What is web3?
Web 3 is a new stage in the world of the Internet, it is also called the decentralized web because it aims to create a more decentralized Internet that is not controlled by a single central entity or organization, and the goal is to create a more open, decentralized, and user-centered Internet experience in terms of design that prioritizes preferences and for needs relating to users on those platforms. It gives users an advantage over traditional web applications with greater control over their data, it also allows them to interact with applications and services directly.
What is the web3 platform?
-Ethereum: Created in 2014 by a developer named Vitalik Buterin, it is based on the Ethereum system blockchain. It has its own cryptocurrency (ETH), which is used to pay fees related to services and transactions on the network. The goal of its establishment is to build a home for decentralized applications and make them more flexible, including games and decentralized exchanges. Not only that, but the Ethereum platform also supports self-executing smart contracts between the seller and the buyer.
-Arweave: Arweve is a decentralized storage platform that uses a unique blockchain architecture that enables pto enables-cost data storage.
-Tezos: Tezos is a flexible and scalable decentralized platform with unique management and upgrade mechanisms, launched in 2018, the goal of its creation is to provide a more flexible and scalable blockchain platform through its use of a unique governance system and an on-chain upgrade mechanism. One of the things that sets Tezos apart is the validators (known as “bakers” in the Tezos ecosystem) Tezos uses a proof-of-stake consensus algorithm, validators are chosen based on the amount of Tezos tokens they have and are willing to lock like sides instead of using heavy mining. energy to check and validate transactions and create new blocks.
-Cardano: Cardano is a blockchain platform that uses a proof-of-stake consensus algorithm and aims to be a sustainable and scalable platform for (dApps).
1- The new blockchain networks and protocols
(Polkadot, Cosmos, and Filecoin) .
-Cosmos protocol:
At its core, Cosmos is a blockchain protocol, established as a decentralized ecosystem Cosmos aims to create a decentralized internet of blockchains capable of handling large volumes of transactions that address usability, scalability, and sovereignty issues. It achieves this using a technology called "Inter-Blockchain Communication" (IBC) w, which transfers data and assets between different blockchains. This made it easier to develop new decentralized applications.
-Polkadot protocol:
It is a new-generation blockchain protocol created by the Web3 Foundation, that uses a unique architecture that enables multiple blockchains to connect and communicate with each other smoothly and securely to promote and develop decentralized web technologies. Not only that but polkadot is distinguished by its ability to govern and share the community. It also has a decentralized management system that allows stakeholders to propose and vote on changes to network protocol and standards, making it a promising architecture for the future of blockchain.
-Filecoin protocol :
Filecoin is one of the decentralized blockchain protocols developed and worked on by Protocol Labs, whose first and primary mission is to oversee other decentralized technologies such as IPFS (Interplanetary File System). The goal of its creation is to provide a sufficient amount of decentralized storage network for users to store their data efficiently and securely all over the world. filecoin uses a proof-of-redundancy consensus mechanism to ensure that data stored on the network is correct and not corrupt. In addition to this property, Filecoin also has a decentralized management system that allows users to propose and vote on changes to the network protocol and its parameters such as Polkadot. This makes his approach promising and raises its value and reliability to the decentralized technology ecosystem.
2- Develop new decentralized applications
Develop new decentralized applications (dApps) that take advantage of Web 3.0 benefits, such as Uniswap, Chainlink, and Compound.
-Chainlink:
Its cryptocurrency LINK is a decentralized oracle network consisting of nodes that retrieve data from various sources and put it into smart contracts, whose mission is to connect smart contracts on a blockchain network. This helps to enhance interaction with off-chain data, such as weather information or market prices and many other data not stored on the blockchain. Chainlink is constantly incentivizing contract operators to provide accurate and reliable data for smart contracts. This resulted in providing valid and reliable data and smart contracts became more efficient to execute based on real-world data. This reflects positively on bridging the gaps between smart contracts and also allows the building of more complex and powerful decentralized applications.
-Uniswap:
Uniswap is a decentralized exchange built on the Ethereum blockchain and operates using smart contracts, which are self-executing agreements that automatically execute the terms of the contract when certain conditions are met. It is designed to determine the price of a cryptocurrency based on a mathematical formula according to the Automated Market Making System (AMM). One of his positive answers is that he helped this system to dispense with the need for order books, and also to provide continuous liquidity, which made it easier for investors to buy and sell cryptocurrencies at any time.
-Compound:
It is a decentralized lending protocol built on the Ethereum blockchain. The goal of its establishment is to use smart contracts, which are self-executing agreements, and also the most important thing that distinguishes it from other protocols is to lend and borrow cryptocurrencies without the need for intermediaries such as banks or other central financial institutions. It allows users to deposit their cryptocurrency as collateral and receive in return an interest-bearing asset called a token. Lending interest rates are set by supply and demand for each cryptocurrency that is bound to the composite protocol. It uses a special governance token called COMP, which allows its owners to vote on changes to the protocol. In short, one of the most important positive aspects of this protocol is that it provides a way for investors and traders to earn interest on their cryptocurrency holdings and borrow other cryptocurrencies without the need for intermediaries.
3- Changing and developing protocols
Changing and developing protocols according to specific criteria that are agreed upon unanimously, because most protocols allow their owners to vote on the changes made to the protocol. Such as the Interplanetary File System (IPFS) and the Web3.js JavaScript library.
-Note: The continuous development and use of Web 3.0 platforms has resulted in a variety of options with distinct features, benefits, and obstacles. It is important to know that these platforms that we have mentioned are not complete, but some of them have been mentioned.
Empowering Users in Web 3.0
There are various forms in which user focus can appear in Web 3.0, including:
- Data controlled by the user
- Decentralized identity
- User-driven content
1- Data controlled by the user: web 3.0 works specifically to enable users to have more control over their data online and we see this through the creation of decentralized data storage systems. The goal is to prevent data monopoly as much as possible and give users better control over how their data is used and shared.
2- Decentralized Identity: web 3.0 enables users to have more control over who they are and how they use their personal information online by creating decentralized identity systems. This specifically contributes to preventing data breaches and identity theft.
3- User-driven content: It is considered one of the most important features on which Web 3.0 was built, which is creating content and sharing it directly with each other, with the ability to dispense with central platforms. This helps prevent censorship and spying and allows users to create a more diverse and seamless content ecosystem.
Who works on the Web3 project?
Who came up with the idea of Web 3 and who are the people who worked on it?
The idea of Web 3.0 is considered one of the greatest ideas that announced a new beginning in the world of the Internet, and it is a collective effort that was worked on by many individuals, organizations, and communities in the field of cryptocurrency and blockchain. In this sense, there is no single owner of this idea. However, we can present prominent personalities and organizations that contributed significantly to the development of Web 3.0. We mention some of them:
Web3 Community
1-Gavin Wood: Co-founder of Ethereum and creator of the Solidity programming language used to write smart contracts on the Ethereum blockchain.
2-ConsenSys: A blockchain project studio founded by Joseph Lubin, co-founder of Ethereum. consensus is focused on building decentralized applications and supporting the Ethereum ecosystem.
3-Vitalik Buterin: Co-founder of Ethereum, a blockchain platform that enables the creation of decentralized applications (dApps) and smart contracts.
4- Tim Berners-Lee: Inventor of the World Wide Web and an outspoken advocate for decentralization and user control over data.
Organizations supported web3:
1- Interplanetary File System (IPFS): It is a system of high importance in decentralized platforms that falls under a peer-to-peer protocol that is designed to store and share files in a decentralized network. IPFS is developed by Protocol Labs, a research, development, and publishing lab focused on building decentralized technologies.
2-Filecoin: It is a decentralized storage network developed by Protocol Labs. This network runs on a blockchain-based platform that has its own cryptocurrency which is FIL as a native token. One positive answer to the Filecoin network is that it provides a secure, cost-effective way to store massive amounts of data, including backup and cloud storage for data and content distribution, which is essential for a wide range of applications. One of its advantages is lower costs, increased safety, and improved reliability.
3- Graph: It is a decentralized indexing protocol that allows developers to query data and make it searchable through its API from various blockchain networks, including Ethereum and IPFS such as generating reports, performing data analysis, and retrieving certain pieces of information from a large pool of data. Showing a simple example, a company might use a data query to retrieve all customer orders placed in a specified period or to calculate the total revenue generated by a particular product.
What is Web3 characteristics?
1- Decentralization: Web 3.0 design is decentralized, which means that it gives users greater control over their data and gives them the necessary privacy in interacting with each other without the need for intermediaries to intervene.
2- Interoperability: One of the things that gives Web 3.0 an advantage over others is its ability to enable interoperability between blockchain networks and decentralized applications (dApps) of all kinds.
3- Privacy: One of the most important characteristics that Web 3.0 gives is privacy and security with high levels of users, which gives them the ability to smoothly control their personal data.
In general, web 3.0 was designed to give priority to the user in online interaction in a direct manner and to maintain his data in strict confidentiality and a high degree of privacy without tampering with it from external sources or third parties, which makes Web 3.0 more reliable and secure than another traditional web.
What are the advantages of web 3.0?
1- Innovation
2- Enhanced security
3-More control
1- Innovation: web 3.0 is an integrated system of decentralization that creates opportunities for qualified people and entrepreneurs to create new and unique decentralization applications, which enhance competitiveness, innovation, and entrepreneurship.
2- Enhanced security: This important feature must be highlighted because it makes Web 3.0 a safe haven that removes fear from users and preserves their information and data through encrypted algorithms that are almost impossible to hack or track.
3- More control: web 3.0 was designed accurately and expertly to provide users with more control over their data and give them the authority to control it smoothly and easily without complications.