For decades, the internet has been dominated by a few giant corporations. Technology behemoths such as Google, Meta (previously Facebook), Amazon, and Apple dictate how we communicate on the web, what we consume, and even where we spend our money. They’ve created centralized platforms that collect our data, manipulate our decisions, and profit massively from our online lives.

But a new generation of innovation is shattering this mold. Decentralized networks and Web3 are transforming the internet, wresting control from the corporations and returning it to the people. This technology holds the potential for a more open, more equitable, and more people-driven digital universe, a universe in which censorship, data exploitation, and corporate monopolies are a thing of the past.

How Big Tech Dominates the Internet

The internet as it exists today, sometimes called Web2, is dominated by centralized powers.
They rule by way of:

Data Ownership and Surveillance
Whenever you social media, Google something, or buy on Amazon, your behavior is data-mined, analyzed, and sold. Your profile is built by companies based on this, affecting advertising, political campaigns, and even search results.

Censorship and Content Moderation
These tech giants also determine what is acceptable content. While moderation might be warranted in certain instances, the companies tend to remove or censor content in accordance with their interests or pressure from external sources, restricting free speech and pluralism of thought.

Platform Lock-In and Monopoly Power
Since large platforms are centralized, users retain minimal control over their accounts and digital assets. YouTube can demonetize a creator in the middle of the night, Twitter (now X) can suspend users without explanation, and Facebook can alter its algorithm, crippling businesses that rely on its reach.

Financial Control and Middlemen
From subscription services to online payments, the gatekeepers are large corporations. Online services such as PayPal, Visa, and Apple Pay can block payments, freeze accounts, or impose hefty fees. Businesses and creators typically lose a large percentage of their revenue to commissions and platform fees.

Enter Web3: The Decentralized Revolution
Web3 is the future of the internet — one built on blockchain technology, decentralized protocols, and ownership by the users. As opposed to corporate-controlled Web2, Web3 is meant to be trustless, transparent, and governed by users.

Decentralized Social Media and Content Platforms

Web3 social media like Tangled, The Arena, and BULB (web3 blogging) allow you to own your profiles and posts. Unlike Facebook or Instagram, where your profile belongs to the company, Web3 networks provide you with the power to transfer your social identity across apps at your whim without fear of losing it.

Blockchain video platforms such as Theta pay creators directly in cryptocurrency, eliminating intermediaries such as YouTube. Fair compensation is assured without the need to rely on advertisements.

Blockchain-Based Digital Identity and Privacy
Web3 does not rely on Google or Facebook login but on self-sovereign identities — giving the user control over their online identity. Ethereum Name Service (ENS) and DID (Decentralized Identifiers) technologies eliminate the necessity of centralized accounts that monitor users’ activities. Ronin and other blockchain projects have something like this as well.

Projects like Brave Browser and Presearch offer ad-free, private browsing experiences that reward usage without selling users’ data.

Peer-to-Peer Finance and Ownership
Web3 substitutes decentralized finance (DeFi) for banks and payment networks. Ethereum, Solana, and the Bitcoin Lightning Network are some of the networks that enable direct, borderless transactions without intermediaries.

Monetization of Creations via NFTs
Creators can sell their creations in the form of NFTs (non-fungible tokens) so that they can monetize art, music, and digital products without relying on centralized markets.

Decentralized Decision-Making and Governance
Decision-making in Web3 is community-oriented rather than corporate-oriented. Decentralized Autonomous Organizations (DAOs) enable users to vote on platform development, rules, and revenue distribution. This means that platforms develop according to the requirements of the users instead of corporate interests.

Projects such as Aragon, MakerDAO, and Uniswap provide examples of decentralized governance replacing legacy corporate models.

Challenges and Way Forward

Despite Web3 being an appealing solution compared to the modern internet, there are obstacles that it faces:

Scalability Issues: Most blockchain networks still face issues related to slow speed and expensive transactions.

User Experience: Decentralized applications (dApps) are not user-friendly like native platforms.

Regulation and Adoption: Governments and corporations could be averse to decentralization and can introduce regulatory roadblocks against growth.

Security Risks: Threats of hacking and bugs in smart contracts still exist.

However, as technology advances and adoption increases, Web3 is becoming increasingly accessible, scalable, and secure. Developers are creating Layer 2 scaling solutions, better user interfaces, and interoperability between blockchains to make the decentralized web as seamless as Web2.

The Future is Decentralized

For too long, Big Tech has dictated what we do, say, and see online. But with Web3, individuals are taking back their digital autonomy. A decentralized internet is no longer a vision for the future, it’s being constructed right now.

The change won’t come overnight, and there are still challenges ahead, but the evolution towards a more open, fair, and user-centric internet is unavoidable. With decentralized networks, we can overcome corporate monopolies and create a digital world that’s truly for everyone.

Are You Prepared for the Future of the Internet?

The question remains, will you continue to adhere to centralized platforms that exploit your data, or will you take control and be part of the Web3 revolution? The choice is yours.

(This article was written by HattyHats with the help of AI)

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Original article on On The Node