Censorship resistant, security proof, and absence of middlemen might appeal to the tech-savvies, but that would not be enough. For Web 3.0 to completely replace Web 2.0, it is first necessary that people show keenness in operating these complicated systems directly without any middlemen involved. Therefore, it is mandatory to educate people about the benefits of a decentralized web before making any big move. The issues around speed will be addressed as and when the underlying technologies mature. Developers are still working on the decentralized web model, which means that the decentralized web model will only get better with time. The shift from Web 2.0 to Web 3.0 will be gradual rather than radical.
Today, “Web 2.0” is an industry standard term, if not a popularly understood one, and its history suggests that “Web 3.0” at least has a good shot at adoption — as a word, anyway. As a technology, environment, tool or doorway to “virtual reality,” Web 3.0 will thrive to the extent that our technology and content get smarter and smarter, individually and jointly. Adding meaning to data with the Semantic Web and microformats, and adding smarts to applications, means better help for people by way of natural language searches, semantic searches, “recommendation agents,” decision-making wizards and so on.
First, because blockchain uses an open architecture, all transactions are publicly accessible, immutable, and verifiable by anyone. This helps to eliminate corruption and fraud from the transaction. Second, because all smart contract transactions are recorded along a blockchain and cannot be modified ex-post, a permanent and publicly accessible ledger is available to shed any doubt about payments or other transactions throughout the process. And third, because blockchain systems are automated, security in the enforcement mechanism is all but guaranteed. For instance, failure to deliver goods by a set time will automatically trigger a default clause that transmits payment of liquidated damages to the injured party without the intervention of a judge or arbitrator,” the report added.
When the Web 3.0 arrives it will be marked by many of the features already familiar to proponents of blockchain technology. With the Web 3.0 individuals and businesses will be able to trade assets and information with others whom they do not already know or trust without an intermediary. This will rapidly increase the opportunities for everyone to interact, creating a far richer set of experiences.
While the internet has always promised decentralization, the Web 3.0 will deliver it: a freer and more community driven world wide web.
The struggle to provide meaningful real-time collaboration tools with outside parties is why email has remained so prevalent in the age of instant messaging. But change has arrived. An open, decentralized network benefits from being able to support interoperability between millions of users, making it well suited to the largest organizations and their entire ecosystem. Long gone are the days of being forced to switch between siloed systems.
Email may never die, but open-sourced and decentralized technologies will guide the way for the instant messaging and collaboration tool market. Interoperability is the key and Matrix is the open communication layer of the web that organizations have been looking for.
In this first session, we sat down with CoLab’s Joe Gerber and Gavin McDermott to talk about the distributed web and blockchains and why it’s important to experiment with these emerging technologies. Many people conflate blockchain technology and bitcoin, but as Joe and Gavin discussed, bitcoin is a digital currency and one small piece of a larger movement powered by blockchain technology and the distributed web. In this post, we’ll break down why, as Joe and Gavin say, the web is being rewritten from the inside out.
Joe and Gavin boiled down their thinking for why blockchain technology and the distributed web are so game-changing to three core principles:
- People now have permission by default
- Data flowing freely
- New types of coordination
An everyday consumer would react with incredulity if they were only able to send an email from their Yahoo inbox to someone else with the same domain name. The idea that someone surfing the internet on Google Chrome couldn’t access a website found on the Safari browser is equally unimaginable. Yet this is the situation that the blockchain sector has found itself in — to the extent that convoluted processes have needed to be built to ensure that assets can make their way across blockchains. (One example here could be Wrapped Bitcoin, which involves depending on a centralized intermediary.)
One solution that is being actively touted right now is XRouter technology, which seeks to deliver the elusive “internet of blockchains” that so many have dreamed of. As well as being agnostic to the myriad networks that now exist, it operates on a free-market basis. In the long term, the goal is to ensure that payments can be made in any cryptocurrency, paving the way for a “social, economic and technological revolution.” The technology has been created and championed by The Blocknet.
The World Wide Web was born in 1989 — as a formless, borderless entity for information sharing. A digital commons for all, the Web has since nurtured the world’s most valuable companies: Apple, Microsoft, Alphabet, and Amazon have all hit the trillion-dollar mark. But the digital awakening of the Web has also roused unintended effects: cyberattacks are now the norm, while privacy is not. Inequality and disaffection are at all-time-highs. How did the Web contribute to these phenomena? And how should we reshape the Web into a more positive force? The key answer surfaces as we view the Web as a sentient digital being.
When something leaves the world, something new is born! Web 2.0 is soon going to be replaced with its smarter sibling i.e. Web 3.0; overcoming the issues of security and privacy.
Instead of insecure databases and opaque data sharing practices, Web 3.0 will return control to the users which mean they will be able to access data from anywhere; mainly being driven by cloud applications and smart-phones. Apart from security, personalization is another add-on!
It’s almost impossible to talk about Web3.0 without digging into blockchain and the surrounding crypto tech. The reason for this is simple. In the pre-crypto era, the dream of a decentralized web, controlled by people rather than governments or corporations, was just that, a dream. While Bitcoin’s or Ethereum’s success as a new currency is questionable, what it really did was tip the fragile balance. For the first time we saw a live demonstration of a decentralized network. But what the dream needs now is infrastructure.