WEB3 — BLOCKCHAIN
Internet transformed our lives when Web2 was first introduced in 2004. It totally re-shaped the way people interacted with each other. The whole perspective towards the technology of internet changed as web2 created a huge interest towards the internet across all nations which drove a large and fresh user base towards it. Since then, these have been no stops to the growth of this user base with more and more people joining and utilising this technology as it has now become a major and important part of their lives. And it would not be wrong to point the dependency of human race on this technology. With this going usage and dependency, there are some major concerns related to the current state of this technology which are growing alongside, concerns over privacy of data which is accessible through the internet, frauds among people connected over internet, forgery of documents, cyber crimes and thefts , to list a few. Due to lack of the transparency in the current state of the system, these concerns are rising at an alarming rate. To tackle and overcome all this, Web3 was introduced with the aim of transforming the internet from web2 to web3.
Blockchain , is not just a fancy word or something which should be seen under the light of cryptocurrencies. Rather, blockchain is a technology, cryptocurrencies are a subset of. The evolution of internet from web2 to web3 is not possible without the blockchain technology as web3 and blockchain moves subsequently. The whole concept behind web3 is to make internet decentralised and transparent with the help of blockchain at its core. This is achieved by using blockchain as it provides a platform for decentralised storage of data, hosting of servers and many other decentralised applications over internet. Some popular blockchain features includes:
- DAO (Decentralised Autonomous Organisation) is a blockchain application, which focuses on automating the functions over internet , eradicating the human involvement.
- DEFI (Decentralised Finance) is a blockchain application which aims to make the whole financial system decentralised over internet by making use of escrow smart contracts, staking pools etc.
- NFTs (Non Fungible Tokens) is a concept of providing unique identities to various entities over blockchain network.
- BTLDs (Blockchain Top Level Domains) is a domain naming system based upon blockchain network to host files, transfer cryptocurrencies etc.
Blockchain also provides transparency in the network by maintaining a decentralised ledger which means everybody on the network has access to what’s happening on the network. And it is proven to be one of the most secure technology ever built with no cases of exploitations or hacks. Web3 is still a relatively new and emerging technology with endless future possibilities. With each emerging use case, it is proving to be more and more promising which makes this paradigm shift from Web2 to Web3 inevitable in the near future.