BLOCKCHAIN TECHNOLOGY

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The concept of Web3, also called Web 3.0, used to describe a potential next phase of the internet, created quite a buzz in 2021.

Important points:

• World Wide Web, which is also known as a Web, is a collection of websites or web pages stored in web servers and connected to local computers through the internet.
• These websites contain text pages, digital images, audios, videos, etc. Users can access the content of these sites from any part of the world over the internet using their devices such as computers, laptops, cell phones, etc.
• Web 3.0 is a decentralized internet to be run on blockchain technology, which would be different from the versions in use, Web 1.0 and Web 2.0.
• In Web3, users will have ownership stakes in platforms and applications unlike now where tech giants control the platforms.
• Gavin Wood, founder of Ethereum, a block chain technology company, used the term Web3 first in 2014 and in the past few years many others have added to the idea of Web3.

Significance :

• Decentralized and Fair Internet: Web3 will deliver a decentralized and fair internet where users control their own data.
• Eliminates Intermediaries: With block chain, the time and place of the transaction are recorded permanently.
• Thus, Web3 enables peer to peer (seller to buyer) transactions by eliminating the role of the intermediary. This concept can be extended to
• Decentralization and Transparency: The spirit of Web3 is Decentralized Autonomous Organization (DAO).
• DAO is all about the business rules and governing rules in any transaction are transparently available for anyone to see and software will be written conforming to these rules.
• With DAO, there is no need for a central authority to authenticate or validate.

Way Forward

• Web3 is in its very initial days and there is no consensus if it will take off like Web 1.0 or Web 2.0 did. There is much skepticism from top tech brains in the industry and the academic community that Web3 does not solve the problems it purports to solve.
• Web3 will require deviation from the current architecture where there is a front-end, middle layer and back-end.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT