The modern internet, known as Web2, is defined by interactivity and global collaboration, yet it carries the burden of massive data centralization. Large technology companies control, store, and monetize personal data, often turning the user, who actively contributes content, into the product itself. Web3 emerges as a direct reaction to these excesses, seeking to correct issues of privacy and concentrated power, aiming to return full control of digital data and assets to the individual.
Digital evolution is categorized into three distinct phases. Web1 (1989-2004) was static and "read-only". Web2 (starting around 2004) is the "read-and-write" phase, dominated by platforms that use centralized servers and traditional databases. In contrast, Web3 represents the emergent phase of "read, write, and possession/ownership," built upon decentralized networks. Blockchain serves as the fundamental foundation and the essential infrastructure sustaining this entire vision.
Blockchain is primarily a distributed and decentralized database. Simply put, it functions as a shared digital ledger that is transparent to all, yet cannot be unilaterally altered. Its security is ensured by a chain structure: each block (carriage) contains a set of transactions and a complex code called a hash. What grants the system immutability and integrity is that each block stores both its own hash and the hash of the previous block, linking them sequentially.
This cryptographic chaining architecture ensures immutability, the Blockchain’s most critical feature. For an attacker to alter a record in one block, they would have to recalculate the hash of that block and all subsequent blocks—a cryptographically infeasible task. This eliminates the need for trust in a central authority (trustless systems), replacing institutional trust with reliance on mathematics and code. The network operates as a peer-to-peer (p2p) system, distributed across multiple global nodes, eliminating the "single point of failure" and ensuring high resistance to censorship.
The functionality of Web3 relies on specific cryptographic tools. Smart Contracts are programs stored on the Blockchain that automatically execute specific actions when predetermined conditions are met, replacing intermediaries. They are crucial for trustless transactions. Equally important are Non-Fungible Tokens (NFTs), digital assets representing exclusive ownership, whose life cycles (creation, transfer) are managed by smart contracts. This allows virtual items in video games to become the real property of the player, shifting value from the corporate server to the user.
Beyond DeFi, the technology offers solutions for operational efficiency. While public Blockchains form the basis of Web3, private and consortium networks are utilized by large organizations for traceability and efficiency gains in supply chains. For example, the immutable recording of product origin can prevent the spread of counterfeit goods, and the technology's application in customs operations (such as bConnect in Mercosur) is being used to mitigate bureaucratic hurdles and reduce goods release time.
Despite its potential, Web3 faces notable technical challenges. The Blockchain Trilemma describes the difficulty in simultaneously optimizing security, decentralization, and scalability. Prioritizing decentralization and security typically results in scalability issues, making distributed processing slower and transactions time-consuming. Compounding this is the complexity of decentralized applications (dApps) and digital wallet management, which requires advanced technical knowledge, acting as a barrier to mass adoption.
Other barriers include the energy consumption in networks using Proof-of-Work (PoW), driving the industry toward more efficient mechanisms like Proof-of-Stake (PoS). Regarding cybersecurity, decentralization mandates total individual responsibility: asset control relies on the user's private keys, and the lack of a central authority means there is no way to reverse fraudulent transactions or recover lost passwords.
In conclusion, Web3 represents a transformation in data architecture, swapping institutional trust for cryptographic security and returning digital ownership to the individual. Although challenges related to scalability and usability persist, the integration of tools like Smart Contracts, NFTs, and DAOs, built on the immutable foundation of Blockchain, re-architects online value. Web3’s global success will depend on the industry's ability to simplify the user experience (UX) to overcome technical complexity and fulfill the promise of a truly user-centric internet.