AAX Web3 Series: Why Might We Want to Decentralize the Web and How? — AAX Academy
Who knows you better than your good old friends Google, Amazon, Facebook and Alibaba?
From what you ask Alexa to your correspondence, to crypto transactions or Netflix preferences — millions of megabytes of private data are turning into copies of copies of copies right now, while you’re reading this article, to go straight to your ISP and, then, further, to multiple servers at multiple data centers, ready to be commodified.
Keep on reading to see how Web 3.0 addresses those issues. Or should we say, download the Brave Browser and, then, go back to reading?
You’re free to choose, right?
The Prospect of a Decentralized Internet Today
Here goes a bit with sad statistics: 27% of all the websites existing out there, which, by the way, is one billion websites, is built on WordPress. How about the fact that the search engine market for Google in 2020 makes 92.54% of the global search market?
Welcome to the Web 2.0 world with less than 20 companies controlling 80% of the world’s population, having a lot of your private data, to sell you even more of their products — and charging you draconian fees for them.
Feeling agitated? A lot of people might. That’s why libertarian-minded engineers have been working for a few years now towards Web 3.0, a new horizontal paradigm in the Internet space.
The key component of this revolutionary paradigm is a lack of middlemen, such as Amazon, which has become possible only with the advent of blockchains.
Now, with blockchains eliminating middlemen, we can transit to third-generation Internet services. And once we do so, we will be able to enjoy P2P interactions with each other on a global scale without additional fees the middlemen charge — and no need to say, without those middlemen themselves. Sounds dreamy? Take a look at a few examples!
Web3 Tokens: Filecoin (FIL) explained
Filecoin is a Web 3.0 protocol that creates a market for those who want to rent out their spare hard drive storage space to those who need the storage. Say, you have a lot of photos on your iPhone, try and store them on the Filecoin blockchain protocol!
On the network, miners trade against users, giving them some spare storage and receiving Filecoins in return for their services. Users buy the storage for Filecoins from those miners and store their data.
Web3 Tokens: ThreeFold (TFT) explained
Threefold is a new internet built on the blockchain. The goal behind the protocol is to provide hardware for developing nations so that people there could have access to the world wide web, too.
Kristof de Spiegeleer, the founder of Threefold, says that less than 20 companies own 80% of the global internet capacity.
Now, with Threefold you can change that by buying hardware, providing capacity to the new network rooting for no giant corps and getting micropayments for your storage in TFT tokens.
Web3 Tokens: IOTA (MIOTA) explained
IOTA is a protocol designed to record and execute transactions between machines and devices in the Internet of Things (IoT) ecosystem.
A very interesting use case for IOTA in terms of decentralization is a smart factory that can become part of a supply chain by connecting and transmitting data to the database of all participants.
Machine owners work autonomously, machines work autonomously and all the participants ship the products autonomously.
No need for middlemen at all, only for some MIOTA tokens, the main utility tokens that can be used for transactions, fees and initiating smart contracts.
Originally published at https://academy.aaxpro.com on November 5, 2020.