Blockchain is a decentralized, dispersed network of computers that stores blocks of data in the
form of a digital chain. Although it cannot be changed, it can be examined. Blocks are the units
of data storage in blockchains. Blockchain is intended to be decentralized and dispersed across
a vast network of computers, in contrast to historical systems that concentrated the storing of
information in books or database file stores. A blockchain system works by displaying the
actions of people storing and transferring content in an encrypted, safe manner from one block
to another. By establishing secure peer-to-peer interactions, it eliminates intermediaries. This
improves control while also saving time and money. The way we access, authenticate, and conduct
business with one another will be completely transformed by this kind of peer-to-peer engagement
with consumer data.
What distinguishes Blockchain?
• The procedure for documenting data.
• The way blockchain builds data trust.
• The elimination of middlemen.
• The application of regulations using code rather than middlemen.
Describe Web 3.0:
Without centralized servers and data silos, Web 3.0 is Web 2.0. It is a serverless internet, a
decentralized web governed by technology and regulations written in code to support people's
behaviors. Blockchain technology is being used in Web 3.0 to reimagine how we manage and store data
online while introducing a global state layer. Blockchain is a new technology that will enable more
direct communication and in-control transactions. Google, Visa, Amazon, StubHub, and other
third-party service middlemen are not required. It will permanently alter how people use the
internet and communicate with businesses and other people online. The internet is
without any doubt one of the most crucial aspects of almost everyone's life today.. In actuality, it
is rather challenging to envision living without access to the internet. A worldwide epidemic has
further demonstrated the importance of the internet during emergencies.When it comes to data
security, the internet as we know it now is, however, pretty hazy. Since its birth, the web has
expanded greatly. Before the debut of blockchain in web 3.0, many new internet-based technologies
emerged.
The voice assistants Siri and Alexa, which demonstrate how machine learning may provide a new range
of online services, are the most significant component of web 3.0 examples. Using decentralized
protocols, the 3rd generation of the internet would operate, with the exception of the indications
of incorporating machine learning and connecting machines through IoT. Finding a possible
convergence point for blockchain in web 3.0 is crucial. The third generation of the web's networks
feature censorship-resistant P2P data file storage, interoperability, automation using smart
contracts, and seamless integration. Therefore, it is evident that blockchain would be a significant
factor behind the development of the next generation of the internet. Blockchain is fundamentally
changing how data management and storage are currently done. In plain English, blockchain provides a
distinct data set or universal state layer that is managed by a group. The potential to create a
value settlement layer on the internet is made possible by the unique state layer. The state layer
facilitates copy-protected file transmission to support efficient P2P transactions without any
middlemen.
In what ways did blockchain pave the way for Web 3.0?
One of the starting points for outlining web 3.0 was the introduction of Bitcoin. The creation of
networks made possible by the Bitcoin blockchain and other protocols made it impossible for hackers
to access data in a single home without breaking into a number of homes around the world. Blockchain
laid the groundwork for the definition of web 3.0 by making it easier to store data across many
versions of the P2P network. Additionally, the protocol directs the protection of data by widespread
agreement among all network users. For their assistance with the upkeep and security of the network,
the members are rewarded in the native network token. When you consider how blockchain changes the
web, it becomes clear that blockchain is the basis for web 3.0. Most importantly, it supported the
creation of a governance layer that would run on top of the current internet. The governance layer
now makes it possible for two unidentified parties who don't trust one another to negotiate and
complete deals online. It's interesting to note that web 3.0's blockchain functionality will mostly
be focused on ushering in a backend revolution. Web 3.0 can be conceptualized technically as a group
of blockchain-based protocols intended to rewire the internet's backbone. The most crucial aspect of
all is that it is simple to think about blockchain as a distributed global computer that will alter
the way we perceive the internet.
Understanding the size, stability, and development potential of a Blockchain ecosystem depends on a
variety of elements. Naturally, new ventures would soon follow after successful ones. However, the
infusion of cash is necessary to generate activity around such a bold undertaking. so that
additional potential investors and developers might be drawn to it. Blockchain is growing and
demonstrating how it might help millennials. Blockchain technology will undoubtedly pave the path
for Web 3.0. To do this, however, funding ground-breaking and innovative ventures is equally
crucial.
Reference From:
Geroni, Diego. “The Role of Blockchain in Web 3.0 - 101 Blockchains.” 101
Blockchains, 101blockchains.com, 19 Nov. 2021
