The advent of the Web 3.0 Era & Changes in Blockchains by ENTC Student Reporter
Hello, ENTCers around the globe!
Today’s newsletter is delivered by one of the student reporters at ENTC. We would like to share how a high school student’s perception lies on the advent of Web 3.0 Era with the operation of Blockchains.
The Web 3.0 era is about to begin. Ten years have passed since Web 2.0 when huge platforms were built by tech giants such as Google, Meta (Facebook), and Apple, and now, the Web 3.0 era is beginning. Skeptics of blockchain and cryptocurrency say that people hold unrealistic expectations of Web 3.0, but the possibilities are not just illusory. The technology that forms the basis of Web 3.0 is developing rapidly, and this will eventually lead blockchain technology to reach a technological singularity and become an essential trend of the times.
The decentralized technology and social and economic infrastructure that is the basis of Web 3.0 will provide a new environment of which people will have never been experienced before. Opposite to centralized network where all users are connected to a central server that stores all the user data and network data, decentralized network allows users to have separate server that stores data and information only relevant to that user or group. With decentralized technology that guarantees trust in an unforgeable blockchain protocol, individuals who do not know each other may build communities through which they may conduct finance and other transactions, production and consumption, and distribution of goods and currency. This voluntary economic community is not some distant future but is even now being realized.
“Any sufficiently advanced technology is indistinguishable from magic”
Clarke’s Third Law (Clarke, 1999)
The technological singularity of blockchain will provide a magical environment that will dramatically change the world in which we live, and decentralized protocol-based Web 3.0 will take the place of Web 2.0 which is driven by several primary platforms.
The social and economic dynamics that have been constantly evolving along with the development of blockchain technology, as well as numerous protocol competitions, have precipitated changes. Although it seemed that blockchain technology had hit a crisis with the so-called blockchain trilemma — a widely held belief that decentralized networks could only provide two of three benefits at any given time concerning a set of three main issues: decentralization, security and scalability — the social consensus of the community that places trust in the blockchain protocol is helping to find a balance and overcome existing mathematical contradictions.
Any oppositions to Blockchain technology?
Yes. However, the driving force has been the strong desire for the social and economic rewards provided by blockchain, hastening the solving of the legal and institutional problems facing blockchain technology. The majority of institutional efforts in countries that wished to prevent the growth of blockchain and cryptocurrency have ended in failure. The strong power of the economic incentives of blockchain led to the failure of attempts to prevent the popularization of blockchain, which in turn has led to the reorganization of laws and institutions.
The reorganization of laws and institutions will provide an opportunity for many companies and the public to safely join the blockchain ecosystem, and this change will serve as the necessary support for Web 3.0 to grow into a new mainstream.
Written by Minseo Kang Year13 North London Collegiate Jeju (Head of 2022 ENTC Student Reporter, The Grand Prize [1st place] winner of ENTC 2nd NFT Open Competition)
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