Applications and Use Cases

Majority Backs Web3 Concepts as Future of Digital Landscape

July 05, 2023

AI (or more specifically, generative AI and GPTs) have taken over the headlines the past half-year. But there are two other technologies that are still talked about often, as well:

Cryptocurrency and Web3.

Built on blockchain technology, cryptocurrencies introduced a decentralized digital currency system, independent of central banks and traditional financial intermediaries. Since then, a plethora of cryptocurrencies has emerged, each touting unique features, use cases, and underlying technologies.

Cryptocurrency revenue is expected to show an annual growth rate of 14.40%, resulting in a projected total amount of $64.87 billion by 2027, according to Statista.

Parallel to the rise of cryptocurrencies, Web3 has emerged as a shift in internet infrastructure and applications. Web3 envisions a decentralized web where users have more control over their data and interactions. It leverages blockchain, decentralized storage, and smart contracts to build trust, privacy, and censorship resistance into online platforms and services.

However, skeptics have raised concerns about the inherent volatility, regulatory challenges, and potential for illicit activities associated with cryptocurrencies. Likewise, critics question the scalability, user experience and governance challenges associated with Web3. Many have read about and/or heard these things.

To gain a better insight on public opinion around these technologies, Web3 software technology company Consensys unveiled an opinion survey on crypto and Web3, which was conducted online by international online research data and analytics technology group YouGov.

The survey revealed that 92% of the participants demonstrated awareness of cryptocurrencies. This high level of awareness indicates the widespread recognition and visibility that cryptocurrencies have achieved in recent years. The mainstream media coverage, increased adoption and growing interest from individuals and institutional investors all have played a significant role in this heightened awareness.

Among those familiar with the cryptocurrency industry, the survey found that more than one-third expressed positive beliefs in its potential as the future of money and the future of digital ownership. These findings underscore confidence and optimism surrounding cryptocurrencies as viable alternatives to traditional forms of currency and as a means to revolutionize ownership and digital transactions.

The survey also highlighted a strong desire among respondents for greater ownership and control over their online presence and digital creations. Half of the respondents believe they add value to the internet, indicating a recognition of their contributions and a desire for recognition and compensation.

Additionally, a majority (67%) believe they should own the things they create on the internet, indicating a push for more decentralized and user-centric platforms, and 70% of survey respondents believe they should have a share of the profit a company makes from their data, emphasizing a growing demand for data ownership and fair compensation.

As with every technology, there are concerns when it comes to data privacy. Crypto and Web3 are no different. More than 80% of participants stated that data privacy is important to them, indicating a strong desire for increased protection and control over personal information. Additionally, 79% expressed a desire to have more control over their identity on the internet, highlighting the growing need for privacy-enhancing technologies and decentralized identity solutions. These findings reflect the increasing awareness and wariness regarding data breaches, surveillance and the potential misuse of personal information in the digital age.

The survey results indicate a growing mainstream desire for increased control over online identity, data sharing and fair distribution of profits among those who contribute to platform development. Web3 and cryptocurrency offer a global peer-to-peer network that empowers individuals. Web3 technology addresses these desires by shifting control of identity from third parties to individuals and establishing new models of value creation and community building.

People actively involved in crypto and Web3, whether through software development, crypto asset staking or participating in the creation and acquisition of NFTs, go beyond being mere "users" and directly contribute to the growth of their communities and the ecosystem as a whole. This redefined notion of "builder" is inclusive of artists, community creators, collectors and ultimately, everyone.

“The survey confirms the emergence of a decentralized trust paradigm that empowers users and communities,” said Joe Lubin, founder and CEO of Consensys. “The era of the builder aligns with the Web3 ethos where everyone can contribute.”

As these technologies continue to evolve, it is crucial to understand the diverse perspectives and opinions that shape their trajectory. Exploring these viewpoints provides valuable insights into the challenges, opportunities and potential societal impact of crypto and Web3.

Edited by Alex Passett

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