Blockchain has penetrated almost every major economic sector so when Opera announced earlier this week that it's adding support for Unstoppable Domains' decentralized web solutions, it was no big surprise.
There seems to be substantial demand for decentralized web with more than 700,000 domain names registered at Unstoppable Domains, and some, such as gambling.crypto and win.crypto, selling for over $100,000 each.
But why is decentralized web so important to people even though hardly any of Opera's 320 million users have heard about it?
The promise of decentralized web
Just as its name suggests, it's a place where no central entity can exercise absolute authority over individuals.
Just like other decentralized solutions though, participants can contribute to the network to derive a greater value out of it.
The key here is that a decentralized web would effectively eliminate the need to trust third parties for cloud storage, for example, because you are the cloud storage and so are all your peers.
In a well-developed decentralized web, you won't experience disruptions to service. Whether it's Instagram, Twitter or your Gmail, you rely on the service provider to maintain the network. In a decentralized world, there can be many failures and users coming and going, and your apps will run smoothly nevertheless.
Because it's a peer-to-peer network, censorship would be tougher – maybe even impossible – but a self-regulating ecosystem of peers could fight against fake news, which would not be generated based on faulty algorithms that seek to push ad revenue.
Beyond that though, decentralized web will certainly have applications in the entertainment sector.
Golden opportunity for entertainment
With the non-fungible token (NFT) boom and cryptocurrencies now accepted at a majority of online casinos, to name Bitcasino.io, 1xBit and FortuneJack, the truth is that a .crypto domain makes a lot more sense.
First, the added privacy and peer-driven control over the network is a strong enough incentive for people to prefer and accept their hobbies as a decentralized web solution rather than have their files backed up somewhere, which is essentially another person's computer.
Second, the decentralized web promises to create value. In the current context of music entertainment, for example, big labels dominate the industry and not just that, but they choose who makes it and who doesn't.
However, talented artist may join the decentralized web and create music and NFTs which can then be sold to appreciative peers for a small fee instead of being shared through YouTube or other peer networks, such as torrents, which add little value to creators and consumers.
Creators can use the decentralized web to control volumes and how much music is produced for example. The same pretty much applies to other hobbies, but the decentralized web is still in early days.
If there is one takeaway here, it is that decentralized web offers inherent value and it will only grow. Whether the IFPS protocol (the one which the decentralized web is based on) overtakes the HTTPS remains to be seen.