Everything you need to know about the next internet revolution, WEB 3.0

Blockchain technology, or blockchain for short, has become one of the most important innovations of the 21st century due to its massive impact on various fields such as finance, manufacturing, and education. Numerous applications have been emerging for a number of years, underscoring the expected impact of technology as the race for the digital economy heats up.

But in the near future, it is expected that the biggest and most important impact on the Internet will be the third generation (Web 3.0), which is called the future of the Internet because this Web will theoretically be decentralized, democratic and (peer-to-peer). -to-to-peer (P2P) protocols for data exchange and cryptocurrency (decentralized finance) DeFi, NFT and DAO are also part of this new web-based (blockchain) hub that will provide read and write access, and also allow you to create your own for Copy.

These technologies are the cornerstone of what is known as (Web 3.0), which is an acronym for the project that aims to redesign the way the web works as we know it today, as the use of the blockchain changes the way it will change how they store their information. , joint and shared. Methods. to have. In theory, this new network could eliminate monopolies over who controls information, who makes money, and how networks and companies operate.

Supporters argue that Web 3.0 will create new economies, new product categories, and new services on the Internet; will bring democracy back to the web; It will define the next era of the Internet.

For this reason, we now find many Web 3.0 projects being developed by large companies, despite the fact that blockchain technology faces significant technical, environmental, ethical and regulatory hurdles, while skeptics increasingly warn that "because of speculation, theft, privacy ..., Web 3.0 is an unresolved problem, phasing out centralization and increasing intermediaries, Neo is already completely destroying the dream of a decentralized network.

At the same time, businesses and governments are struggling to understand the potential and opportunities presented by Web 3.0 technologies because they can be hugely profitable for organizations that understand and use them correctly, or their customers don't like them.

Most people don't know what is web 3.0? As Harvard Business Review's LinkedIn survey revealed, March 2022 readers; Almost 70% do not know what this term means.

Welcome to the anarchic, competitive, exciting, deceptive, catastrophic, and decentralized world of Web 3.0. Here's everything you need to know about 3G internet:

First of all: How did the Internet come about and how did we get to Web 3.0?

Everything you need to know about the next internet revolution, WEB 3.0

in the beginning ; The Internet was born with the Advanced Research Projects Agency (ARPANET) broadcasting its first message in 1969. The idea was to have an infrastructure of wires and servers that would allow computers and the people in front of them to talk to each other.

But the Internet as we know it today did not exist until 1991, when the language (HTML) and URLs allowed users to switch between static pages, and this global version of the Web created the first Internet (Web 1.0) and (read - just the Web) because a few Users have the opportunity to contribute their own content.

But things began to change in the early 2000s when the era of user creation and dissemination of content began, and the Internet became more interactive and the Web became a place for reading and writing, and here we call the second generation of the Internet (Web 2.0).

since 2005; Social media is a core feature of Web 2.0, with Facebook, Twitter, and Tumblr defining the Internet experience, while YouTube, Google, and Wikipedia offer the ability to comment on content and expand the way we see, learn, search, and communicate.

Interactivity is an important aspect of Web 2.0, as users can actively interact with content in a variety of ways, from commenting on blogs or articles to creating and sharing their own content.

The Web 2.0 era was also central, as network effects and economies of scale — strategies companies use to cut costs by increasing production — led to monopolization of some products by large corporations, enriching and enriching their shareholders thanks to the pool of user data. and sell targeted ads based on that data.

This allows the service to be offered free of charge, although users initially do not understand the implications of the agreement. Web 2.0 has also opened up new ways for ordinary people to make money, such as through the sharing economy and the rise of influencer-class social media platforms that have mushroomed around the world.

Of course, the current online system has received a lot of criticism for not being used responsibly by large or near-monopolistic corporations, and consumers now understand that they are the end product and are increasingly reluctant to provide personal information to these corporations. .

As the web grows, becomes more centralized, and big corporations enter, many are beginning to wonder if there might be a brighter future. That brings us to Web3, which is described as a major update to fix harmful issues for the second generation of the Web.

If you are concerned about privacy, use an encrypted wallet to protect your identity online if you fear censorship. A decentralized database stores everything immutably and transparently, preventing moderators from removing objectionable content. What if you don't want to be centralized? Web 3.0 provides the ability to vote on the network decisions you spend your time making, so you are no longer the producer, but the owner. This is the third generation vision of the Internet, that is, read, write, and get your copy (a private reading and writing copy of the Web).

Secondly, what is web 3.0?

Secondly, what is web 3.0?

It can be said that the idea of the third generation of the Internet (Web 3.0) began in 1991 when the idea of (blockchain) or blockchain appeared for the first time when it was introduced by Stuart Haber, cryptographer W Scott Stornetta, professor of theoretical physics. A mathematical solution based on the Hash Algorithm (HASH) to secure digital documents in a way that no one can access, manipulate or change them, then in 1998 computer scientist (Nick Szabo) tried to use it to focus digital files on generating (gold bit) currency.

But things changed in October 2008 - especially after the Great Depression - when an unknown innovator or group of developers under a pseudonym (Satoshi Nakamoto) submitted a proposal to model a white paper on the blockchain.

In 2009, he created Bitcoin as a form of money that could be sent between peers without the need for a central bank or other institution to operate and maintain the blockchain.

Little is known about (Satoshi Nakamoto), so there is an opinion that this is just a pseudonym behind which a whole team of programmers is hiding who decided to create something new for the world and the global financial system, they developed the digital currency (bitcoin) Bitcoin, the first application of blockchain technology.

Bitcoin and the underlying blockchain technology works as follows: ownership of the cryptocurrency is tracked in a shared public ledger, when a user wants to make a transfer, miners will process the transaction by solving a complex math problem and converting a block of new data added to the chain and the coins are earned. While the bitcoin chain is only used for digital currencies, blockchain technology offers other possibilities.

Blockchain technology underwent a major shift in 2014 when it broke away from cryptocurrencies and began exploring its potential for public financial transactions between other parties. Here the second version of the blockchain (Blockchain 2.0) was created and introduced to other applications besides the concept of digital currency, for example b. What you publish (Ethereum).

Ethereum was released in 2015; It is a cryptocurrency and a platform on which other cryptocurrency and blockchain projects can be built. As one of the founders, Gavin Wood, puts it, "It's a computer for the entire planet. In theory, it's a distributed world of computing power, out of control."

Now, more than a decade later, proponents of a blockchain-based internet say a new era for the internet — Web 3.0 — has dawned.

Quite simply, Web 3.0 is an extension of cryptocurrency that uses the blockchain in new ways to generate new results. The blockchain can store the amount of tokens in a wallet, the terms of a self-executing contract, or decentralized application (dApp) tokens.

Not all blockchains work in the same way, but currencies are generally used to process transactions. In a proof-of-work chain like Bitcoin, solving the complex computational problems required to process transactions is energy intensive.

Whereas with Proof-of-Stake chains (a newer but increasingly popular algorithm), transaction processing only requires validators with stake in the chain to agree that the transaction is legitimate, which is a more efficient process.

In either case, the transaction data is public, although user wallets are only identified by cryptographically generated addresses. So the blockchain is read-only, which means you can add data without deleting it.

Web 3.0 and cryptocurrency operate on what is called a permissionless blockchain which has no central control and does not require users to trust anyone or know anything about other users in order to transact with them.

“Web 3.0 is an Internet jointly owned by developers and users and organized using tokens,” said Chris Dixon, partner at venture capital firm a16z and one of the leading developers and investors in the web.

This is important because it changes the fundamental dynamics of today's internet as companies track users to get as much data as possible and put it to good use.

"Tokens and shared ownership solve a fundamental problem in centralized networks, where the company owns the total value and ends up at odds with users and partners," Dixon said.

The term Web 3.0 was coined by Gavin Wood, one of the founders of the Ethereum blockchain, who described his vision of the new age in a 2014 blog post: From different things, but with a completely different interaction model between the parties, we assume that information is public, we publish it, we assume that information is consistent, and we put it In a consensus classification in the narrative we assume that information is private, we keep it secret and never reveal it, in this view all communications are encrypted and identities are hidden. In short, we are designing a new system in which no government or organization can be trusted."

Since then, the idea has grown and new use cases have emerged, such as: Streaming service platform (Web 3 Sound). Blockchain-based games, ex: (Pokémon-esque Axie Infinity) Users earn money by playing, so-called stablecoins that are Peging their value to the US dollar, euro, or other external standard, and developed as an upgrade to strengthen the global financial system.Cryptocurrencies are gaining popularity as a cross-border payment solution, especially for users in volatile environments.

Blockchain promises to transform the way we use technology today, just as computers and smartphones have over the past 10 years, with the number of active developers working on Web 3.0 code nearly doubling to nearly 18,000 in 2021 - that number does, regardless of Aside from staggering global numbers - but more importantly, there is no denying that Web 3.0 projects are now part of the zeitgeist.

Third, what does Web 3.0 mean for businesses?

Third, what does Web 3.0 mean for businesses?

Web 3.0 will be very different from Web 2.0; Instead of requiring a single login for each website they visit, users use a central identity — perhaps their crypto wallet — to store their information.

They have more control over the websites they visit, where they earn or buy tokens that they can use to vote on decisions or job opportunities.

But so far, predictions about what Web 3.0 might look like have remained pure speculation while some projects have come out and grown exponentially. Several companies have built thriving NFT communities, for example: The Bored Ape Yacht Club - better known as (BAYC) - collection of nearly 10,000 cartoon monkey images, listed as one of the most profitable NFT pools and cashing in on the best NBA Moments buy and the sale and trading of NBA videos from crypto giant Dapper Labs.

a company; Ex: Coinbase for buying, selling and storing cryptocurrencies and OpenSea (the largest digital marketplace for cryptocurrency and NFT collectibles) which provides ways for people with little or no technical experience to make money from NFTs.

While major companies like Microsoft, PayPal, Overstock, and Tesla have been accepting digital currencies for years, in 2014 Microsoft began accepting cryptocurrencies as payment for games, apps, and digital content on Android platforms like Windows, Phone, and Xbox. The popular NFT is an essential way for brands to experience Web 3.0.

From a scientific point of view. NFTs are a combination of deeds, certificates of authenticity, and loyalty cards that can grant ownership of digital art, usually a registration of ownership and a link to an image somewhere, ownership rights, or access to the blockchain.

NFT can work on a smaller scale than coins because they create their own systems and just require a community of people who find value in the project. Example: Baseball cards are only valuable to a few collectors, but this group truly believes in their value.

The most successful business endeavors are those that create communities or connect with existing ones. Leading brands such as Nike, Adidas and Under Armor have launched NFTs that can be used in the virtual world, for example: owners can set up a photo token or grant rights to exclusive products from the real world or street fashion shows.

Adidas sold $23 million worth of NFTs in less than a day and immediately created a resale market on OpenSea; Time magazine started the NFT project with the goal of creating a permanent online community.

For example, while some companies have had unsuccessful experiences with NFT projects: Discord users rioted when Discord CEO Jason Citron tested a feature that could link the app to a crypto wallet and demanded to clarify that the company had no plan. Start with Web 3.0 because it has many issues that we need to solve first.

Underwear brand MeUndies and the UK branch of the World Wildlife Fund were also quick to withdraw from NFT projects after customers criticized the project's negative environmental impact.

Additionally, companies that have successfully adopted NFT technologies have encountered hurdles along the way. For example: Nike asked the court to order the destruction of unauthorized NFTs because the online retailer was selling Swoosh-branded NFTs without their permission, while OpenSea admitted that some of the NFTs hosted on its platform were stolen and counterfeited.

All of these incidents have raised new legal issues because blockchains are immutable and it is not clear how companies will handle copyright and infringement.

Companies considering entering this space should remember that Web 3.0 is controversial and offers no guarantees. Among the many points of contention, the main difference is between those who believe Web 3.0 is perfect and will solve all of the Internet's current problems and those who regret Web 3.0. Many problems they are currently facing.

fourth; Web 3.0 had many problems before it was launched:

Web 3.0 had many problems before it was launched

Skeptics believe that Web 3.0 is nothing more than a gigantic speculative economy that will make some super rich, despite all the rhetoric about democratization, ownership opportunities, and collective wealth accumulation, since most of the cryptocurrency market consists of overvalued assets. and theoretical sums. . Cryptocurrency fanatics are unaware of the impending disaster.

In Attacking the 50-ft Blockchain, David Gerrard writes: “Cryptocurrency advocates and lazy journalists like to talk about the market cap of cryptocurrencies, which is the total number of coins or tokens out there multiplied by today’s price…a number that doesn’t really apply to anything — this Not real money invested in cryptocurrency This is not realizable value ie: the company's market capitalization doesn't affect the price - it's just hackable numbers that look good in the headlines every cryptocurrency is very thin, even bitcoin, you'll never be able to From adding even a fraction of the number.

This point is easy to prove; Due to the many problems in the cryptocurrency market and trading, we have seen many reports of manipulation in the cryptocurrency market and the NFT market, artificially inflating the value and allowing holders to earn coins through fake transactions, which is the main reason for the collapse of the FTX exchange at the end of the year. 2022.

Molly White, a software engineer and critic of the decentralized blockchain and cryptocurrency industry, created a website called Web3 Is Going Just Great to document scams and failures in the Web 3.0 world.

Fifth ; The technology is impractical and expensive:

The technology is impractical and expensive

There are many questions about whether Web 3.0 or blockchain will really define the next era of the Internet? “Whether you agree with the economic philosophy based on cryptocurrency or not, this is just a software engineering disaster in the making,” said Grady Bush, senior software engineering scientist at IBMResearch.

"With any technology, there are trade-offs," Bush explained in a conversation on Twitter Spaces. "The cost of a trusted system is that it is very inefficient compared to centralized systems and processes very few transactions per minute. This means that the amount of data is negligible." Decentralization also makes technology more complex and out of reach of the average user, rather than making it simpler and more accessible.”

While this can be solved by adding new layers that can speed things up, it makes the overall system more central and defeats its primary purpose.

However, the inefficiency of the blockchain lies in its high cost in the literal sense. Bitcoin and Ethereum transaction costs range from a few dollars to hundreds of dollars. Storing megabytes of data on a distributed blockchain ledger can cost thousands or more. Even tens of thousands of dollars, which is why the NFT you buy is not actually based on the blockchain. The code in the string indicating your ownership includes an address that tells where the image is stored, which can cause problems, including losing the details of your expensive purchase if the actual server running it fails.

VI; Blockchain abuse and harassment soaring, so where is the anonymity?

Blockchain abuse and harassment soaring, so where is the anonymity?

In order to responsibly develop new technologies, one must ask: How are these technologies being used to harass and abuse people? In the wave of attracting venture capital and attracting new users and investors to blockchain and Web 3.0 technologies, this question no longer arises!

Molly White writes: “As blockchain advocates speak of a future for the Internet based on public books, anonymity, and immutability, those who are harassed online watch in horror as we tolerate what they have suffered from harassment and abuse.”

The immutability of the blockchain means that data cannot be erased as there is no way to erase anything, be it an offensive message, pornography, or a call for revenge. This could pose major problems for Web 3.0 in countries like Europe, where the General Data Protection Regulation (GDPR) provides for the right to erase personal data.

Seventh, the environmental impact of Web3 is currently catastrophic:

The environmental impact of today's 3G Internet is huge and very harmful and can be divided into two categories: massive energy consumption and electronic waste, both of which are mining products because network operation relies on supercomputers. Running to solve complex equations Chen uses a lot of energy every time he wants to record data in a block.

They also generate electronic waste; “Bitcoin generates as much electronic waste per transaction as the average MacBook Air,” says computer scientist David Rosenthal.

Research by Alex de Vries and Christian Stoll shows that Bitcoin e-waste will reach 30.7 km per year in May 2021, which is equivalent to the amount of small ICT equipment waste generated by a country the size of the Netherlands.

If this is true, innovation will come at a huge cost. As Hilary Allen, a professor of law at American University who researched the 2008 financial crisis, says: "The system now reflects and amplifies the weaknesses in banking innovation that led to the 2008 financial crisis, and when the dotcom 3.0 bubble bursts, we may experience a new crisis."

eighth; Where will Web 3.0 go?

Where will Web 3.0 go?

Cryptographer and founder of Signal Moxie Marlinspike thinks Web 3.0 is a somewhat vague idea, which makes it difficult to accurately assess the ambitions of the third generation Internet, but the grand premise seems to be that Web 1.0 is centralized Web 2.0, and Web 3.0 is going to decentralize everything. Again, Web 3.0 should give us the richness of decentralized Web 2.0 but few centralized platforms for on-chain data retrieval, Web 3.0 is not as decentralized as it should be; It's like web 2.0 with less privacy. "

Ethereum co-founder Vitalik Buterin expressed concern about the direction of the field but remained optimistic. In a response to Marlinspike on Reddit, he acknowledged that Signal's founders made valid criticisms of the current state of the ecosystem, but noted that the decentralized web is catching up, and so quickly, that building the database for others will soon make it easier for developers to start working on Web 3.0 projects.

Proof-of-work chains — the inefficient system that runs Bitcoin and Ethereum — are becoming obsolete, and instead of energy-intensive mining, they are increasingly verified by users who buy — their own stakes — to approve them. Represent.

Ethereum estimates that the Proof of Stake update will reduce power consumption by 99.95% while making the platform faster and more efficient. Now there is Solana, a new blockchain that uses Proof of Stake and Proof of History, a timestamp-based mechanism that can handle 65,000 transactions per second, compared to Ethereum's current speed of around 100,000 transactions per second. 15 Second - one Solana transaction consumes only 1939 joules, less energy than two Google searches. This is equivalent to leaving the light on for just over 3 minutes or the refrigerator running for about 11 seconds.

Some companies are taking a hybrid approach to blockchain that offers unlimited benefits, and hybrid models can also help companies deal with GDPR and other regulations.

Cindy Compert, Maurizio Luinetti, and Bertrand Portier explain in an IBM white paper: “In order to comply with the right to erase, personal data from the blockchain must be kept confidential in an off-chain data store, with only the password kept on-chain.” In this way, personal data can be deleted. In compliance with the General Data Protection Regulation (GDPR) without affecting the chain.

ninth; The slow curation that will define the next chapter of Web 3.0:

China joins Algeria, Bangladesh, Egypt, Iraq, Morocco, Oman, Qatar and Tunisia in banning cryptocurrency completely. Europe is considering environmental regulations that restrict or ban blockchain, while in the US, the Biden administration issued an executive order last March directing the federal government to consider regulating cryptocurrencies.

Business is also dividing on Web 3.0, with some companies and industries more motivated than others to try their luck, so it's no coincidence that media outlets like the Times are interested in the potential of Web 3.0 after Web 2.0 shattered their business models destroying others. : But other companies have no apparent impact.f

Note the growing discourse around Web 3.0, the next Internet revolution that will shake up the financial system, redistribute wealth and democratize the Internet once more. We've all heard this before, we've seen some previous Web 3.0 experiments fail.

finally:

Web 3.0 promises to change the Internet experience as dramatically as computers and smartphones do for us today. However, this is not without risks. Some companies have suffered setbacks due to the environmental impact and financial speculation (and potential for fraud) caused by Web 3.0 projects. While blockchain technology has been proposed as a solution to problems of privacy, centralization, and financial exclusion, it has also created new versions of many of these issues. Therefore, companies must weigh the risks and benefits before taking the next step.



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