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THE BASICS OF WEB3 TECHNOLOGY : An introduction to Blockchain technology

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WHAT IS WEB3?

 Web 3 was coined in 2014 by Ethereum co-founder Gavin Wood, and this idea gained interest in 2021 from cryptocurrency enthusiasts, large tech companies and cohorts. The basic idea behind web3 is that it is open sourced and is not controlled by any entity or organization (s).

Basically WEB3 refers to the concept of the internet based on decentralization, user ownership and blockchain technology,  as earlier stated Web3 became famous largely due to its use in blockchain technology.

Now web3 has a chance to put storage and distribution into the hands of individual users, due to its decentralized nature and the fact that it is not owned by any single entity.

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Web3 technology is characterized by Decentralization

Web3 is based off on the following

1.   Decentralization

2.   Interactions that requires neither trust nor permission

3.   A strong reliance upon smart technology, artificial intelligence and machine learning.

Decentralization Of Both Powers And Functions :

  Dictionary defines decentralization as the distribution of powers and functions added to Web3, Decentralization refers to the sharing and distributing of functions and powers previously owned by a centralized  institution to the general public. Ordinarily the centralized web which includes facebook,google , amazon an other Web2 technologies  largely control the flow of web traffic and what content gets distributed.

But with the invention and the continued use of Blockchain in the web3 space, there is actually an option of decentralizing the web. For example generally a single entity controls (hosts) the web while decentralized many entities controls (host) the web.

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Now Web3 is seen as an improvement from the earlier versions of the web which includes the web1 and web2 respectively.

Web3 technology is a better version of the web compared to web1 and web2 due to the decentralization of functions.

Earlier versions of the web(web1 and web2) defined.

While web1 roughly refers to the period from 1991 to 2004, where most sites consisted of static pages and the vast majority of its users were consumers not producers of the content.

Web2:On other hand is considered to have begun from around 2004 and is still in play even up to date, and is based on the idea that the web is more like an enabler, a platform that puts content in the hands of the public. Under web2 contents are yes put in the hands of the user or the consumer but the distribution and or storage of that content is highly centralized and based on the hands of the owners of the platforms being used. Companies like Facebook, Amazon, Google and the rest, which are seen as a platform for social media interactions, online shopping platforms and searching sites are largely examples of Web2 platforms.

But there was a notable increase in the amount of people who have queued into the web because, prior to web2 people where not really interested in internet and its activities, but this however turned that paradigm on its head as people started becoming interested in the internet and its users and so these increase the use of social media and its growth

Note: while the concept of web3 is larger than just crypto-currency, the rapid growth of web3 is mostly due to the world of decentralized finance (DeFi). Now decentralized finance which is  DeFi  for short are financial projects and applications that are built on blockchain technologies.

As of 2022 a study suggests that more than $275billion is locked in defi protocol, this thus means that cryptocurrencies are not is not only used by crypto millionaires or tech geeks.

FACTORS THAT AIDED THE GROWTH OF WEB3

1.       CREATION OF WEB3 TECHNOLOGY

2.       LOSS OF TRUST IN LARGE INSTITUTIONS AND IN CENTRALIZED SYSTEMS

3.       GLOBALIZATION

CREATION OF WEB3 TECHNOLOGY :  Web3 technology deals basically with, and is made up of block-chain  technologies and activities and these is mainly one of the reason why web3 is thriving and this is because activities go on and on in the block-chain space and there is no end to the number of people that can become integrated into the system.

Blockchain  is seen as  a digital store of record that is permanent, decentralized and largely not easily hacked, that is block-chain is a system of recording information in a way that makes it difficult or impossible to hack or cheat the system where the information is created, distributed and stored. Bitcoin is the first practical  application of this technology .

BLOCKCHAIN  AS A  DECENTRALIZED LEDGER

 One of the key features of a block-chain is that there is no single entity that controls the hosting and the storage of the content on the network. But instead it is highly encrypted and continually updated by thousands of individually owned and operated servers referred to by nodesa nodes all at once .

HOW THE BLOCKCHAIN WORKS

  • Block-chain writes data in a chronological linear sequence even though it has probably thousands of people updating data at the same time.
  • The block-chain technology is highly secured though  theoretically it is possible to hack a blockchain however with a protocol like bitcoin, doing so would require a level of quantum computing power that literally does not exist. So while smaller chains can be hacked through brute force human manipulation it is very hard to hack stronger chains.

BLOCKCHAIN CHARACTERISTICS

1.   Programmable : The  block-chain is programmable, that is to say that people can program and build in the block-chain technology.

2.   Secure: all records in the block-chain space are individually encrypted and this makes it hard for records there to be hacked.

3.   Anonymous: There is anonymity of identity in  the block-chain space

4.   Unanimous:  All participants in a network  agree or disagree  to the validity of each of the records.

5.   Time-stamped: all transaction time-stamps are recorded in the system.

Note: blockchain lies the reason why web3 is exploding …

LOSS OF TRUST IN LARGE ORGANIZATIONS AND CENTRALIZED SYSTEMS   

This is also one of the major reasons why Web3 is increasing in its usage and this is because people are rapidly losing interest  in large organizations owned by government, religious groups  and sort. And this is due to the centralization of power and function to a small group of individuals or companies as today people prefer decentralization of power and function that is brought by Web3.

GLOBALIZATION AND AN ENHANCED DIGITAL FUTURE

Due to an improvement in not just web3 technology, but in technology as a whole the future would be more digital.

The future is more digital than now, while people complain  about the over-reliance of people on technology and its dominance in today’s world. This is just the beginning. A recent study shows that people who are adopting virtual reality plan to spend more time with the technology over the years to come.

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