A blockchain database is typically decentralized, meaning that it is collectively controlled by its participants rather than a single person or entity. This could facilitate a truly decentralized peer-to-peer energy system. Additionally, the information stored in blockchains is unchangeable, and the identity of participants is ensured through a unique identifier. This solves the issue of record keeping and tracking. It also offers additional possibilities in distributed energy management like the issuing of carbon tokens to offset an individual’s carbon footprint.
The popularity of DApps has grown along with the popularity of cryptocurrencies. Blockchain is as secure as cryptocurrencies (TON Crystal, POLS, SNVT), but the human factor is not safe. Protecting your own cryptocurrencies and tokens requires a thorough understanding of the essence of decentralized systems and the fact that in many respects the security of funds depends solely on a person.
A large number of people do not understand this, so they bypass DApps and refuse to use them in everyday life. However, decentralized applications have far more pros than cons.
For example, open-source – contributes to the broader development of the DApps ecosystem, allowing developers to create much more ideally designed DApps with more useful or interesting features. In fact, decentralized applications have almost the same benefits as blockchains.
Worldwide cloud data storage is increasing at a dizzying pace. Some of today’s most valuable companies are getting rich off of their high margin cloud computing units such as Amazon’s AWS, Microsoft’s Azure, and Google Cloud. Protocol Labs IPFS which allows cryptographic hashing and the scaling of level 2 blockchain protocols, along with the dApps that sit on top of them, are likely to grow exponentially over the next decade. Additionally, users from around the globe will look to and for a Web3 cloud storage solution that can safely, cheaply, and reliably store their data. FileCoin and IPFS are likely to be the go to solution for Web3 data storage and retrieval going forward thanks to the many early adopters who use FileCoin and to the opensource platform that allows developers to integrate applications and innovate with the protocol.
Power Ledger, an Australia-based startup, is combining two innovative technologies – blockchain and solar power – to transform global energy markets and ultimately power the world through renewables. The company’s blockchain-enabled technology promotes peer-to-peer (P2P) solar energy trading, allowing consumers to sell their excess electricity to other residential and commercial users. The software is currently in use in a number of countries including Japan, India, the US, and Australia.
Insider spoke with cofounder and chairman Dr. Jemma Green to understand more about how Power Ledger works and its hopes for a decentralized and democratized energy future.
Currently, the most renowned blockchain-based companies in Singapore are all cryptocurrency trading platforms such as Coinhako and Binance. This shows that the average public tends to associate the industry with volatile and speculative trading assets with no other use case in mind.
However, plenty of blockchain-based companies are actually flourishing in Singapore, outside of decentralised finance and financial applications.
To give you a better idea on blockchain use cases, here are three under-the-radar blockchain-based companies in Singapore that you should know about:
- Yojee – Logistics Software
- Electrify – A Retail Marketplace For Energy
- Bluzelle – Peer-To-Peer Data Storage Sharing
Web 3.0 carries value (digital assets) over the internet and therefore the types of investable assets stemming from Web 3.0 will be vast, including money, to fixed income, to collectibles, to equities and even assets that are hard to define yet. Web 3.0 will overtime creep into all facets of an overall asset allocation.
Web 3.0 will offer unique and new value propositions, which will drive adoption. Ultimately, this adoption could be at the expense of some of the companies we use and invest in today.
Ignoring Web 3.0 increases risks by potentially being over exposed to companies that will be disrupted. To understand the risks in our portfolio’s today we must understand the innovation of tomorrow
Sharding is a database partitioning concept that is used to make databases more efficient. An organization’s network can be separated into smaller partitions which are known as “shards.” Each shard has its own distinctive and independent data when compared to other shards.
Sharding is a technique used to optimize the data stored and process it quickly and efficiently. It is a horizontal partitioning of a database, thereby separating the load on a single database and make it more efficient. Each shard is stored in a separate server instance. It helps achieve latency-free scalability by spreading the network workload into shards and enabling more transactions to be processed.
“I think Web3.0 is the change that’s long overdue for the internet. As I see it, Web3.0 will make it as decentralized as its pioneers first wanted it to be. Thanks to the invention of blockchain technology that we now have the right infrastructure to support a decentralized web.
Web3.0 will be a revolution in itself. It will be truly free, democratic, and built for the people.”
The emergence of technologies such as distributed ledgers and storage on blockchain paves the way for data decentralization and might create a more transparent and secure environment, overtaking Web 2.0’s centralization, surveillance, and exploitative advertising. In time, decentralized infrastructure and application platforms should displace centralized tech giants and allow individuals to own their data rightfully.
Web 3.0 is an internet where information and value flow in an integrated manner and where no permission is needed from a central authority to participate. The rise of technologies such as distributed ledgers and storage on blockchain will allow for data decentralization and create a transparent and secure environment, overtaking Web 2.0’s centralization, surveillance and exploitative advertising.