The web is a global system that holds all of our valuable information. In 2019, the internet hit and passed the 4 billion user mark. The global web is growing rapidly and is the backbone of human information and commerce.
However, you may have heard a new buzzword in the blockchain community. That buzzword is Web 3. The Web 3 blockchain covers a lot of similar ground as the current Web.
However, there are big differences as well as a big purpose. Let’s take a look at what Web3 is and how it will complement and possibly surpass the Web in the near future.
An Overview of What Is WEB3
WEB3 is the third generation of the World Wide Web (WWW), the system that underlies the Internet. It is based on a set of standards that allow for the creation of applications that can be executed on the Web. These standards include the Web Services Architecture, the Belief-Based System, and the Web Ontology Language.
WEB3 will allow for the development of new applications that can be executed on the Web, as well as the integration of existing applications. It will also allow for the sharing of data and the creation of new, decentralized applications.
WEB3 and the Blockchain
As said, Web3 is the third generation of the World Wide Web. It is a decentralized platform that enables users to interact with decentralized applications (dApps) and smart contracts in a trustless manner. Web3 is powered by the Ethereum blockchain, which is a public, decentralized platform that runs smart contracts.
Decentralized Apps and Smart Contracts
With Web3, users can interact with dApps and smart contracts in a completely trustless manner. Web3 Foundation is a non-profit organization that is responsible for developing and maintaining the Web3 stack.
Decentralized Features
The Web3 stack consists of a decentralized peer-to-peer network. The network is used for running apps and smart contracts. It also includes a decentralized virtual machine. The machine is for running dApps and smart contracts.
It features a decentralized file storage system. Such systems are used for storing dApps and smart contracts. Added to that is the decentralized login system for authenticating users.
WEB3 and the Metaverse
The Metaverse is a concept that has been proposed by science fiction writers and futurists as a virtual reality where people can interact with each other and with artificial intelligence. Web 3.0 is the next generation of the internet, where the internet is used as a platform for distributed applications.
The two concepts are related because the Metaverse is a platform that could be built on top of Web 3.0. The Metaverse would be a place where people could use an avatar to represent themselves, and where they could interact with each other and with artificial intelligence in virtual reality.
The Future of WEB3 and Cryptocurrency
The future of WEB3 and cryptocurrency is very exciting. WEB3 is the next generation of the internet and it is based on blockchain technology. Cryptocurrency is digital or virtual money that uses cryptography for security.
The combination of these two technologies is very powerful and it will change the way we use the internet. WEB3 will provide a decentralized internet that is more secure and efficient. Cryptocurrency will provide a new way to store and transfer value.
The future of WEB3 and cryptocurrency is very bright and it will change the way we use the internet.
The Stack Structure of Web3
WEB3 is built on top of the existing Internet infrastructure and uses the same protocols, but adds a layer of security and trust. WEB3 is powered by decentralized technologies such as blockchain and peer-to-peer networking.
The WEB3 stack is made up of three network layers – the application layer, the protocol layer, and the infrastructure layer.
Application Layer
The application layer is where WEB3 applications (dApps) are built. The stack structure of a web3 application layer is essentially a three-tiered architecture. It consists of the:
- user interface (UI)
- application logic
- data layer
The UI layer is responsible for generating the graphical user interface (GUI) that the user interacts with. The application logic layer is responsible for executing the business logic of the application. The data layer is responsible for storing and retrieving the data used by the application.
Protocol Layer
The protocol layer is the underlying technology that enables WEB3 applications to work. Web3 protocol layer stack is composed of various protocols that are responsible for different aspects of the communication between web3 nodes. The protocols in the stack can be divided into two main categories:
- managing data
- managing communication
Infrastructure Layer
The protocols in the data management category include the IPFS, Ethereum, and Swarm. The protocols in the communication management category include the Gossip protocol and the Libp2p protocol.
The infrastructure layer is the hardware and software that powers WEB3. The Infrastructure Layer is an important concept in relation to the overall design of Web3. It is a modular structure that allows for the separation of concerns between different components within the stack.
This separation of concerns allows for greater flexibility and scalability. This is necessary when it comes to the development and deployment of Web3 applications. The infrastructure layer is also an important factor in the security of Web3 applications, as it allows for the isolation of security-critical components.
Looking Forward To The Future of WEB3
The internet as we know it is evolving. With the rise of WEB3, we are moving into a future where the internet is more decentralized, secure, and private. This new paradigm shift presents both challenges and opportunities.
As we move into this new era, it is important to stay informed and proactive about the changes that are taking place. Only by doing so can we ensure that the future of the internet is one that is beneficial for all.
For more helpful topics aside from this discussion on web3 technology, feel free to visit our blog page.
