Web 3.0, the next stage in the evolution of the Internet, allows data to be interconnected in a decentralised way. This is a stark change from the digital world that we know, now also referred to as Web 2.0, where data has historically been centralised and
siloed. Is Web 3.0 the future? If yes, should those in the financial services industry and fintech sector be looking for a Web 3.0 job? What does a job in Web 3.0 entail?
Although the metaverse is not a new concept, in 2021 leaders within the fintech industry saw symbiosis across Web 3.0, blockchain and cryptocurrency. That year, at Singapore Fintech Festival, the now defamed former CEO of FTX Sam Bankman-Fried
Bankman-Fried said on stage to some 60,000 attendees that uptake of digital currencies is due to rapid digitalisation and fears of inflation and depreciation, both due to Covid-19. He added: “The current system is not prepared to handle the volume that’s
trying to be placed on it,” continuing to say that banks had asked FTX to “slow-down” the number of wire transfers they handled a day, which most of the time was in the hundreds. His view, in 2021, was that regular use of cryptocurrency would take time, despite
increased exploration, and that it would take between 10-20 years before a consumer’s financial needs could be fully hosted on digital currency.
If Bankman-Fried’s word is to be taken as gospel, which perhaps it shouldn’t, 10-20 years is a long time in the tech world. The crypto-curious are creating applications that has led to a surge of interest in blockchain-enabled transactions, particularly
by those in the traditional financial services industry.
This interest has permeated across the industry, and it is now being questioned whether businesses that rely on cryptocurrencies, blockchain or Web 3.0 for their operations would gain some form of competitive advantage or market differentiation. However,
businesses with transactions, products and services based on digital assets will still need to transact in fiat currencies. As Bankman-Fried alluded, the world is not ready for all financial needs to be conducted across the digital world.
Is the world ready for a Web 3.0 industry? Should we be looking for a job within the Web 3.0 industry?
What is Web 3.0?
As defined by TechTarget, “Web 3.0 (Web3) is the third generation of the evolution of web technologies. The web, also known as the World Wide Web, is the foundational layer for how the internet
is used, providing website and application services. Web 3.0 is still evolving and being defined, and as such, there isn't a canonical, universally accepted definition. What is clear, though, is that Web 3.0 will have a strong emphasis on decentralized applications
and make extensive use of blockchain-based technologies. Web 3.0 will also make use of machine learning and artificial intelligence (AI) to help empower more intelligent and adaptive applications.”
What does this next phase of the Internet mean? New data rights, a focus on peer-to-peer interaction, and a move away from centralised organisations. Further, the recent increase in interest in Web 3.0 led to the development of DAOs – decentralised autonomous
organisations – which are able to regulate DeFi and NFTs, and therefore, a range of Web 3.0 projects have been launched.
Web 3.0 examples
While Web 3.0 is a work-in-progress and isn’t defined yet, its main principle is that it is decentralised and not controlled by governments and corporations. This is unlike the websites we visit today, which are all owned by businesses and controlled by
regulations decided by governments. Blockchain presents a different option, a new way of storing data online, and built around the ideas of encryption and distributed computing. With this, data can be stored so that it is only ever controlled by the person
who owns it, even if it is stored on a server owned by a corporation or controlled by the government.
An example of a Web 3.0 transaction would be sending Bitcoin directly to another person and not through an online exchange or digital wallet on a centralised server. Other examples include:
- OpenSea – an Ethereum-based platform where NFTs can be bought and sold
- Uniswap – a decentralised cryptocurrency exchange
- Everledger – a platform for blockchain-based supply chain, provenance, and authenticity
Web 3.0 companies
Emergen Research, “the global Web 3.0 market size is expected to reach USD 81.5 billion in 2030 and register a revenue CAGR of 43.7% during the forecast period. Increased transparency and high data security, increasing traction of non-fungible token (NFT)
payments and digital collectibles, and rising investment in research and development (R&D) initiatives by major market players are some key factors driving revenue growth of the global Web 3.0 market.”
Emergen Research have also listed the world’s most prominent companies in the Web 3.0 market in terms of revenue:
- Helium Systems, Inc.
- Coinbase Global, Inc.
- Polygon Technology
- CoinSwitch Kuber
- Alchemy Insights, Inc.
- Web3 Foundation
- Brave Software, Inc.
Is Web 3.0 a good career?
If Web 3.0 Twitter is anything to go by, the skills needed to get a job within the Web 3.0 space are being able to code in multiple languages and in a way that can power decentralised applications, design software with cryptography in mind, and of course,
analyse data. For those not tech-savvy or analytical, like any sector, graphic designers are needed for creating the visual elements of said decentralised applications and UX designers, for creating accessible interfaces.
Blockchain Council, “a Web 3.0 career offers several benefits and perks that can be extremely attractive to job seekers. For starters, Web 3.0 careers tend to be very high-paying, as companies are willing to pay top dollar for employees with the skills
and knowledge to help them succeed in the new web landscape.
“In addition, Web 3.0 careers offer high salaries and numerous opportunities for advancement. Professionals in Web 3.0 also enjoy flexible working arrangements, including working remotely from anywhere in the world.
“Additionally, web 3.0 careers offer the opportunity to make a positive impact on the lives of others by helping to create innovative technologies that can change the way we live, work, and play. If you are looking for a career that offers both personal
and professional satisfaction, a web 3.0 career is an excellent choice.”