Taking a Look at Web3 Principles
Web3 is the latest iteration of the web that promises to bring an open, permissionless, transparent, trustless, censorship-resistant, and decentralized Internet to the public. Web3.0 is changing how we do business, transforming everything from our homes, education, and entertainment to work and social life.
After the user-generated Web2, which was marked by the arrival of social media, we are moving towards Web3. It promises a better, fairer internet. Here, everyone with an internet connection can participate on a level playing field.
Corporations and regulations typically own the infrastructure of today’s online systems and sites. Here, a third party is paid to install servers and set up the software so that we can access all the data online. But in Web3, blockchain technology introduces a new method of storing data online, which is built on encryption and distributed computing.
In this system, distributed computing ensures the file is shared across many computers or servers so that no one person or entity controls it. Even if one server shuts down, the data is still accessible. Meanwhile, encryption means the data can only be accessed by those who have permission.
When it comes to the fundamental principles of web3, they are all about open-source, decentralization, user-owned communities, giving back the power to the users, providing value to the creators, community governance, turning expenses into investments, permissionless participation, incentivizing users, and maximizing value for creators.
Some popular examples of Web3 in practice include the original cryptocurrency Bitcoin, DEXs Uniswap and Curve, decentralized lending platforms Aave and Maker, and NFT marketplaces OpenSea and LooksRare.
TOP Network is another one that is built exclusively for Web 3.0 by leading in realizing full-state sharding, double-layer lattice, and DAG data structure-based parallel PBFT. It also employs an easily implementable, turnkey solution for developers and a friendly token economic model to help bring dApps to the masses and accelerate their development.
Powered by an innovative three-layered ledger architecture, TOP Network consists of the main chain, service chains, and off-chain ledgers. This makes it capable of handling real-world business of any size and volume, such as communications, games, social networking, big data, AI and IoT.
The Base of Web3
The promise of decentralization has long been debated, and for a good reason. But now, the emerging technology of Web3, specifically programmable blockchains, composable smart contracts, and digital assets, is making it possible for decentralized systems to achieve the level of coordination and operational functionality that hasn’t been possible until now.
This evolution enables new forms of governance and organizations, community-owned networks, robust economies, and other innovations.
However, for the mass adoption of Web3, the community needs to be clear on the principles of this new phase of the Internet.
To start with, blockchain technology has a steep learning curve, so the onus of spreading blockchain literacy is on the industry. As people learn about this technology and its potential, we need to make it easy for the masses to easily grasp the fundamentals around security, trust, and process.
While bridging this education gap, it is imperative not to overwhelm new users. Also, they should be segregated into basic and advanced users. As people progressively increase their exposure to blockchain mechanisms, the market needs to establish trust through transparency, primarily due to the newness of the tech. Not to mention besides decentralization, trust and transparency are key characteristics of blockchain.
Furthermore, user expectations should be managed by communicating the technology capability clearly, as words like ‘decentralization’ and ‘open-source’ can instill a false sense of security into users.
Another critical principle when it comes to the design aspect of dApps is the immutability and self-governing part of the blockchain. After all, unlike Web2, in Web3, if one sends their funds to the wrong address or loses their security keys, it is simply impossible to access your wealth.
As open-source, anyone is free to use and test these networks while enabling transparency ensures anyone can view on-chain what is happening in an ecosystem. Interoperability is also significant in Web3, where users retain control of their data, purchases, assets, and content across different products and services.
Collectively, these features ensure a fair Internet. However, Web3 systems face numerous challenges in managing and scaling decentralization. But the promise of Web3 is apparent: to bring disruption across several sectors, including banking and finance, e-commerce, data storage, manufacturing, marketing, art, music, social networks, insurance, and real estate.
As the iteration of Web2, web3 will bring us to a new phase of the Internet！