Web 3.0 is the description given to the latest iteration of the web that involves a much more decentralised version of the internet. The internet has gone through several different phases characterised by Web 1.0 originally created by internet pioneer Tim Berners-Lee. Which then evolved in web 2.0 largely based around search engines and search media. Now transitioning to web 3.0 which is decentralised allowing users to use technology like blockchains to perform a variety of different tasks.
The simplest way to see the different between the different web version is by looking at 5 key points relating to the web and how they work in each version, How people interact, what is the medium of exchange, how is it organised, what is the infrastructure behind the version and who has control. See the following table:
Cloud and Mobile
See this article where we define the different terms used in Web 3.0 such as decentralisation, blockchains, metaverse, smart contracts, DAO’s, NFT’s and crypto assets. As new assets develop we will continue to update our content so that you can be aware of what is changing.
The goal of web 3.0 is for a more open internet that is not reliant on a number of large companies and is being designed from the bottom-up allowing anyone to join and use it in their business.
How does the law interact with Web 3.0?
The law has not caught up with the changes in web 3.0. This may change as time passes by and we are sure that governments around the world will want to specifically regulate how people interact in web 3.0. For the time being the local laws of each state and country will be applied to web 3.0 and the transactions that go between the different jurisdictions.
There is an area of the law that deals with the interactions of people between different states and countries around the world, it is called “private international law”. This is an area that is going to need to evolve to ensure that users in different jurisdictions can work together. For instance if you enter into a smart contract with someone in a different country and you wish to challenge the contract you will need to consider all of the different legal considerations that I have discussed above.
This is an evolving area of the law which we will continue to update you on, so ensure that you regularly check back on our site.
How does the Business Legal Lifecycle work with Web 3.0?
The law currently treats web 3.0 transactions and disputes just like a normal dispute. Therefore our Legal Risk Assessment will help you to spot the legal risks in your business. The assessment will actually save you money in the long term by empowering you with the confidence and knowledge to prevent the legal risks in your business. You can then go to your lawyer to reduce your legal risks to prevent legal risks within their business and prevent so many problems that commonly afflict small to medium sized businesses.
Get your Business Legal Lifecycle Legal Risk Assessment by clicking below.