What is Web3 Protocol?

Web3 is the new Internet version poised to take over our computers in the near future. 

1983 is considered to be the Internet birth year. In the early 90s, Tim Berners-Lee pioneered the programming languages like HTTP (Hypertext Transfer Protocol), HTML (HyperText Markup Language), and URL (Uniform Resource Locator). This kicked off the internet that we are widely using today.

 Web1 is the name for the early days of the Internet. Web2 followed after this. Compared to Web1 with a read-only structure, Web2 is the read-and-write version. 

In this blog post, we’ll learn about Web3 – its purpose, goals, and future direction. 

Introduction To Web3

Web3 is a blockchain-based form of the Internet. It will be decentralized. Instead of the traditional Internet where Google or Facebook dominate, users themselves will own and control portions of the Internet. 

In particular, the primary difference between Web 3 and the traditional web service is that it doesn’t need permission and trust. There is no censorship on accessibility and transactions can happen without intermediaries. 

In contrast to Web1 and Web2, Web3 follows a read-write-own framework. Web3 functions on blockchain technology, decentralized node networks or a combination of both. Decentralized applications are a main part of the Web3 system. 

Core Features of Web3

Decentralization

Users gain full control over the data because it is a peer-to-peer network. Information is distributed among the different nodes worldwide.

Permissionless and Trustless

Since there is no single entity holding control over the entire network, users connect with each other directly. Furthermore, people can have access to sections of the Internet without waiting for someone’s approval. 

Artificial Intelligence

AI enables Web 3.0 to understand emotions. The presence of semantic web and language processing techniques refines the new AI’s processes in improving their algorithm. This means that the new version can filter data and adjust according to the users’ desires. 

Greater connectivity

The new generation of the Internet is accessible to a multitude of applications. Moreover, content and knowledge will be everywhere and Dapps will manage these.

Current Applications of Web3

Siri

The voice of every Apple product – Siri. Siri exemplifies the language learning that AI is capable of. In its first launch, it answered many questions with “I don’t know.” But, recently it gives accurate answers to its users. It is able to provide more relevant results even if some questions are not part of its database.

Steemit 

Steemit is a blockchain-based social media and blogging platform. Users receive crypto rewards for publishing and interacting with other users. It also promotes the immutability of users’ content so that there is freedom from censorship.

Storj

This is a decentralized cloud storage platform. When users keep their files in Storj, those files are broken down into at least 80 pieces and then kept in separate nodes within the network to enhance security. 

These are the currency examples of how Web3 is slowly integrating itself into our daily reality. We can count these four factors as the driving forces behind Web 3.0’s growth. These factors are the boom of blockchain technology, people losing trust in traditional institutions, increasing globalization, and the advent of virtual reality and other progressive technologies.

Web3 and Cryptocurrency

Various web3 protocols depend on cryptocurrencies. Web3 tokens help gather support for the development of the decentralized internet. Aside from using it for the development stage, crypto tokens or coins act as incentives for encouraging positive behavior among users and participants. Decentralized applications (Dapps) are an essential part of the new web version. 

People earn cryptocurrencies by participating in the new protocol either in a technical or non-technical manner. There is also heavy dependence on Non-Fungible Tokens or NFTs and other digital entities. For instance, Reddit plans to use cryptocurrency tokens as a way of allowing users to control the segments of Reddit they engage in. They will award community points to users who post on a particular subreddit. Users earn their points depending on how many upvotes and downvotes their post will receive. 

A Harvard Business Review article identifies Web3.0 as an “extension of cryptocurrency” since it wants to expand on the utilization of blockchain technology. Gavin Wood coined this widely-used term about the new generation of Internet back in 2014. In Wood’s words, it is a:

“reimagination of the sorts of things we already use the web for, but with a fundamentally different model for the interactions between parties”. 

Popular Web3 Cryptos

Helium (HNT)

This is a crypto token that is Web3-based. Helium serves as a wireless configuration on which smart devices can obtain internet connection. HNT is powered by blockchain technology and provides functionality for Internet of Things (IOT) devices.

One of the unique things about Helium is its consensus mechanism. They use Proof-of-Coverage (POC).

PolkaDot (DOT)

Polkadot interconnects blockchains into a singular network. This makes it an open-source and multi-chain network. Thus, it simplifies the flow of data from one chain to another. 

Polkadot also accommodates user-based governance. It allows token holders to have voting rights on the future of Polka Dot. 

Chainlink (LINK)

Chainlink uses a hybrid smart contract to operate its oracle blockchain. It accepts data and money transfers from off-chain sources.

The Graph (GRT)

GRT is the native token of The Graph which is a decentralized protocol that indexes data from a blockchain. 

After indexing data from networks like Ethereum, they arrange the collected data into application programming interfaces (APIs). 

Their subgraphs have been used by various developers like those from Decentraland, Uniswap and Balancer. 

Final Word

Web 3.0 empowers its users through data ownership and lesser intermediaries. Users have the freedom to choose what data they are willing to share with businesses who need it for profit generation. Furthermore, with fewer middlemen, internet transactions will be more efficient and fair. 

Moreover, the other benefits of a decentralized web are transparency, more accurate search results, and fewer service disruptions. 

However, it is still at a developing stage and can be very confusing for beginners. In addition, those who want to participate in the new web version will need advanced devices. Only above-average computer specifications can carry the load of Web3.0.

There is no perfect system but we can always make a mechanism that can greatly help people and improve their lives. Web3.0 may just hold the answer to the reliable Internet we are all hoping for.