What is Web3?

We bump into the term Web3 every now and then. This is the new emerhing internet that will disrupt the way we interact finance and communication protocols. Let’s understand what this new internet is and why it appears to be a wild goose chase (but it’s not)

 

Well, the idea of an open internet was germinated when Edward Snowden– an American born technology specialist revealed disturbing and classified information from the CIA and other agencies. This sparked a debate around national security and the wrongdoings happening in some of the most esteemed organizations and influential agencies.

 

History of Web3

Gavin Wood coined the term ‘Web3’ stating that an open internet is going to be the next step. He cited that the need for a transparent and decentralized network will become pertinent. At this axis of virtual and IRL, the ownership must be given to everyone. Your data, network activity and pretty much any information about yourself must be in your control and not arbitrary entities. The narrative of this new and open internet started with Ethereum in 2014.

 

 

Web3 – the absolute truth: the open internet

We all know that data privacy and brute force attacks have been a major problem in the web2 space. To fix this all protocols of the web2 area will be re-engineered. Besides this reconstruction the major components that Gavin pointed in his article were:

  • Static Content Publication
  • Dynamic Messages
  • Trustless Transactions
  • An Integrated User-Interface

Static Content Publication

We have https (S means the SSL certificate that we keep hearing from hosting and domain providers like Godaddy, Hostinger) The job of this protocol is to verify the inputs that users punch. If the values match, the response is successful. In a space that is partially centralized like Bittorrent the downloads and uploads are hashed. Any changes happening on the network can be seen by anyone.

Dynamic Messages

This is where the beauty of Web3 lies. We have used messengers to send information to others. The messages are pre supposedly  encrypted. However, it does not guarantee that a third party may not have a copy of that message.

So, web3 takes the security pillar a notch higher by offering stronger cryptography. By this I mean, superior encryption that includes two components – a public address (key) that is the receiver and sender’s messaging IP and the private key (a passkey that is literally military grade in terms of security) Without this, any onlooker cannot decrypt the message.

Think of the private key as a unique wax seal on your letter that proves it’s from you. Even if someone else tries to copy your seal, the differences would be noticeable to your friend, ensuring the letter’s authenticity.

Trustless Transactions

This is one of the most profound characteristics that the new age internet can offer. Web3 will potentially enable users to connect with others who have similar interests and goals without literally having to do a reiki of the person. The trustless set up will have an ingrained chain reputation score (in the near future)

As Vitalik discussed, this in his research on DeSoc where people will have reputation scores and will also get their profiles verified by the community rather than having to establish that on our own. Since this will be decentralized the chances of a person trying to show something they are not will fizzle out as people learn about these setups.

Integrated User Interface

Now, this part of the new web is where everything comes in one place. This pillar is where the consensus comes into play.

  • The UI of Web3 platforms will mimic some characteristics of Web2 but the domain naming system will have specific operational changes. For example, the domains, nameservers will be hashed. This forges the immutability that is pivotal for an open permissionless web.
  • Do you know what the masterstroke of Web3 UX is? The page load time will eventually drop to bare minimum as all the data will be pre downloaded (not exactly cache)

Wrapping Up

To sum up, dApplets will change and reconstruct a more cohesive and less latent network across borders. Blockchain and crypto tokens will be quintessential to this new web. You can read the original article on Web3 by Gavin Wood

#Web3 #GavinWood #Ethereum #Polkadot