The long-term promise of blockchain technology is to decentralize the Internet. This has led to a multitude of projects or applications that are considered to be the next evolutionary step of the Internet, or Web 3.0.
Web 3.0 applications take advantage of the blockchain to encode values such as privacy, transparency, lack of trust, lack of authorization, and decentralization to the Internet.
To fully understand this revolution, let’s take a trip back in time.
The first phase of the Internet began in the 1990s and featured non-interactive HTML pages with centrally sourced data.
Web 1.0 quickly revolutionized the way people connect and exchange information and introduced a new digital world.
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The current growth phase of the Internet is called web 2.0.
Web 2.0 is an upgrade from Web 1.0 because it is more interactive and users are more engaged in content creation. These improvements have helped more people join the internet, which has enabled new business models.
The most dominant companies on web 2.0 provide services in exchange for your personal data.
However, this situation has increased the centralization of power and data privacy issues.
Web 3.0 projects are simply applications built on the blockchain – a distributed ledger that continuously records transactions essentially providing services that address issues raised by Web 2.0 business models.
By using blockchain technology to integrate these values, web 3.0 seeks to completely revolutionize the Internet.
Here are some of the features of Web 3.0 that will make this possible:
- Transparency – All transactions on public blockchains are permanently recorded and can always be verified by all participants
- Without trust – The rules governing how transactions are executed and stored on a blockchain ledger are dictated by smart contracts and other hard-coded protocols. This means that users can trust the validity of network performance or egress without needing to trust someone else on the network.
- Without permission – Blockchains use consensus mechanisms, such as Proof of Stake (PoS) and Proof of Work (PoW) to agree on the state of the ledger, including the order of transactions. With cryptography, consensus mechanisms allow secure but flexible transfer of information and values without the need for external authorization.
The Ethereum blockchain has created an ecosystem of decentralized applications (dApps). The most successful decentralized finance (DeFi) applications eliminate the need for finance intermediaries by introducing innovative ways to trade, invest, borrow and lend.
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