Even if people like what Web3 promises to deliver, hardly anyone understands what the term Web3 means.
In a recent survey conducted by polling company YouGov together with Ethereum software company Consensys, people across the globe were asked about their awareness of emerging technologies, how they feel about the state of the internet economy, and what they say are the values they prioritize online. What it found was that not many people have an idea what Web 3 is, even if they heard of it.
The YouGov-Consensys survey polled just over 15,000 people across 15 countries on 32 questions between April 26 and May 18. They were asked 32 questions related to Web3, cryptocurrencies, and their thoughts on the current internet ecosystem.
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According to the survey, 24% of respondents around the world said they are at least aware of Web3, but only 8% said they were very familiar with it and 16% who said they were somewhat familiar with it. In contrast, 37% said they were not at all aware of Web3.
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The concept of Web3 is focused on remedying the problems that accompanied Web 2.0, the second stage of the internet, which ushered in more user interactivity. For proponents of Web3, the current internet doesn’t leave users enough control over their personal data, content, or privacy. Instead, it trusts centralized firms like Google or Amazon to manage it.
But enthusiasm for Web3 never really caught on and remains soft—a bit like cotton.
A desire to decentralize the internet in a way that takes control away from big firms and places it back into the users underpins the hopes of the Web3 generation. Paradoxically, surveyed respondents largely embrace these values even if they weren’t familiar with the term Web3.
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About 67% of respondents say they should have more ownership over their online content. Only 38% of people polled said they feel adequately compensated for anything they produce online. Seven out of 10 respondents say that they believe users should be sharing in the profits companies are making off of their data right now. In terms of privacy, 79% of people surveyed said that they want more control over their online identities.
The YouGov-Consensys survey also published new findings that showed greater awareness about cryptocurrencies. What it found was that 92% said they are aware of crypto, and 50% professed to understand how they work.
Though knowledge was wider spread, the embrace of crypto varied across regions.
European countries, Japan, and South Korea expressed more skepticism about crypto, something the survey said is rooted in ideas that cryptocurrencies are untrustworthy or too speculative.
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Meanwhile, the embrace was stronger among African and Latin American countries, which the survey speculates has to do with a perception that cryptocurrency is a more stable alternative than local currencies.
Indeed, in some countries like Nigeria, a country with both the largest population and economy in Africa, steps are being made to expand how crypto is used and regulated. However, there are also countries like Argentina, where inflation remains very high, but authorities have moved to crackdown on crypto.
