Web3 is a term that has been slowly creeping into the cryptocurrency world, but it is also found in other fields such as blockchain technology and the world wide web itself.
It refers to a future where the web is built on the blockchain, meaning all websites would be built on the blockchain and all internet data would be stored in their encrypted form. Web3 also refers to the lack of a central authority to oversee web traffic. There would also be no need for companies like Google to use personal data to target ads.
Here are five technologies that are cornerstones of Web3 technologies
The serverless internet is a term coined by the Ethereum team to refer to Ethereum blockchain for web applications. The term is similar to “serverless computing” in that it describes how applications can access and use the processing power of the Ethereum network without having to pay for servers, bandwidth, and beyond.
Soon, serverless internet can implement its web applications through other blockchains, such as Bitcoin and other existing cryptocurrencies other than Ethereum. The technology will most likely continue to progress in the coming years.
Decentralized transactions are an integral part of blockchains in Bitcoin and Ethereum in fulfilling their overall vision. Decentralized transactions are a technology that allows users to transact directly (peer-to-peer) with one another without a third party. These transactions depend on a public ledger that everyone who uses the blockchain updates in every transaction.
Web3 will fully implement blockchain and P2P network technologies, including zero-knowledge proof and private key cryptography. Zero-knowledge proof refers to a mathematical technique for proving knowledge using a key data piece without compromising the entire data’s confidentiality.
Next, private key cryptography refers to a secure channel between two parties, one of which has a secret key and the other does not. Web 3 gives an individual full data control and privacy through net neutrality and open internet.
The web 3 protocol will work on a decentralized architecture that is not controlled by any single entity. Doing so creates a truly free content distribution network that rewards contributors with tokens. Plus, the platform will be built using modular components, meaning it can be adapted easily to support a wide range of applications.
Interaction protocols that rely on low-trust mechanisms can benefit users in Web3 by providing additional trustless layers to interact with smart contracts and decentralized applications. Examples of low-trust interaction protocols include:
● OAuth2.0 – Protocol for secure authentication and authorization
● Status – Ethereum browser
● parity – Parity Android wallet
Open-source software and the free and democratic nature of the internet community will be instrumental in Web3’s emergence.
Github is also one example of how the internet community has allowed for the emergence of new ideas to be shared and developed using a community that freely provides data, feedback, and integration. Bitcoin is a decentralized currency that allows anyone to send money anywhere in the world without the need for middlemen and is an open-source software by nature.
If you’d like to know more about Web3, Concinnity Limited Communities can give you much more information about the internet’s general state of progress. Join us today!
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