The internet is undoubtedly one of the most important components of our everyday lives and it is hard to imagine our lives without it today. The current iteration of the internet or web2 has made things easier for us in many ways, such as the birth of social media, making it easier for us to access information from various parts of the world and help us connect with people thousands of miles away.
Unfortunately, when it comes to data security, the internet as we know it now isn’t very helpful. Our data structures remain the same, building on stand-alone computers, in which data is centrally stored and maintained on a server and provided or retrieved by a client.
The current form of the internet is not the most secure; every time we are using the internet for any purposes, copies of our data are sent to a service provider’s server, and we lose control over our data; it is still kept centrally – on our computers or other devices, on USB sticks, and even in the cloud. This serves as a huge issue not only over our privacy but also how our data is used.
The next and most promising iteration of the internet is Web3. As we move forward, it is being introduced to redefine and revolutionize how we currently use the internet. It refers to the third generation of internet services that offer the necessary technologies for websites and applications to function. It incorporates machine learning, AI (Artificial Intelligence), AR/VR (Augmented Reality/Virtual Reality), and blockchain technology, which will together become the foundation of the integration of web3 around the globe.
Let’s learn more about what web3 and blockchain are, the role of blockchain in web3, and how it can help create a more secure and decentralized internet for users all around the world.
What is Web3?
Web3 is the next generation of the internet, where users are in control of their data. Blockchain technology can be considered the heart of web3, allowing for a decentralized and secure infrastructure on which web3 platforms and ecosystems will survive. Web3 is predicted to be more in line with the original concept of the internet’s creators, Sir Tim Berners-Lee, who envisioned a network without any central authorities or a single point of failure.
Web3 is still in its initial stages, but it has the potential to change the way we interact with the internet. Thanks to blockchain technology, we will be able to say goodbye to centralized services like Facebook and Google.
Blockchain can end services like Facebook and Google because:
- First of all, web3, with the power of blockchain, will be able to decentralize the world wide web and help users have more control over where their data is shared, unlike the centralized web2 services that sell user data to marketers to provide curated content to individuals.
- Another factor that will end the reign of centralized services is that through blockchain, web3 will be able to provide users with far more security and protection. In simple words, web3 will allow consumers to have complete control over their data.
What is Blockchain?
A blockchain is a network or database that stores data in a way that makes it difficult or impossible to change, hack, or fool the system. A blockchain is essentially a digital log of transactions that is duplicated and distributed over a vast network of computer servers. It is a type of shared database that stores data in a structured manner, allowing users to retrieve it easily.
The decentralization accorded by blockchain also reduces the chances of fraud and hacks since duplicates of all transactions are available on different computer servers that are part of the blockchain system. Network nodes use cryptography to verify transactions stored in a block. Information about the transaction, such as the sender, receiver, amount of transaction, etc., is stored in this block.
A blockchain accumulates information in groups known as blocks, which hold sets of data of transactions that are made on the blockchain. When a block’s storage capacity is reached, it is closed and linked to the previous filled block, producing a data chain known as the blockchain. This creates a secure record of all transactions that any node on the network can verify. The blockchain was created to eliminate the need for third parties such as banks or governments.
Bitcoin was the first to use and actively introduce blockchain technology to the masses. Although it is the first one to do so, it is only one of several blockchains that have the potential to impact practically every sector and industry by providing a wide range of powerful applications.
Blockchain is redefining how data is stored and transferred, providing a distinct set of data (a universal state layer) jointly controlled. This unique state layer provides a value settlement layer for the internet. It enables us to exchange files in a copy-protected manner, enabling true P2P transactions without third parties acting as middlemen.
How exactly is Blockchain Relevant to Web3?
Aside from machine learning and connecting machines via IoT (Internet of Things), the third generation of the internet would be based on decentralized protocols. Interoperability, automation through smart contracts, seamless integration, and censorship-resistant storage of P2P (peer-to-peer) data files are all features of third-generation web networks. As a result, blockchain will be a crucial driving factor in the next generation of the internet.
Cryptocurrencies will also play a significant part in web3 as they can be used to provide a monetary incentive (tokens) to anyone who wishes to assist in the creation, governance, contribution, or improvement of one of the projects. Web3 tokens are digital assets connected to establish a decentralized Internet. These protocols may offer various services, including compute, bandwidth, storage, identity, hosting, and other internet services previously supplied by cloud providers. Web3 will also use other blockchains and NFTs to return power to users in the form of ownership.
What is unique about this is the role of blockchain and how it serves as the foundation for the next version of the internet. In this new era of the internet, breakthrough technologies such as machine learning and AI will be used to provide more tailored information for each user.
What are the benefits of blockchain in Web3?
The blockchain can help cure some major problems prevalent in the current era of the internet. One of the major issues with web2 is that centralized apps today can experience downtime for various reasons and frequently so. DApps (decentralized applications) and web3 servers claim to be more resilient with a considerably lower chance of downtime because they will be run on a decentralized network of tens of thousands of computers. As web3 is slowly accepted by more people around the globe and the number of users increases, the reliability of web3 will improve.
Web 3.0 will reduce the volume and effectiveness of DDoS (Distributed Denial-of-Service) attacks, further boosting reliability amongst users. Hackers and fraudsters will not be able to interrupt Internet services as readily as they can currently, thanks to the P2P networks that secure the blockchain rather than centralized servers. There will be no single point of failure, allowing the network to function normally even if participants are attacked or removed.
Conclusion
Web3 is a revolutionary concept aiming to use decentralized networks like blockchain and create a safe online environment for making different transactions. Data handling will also be made secure with data such as universal IDs, passwords, and other sensitive information that can be stored on the blockchain. This information could be securely accessed, making data handling on the internet safer and more efficient. Decentralization is a major factor in how important blockchain is for web3 and its integration. Overall, the blockchain has and will be finding a lot of potential uses on the web3.
