Netflix and Chill, Google it, Tweet are the few modern-day verbs we use today, but a few years we used to say, let's go to the movie, Search it, post it on the forum. With the growth of the internet, our lifestyle changed quite a lot. But how many of us are aware of how the internet has shaped itself in the last two decades? How many of us know about the version of the internet we use?
Let me take a moment to explain the different versions of the Web.
It is the first stage of the internet, where most of the web pages are personal static web pages hosted on free hosting servers or ISP-provided servers.
The early stage of the internet is read-only, in which users can't interact with the web pages. Websites lack additional visuals, controls, etc., but hyperlinks connect web pages.
It is the current stage of the internet we are all using, and it is user-centered. Web 2.0 allows users to interact with web pages and create something of their own. Most of the content on Web 2.0 is user-created.
Web 2.0 has played a significant role in the growth of humanity in the last two decades. It is primarily because of sharing of knowledge. Anyone from anywhere can learn anything, most of the time for free.
But there is a problem with Web 2.0, and this is high time we address it.
- Blocking Payments
- Downtime and Data Security and so on
The current version of the internet is owned and managed by big corporations like Facebook Inc, Alphabet. We think we use their services for free, but we pay them with our data. As users, we have less or no control over our data(Changed in recent time but not sure how validated and trustworthy it is).
Moreover, all of our data and personal details are stored in a single centralized server, which increases the risk of security breaches. These internet companies have a lot of data about every one of us.
Netflix knows what kind of movie you like; Amazon knows what kind of things you buy, Spotify knows what kind of music you listen to, Google knows what you are curious about, Maps understand where you are going, Social Media sites see a lot, what are your views on certain things, how you look, who are your friends, Credit card companies knows, how much you earn and how much you can spend. They know all about you.
They stored it, with or without your permission, and eventually, they might sell it.
Other than Privacy- Censorship.
If you can silence a king, you are the king.
Over the world, many countries have stringent censorship policy; you can't talk wrong about government, you can't raise voice against state-sponsored violence, etc. They can delete your post or take down your network. All this is because of centralization.
And as you know, since all the currencies are state-owned, the establishment can stop or block any financial transaction to the organization they deemed a threat to themselves.
Internet is fantastic, and I love it, but things are getting out of our hands with our data and power to control the data we consume; it seems like web 2.0 is at our disadvantage.
Unlike its predecessor, Web 3.0 is Decentralized and gives power back to the people. Web 3.0 us no central authority to govern; users have complete control over their data.
In terms of computing, a Decentralized network distributes its workload among several machines instead of relying on a centralized server. Each server in the network acts as the central unit and interacts independently with other nodes.
Since all the server connected to the network has all the data, there is no need to trust single entity, and even if the central server in the system fails, other server nodes can take over and provide seamless service.
The origin of the decentralized system goes back to 1979. David Chaum introduced the concept of Mix network. In 1980, he applied for the patent to design the world's first decentralized payment system.
BlockChain is the type of database in which the data are distributed in the decentralized network. In the blockchain, data are stored together in groups; it is called blocks.
Each blocks store set of information, and each block are connected with one other via datalink. Hence Blockchain. Blockchain enables peer-to-peer transactions of data without any intermediaries or central authorities.
Blockchain was first introduced as the distributed ledger for Bitcoin transactions in 2008. Today, blockchain has evolved beyond that. Nowadays, there are different types of blockchain for different kinds of purposes.
With the introduction to Web3, the way we use the internet will change rapidly.
- Social media can't delete your accounts
- Anyone can use the network who has access to the network
- No one can block you
- Payments are in Token, so no need for personal data or no one can payments
- No Downtime because 1000s of computers back the system.
Even though, Web3 seems like a better future for the internet, the transaction from Web2 to Web3 will not be easy.
- Awareness and education about Web3.
- Cost - It is much costlier than centralized servers
- Scalability - Since it is decentralized, the transaction might be slower.
- Environmental Sustainability- energy consumption of cryptocurrency mining can lead to more carbon emissions.
In the Future edition, we will learn more about the technical aspect of blockchain and how it works beyond bitcoin.
Web3 Looks inevitable, with the rise of blockchain in the last few years and the craze for cryptocurrency among investors are boosting this change. So it is time to get educated.
I hope you find this first edition valuable and informative. If you have questions, feel free to tweet me on @muhamaushookar. Get the latest update by entering your email and signing up for a free weekly newsletter. Until next time, stay connected.
Disclaimer: Before investing your resources in anything, take your time to learn about it. Blockchain is a fantastic technology that can change the life of humans exponentially if used with good intent. Please don't fall into scams without knowing the risks in it.