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The Next Big Thing: Blockchain Technology and Web 3.0

Quote of The Day

"Every time I witness a strong person, I want to know: What dark did you conquer in your story? Mountains do not rise without earthquakes.”

Unknown

Introduction

Great minds often tend to change the whole world with a single invention. We would always send pigeons racing, as they were used successfully in Greece 3000 years ago to declare the winner of the Olympics abroad, or sitting by a candle or writing a letter to get in touch with a friend, instead of unlocking your smartphone and logging into Facebook to contact a friend, were it not for some such incredible inventions that had enough impact to change the whole world forever.

Lukas Foss said: “It is obvious that everything a scientist discovers or invents is based on previous discoveries and inventions.” The same goes for Blockchain and Web 3.0. We humans have actively built the future with our actions based on what we think we need and how we can be more effective.

If history has taught us anything, it’s that change will always have a significant impact. In this article, I explore the future of Web 3.0 and Blockchain technology and why they matter.

blockchain

The word that seems to be on everyone’s lips these days. One of the greatest technologies since the Internet, a revolutionary technology that will reshape the future of the Internet. Every industry is about to undergo a drastic change in the next few years due to this technology called blockchain. A network that allows each client to reach a consensus without having to trust each other. Yet, we don’t understand blockchain to an extent that we can grasp all the ideas about it.

To date, technology has been the domain of computer programmers, experts, and leaders in our world. When the internet arrived it was a centralized authority technology, but blockchain is different. Blockchain is a technology that will democratize the global technology ecosystem, which means that each user will have power over their own data as community members will own and operate the infrastructure used for storage and computing. It would take control away from government or corporations.

Perhaps the simplest way to think of blockchain is that it reverts to the original digital ideal of pure democracy but incorporates security protocols that reduce the forces favoring gatekeeper consolidation. In short, it is the architecture that renders the original vision well.

“While the internet is for information, blockchain is for value”

Internet 3.0

Currently, there is no official definition of Web 3.0, but this Web era is the next evolution of Internet services for websites and applications. This is the web that will be powered by AI, Blockchain, IoT, 5G, Metaverse, NFTs, cryptocurrencies, all combined.

It will be a new version of the web that enables a decentralized economy, as it removes reliance on a central authority for network management, replacing it instead with a distributed consensus managed by many.

Web 3.0 will bring the era of decentralized applications (DApps) that run on peer-to-peer networks with tokens to reward users, they are free to use and can be enhanced by anyone in the world. community. This space is still new and improving. However, new DApps are being built every day, they share these major characteristics. They;

  1. Are open-source
  2. Are incentivized (tokens)
  3. Blockchain running
  4. Are decentralized
  5. Use smart contracts

This is taken from Wikipedia on the decentralization of the Internet;
“The idea proposes the reorganization of the Internet to remove centralized data hosting services, using instead a peer-to-peer infrastructure. Interest in the decentralized web arose due to the lack of trust in network maintenance organizations, due to scandals involving widespread espionage and content control.”

Tokens are to Web3 what websites were to Web1

The future

Before blockchain becomes ubiquitous, it must first mature. At the same time, companies need to start thinking and planning their blockchain strategy now. Just as the internet is a medium for sharing information, blockchain technologies can be seen as a medium for introducing the next level: value sharing.

The period in which we are currently experimenting with blockchain technology resembles the early days of the internet, experimenting now to revolutionize how the world works later. The transition to a truly decentralized web will take time. We need to put the pieces of the decentralized internet together and allow our perceptions to change.

This decade will possibly be one of the most incredible times we have ever seen due to the amount of change that has occurred over the past 30 years and will potentially occur over the next two decades, which , I think, should redefine this generation as changemakers and dreamers.

I 100% expect this article to be outdated or lacking in information due to the amount of new stuff coming out in the near future, and for me, that’s one of the most exciting things to About Web 3.0 and this new technology called blockchain and how it will impact everyone’s future.

Conclusion

The problem with great inventions like this is that we don’t know what will happen to them when they first start out. We only have years of hindsight to fully understand their growth and their impact on us. Hindsight is easy, forecasting is very difficult. Let’s take a look at some of the past inventions that have revolutionized our world;

  1. The printing press in the 1400s; Before the invention of the printing press, solid learning and knowledge were only available to the privileged in society. The printing press was invented and completely bridged the learning and knowledge gap.
  2. The Steam machine came and changed the way we work. Much of the labor and manufacturing process was done by slaves. The invention of the steam engine helped to significantly reduce slavery and colonialism.
  3. Our favorite invention, the The Internet, which started 60 years ago, came and revolutionized the information industry and the way we communicate, the world is now much smaller than it was 60 years ago.

I see blockchain and web 3.0 as the printing press, steam engine and internet of our time. Finally, imagine a world where;

  • You control your own money, not the banks.
  • You can send money to anyone, anywhere in the world at almost no cost and almost instantly.
  • Blockchain technology will be used for voter registration, identity verification and electronic vote counting to ensure that only legitimate votes are counted and no votes are altered or suppressed, making elections fairer and more democratic, when election results are posted on a publicly immutable register.
  • Blockchain can help streamline and secure the distribution of social benefits, unemployment benefits, etc. to the public, because it is accessible and verifiable on the system.
  • A world where health centers can store medical records securely on the blockchain and only share them with authorized doctors or patients. This will improve data security and may even help improve diagnostic accuracy and speed.

Guess what, we already live in this world. This is what Blockchain and Web 3.0 already do. The possibilities of these technologies are endless. This is the future, and where we go from here is really up to all of our imagination.

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