Web3 Companies are Coming Against FAANG! Dominance Ends Here

by sirisha October 2, 2022

Space and Time, a web3 company could raise $20 million in strategic funding from Microsoft

In a recent announcement, as reported by Cointelegraph, Space and Time, a web3 company could raise $20 million in strategic funding from big-tech companies like Microsoft along with other technology, cryptocurrency, and web3 companies. Big tech companies indulging in Web3 technologies don’t come as surprise as companies like Meta, Amazon, and Alphabet are way ahead in putting their eggs into this basket and experts opine this trend is only here to grow. The Internet and the way people interact with it change with every new version of the Web. When Web2 gave people an opportunity to share information with strangers worldwide on social media platforms, Web3 holds the promise to be present personally as a person on the internet and hence the nature and shape of interactions are destined to change that big-tech company hardly can afford to ignore.

How Web3 technology works?

Web3 leverages blockchain technology, where data is stored in interconnected blocks. It is a sort of decentralized digital ledger for storing transactions, sans a centralized authority to control the data. Cryptography, a form of data encryption connects different blocks. The multiple network nodes of the system verify the data stored on the ledger. Unlike in Web1 and Web2, each network node has access to data records, ensuring immutability and making the data safe from breaches. Therefore, a new breed of developers also known as Web3 experts – who use blockchain technology to create safe and secured solutions for users – is shaking the technology space. The new web3 companies have become a sort of brain-drain magnet for coders and programmers for the sheer number of green-field opportunities, kind of remuneration, and the prospect of career growth these web3 startups offer. Does this mean the end of dominance for FAANG companies? Going by the way the big-tech companies are planning adopting to Web3 space, it remains to be seen how the companies would address a data-based economy with decentralization as.

Interoperability is the key

Some Web2 companies have already taken to blockchain technology with companies like Paypal supporting Bitcoin payments and cryptocurrency transfers, and FAANG companies setting up special departments that focus on blockchain research and implementation. To a large extent is rather unclear how these companies are going to integrate blockchain into their business model, while possibilities are many for companies to use NFTs to Defi services for the transactions. However, for the operations to be seamless, businesses need to have easy access to all the blockchain networks that come with their own specialties and strengths. Unless and until blockchain interoperability—which in itself requires the exchange of data — is achieved and achieve decentralization at the same time.