Mojoflower is building a business suite for the next generation of the internet, “Web 3.” While some think that Web 3 is just a buzzword, we view it as a compass; it is partly technological and partly ideological. It is a word that guides us towards a brighter, better future; the future that Web 3 presents includes a new era of digital ownership.

With a Web 3 approach, we can improve communication as well as how individuals and businesses interact. This new approach to the internet changes the fabric of both digital ownership and online identity.

What is Web3 and how does it compare to Web1 and Web2? — Source: Moralis

The current version of the internet, Web 2, offers many great things, but still has some problems. In Web 2, data ownership is messy; user data is stored across multiple silos and users must gain access to their own data through a third-party enterprise. Businesses that store user data give users permission to access it.

Simultaneously, this system fragments online identity. That is, having multiple accounts and multiple e-mail addresses obfuscate my identity—my online existence lacks provenance.

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Today, users must sign up every time they start using a new service, creating another new identity. This causes users to have multiple accounts and passwords, yet, many of these services do similar things. Paying for these services is another headache—users must add or update their credit card information. Constantly inputting information creates much friction for the ordinary user.

Web 3, on the other hand, unifies online identity. Web 3 offers a more seamless experience in which users access services with a single account. Instead of “standing in line” by signing up to new memberships, you can enter new services through the “revolving door” of a unified online identity.

Another problem with Web 2 is ownership. Until now, internet users have had to rely on centralized registries to enforce ownership. A simple example is a bank account you entrust with calculating how much money you have. In Web 3, new technology like blockchain improves on this concept by adding a permanent record that adds provenance for digital assets and identity.

Catch 22

However, Web 3 faces a challenge of its own. Although many great applications have been built for Web 3, its adoption is very low. Many Web 3 applications still have poor user experiences, poor user interfaces (UIs), problematic key or password management, and unclear regulations. Due to the low adoption rate, a high percentage of new Web 3 businesses fail quickly—they are starving for users.

Mojoflower is stepping into this new space, bridging the gap between Web 2 and Web 3 for companies. Mojoflower bridges the gap by adding provenance. Together, this makes it easier for companies to interact, engage in new businesses, do business across borders, access capital, and grow their customer base.

We enable businesses to become Web 3 natives, where ownership is identity.

Join us in the Web 3 revolution.

Insights

Web3 the future of business

Ólafur Páll Torfason

Co Founder / CEO