DEV Community

Cover image for Web 3.0: how blockchain technology is changing the world
0xEma
0xEma

Posted on • Updated on

Web 3.0: how blockchain technology is changing the world

➡️ Technology is constantly developing due to the countless innovations of this changing market. That is why specialization, together with the coherent practices of this ecosystem, are the tools for the future of tomorrow 🚀

The use of programmable and layout languages ​​make, today, the base foundations of an entire architecture with solid structures in the field of computing 3.0.

✔️ Frameworks, libraries, stacks, interpreted languages ​​and compilers, version managers and a wide spectrum of options show us the way where we stand, and where we must continue to build the future.

✔️ Development and design are very important qualities when processing certain specific information, particularly when interpreting various interactions and involving different actors from different fields.

✔️ The web 3.0 revolution, where "smart contracts" abound, and where they are directed by a set of blockchains -like ledgers-, they are nothing more than changes in daily compliance where new ones will be achieved ways to transact products and services over the internet.

The protocols, which are already part of this universe, are the key to facilitating interaction between users and their integration into this increasingly growing ecosystem.

➡️ A bit of history. Satoshi Nakamoto, an expert in cryptography, published, in 2008, a "white paper" called: "Bitcoin: A Peer-to-Peer Electronic Cash System". This 9-page documentation talks about how it is possible, through the use of blockchain technology, to create an electronic money system (called bitcoin) to freely exchange monetary value between users.

Bitcoin Whitepaper

Not only does this compete with the largest banking companies on the planet, but unlike them, this technology represents an improvement in people's lifestyles. Thanks to its transparency, decentralization is the greatest of its advantages, leaving aside the main regulator in all this matter, the Central Bank (whose name it calls its identity, and which by main default leads to the Federal Reserve of the United States from America).

Now, how can I be so sure that this particular technology does not represent any type of risk for my daily interactions. We will continue to address about it.

The Bitcoin network (the Bitcoin network) was launched worldwide on January 3, 2009, thus putting into operation the largest decentralized network in the world to date. In turn, we must not confuse the network with the digital currency itself. The network is made up of all sets of blocks chained together and validated by nodes around the world. Those nodes are made up of computers with great processing power (mostly with GPUs - video boards -) that are synchronized by means of worldwide internet access. Last but not least, the digital currency or cryptocurrency "bitcoin": thus made up of bits (ones -1- and zeros -0-).

All this ecosystem allows to have the advantages of a network of transactions, with the plus of a native currency of the same, which can be used to pay these transfers.

Each user that is integrated into this decentralized system must take into account different stages of integration:

It should be taken into account that since the network and the currency are decentralized (that is, they cannot be controlled by any entity or individual), it will have an expected volatility in its value -financial-, as well as in users who use it -trust of it-. To counteract these types of problems, 51% of the network (percentage of the democratic majority) validates each of the transactions so that fraud of any kind is not discussed. Also, by juxtaposition, transactions have a unique hash that makes them incorruptible to forced changes of any kind.

The coins have a backup in a secure and transparent network, so much so that "the accounting book" has a traceability described in the Bitcoin network itself, that is, it is available for the public to see. Each transaction is public and therefore must correspond to a unique "address", this refers to the fact that each "wallet" has a unique number as if we were talking about our bank CBU / CVU. As expected, our public address refers us to our private account, which will have a private key itself that only we will have, and only we have for our knowledge (as if we were talking about our Home Banking password). Each transaction is incorruptible, which means that it cannot be modified once it is made.

Wallets are digital spaces where our assets are stored, unlike a bank account, we have our private keys that will allow us to access only the aforementioned assets, as well as depending only on us to dispose of any eventuality. Each wallet owns a particular network (beyond the Bitcoin network) and each uses its particular cryptocurrency, but let's talk for now only about the Bitcoin network and its differences between their own networks.

Lightning Network is an instant transfer network that belongs to Bitcoin, it has a particular characteristic, since parallel transactions called "sidechains" can be created to be more effective when transferring amounts quickly. This network is a consequence of the high commissions and delays that the "Legacy" or main Bitcoin networks entail, which is why the more technology advances it allows us greater freedom when it comes to exchanging our assets more easily.

➡️ In conclusion, I would like to enter into the discussion of how technology companies or "Starups" impact when building innovative projects in this dynamic and changing ecosystem.

In every project, a good relationship between the multidisciplinary teams (design, development, marketing, finance, etc.) and the user is essential, not only for a correct resolution of the problems addressed, but also for a correct harmony between the parts that work on it.

The implementation of all the parts is essential when solving critical situations, where requiring a practical vision will be the key to how an instance with a much broader vision is resolved.

The character of a professional must be visionary, with realistic perspectives and constancy in his actions. Organization and responsibility is essential. Encouraging good practices such as: adapting to the team work context, and playing a good role, especially in making relevant decisions, will reveal the correct performance of the work being carried out. The willingness to learn new tools and technologies, which optimize professional development and performance, will be the end to reach new opportunities and employment experiences.

Dedication must be at the forefront of today's demands. Being perfectible and self-taught define a personality in constant progress. Possessing character and ambition, in constant construction, demonstrates decisive clarity, where all projects that require innovations are part of the language used by those professionals.

Ending this Web 3.0 article like this, I hope it has been of some help to you and inspires many to continue building this beautiful world related to the diversity of technology in constant movement.

Discussion (2)

Collapse
jonrandy profile image
Jon Randy

Hi GPT3, is that you?

Collapse
0xema profile image
0xEma Author

I guess, we never know