Table of contents
Web 3.0 seems to be what's trending, if you've seen anything related to it, you must have seen terms like Blockchain, Smart Contracts, DeFi and others, and you're probably curious to find out more...
The World Wide Web
The World Wide Web (WWW) was invented by Tim Berners-Lee in 1989 as a database for researchers. Later, it started becoming a tool for sharing and collaborating. Soon people started using it in daily life for many different purposes. By 2006 the online web had revolutionized business practices, by 2005 e-commerce started being a way of life for people around the world.
To access and use the Web, you have to download a software called a browser. The browsers are software that are available in different languages and have a different user interface from one another. The major web browsers are Chrome, Safari, Firefox, Internet Explorer and Opera.
World Wide Web Consortium (W3C)
The World Wide Web Consortium (W3C) is the organization that sets the standards for the web.
What is Web 3.0?
This term describes the latest big things happening in the Internet. Why do we need it? What will it look like? What can it deliver? Who can it benefit?
We are just beginning to learn about the Internet of Things, Big Data, Augmented Reality, and artificial intelligence; some of them might be connected to the Internet or indirectly, others might not.
Like it or not, the Internet of Things will revolutionize how we use data in our day to day lives. It will affect almost every aspect of our lives - how we think, how we drive, how we communicate, how we work and even how we protect ourselves from the rest of the world.
"A belief that a robot named "Cuddles" would be ideal for initiating end-of-life discussions with family members in my community.
Who are the people behind the process?
This has been a fascinating evolution and one thing that I've learned over the years is that technology is no longer an individual's or a company's problem. Business models must follow these new concepts. At ScaleTech, we're moving to 3+ generation solutions that solve the digital challenges that enterprises face today. It's our job to ensure that the digital solutions we offer are future-ready, adaptable, and adaptive enough to meet the dynamic requirements of organizations of any size and industry. We work with industry experts to help understand the challenges they're trying to solve, and to transform that into solutions that can be implemented and launched in weeks, not months.
What is DeFi?
DeFi (Decelerator) is a protocol for building a deterministic, centralized, versionless blockless blockchain to be used as the foundation for enterprise systems and specifically, public-facing web applications (routing and reconciliation).
I must also mention that DeFi is the home page to the DeFi project, that you can join to become a contributor to the project.
Besides the above, the project also accepts proposals for DeFi protocol improvements to be incorporated into open-source libraries and frameworks.
The focus of DeFi is to provide a framework that will enable the creation of decentralized applications.
See how I mentioned the word "deterministic"? Now you know what we are talking about...
What are smart contracts?
I think I can finally answer the question: When you contract is when a contract is established and is enforced in a way that it results in a transaction. So contract is basically what's involved here, contract is a concept which is not yet widely spoken of in the world of technology, but it's basically the way that people interact in the world of technology. For instance, if you have a video game, and you create the video game, and you've specified that the game has specific features, such as the way that the combat system works, the things that can be done, the features that the game has, it then becomes a smart contract.
What are tokens?
To understand the technology of the tokens we need to look at the basic mechanics of the bitcoin blockchain, it is a distributed public ledger which is backed by a math-based protocol, the idea is that every user needs to have some bitcoin in order to contribute to the network and get the reward for the block reward. In order to be able to validate transactions on the network, validators need to validate information in the block. These validators include miners, who hash the block to create it and validators, who record this block into the blockchain and prove they validated it.
So essentially every piece of information you see on the internet, from a page on Wikipedia to an email message in your inbox, is in some way recorded onto the blockchain.
How to store your tokens in a smart contract
Easiest way to do this is to define the token on your domain like you do it for domain keys, don't forget to add domain name to your token account.
But to sign your tokens for it to be spendable you will need an ERC20 token issuer which would host the contract, in this case, MyWorldGroup is doing this on Brave which is very easy to setup and enable your tokens.
You can also try using a registry which can host this as well.
You can also see this with cudendas and other smart contract tools which are getting easier.
Why blockchains?
It is very secure
The blocks cannot be altered
No Intermediaries
Web 3.0 wouldn't exist today without Blockchain, this is what separates web
This is a project by popular open source projects Ethereum and Solidity, which can get complicated if you don't know your stuff. But this is very easy with some softwares like MetaMask.
How to get started
What you will need: Just the drive to learn
Websites to get you going:
Freecodecamp's YouTube Course:
The Complete Guide to Fullstack Ethereum developement - Nadir Dabit
You can also do a basic blockchain exploring.
But once we've digested all this, there's a potential to create some powerful decentralised forms of collaboration that could greatly benefit us in the next few years.
The next-gen blockchain is set to change the way we interact, learn, work and invest. On the blockchain, there are no borders and there's no central authority that can shut down and censor the internet. It's a global network, where everyone has access to the same knowledge and can own and trade their own cryptocurrency.
Future of Web 3.0
All the protocols on the Web 3.0 are decentralized, hence the name "decentralized Web" and you'll find that all of them are peer-to-peer.
What's so cool about Web 3.0 ?
Essentially the idea of Web 3.0 is that there are no intermediaries, all the content is available for anyone to access, without any censorship, without any kind of middleman (Mark Zuckerberg doesn't count as an intermediary), without any subscription (you can see the concept expressed in the video above). That means that Internet as we know it will be totally obsolete. In essence, it will be the total liberation of human communication, communication through technology, which means that people won't be forced to use the internet.
Dapp Stores
If Dapps sounds familiar, it's because Ethereum became famous for dapps. Dapps are essentially applications built on top of the Ethereum blockchain. The idea is that these are decentralized apps or "dapps" in the truest sense of the word.
These dapps will act as platforms for users to put smart contracts to use. Thus, Smart Contracts, are a combination of contracts and programming code.
If Smart Contracts and Dapps sound similar, it's because they are basically the same thing. They're really just decentralized apps built on Ethereum and other platforms.
Conclusion
That's it for this article, let me know if you found this article helpful, If you have any question, feel free to drop them in the comment section below.