Web 3.0 is the third generation of the internet. It is the future of a serverless intelligent Internet consisting of interconnected decentralized webs — an Internet where users have complete control over their own data, identity, and personalization.
Web3.0 is currently seen as a new trend in the Crypto market. Web3.0 technology application projects are highly appreciated for their development potential, attracting the community’s attention and investment funds.
To understand Web3.0, let’s take a look at the concept of Web1.0 and Web 2.0:
Websites that provide one-way information, you can only consume the available information and settings without the ability to respond or interact.
Web 2.0 are websites that allow interaction between users and websites. You can register for an account, comment, post content, etc. This information is stored centrally on the website owner’s data system.
Example: Forums (where people can post content and comment); Social networks (which allow people to identify themselves with their accounts and interact with other users); or most of the popular websites today.
Following the development of Web2.0 is the third generation of the Internet: Web3.0. Web3.0 is the latest generation of the Web, providing a network of hosting many interconnected open websites. Data on the web3.0 system is stored in a decentralized manner, thanks to Blockchain’s distributed ledger data management technology. Every user using Web3.0 will have complete control over their data without being dependent on any middlemen.
Highlights of Web3.0
- High security and privacy: All web data is stored on a blockchain. There is no individual as an intermediary that owns and controls the data. This enhances personalization for users and brings distributed data mastery to everyone. Also, because it is stored decentralized on the Blockchain, data will last forever and cannot be deleted or destroyed.
- Web3.0’s most significant breakthrough compared to Web2.0: Data at Web3.0 will be interconnected in a decentralized and serverless way. This is a huge step up from the current generation of Web2.0 internet, where data is mainly stored in centralized repositories.
- Relationship between Blockchain and Web3.0: Web 3.0 is a decentralized network, so it needs a consensus mechanism to validate the information and help members trust each other. Blockchain technology is the consensus mechanism to solve that problem. On the other hand, Web 3.0 is also an application of Blockchain technology, besides cryptocurrency, NFT, or data storage.
Some limitations of Web3.0
- Slow speed: Due to the need for authentication between all blockchain nodes, Web3.0 processes information slowly
- Lots of junk data: Since data stays on the Blockchain forever, they make the Blockchain hold more and more massive capacity.
- Challenging to reach new users: Users must have a foundation understanding of Blockchain technology to use it.
Some popular Web3.0 platforms
- Polkadot (DOT):
Polkadot (DOT) is a multi-chain, heterogeneous and scalable technology. Allows blockchains to connect and share data to form a decentralized network. Polkadot focuses on solving two main problems of Blockchain: interoperability and scalability of the network. Polkadot is an open-source project, and anyone is free to contribute to the platform’s development.
- NEAR Protocol (NEAR):
NEAR Protocol is a decentralized blockchain network created to help developers easily build decentralized applications (DApps) and maintain them even as they scale to millions of users. NEAR Protocol operates on a Proof-of-Stake (PoS) consensus mechanism and uses a particular scaling solution called Nightshade to create a highly scalable and low-cost platform.
- Chainlink (LINK):
Chainlink is a decentralized Oracle network that acts as middleware between smart contracts and external data sources, allowing smart contracts to access an off-chain data feed securely. Chainlink provides a connection between Smart Contracts and data outside of the Blockchain.
- Filecoin (FIL):
Filecoin is a decentralized platform that connects people who need to store/extract data and provide data storage space. The purpose of Filecoin is to keep data in a decentralized way. Unlike cloud-storage companies like Amazon Web Services or Cloudflare, which are prone to centralization issues, Filecoin leverages its decentralized nature to protect the integrity of data locations, helping data is easily retrieved and difficult to censor. Filecoin can also provide file storage services for other decentralized platforms.
Along with many other potential Web3.0 projects such as Helium (HNT), Kusama (KSM), IoTeX (IOTX), Marlin (POND),…
Currently, the ONUS application has the #Web3.0 catalog, making it easy for you to look up assets, watch the fluctuations, and buy/ sell these assets.