Web 3.0

What will Web 3.0 bring to our lives?

Web 3.0, or Web 3 for short, will bring us three major changes

Money will become an inherent feature of the Internet

Over the long haul, annoying ads have become the Web's default business model.

Thankfully, a recent invention has solved this problem: Bitcoin.

The Bitcoin Revolution

I don't think it matters whether Bitcoin turns out to be just a flash in the pan.

Because Bitcoin has a snowball effect that will completely change the way we think about digital currencies.

Bitcoin has brought two big innovations:

1. It allows numbers to be scarce.

For the first time in history, we can create objects that are both digital and unique.

2. It allows you to spend money online without any intermediary.

These two innovations will bring value to people on the Internet.

The information revolution

Technology has changed every medium.

Newspapers, telephones, television, books, radio, photography, encyclopedias, etc., all of which are part of our society, have been completely changed by technology in the last 20 years.

Overnight, anyone could send a message anytime, anywhere, free, instantly.

This has completely changed our world.

Just as Web 1 and Web 2 brought about an explosion in the free flow of information, Web 3 will bring about an explosion in the free flow of value.

Just like information, the transfer of value in the coming decades will be global, instantaneous, free, and accessible to everyone.

While Bitcoin may upend cash or gold (depending on who you ask), the value revolution goes far beyond that.

Stocks, bonds, identities, real estate, and so on, all of which can be converted through Web 3.

Decentralized applications (DApps) provide new functionality to users

The idea behind decentralized applications, or DApps, is to take bitcoin's innovations -- blockchain, cryptography, peer-to-peer networking, and consensus algorithms -- and add them to Web applications.

For example, when I use chat apps like Messenger.

If I want to talk to my friends like children, I need to raise my hand and ask for permission.

Finally, companies like Facebook controlled the conversations I had with my friends.

Isn't that strange?

Now, I can use a decentralized chat app like Orbit.

This is a simple application that you can use right now.

It allows you to chat with your friends without any intermediary.

Airbnb, Twitter, Facebook, YouTube all have decentralized versions, with no central authority or authority.

Today, we already have a lot of decentralized applications.

This is a movement.

In all areas -- whether it's money, banking, payments, advertising, supply chains -- people are building decentralized versions of the apps we use today.

How do you build decentralized applications

It's about changing the Web infrastructure itself -- the Web infrastructure will have its own native payment layer that includes projects like Bitcoin.

Then there are virtual machines like Ethereum.

These platforms will run code that supports decentralized applications.

On top of that, we can add a decentralized storage layer.

This stores the source files needed by the application, such as images, videos, text, and so on.

In this regard, the IPFS project is worth mentioning.

IPFS

IPFS (Interstellar File System) is a joint project of Protocol Lab and Juan Benet.

It is intended to be an alternative protocol to HTTP.

In a broad sense, IPFS allows you to create a local Web.

What does that mean?

If I wanted to download an image, I would probably download it from the cloud.

IPFS takes advantage of the networking capabilities of these devices, such as Wi-Fi, to create an interconnect network.

With IPFS, I can still download the file from the cloud, and then anyone can get the file from my device.

This brings a lot of benefits.

1. Anti-censorship.

Since Turkey has blocked Wikipedia for nearly two years, hacktivists have created a decentralized version of Turkish Wikipedia that runs on the IPFS network, which Turkey cannot block.

This is an innovation designed to solve the problem of censorship.

2. More durable.

A link you save from the web and then try to click it again a few years later may not connect (sometimes not even for years).

However, with IPFS, I can decide to save these pages to my device where anyone can access them from my computer.

Even if YouTube or media disappears, as long as there is a device in the world that has the file, it can still be accessed.

In addition, IPFS has a built-in version history.

This is similar to features like Time Machine on the Mac.

This is a popular feature of many software programs today.

It allows you to browse through previous versions of files.

This is built directly into IPFS.

This is also a project that aims to address data loss.

Users will have more control over their digital identity and data

Until now, the government has managed our identity by issuing passports and driver's licenses.

But in recent years, oddly enough, private companies have also become identity management companies.

Today, we get forms online all the time asking for all kinds of personal information.

Isn't it a little strange that private, profit-seeking corporations now control our identities?

A project called SOLID aims to change this - users encrypt their personal information in a personal online data storage unit called a POD, rather than giving it to private companies.

There are already many projects like this, and the core idea is still the same: people are in charge of their own data.

These have brought us great benefits:

1. No more tables

I don't think anyone likes to fill out forms, it's repetitive and frustrating.

The idea of decentralized identity is that you only fill in your information once, and all the services will connect from there.

2. One-way data flow

In a bitcoin exchange, you just send a bitcoin and sign the transaction encrypted.

The signature is unique and is valid only for that transaction.

Therefore, the merchant cannot charge you again without your consent.

We have the same problem with identity.

When I give my Social Security number to a website, I give out my ID code.

They would keep it on insecure servers and after a while, it would be stolen by hackers.

Why can't we use passwords here?

Instead of giving away the password to my identity, I can sign a transaction with the password to prove that I am the person I am trying to prove.

Well, no one can steal my identity.

This is the foundation of a more secure, decentralized identity.

3. More safe

Decentralization is necessarily safer.

As I mentioned earlier, no system is truly secure.

There will always be data breaches and hacks.

We cannot guarantee that no one will have access to your POD.

But because the data is not stored on a central server, we don't see hackers breaking into the server and stealing 150 million social security numbers.

To steal 150 million decentralized identities, someone would have to hack 150 million PODs, which is almost impossible.

These innovations should help address issues such as data hacking and surveillance.