blockchainchap

The Web3 is a blockchain-based effort to improve the next generation world wide web where every thing will be decentralized .  The data is stored in blocks through smart contract. Anyone who is on the network has permission to use the service. The permission is not required to use internet. The information is stored in immutable ledgers and can’t be altered. Examples of Web3 are cryptocurrencies, Bitcoins, Ethereum , NFT, DeFi and Metaverse games.

Web3, as envisioned by the Web3 Foundation, will be a public internet where data and content are registered on blockchains, tokenized, or managed and accessed on peer-to-peer distributed networks.

What language is Web3.0?

Web3 works as a wrapper for JSON RPC to connect to a remote or local Ethereum node with either a HTTP or IPC connection. Web3 is basically a connection between the Ethereum blockchain and your smart contract. Behind the scenes, Web3 uses JSON RPC. RPC is used in many different types of programming languages. It is a portable and personal and has individual focus. Contents are consolidating with smart applications and user behavior. The furthest participants on the network may potentially be many edges away from each other. Information broadcast from one side of the network may take a long time to reach the other side .Anyone can participate in the network; there are no “gatekeepers.” Ideally, the cost of participation is very low. Network can still function even if a large proportion of participants are attacked out. Censorship is much harder, as information has many ways to propagate across the network.

What is web2.0 and the “problems” of Web 2.0 ?

The term Web 2.0 was invented  in the late 1990s and early 2000s. It developed the society in different ways and have dynamic web experiences. Web2 is today’s internet. The data is eminent in Web2 and is stored in tables. Web2.0 is largely centralized on few platforms and monopolize certain aspects of life. Web 2.0 refers to worldwide websites which highlight user-generated content, usability, and interoperability for end users. Web 2.0 is also called the participative social web. It does not refer to a modification to any technical specification, but to modify the way Web pages are designed and used. The transition is beneficial but it does not seem that when the changes occur. Interaction and collaboration with each other are allowed by Web 2.0 in a social media dialogue as the creator of user-generated content in a virtual community. Web 2.0 is an enhanced version of Web 1.0. Facebook owns the social Graph, Amazon the Shopping Graph, Spotify the Musical Interest Graph. Above all, these monopolies are also concentrations of power that lead to individual companies or manageable numbers of companies controlling individual aspects of digital life and its expression: Facebook decides for the mainstream what “acceptable expressions of opinion” are. YouTube decides unilaterally whether its own video will remain visible or be banned from the Internet due to copyright claims.  Facebook owns the social Graph, Amazon the Shopping Graph, Spotify the Musical Interest Graph. Above all, these monopolies are also concentrations of power that lead to individual companies or manageable numbers of companies controlling individual aspects of digital life and its expression: Facebook decides for the mainstream what “acceptable expressions of opinion” are. YouTube decides unilaterally whether its own video will remain visible or be banned from the Internet due to copyright claims.

A lot of motivations

The Web3 movement is not an established community. It is a  loose association of people and groups with very different motivations and beliefs. There are certain ideal overlaps that form the basis of the technical architecture and implementation. The ideal nucleus of the Web3 movement is formed by the following values, which the Web3 approach tries to maximize as much as possible:

  • decentralized finance(DeFi)
  • decentralization
  • transparent
  • no restrictions

Decentralization is intended to ensure that monopolies are not able to develop– as is the case on the current web . There is no state interference an intervention.

Transparency is the basis for digital coexistence on Web3. All relevant information about artefact transactions must be transparent and controllable for all participants in order to enable trust in the overall system: Fraud should also be impossible because it cannot be hidden.

Freedom from restrictions means the negative freedom of individuals from censorship or control by others, in particular states or, for example, platform operators.

Due to the heterogeneity of the Web3 movement, not all of these values ​​are equally important to everyone in the field, but they describe quite well the mental framework from which the problems of the Web are to be solved and which integrally influence technical designs.

A new infrastructure layer of blocks and its uses

Web3, sometimes called the “distributed web” or the “decentralized web”, is a primarily blockchain-based backend and infrastructure layer that builds on existing network technologies and aims to transform the Internet in a radically decentralized and ownership-individualized way .

Decentralized finance (DeFi) is a future financial technology having different and secure ledgers  as compare to present system of finance. In this system, there are no banks and other financial institutions and presently , it is used in cryptocurrencies. The system removes the control banks and institutions have on money, financial products, and financial services. Image source- Pexels

Vacation, rental houses, Parking spots and even dream homes. Before long, they’ll all be purchased on a blockchain.

But why is blockchain poised to give the real estate industry such a significant leg up? First and foremost, by leveraging Distributed Ledger Technology (DLT),  increases trust, transparency and Blockchain also speedup contract processes, saves time and reduces costs. Image source- Pexels

A fungible item is one that can be replaced by an identical item while a non-fungible item, on the other hand, is unique and can’t be copied or substituted. The Statue of Liberty, the Mona Lisa, and a ticket for a seat at the Super Bowl are all non-fungible items. Rare Arts which can’t be copied and are created through smart contract, is a computer program stored on the blockchain that runs when certain conditions are met.  This means that every time the NFT is sold, a percentage of that sale is  sent to the original creator’s wallet. This a concept called provenance, Image Source _pixabay

 

Does blockchains play any role in Web3.0 ?

Blockchain participants are rewarded with cryptocurrency rewards awarded for mining a block or including transactions. As a side effect, this means that operations on the Ethereum blockchain in particular are unusually expensive: For example, a simple transfer of ether from one account to another account in a phase of moderate use of the chain can incur fees worth three-digit euro amounts. A blockchain is a set of blocks tied together by chain. These blocks are called nodes of computer networks and the information is stored digitally. The best and practical use of blockchains are in cryptocurrency systems. It was used in Bitcoin to maintain a safe and secure decentralized data. It is not controlled by one but a shared network .A blockchain consists of essentially three concepts blocks, nodes, and miners.

In the Web3, blockchains , the records are stored in unchangeable ledgers and are called decentralized cash books . Everything on Web3 is based on the idea of ​​accounts and transactions, because within this model ownership and trading of the digital artefacts can be mapped fairly easily. But even if Web3 uses the native cryptocurrencies of the widespread blockchains – above all, of course, Ethereum’s ether – as a currency, it’s about much more than just digital money.

At the heart of the Web3’s function, on which the hope for a better web rests, is the idea of ​​the “smart contract”. Smart contracts were popularized by the Ethereum blockchain, but can now be found in all modern blockchains. The idea is that a program can be written directly into a blockchain, which will then be executed under certain conditions – a bit like a drilled version of database triggers in classic databases.

Blockchains have a “smart contract”

All blockchains basically come with a built-in smart contract that defines the cryptocurrency of the blockchain. For example, you could use smart contracts to implement a type of transfer that only works if both the sender and the recipient agree. But it goes much further than that.

Smart contracts can create their own digital artifacts, commonly called “tokens”. A contract is then responsible for managing the tokens that it generates and, for example, defines the rules according to which the tokens can be transferred. For example, a typical scenario is that the person running the smart contract not only earns on the first sale of a token, but collects a percentage of each resale. This rule is then firmly stored in the code and cannot be changed by an agreement between the trading partners: The associated mantra is “Code is law” and is intended to mean that the rules of the contract are final and incontestable. There should be no corrective measures such as a jurisdiction that can declare clauses or entire contracts invalid.

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