech companies will now come under the ownership of users. As a result, there will be fewer barriers when accessing this transactional data. Earlier, we had proprietary standards that created barriers to accessing data. We will move to open standards that allow us to democratize this data. In short, data structures will change quite a bit under Web 3.0.

Web 3.0 will work through decentralized blockchains and smart contracts. And the good news is, with growing investments in blockchain technology, the launchpad for Web 3.0 is being set. Research shows the global market of blockchain will grow from $7.18 billion in 2022 to $163.83 billion in 2029.

Growing investments in blockchain

Now, Web 3.0 consists of five components, one of which is 3D graphics and spatial web. With the spatial web, you will be able to roam virtual spaces. The spatial web consists of two technologies: Augmented Reality (AR) and Virtual Reality (VR.)

Through AR, you can virtually enhance the real world. With VR, you can play games, entertain, and do so much in a virtual world. Thanks to this virtual world, you can own virtual transactions and digital assets.

The bridge between AR and VR is the Metaverse. And Web 3.0 is one of the many tech trends that will make it possible. But the Metaverse cannot get built by only structuring Web 3.0. Many technologies need to work together to make this a reality, which we will discuss here.

Read on to know more about the 5 tech trends that defined 2022 and brought a step closer to building the Metaverse.

5 Trends That Defined 2022

Businesses continue to push their boundaries every year and open their doors to new tech. With more businesses moving to the cloud, new technologies can disrupt entire industries. We’ll highlight a few of these technologies that can shape your product engineering efforts.

  1. Blockchain
    Let’s first start with the age-old question – What is blockchain, anyway?
    Blockchain is a decentralized system autonomously run by entities in the network. These entities are known as nodes and are driven by consensus.
    In most cases, proof of work gets submitted before the chain is extended. The miner who added a block and nodes authenticating this block are incentivized through tokens. These tokens are known as cryptocurrency.
    Cryptocurrency is seen as a stabler alternative to fiat currencies. As a result, there is a growing adoption in Nigeria, Venezuela, Zimbabwe, etc. It is because devaluing currencies and political instability continue to affect such countries. Alternate currencies can offer some financial foothold for these citizens.

    Image Credit:- Growing adoption of cryptocurrency
  2. Web 3.0
    In the data economy, you will finally become an owner of your data. And Web 3.0 can help you gain control of how your data gets used. So, how does Web 3.0 tackle existing issues of privacy and trust?
    With the help of blockchain, there is enhanced data confidentiality, leading to greater ownership. In Web 2.0, websites would collect third-party data and generate revenue by displaying ads. But with Web 3.0, users can dictate how their data gets used.
    In short, Web 3.0 keeps your data secure. Whereas, in Web 2.0, your data gets managed by various intermediaries or simply Big Tech. This field has been attracting more and more talent from 2015 through 2021.

    Image Credit:- Growing talent in Web 3.0
    This growth is in part due to growing investments in this technology.
    Image Credit:- Growing investments in Web 3.0
  3. Advanced Connectivity
    You must have heard of the 5G revolution, right? 5G networks offer ultra-high speeds, low latency, and improved reliability. But 5G is a part of this growing tech trend, and there is a lot of economic growth possible in the field of advanced connectivity. But first – What is advanced connectivity?
    Well, as networks spread out, existing connectivity is improving. At the same time, new technologies are appearing to keep up with this trend. Both of these trends work together to form “advanced connectivity.”
    To highlight its business impact, McKinsey focused on four key industries: mobility, healthcare, manufacturing, and retail. And 70 to 80% of this impact could be realized through advanced connectivity.
    Here are the building blocks of advanced connectivity:
    Image Credit:- Building blocks of advanced connectivity
  4. Quantum Computing
    It’s a proposal for a new type of computation based on the principles of quantum mechanics. In simple terms, the study of quantum mechanics focuses on the dual nature of light and matter.
    Quantum computing uses this dual nature of particles to compute data, making it a lot faster than brute-force computing.
    Right now, many applications are being explored. Let us discuss one of them:
    • Quantum communications: It allows us to secure communications and move beyond existing cryptographic standards. It can help us:
      • Generate shared keys with verified randomness
      • Generate tamper proof communications
      • Create stronger encryptions
  5. Metaverse
    Our last trend on the list is the Metaverse. It is a digital space that will change how we work, shop, learn, and interact with each other. Also, we will be using the Metaverse much more than expected.
    According to Gartner, by 2026, 25% of people will spend at least an hour a day in the Metaverse for various purposes. Many companies are buying in on this digital space to turn it into a full-scale economy where users can exchange goods.
    But we only have a vague idea of what the Metaverse is. After all, it is not a single trend. Instead, it is the culmination of many tech trends. And these tech trends need to be used together creatively to make the Metaverse a working reality.

What Will This Year Bring: The Future of Technology

With the growth of blockchain, data and currency will be democratized. People will be able to use smart contracts to enter into agreements with online vendors. No more entering into online agreements with companies waiting to steal your data. With Web 3.0, users will have enhanced data privacy.

Data-intensive tasks like business analytics and weather forecasting will rely on advanced connectivity. Also, the shift towards low-latency and highly-reliable networks will improve our VR experience.

These technologies will secure our virtual lives and help us reclaim data ownership. All these technologies will lead to the birth of the Metaverse. The impact on businesses will be substantial, and it will revolutionize product engineering.

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