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Blockchain: Exploring the building blocks of Web 3.0

  • 3 wk ago

Web 3.0, also known as the decentralised web, is the latest generation of internet applications and services, powered by distributed ledger technology, the most common being blockchains.

It focuses on connecting data in a decentralised way, rather than having it stored centrally, with computers able to interpret information as intelligently as humans.

The term was coined by ethereum (ETH-USD) co-founder Gavin Wood in 2014. However, the idea started to gain more interest this year from cryptocurrency enthusiasts, as well as large tech companies, venture capital firms, and more recently Tesla (TSLA) and Twitter (TWTR) chief executives Elon Musk and Jack Dorsey.

Web3 is the “new internet” in comparison to the current Web 2.0. 

Web 2.0 is where data and user-created content, such as social-networking services and blogs, are centralised in a small group of Big Tech firms, largely controlled by Google (GOOG), Apple (AAPL), Amazon (AMZN), Meta (FB), and Microsoft (MSFT).

"There's a small group of companies that own all this stuff, and then there's us who use it, and despite the fact that we contribute to the success of these platforms, we don't have anything to show for it," said researcher Mat Dryhurst.

Meanwhile, Web 1.0 refers to the period from the early 90s to around 2004, where most websites were simply static web pages, providing essentially a read-only service. The vast majority of users were consumers of content rather than producers like we see today.

As more people seek custom services, search engines in Web3 will provide personalised insights based on an individual’s browsing and search context, where people also control their own data.

Centralised servers will be replaced with information present on multiple computing devices, acting more as a peer-to-peer internet with no single authority.

Another one of the benefits of Web3 is that it is believed to be able to avoid internet hacks and leaks as it acts as a system for specific users, thus being a great pioneer for data security and privacy.

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