What Is Web3?
Web3 refers to the future of the internet — its next generation, and one characterized by decentralization, blockchain technology, and user rewards/ownership.
Web3 is different from previous iterations of the internet because such iterations were characterized by centralized databases and profit flows, and by users surrendering their data to ISPs and big platforms.
Through decentralization, the new era of the internet will provide unprecedented freedoms, autonomy, and opportunities to regular users.
Web3 Tech
Blockchain networks form the foundation of Web3, while some crucial blockchain-based Web3 tools include NFTs, cryptocurrencies, and Decentralized Identities (DIDs).
Blockchain Networks
One of the main technologies underpinning the future of the internet is the blockchain network, where data is stored across segments of code called blocks, and verified and communicated by decentralized groups of computers called nodes (nodes are usually physically distributed).
Data held on blockchains is very difficult to steal or counterfeit, since all nodes on a blockchain need to reach a consensus to verify a transaction.
Decentralized Identities (DIDs)
DIDs are a type of credentials that are held and verified by users themselves rather than by a centralized third-party. They can also identify the user in whichever way they choose, depending on the purpose. This means DIDs can actually conceal sensitive personal info while they are being verified, unlike real-world or Web2 credentials, which often expose info like name, birthday, etc.
For instance, DIDs are used as web credentials for accessing MetaBlox’s WiFi OpenRoaming network.
Since they are only verified by blockchains, DIDs are the sovereign property of holders. Instead of being authenticated by third party servers, they are verified decentrally by blockchain nodes, which thereby distribute trust across the network so that verified data cannot be collected or stored by third parties. DIDs can also prevent sensitive information from being recorded on the blockchain during transactions where the identifier is used, giving Web3 users an anonymous and self sovereign internet credential.
Crypto Tokens
Crypto tokens are digital assets held on blockchains, and are used as currency alternatives to fiat money. Some tokens are even pegged to fiat currencies like the USD to maintain their value.
A vibrant decentralized financial system already exists on Web3, with platforms for staking, purchasing, and exchanging different tokens. Crypto is also used to reward Web3 users for verifying each other’s dApp (decentralized app) and internet connections.
NFTs
Another blockchain technology underpinning Web3 is the NFT or non-fungible token. This type of digital asset can’t be copied since its data is verified on-chain. NFTs can take the form of audio or image files, for instance, but they have recently been developing unique, Web3-based utilities.
For example, the MetaBlox NFT features the cloud mining utility: each one represents the digital ownership of a MetaBlox miner, which, functioning as a router, issues rewards as it establishes WiFi connections. These rewards (mPoints), which are sent to the same wallet storing the given NFT, will become available to stake for ROAM tokens after the project’s IDO in 2024.
The future-token rewards also come at no cost to holders, as MetaBlox powers, maintains and operates the NFT-pegged miners.
Web3 Examples
There are three main types of Web3 applications: the Metaverse, dApps, and DID-powered WiFi roaming.
The Metaverse
The Metaverse is an emerging, internet-connected virtual world whose different components exist on blockchains. In a way, multiple Metaverses currently exist, but as Web3 grows and integrates, a single, unified Metaverse is likely to arise. Businesses, homes, galleries, and more help constitute this virtual universe, and users are adding to it everyday.
For instance, you can view virtual automobile showrooms and other product displays, or visit neighbourhoods where people are reproducing their own homes while mining crypto. Metaverse users can buy and sell virtual ‘land’, and personalize their real estate with NFTs that increase the value of their property. Overall, the Metaverse is opening up a new space for web surfing, gaming, shopping, and crypto investing. It’s also building a global community of Internet3 users who can exchange assets and ideas instantly.
Decentralized Apps (dApps)
A central component of Web3 is decentralized apps which operate on blockchain networks. dApps are not controlled by a single authority, and . Rather, every user can add to existing dApps once they are released. Therefore dApps evolve various capacities, giving users access to decentralized finance services, social media, web browsing, gaming, and more. For instance, DApps providing deFi services such as Binance and Coinbase have become extremely popular crypto trading platforms.
Mining
Crypto mining is another important aspect of Web3 because it encourages decentralized networks by offering incentives to individuals for operating a blockchain network node.
In Web3, these nodes (or ‘miners’) are specialized computers which verify transactions on a blockchain network and earn rewards in the form of new crypto. This process helps secure blockchain networks and create new cryptocurrency units.
Miners solve complex mathematical problems in order to validate transactions and add them to the blockchain, and are rewarded with a certain number of units of crypto for every block (representing verified transactions) they add to the chain.
As alluded to, one special type of mining is WiFi mining, where internet servers are turned into miners. MetaBlox’s WiFi OpenRoaming network is made up of such miners, which verify users’ DIDs for internet access. To build OpenRoaming coverage while earning rewards, you can thus purchase an NFT or MetaBlox miner.
Web3 Access
One reason why Web3 is special is because of the freedom and privacy granted by credentials like DIDs. These credentials and the protocols supporting them are designed for interoperability. That is, they are meant to be used to access multiple platforms for various purposes. This means users of Web3 credentials don’t have to sign up with multiple platforms to use their services. A DID can be used to both connect to WiFi hotspots and access dApps, for instance. This interoperability means that Web3 is, although decentralized, unified and integrated.
In Conclusion
Between interoperability, decentralization, and security, Web3 is emerging as the future of the internet, and one that is more user-oriented than ever. With DID credentials, users can earn rewards for using Web3 apps, without storing their IDs on central databases or relying on third parties to verify them. In this emerging future of web services, users will have exclusive control over what information they share and when, maintaining full ownership of their data. As Web3 evolves, more and more internet users will be transitioning to a system of decentralized authentication, networking, and content creation.
Visit MetaBlox’s social media channels and explore how its creating the first decentralized WiFi OpenRoaming network!
