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Web 3.0, also just called Web3, is the third generation in the evolution of World Wide Web technology. It incorporates such concepts as blockchain token-based economics and decentralization. Gavin Wood, a co-founder of Ethereum in 2014, is often credited with its name. Its growth grew steadily since then but really took off in 2021.
Large corporations and extremely wealthy individuals have expressed concerns. However, most people accept that it will provide increased data scalability, security, and privacy for users. Its creators hope that it will combat the influence of large technology companies. Web 3 is the future of the Metaverse.
Web 3.0 is the decentralization of the internet. It is based on blockchain technology and encompasses freedom, transparency, and data ownership. In recent years, huge companies like Google, Meta, and Microsoft began using our data at will and for profit. Web 3 technology enables us to take complete ownership of our data.
The decentralization factor is essential. When you connect to a decentralized network, it ensures the ownership of your data. In addition, it makes the trading of data untraceable.
Commencing in 1989 and running until 2005, this was the early days of the internet. The mainly static web pages were able to exchange information but were non-interactive. At the same time, they were primarily read-only and focused on company usage. Advertising was enabled, and costs were based on the number of views per page.
It was all about owning information; web 1 used HTML/Portals and web forms. An example would be the Encyclopaedia Britannica's page, Britannica Online.
Web2 appeared in 2004. For the first time, users could write and share their work. As a result, we saw a proliferation of blogs and the enormous growth of Wikipedia. The focus shifted from the company to the community. Pages were 'read and write,' and cost per click became the norm.
XML and RSS formats took over using tags and broadening the whole scope of the internet. Wikipedia is a perfect example of what Web2 offered. In turn, it marked a considerable development of the internet's potential.
Within two years of Web2 technology arriving, Web 3 appeared. The New York Times's John Markoff was, in fact, the first to introduce the term. Its developers hope that it will be able to offer users a uniquely personal experience. In addition, we enable a much more user-specific way of searching with the intense use of AI and Machine Learning (ML).
Web 3 will wholly focus on individuals. It is portable and very personal; it will use behavioral advertising and be charged by user engagement. It will use RDF, RDFS, and OWL formats. In addition, Web 3 is called The Semantic Web.
Crypto, smart contracts, and blockchain are all examples of web three technology.
Blockchain is an entirely secure record-keeping technology. Furthermore, it is designed to make hacking into the system or forging the data stored there impossible. In addition to its complete security, it is also immutable. It is both unchanging and unchangeable.
There are four different types of blockchain.
1: Public blockchains allow anyone to join and remain completely decentralized.
2: Private blockchains (also called managed blockchains) are controlled by a single organization, and individuals need permission to join.
3: Consortium Blockchains are also permissioned and controlled by a group of organizations rather than just one.
4: Hybrid Blockchains. While controlled by a single organization, hybrid blockchains have certain levels of oversight controlled by a public blockchain.
When Bitcoin arrived on the scene in 2008, it was the world's first decentralized digital currency. Its invention is credited to an anonymous person or persons who go by the name of Satoshi Nakamoto. Many other digital currencies have since joined it.
There are four main types of cryptocurrency:
Utility Cryptocurrency offers digital nonfungible tokens. These tokens are issued to fund the development of cryptocurrency. Furthermore, members can use them later on to purchase goods or services. One of the most well-known examples is ETH, the utility cryptocurrency of Ethereum.
Payment Cryptocurrency is a simple digital payment system that does not rely on banks when verifying transactions. These peer-to-peer systems enable anyone anywhere to receive and send payments.
Security tokens provide risk management systems for blockchain networks. It reduces risks against attacks and fraud by using cybersecurity frameworks, assurance services, and best practices.
Stablecoins enables users to 'lock in' their market value to an external reference. They are more useful than many cryptocurrencies for exchange use as they are less volatile. Stablecoins may be pegged against commodities like gold or currencies like the US dollar.
Smart contracts are programs stored on a blockchain and run automatically when certain predetermined conditions have been met. All participants in the blockchain agree in advance on what conditions are required. The execution of the contract will then be triggered automatically by the smart contract when these conditions are met.
They are typically used to automate an agreement's execution so that all participants can be immediately sure of the outcome. Implementation is possible without an intermediary's involvement or time loss. They can also automate a workflow, triggering the following action when the agreement meets all conditions.
The main difference between Web 3 technology from its predecessor is at the backend. However, users will hardly notice any difference. The Semantic Web and Artificial Intelligence are the two cornerstones of this third development phase. While AI enables you to generate real-world uses, the Semantic Web will teach your computer how to interpret the data.
Three-dimensional graphics are already widely used on the internet. For example, the real estate market has been offering 3D "walkthroughs" of property for some time now. Meanwhile, gaming has developed at a fantastic rate. As a result, online gamers are fully immersed in the battles to keep their avatars safe.
The effects of these properties on real life are not considerable. For example, mainstream media now often refers to "good movies." However, often, the author has not viewed the film. Instead, they are merely taking a score from websites like IMDB.
There is much confusion about these two terms, and some people use them inaccurately as synonyms for each other. Broadly speaking, AI is the concept of creating intelligent machines to simulate human thinking, capabilities, and behaviors. Machine learning is an application or subset of AI allowing devices to learn from data without being programmed.
3D graphics have become widely used now in many aspects of computing. Online gamers have immersed themselves in the 3D world of gaming for years. The process uses computer-modeling software, which creates an object within a three-dimensional space. The object has three assigned fundamental values; height, length, and width, allowing the user to understand where it exists within the space.
The Semantic Web is a mesh of data associated in a way that makes machines rather than people process them. It is an extension of the World Wide Web. It provides an effective means of representing data within a globally linked database.
Ubiquitous computing enables internet use to appear anytime and everywhere. Technology has moved on from mere laptop computing. Ubiquitous computing is available on multiple devices: tablets, smartphones, watches, a pair of glasses, or even your refrigerator. The aim is to enable small and inexpensive computers to connect to the internet, helping with everyday functions through automation.
Open source means that the development is open to anyone to use and contribute freely. Open source smart agreements will reduce friction and transaction costs in creating and managing commercial relationships.
Permissionless decentralized systems allow anyone to participate without the approval of anyone or central authority. The whole ethos of blockchain technology is the idea that it belongs to ALL participants. A trustless system means that participants don't need to trust each other. They don’t even need to know each other. It can be a little misleading as trust isn't entirely eliminated. However, trust is minimized and distributed across the network of those involved.
Blockchain technology has been a huge inspiration and driving force behind the concept of Web 3 technology. Furthermore, this tech development relies on blockchain to work. Here are a couple of examples of sites using it:
Doge Art Club is a good example of Web 3.0. Polish graphic artist Maciek Ignaciuk created the artwork for this site. It has evolved ingeniously. Every NFT in the club carries a referral code, meaning that anyone using your code provides you with 30% of the value of its mint.
The Audius website is a decentralized blockchain site run by a group of developers. The site gives music owners greater control over their product marketing. Musicians also get to interact with their fans.
Nonfungible tokens, generally called NFTs, are particular digital assets like games, art, trading cards, and comics. NFTs are financial securities in the form of digital data stored on your blockchain.
Dapps are decentralized digital applications running on a blockchain. They use a network of computers rather than relying on a single device. As with all decentralized technology, decentralized apps are free from the control and interference of any single authority.
The current concept of the Metaverse is about allowing people to do anything online they can do in real life. People can use various devices to attend work meetings, hang out with friends, go shopping, and enjoy concerts. Anything that they do in real life, they will technically be able to do in the Metaverse.
Not surprisingly, the big names on the internet are moving into and driving the idea of Web 3 applications along. With this latest technology, crypto wallets store data. Users engage with apps and communities through their wallets. They take their data with them when they log off. In theory, since they own the data, they get to decide if they want to monetize it.
Amazon
Amazon services run an incredible third of all internet services. The company has already developed a complete Web3 division entitled Web3 Labs. In the company's own words, it "provides the insights, platform, and developer tools to support your blockchain journey."
Google has announced that it is not getting involved in cryptocurrencies directly. However, the company intends to be the first choice of Web 3 developers. It is busy working to build a backend team for Web 3 developers. Google's cloud marketplace already offers tools developers can tap into to build blockchain networks. Google already has blockchain customers.
Web 3 apps are decentralized applications running on the blockchain. The apps allow users to participate without monetizing personal data.
Siri
The acronym Siri stands for Speech Interpretation and Recognition Interface. Any iPhone user is well versed in using this intelligent assistant. Apple phone users can make calls, send texts, use apps and get things done with simple voice commands.
Alexa
Alexa is a cloud-based voice service from Amazon. Alexa is available on multiple devices from Amazon and third parties. Alexa is a voice-activated home automation system capable of playing music, streaming podcasts and audiobooks, making to-do lists, and setting alarms. Users can also access real-time news, weather, traffic, sports, and other information.
Robinhood crypto
Robinhood is a commission-free crypto wallet and trading platform. The app enables users to trade, swap, and buy cryptocurrencies without fees on their crypto wallets. Users can start from as little as USD$1. They can search for their favorite cryptos, whether Bitcoin, Ethereum, or any others, and start trading immediately. In addition, Robinhood provides insurance against theft and cyberspace security breaches.
Internet 3.0 is one of the fastest developing technologies in the Metaverse. The applications of this latest technology are seemingly endless. It is not by accident that all the biggest internet companies are getting involved. They see it as the future, and all want to be a part of it.
The transition will be almost unnoticeable to most users. However, as technologies are further integrated, we will naturally use our devices for payments and transactions. For example, cardless payments in bars and restaurants are fast becoming the norm. As businesses adapt their technology, customers will become more used to using it.
Web 3 is already among us; the future is here.
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The much talked about Polygon MATIC cryptocurrency platform is directed and discussed to provide a thorough guide to this relatively new kid on the block
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