Exploration | Web 3.0 and the blockchain-driven future

Newton's third law states that the effects of forces are mutual.

Both organic and inorganic complex systems show a tendency to balance. Over the past decade, fast-growing networks have slowly evolved into highly centralized systems in which a small group of large companies controls the infrastructure and platforms that make up today's Internet.

The centralization of the Internet is a direct result of the "Web 2.0" paradigm shift that transformed the Internet from a non-interactive network of static content to a dynamic, interoperable, and collaborative medium. This shift has led to the creation of social networks and Web applications, but has also led to the establishment of digital oligopolies, which now threaten the democratic foundations of the Web.

However, the emergence of a centralized network has triggered a Newtonian response, which has dismantled the vertical structures that make up the modern Internet, just as the origin of blockchain technology was driven by restrictive centralization of finance and currency.

Why choose Web 3.0?

The main purpose of the Web 3.0 movement is not to extend the capabilities of the Internet. Instead, focus on reorganizing the way you access and interact with the Internet. Leveraging the technology that is driving the blockchain revolution, Web 3.0 aims to take ownership away from the companies that today rule the Internet.

Centralization of the Internet has reached an alarming level-almost all online services are hosted on hardware owned by the "big three" cloud providers , including Amazon Web Services, Microsoft Azure and search giant Google. Facebook has 2.23 billion users worldwide, accounting for two-thirds of 3.2 billion active Internet users worldwide.

Although Internet centralization can provide users with faster, more reliable, and more feature-rich services, it also has many disadvantages. Centralized platforms are vulnerable to security breaches and data breaches-In early October 2018, Facebook was hacked, exposing the personal details of more than 50 million users.

Users of the modern Internet rely on overall corporate service providers to access the services they use every day, and there is no guarantee that the platforms they use will not leak data or dive into capital.

The Web 3.0 movement consists of a wide range of projects that work together to decentralize the permissions of the platforms and infrastructure contained in the modern Internet, so that peer-to-peer, distrust services can compete with existing digital oligarchs that dominate the current Internet landscape.

What is Web 3.0? Why is it important?

Web 3.0 is a collection of values ​​relative to technology.

Web 3.0 not only transfers control of the information to the individual who created it, but also values ​​as the original information. Paypal, for example, has been fined millions of dollars for fraudulent business practices and violations of laws.

Centralization of the Internet infrastructure also provides governments with the ability to intervene or censor free speech. In September 2018, the European Parliament voted to pass a copyright directive in the digital single market, which forced platforms such as Youtube, Facebook and Twitter to review the distribution of copyrighted materials. The directive also includes an article that forces news aggregation sites such as Google News to pay publishers for distribution of excerpts of content.

The purpose of Web 3.0 is to eliminate single points of concentration that can monopolize or limit the goals of payment providers, middlemen, or nation-states of information and value streams.

Web 3.0 use cases

Cryptocurrencies are the most obvious implementation of the Web 3.0 approach, and platforms such as Bitcoin and Ethereum now allow users to store and transfer value outside traditional banking systems. Malta's "blockchain bank" Founder's Bank represents one of the earliest Web 3.0 financial institutions, while platforms such as OmiseGo provide banking services to banks without bank accounts and insufficient bank accounts by creating decentralized point-to-point payment systems.

The Web 3.0 revolution involves not only the currency and finance sectors , but also a commitment to decentralize venture capital, governance, supply chain, healthcare, loans, security, cloud computing and storage, education, insurance, digital advertising, and hundreds of other industries.

Who is building Web 3.0?

The Web 3.0 revolution is in full swing and is being actively developed by many forward-looking technology companies. The WEB3 foundation project to cultivate brings the Internet closer to its decentralized future, running frequent events such as the development of high-tech WEB3 summits, bringing together developers and researchers who are working on protocols, computing languages, blockchains and storage mechanisms Will promote the development of Web 3.0.

Large open source collaboration projects such as the Web3 Foundation and the Blockchain Foundation Internet are dedicated to establishing alliances between blockchain projects and enterprises. The growing Web 3 landscape is also home to hundreds of promising blockchain-based decentralized applications or dApps designed to create Web 3.0 alternatives to the centralized applications used today.

Poland's cloud computing platform Golem is creating the world's first decentralized supercomputer, Ethlance is developing the world's first decentralized Web 3.0 job market, and ConsenSys-backed project uPort is building the first open identity system.

The future of Web 3.0

Here we can talk to people freely and have confidence that they are the only listeners. This future will not happen overnight, but will come. Before the Internet transitions to a true point-to-point decentralized network, many obstacles must be overcome-how will current blockchain technology scale to a level that can support hundreds of thousands of transactions per second? How will decentralized governance work, and how will the decentralized Internet and economy adapt to the existing legislative framework?

Today, organizations such as the Web3 Foundation are working to address these issues, promote adoption and accelerate the development of technologies that will overcome the obstacles faced by the Web 3 movement to build a truly democratic, open, free Internet, middleman, Censorship and monopoly.