Home Networking service Explore the building blocks of Web 3.0

Explore the building blocks of Web 3.0

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Once it becomes reality, the virtual world will see resources, applications and content accessible to all. Photo: Pedro Nunes / Reuters

Web 3.0, also known as Decentralized Web, is the latest generation of Internet applications and services, powered by distributed ledger technology, the most common of which are blockchains.

It focuses on connecting data in a decentralized fashion, rather than storing it centrally, with computers capable of interpreting information as intelligently as humans.

The term was coined by ethereum (ETH-USD) co-founder Gavin Wood in 2014. However, the idea has started to generate more interest this year among cryptocurrency enthusiasts, as well as large tech companies, venture capitalists and more recently Tesla (TSLA) and Twitter (TWTR) CEOs Elon Musk and Jack Dorsey.

Web3 is the “new Internet” compared to today’s Web 2.0.

Web 2.0 is where data and user-created content, such as social media services and blogs, are centralized in a small group of large tech companies, largely controlled by Google (GOOG), Apple (AAPL), Amazon (AMZN), Meta (FB) and Microsoft (MSFT).

“There is a small group of companies that own all of this, and then there is us who use it, and despite the fact that we contribute to the success of these platforms, we have nothing to show for it”, said researcher Mat. Dryhurst.

Read more: London Stock Exchange: How the 10 most popular companies performed in 2021

Meanwhile, Web 1.0 refers to the period from the early 90s to around 2004 when most websites were just static web pages, essentially providing a read-only service. The vast majority of users were content consumers rather than producers as we see today.

As more and more people seek personalized services, Web3’s search engines will provide personalized information based on an individual’s browsing and search context, where people also control their own data.

Centralized servers will be replaced by information present on multiple computing devices, acting more like a peer-to-peer Internet without a single authority.

Another of the advantages of Web3 is that it is believed to be able to prevent hacks and internet leaks as it acts as a system for specific users, thus being a great pioneer in data security and privacy.

Once it becomes reality, the virtual world will see resources, applications and content accessible to all.

Watch: Why Web 3.0 Tokens Might Be the Next Cryptocurrency Hot Trade

Due to its role of assisting developers with decentralized applications, Ethereum is one of the most popular Web3 blockchains, which means that some investors who buy crypto participate for its long-term benefits.

The blockchain building block behind Web3 is the technology behind many major cryptocurrencies as well as non-fungible tokens, or NFTs.

NFTs are unique and unique crypto assets that allow collectors to authenticate, own, and trade original authenticated versions of special digital goods using blockchain technology.

They can be anything from digital, from drawings and paintings to music, but they can also be applied to a physical item such as coins or a stamp.

Read more: Non-fungible tokens: what are NFTs and why do they make so much noise?

When an NFT is purchased, the buyer receives a certificate secured by blockchain technology, making them the owner of that specific digital asset. Specifically, NFTs are typically held on the Ethereum blockchain, but other blockchains support them as well.

It cannot be duplicated or substituted, and it can only have one official owner at a time.

Although Web3 is a new space, it is not without its critics. Elon Musk said the concept was more of a “marketing buzzword” than a reality, while Jack Dorsey argued this month that it would end up being owned by venture capitalists. They have often been seen tweeting about it.

“You don’t own ‘web3,” Dorsey said this week. “Venture capitalists and their limited partnerships do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. .

“Know what you’re getting yourself into …” he added.

Meanwhile, Musk said, “I’m not suggesting web3 is real, it sounds more like a marketing buzzword than reality right now, just wondering what the future will look like in 10,” 20 or 30 years old. 2051 seems like a crazy futurist! “

He later tweeted, “Has anyone seen web3? I can not find it.

But In Canada, a community leader from Wonderverse, said Web3 is especially important for the younger generations.

“Generation Y and Generation Z, who make up the majority of Web3, want to feel like they belong at work and have the respect and limits to work independently. Web3 companies are on the verge of capturing a large part of young talent, because the Web3 ethic is based on collaboration, cooperation and reciprocity.

Web3 has also often been linked to discussions around the Metaverse. The metaverse is a large online world in which people can interact through digital avatars.

It is a hypothetical 3D environment, through personal computing, smartphones and virtual augmented reality headsets, combining both virtual and physical spaces. It also implements social media elements like avatar identity and content creation.

Read more: What is the Metaverse and Web 3.0?

So far, a number of companies have announced plans to develop metaverse experiences, services and materials, especially social media companies and game companies.

Similar experiences already exist in the gaming world, such as Pokemon Go which is played on cell phones. Epic Games’ Fortnite and Roblox both have similar technologies and have previously hosted virtual concerts with artists such as Ariana Grande, Travis Scott, and Lil Nas.

Metaverse companies are also planning to host sporting events for thousands of people simultaneously.

However, many have criticized its connection to Web3, saying the metaverse will be controlled by big tech companies like Meta and Microsoft, which goes against what Web3 stands for.

Watch: Is Jack Dorsey The Unbridled Bitcoin Maximumist? Investors and defenders of Web3 projects