Web 3.0 won’t happen if blockchain platforms don’t lead the way

A utopian vision of the Internet lasted well into the 1990s, as Bill Gates wrote in 1996. opinion piece titled “The Internet Will Improve Democracy” that open information and communication “will put the citizen in a fundamentally more powerful position than ever.” Web 2.0, the Internet as we know it today, greatly expanded access to information and transformed everything related to society.

However, it’s safe to say that not everyone shares Gates’ initial optimism about improving democracy. Web 2.0 was a step in the right direction with many limitations, from data mining to censorship to security threats. However, a new and improved layer will fix the stalemate facing the Internet today. Artificial intelligence and advanced machine learning techniques in Web 3.0 will personalize what we know today as the Internet.

However, it has yet to really take off. Blockchain will enable Web 3.0 to realize the promise of a truly decentralized Internet.

We need to make room for blockchain when we talk about Web 3.0

In its 2001 milestone test, Tim Berners-Lee, the inventor of the first World Wide Web, referred to the future of the Internet as the semantic web, noting that machines “will be much more capable of processing and ‘understanding’ the data that they simply display today. . “

The semantic web became synonymous with Web 3.0 over a decade later, understand that one of the main characteristics of Web 3.0 is its ability to make logical connections between pieces of data.

Today, social networks that belong to technology companies are responsible for linking web pages and sharing data between users. It is still too early to know exactly what Web 3.0 will look like. However, it is clear that it will incorporate artificial intelligence, natural language search and machine learning technologies. As a result, Web 3.0 will feature a combination of words and visualization, providing users with relevant and meaningful data.

There is a growing understanding in the tech community that a truly decentralized Web 3.0 must have a blockchain platform. Blockchain technology can authenticate and decentralize information. A blockchain-based Web 3.0 will eliminate surveillance and exploitative advertising based on personal data. Instead, people will have more freedom to communicate with each other without being “ watched ” by tech companies.

Getting to the core of blockchain

A blockchain is a database with a list of transactional records shared by all participants in a digital network. Each record has a timestamp and reference links to all previous transactions. People outside of the crypto bubble may view blockchain as a sci-fi concept, but industries are gradually embracing blockchain.

Thirty nine percent of top executives and professionals have brought blockchain into production, representing a significant increase from 23 percent of respondents who indicated production in 2019, according to Deloitte’s 2020 Global Blockchain Survey.

While a blockchain is a database, a smart contract is a program that stores the database. A smart contract is fundamental to the blockchain because it contains the terms of the agreement between a buyer and a seller in lines of code. The code and its agreements exist on a decentralized blockchain network. With the use of smart contracts on the blockchain, transactions are traceable, transparent, and irreversible. Smart contracts allow people to exchange money, property, stocks, and anything else of value without the need for an intermediary.

Blockchain addresses the challenges presented by Web 3.0

On today’s Internet, Amazon controls a third of the cloud business, according to an April Statista report. On the search engine front, Google controls just over 92 percent of search engine market share worldwide, as of June data in a StatCounter report. Web 2.0 gave technology companies the technology they needed to revolutionize the way users communicate online. However, we have come a long way from a user-centric Internet.

With blockchain technology, there are no middlemen to control the data. As a result, no one has the power to block websites and services. Instead, the data will be moved from centralized servers to a peer-to-peer (P2P) network. As a result, everyone who wants to can contribute, the code is public, and everyone has the same information. With Web 3.0, users will be able to regain control of their data and experience a truly decentralized Internet.

In Web 3.0, blockchain will decentralize and distribute data. Therefore, there will be fewer data breaches. With today’s Web 2.0, companies that run applications store user data on their servers and databases. Even if companies decide not to sell users to third parties, hackers can still hack servers and databases. Therefore, sensitive information is at risk. In Web 3.0, secure and decentralized data storage protocols will store user data. As a result, it will be much more difficult for hackers to take control of the entire network.

The Internet of Things, a key component of Web 3.0, allows multiple devices to connect to each other, and while this is convenient, it is also dangerous. Blockchain technology will bring security and privacy to the IoT, with its privacy mechanisms and decentralized data storage. However, all devices that communicate with each other must be on an identical blockchain. Interoperability will solve this problem.

Why Web 3.0 should feature blockchain interoperability

Interoperability is the ability to view and access information across various blockchain systems, and it is an essential part of the Web 3.0 development framework.

In his 2019 article presented at the IEEE International Conference on Industrial Cyber-Physical Systems, Frank Golatowski’s Notes that “Protocols such as AION, Cosmos, Polkadot, ICON or Wanchain are developing solutions at the forefront of blockchain interoperability. Interoperability is the catalyst that enables broad business adoption through increased scalability and transaction performance. “

In other words, interoperability is crucial for mass blockchain adoption.

Among the blockchain platforms built for Web 3.0, it’s hard to ignore Polkadot, founded by Gavin Wood, co-founder of Ethereum and founder of the Web3 Foundation.

“As the underlying protocol for a thriving ecosystem of specialized, interconnected but sovereign blockchains, Polkadot sets the framework for a new decentralized web,” as he explains Moles. The main feature of Polkadot is that it allows the transfer of arbitrary data through any type of blockchain, which is necessary for a truly technologically advanced Web 3.0.

Last words

Web 3.0 is expected to change the entire user experience by focusing on data linking, but what will set Web 3.0 apart will be a blockchain-based platform. Web 3.0 offers a vision of a truly decentralized Internet that will be made possible by blockchain and smart contracts, which offer the ability to transfer valuable information securely and without intermediaries.

By using blockchain, it will be more difficult for hackers to take over a network. However, for a blockchain to truly revolutionize Web 3.0, it must be able to connect to other blockchain networks, which means it must have interoperability. Once this is implemented, we will finally be able to experience a decentralized internet.

Image credit: Rodion Kutsaiev; Pexels; Thanks!

James wo

James wo

James‌ Wo, the‌ ‌Founder‌ and‌ President‌ of ‌UAE‌ ‌licensed‌ ‌virtual‌ ‌asset exchange, ‌ ‌Matrix, founded‌ ‌DFG in 2015, where‌ ‌the‌ directors‌ ‌top ‌ $ 1‌ trillion asset management‌ assets.


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