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  • The dominance of technology giants over the internet and the use of users’ data for unknown purposes has painted a bleak future. But amid this blurriness, the emerging idea of the great computer scientist Dr. Gavin Wood, Web 3.0, has revived hopes for a world without domination and control.

    In the following article from the Yard Coach website, we discuss the place of Web 3.0 in the future of the internet and the importance of investing in this field.

    Web 3.0 A tremendous change in the world of the internet

    The current internet is considered a failure design; that’s why seven years ago, Dr. Gavin Wood, co-founder of Polkadot and co-founder of Ethereum, introduced the concept of Web 3.0.

    Web 3.0 can be considered the next significant step in internet technology.

     

    Gavin Wood envisioned the internet without intermediate and license governed by a democratic society, with no centralized regulatory legislation and the dominance of large technology giants over users’ data.

    The idea of Web 3.0 was proposed because big IT giants like Google, Facebook, and Amazon, by taking over a large part of users’ data in cyberspace, on the one hand, use this information for their benefit (targeted advertising, selling users ‘personal information and directing public opinion) and on the other hand, endanger users’ data security by storing big data on their centralized servers.

    In a podcast titled Third Generation Web, released in 2019, Gavin Wood points out that:

    “Social networks are not valued by their users; rather, it is the data of the people that matters now more than ever.”

    Today, Silicon Valley startups raise their budgets and fund based on users’ data collection.

    Wood goes on to say:

    “This data can be used for targeted advertising, but on the other hand, this information can also be used in cases such as a better understanding of the mechanism of the world. With this data, you can predict how people around the world will think; at the same time, you will be able to understand better the political changes in a country. Certainly, with such information, you can even predict things like election results.”

    What happens if Web 3.0 is ignored?

    More than 4 billion people now use Web 2.0, or the current version of the Web. If the community ignores Web 3.0 and is still determined to be centralized, we run the risk of ongoing corruption and ultimately the failure and exhaustion of society.

    Power brings corruption, and absolute power lays the groundwork for absolute corruption. We have already seen such situations in Maoist China and the communist Soviet Union. The internet is not free of corruption either. The internet is more endangered because none of us understand it from a technical point of view.

    For example, I can barely adjust my Wi-Fi, let alone understand the code that allows me to write words on the internet. For example, I can barely adjust my Wi-Fi, let alone understand the code that allows me to write words on the internet. I even made the computer I use myself, but according to British scientist Arthur C. Clarke, the technology is still not recognizable from magic.

    The third generation of the Web pursues these goals to combat domination and centralism:

    • Open network: cryptocurrencies are made of open source software; so that developers can access the code and use their experience to develop the optimal version they want. Projects such as Binance Smart Chain and Classic Ethereum have used the Ethereum programming language, which is open-source software.
    • Eliminate intermediaries (no trust required): Trust in intermediaries is always corruptive. Google, the largest internet intermediary today, once entered the technology world with the motto “Don’t be evil” and gained the trust of users; but we must make sure that the rules and regulations work for us and not against us. When we see that searching for a single word leads to different results for each of our friends, it becomes difficult to accept this motto of Google. Google and Amazon are our current internet mafia.
    • No license required: Everyone can participate in Web 3.0. With Bitcoin, anyone can have their bank. With Ethereum, anyone can benefit from the rights to their artwork. Codes are the law here. Everything in this system is accepted through a democratic process. A process in which members of the community vote in favor or against. This process is what has created Soft fork, Hard fork, Decentralized Autonomous Organizations (DAO), and governance

    In the following, we will look into three Web 3.0 projects that we consider to be attractive investment options.

    Polkadot and Kusama

    The most important project supported by the non-profit Web 3.0 Foundation in Switzerland is Polkadot. In less than a year, Polkadot has launched more than 350 software, transformed blockchain technology through parachains, and made great efforts to promote pluralism and maximalism in the blockchain.

    It must be acknowledged that Polkadot is seriously involved in this field and should not be referred to as the “Ethereum killer”; all this network has to do is act as a tool for interacting with projects and other cryptocurrencies.

     

    The ultimate purpose of Web 3.0 is to connect all people regardless of social status, political affiliation, or ideological beliefs. There is enough space for all kinds of attitudes on Web 3.0.

     

    Any project that ultimately wants to run on Polkadot must first be tested on Kusama. Kusama is a pre-production platform for Polkadot and is a unique project of its kind. Developers of cryptocurrencies will be able to test their applications using Kusama before running them on the main network.

    Ocean Protocol

    Data collection never ends. But there are more ethical methods in this area that allow even the presence of technology giants.

    Ocean Protocol was launched in 2017 based on Ethereum codes. Elimination of intermediaries, decentralized storage of data, and artificial intelligence sharing services are some of the features of this network.

    This project wants to play a role in the field of data like Uniswap currency exchange and provide access to the free data market for all individuals and businesses. McConaghy, the project’s creator, said in an interview with Coin Desk last year about the importance of the Ocean Protocol:

    “In the past, many people have tried to create markets based on data; but privacy issues have prevented their success. Ocean has overcome these obstacles by using blockchain technology to calculate and analyze data. So our goal is to open up the data economy by creating data markets and connecting buyers to sellers. These buyers and sellers can be individuals, families, small and large companies, cities, and even countries.

    Internet Computer

    If we want to refer to a project that is at the top of this field in the goals and essence of Web 3.0, we must mention the Internet Computer.

    Earlier this year, the Internet Computer tokens were able to reach the top 10  cryptocurrencies in terms of market value. This Dfinity Foundation project soon became a popular name among investors and computer enthusiasts. Currently, the Internet Computer project has provided users with a decentralized LinkedIn social network called LinkedUp and a version of the TickTock social network called CanCan.

    However, the Internet Computer has several major bugs that need to be noticed. Some of these are covered in Coin Bureau’s show who is a famous YouTuber, which includes:

    • You need an ID to operate in this network. An identity that practically all activities in this network depend on having. So if you lose your ID, your computer internet access will be blocked forever.
    • Network Neural System (NNS) connects all Internet Computer protocols. This system is a powerful and centralized source that can make changes to the financial and economic mechanism of the ICP token.
    • Most of the codes used in Internet Computer are not open source. On the other hand, access to Internet Computer blockchain needs a license; therefore, NNS is a single point of failure in the network due to the mentioned features.
    • In an interview in 2018, Dominic Williams, the creator of the Internet Computer protocol, said that the project aims to comply with the laws of each country that tends to operate in this network. The question now is how such a thing would be possible for a protocol that claims to be dominated and decentralized?

    According to some, the Internet Computer intends to replace the current version of the Web with a more centralized version. So it can be concluded that this project is a defective version of Web 3.0 and members of the cryptocurrency community have been attracted to it only because of price fluctuations.

    In the continuation of this article, we will review a part of the report of the creators of this network regarding the features of Internet Computer:

    “As the new year approaches, nearly 1,000 nodes around the world are being operated as databases by this network. Each node has the highest standards of performance and physical security. These nodes allow us to provide the processing capacity needed to run and implement the Internet Computer.”

    The above statement implies that specific and certified devices are required to operate as ICP nodes; therefore, such a controlling and incorrect process is practically in conflict with the essence and goals of Web 3.0.

    Conclusion

    Web 3.0 offers us two options: first, a democratic future through decentralization, and second, oversight and authoritarianism, which is in the hands of only a few centralized factions.

    To understand this authoritarianism, we must not look only at China as a supplier of digital yuan; but, to understand the nature behind the scenes, it suffices to note that the Chinese Communist Party can set a time for you and force you to spend this money. As horrible as this may sound, the Chinese people have given in to it because they have no other choice.

    As Gavin Wood points out in his statements, acceptance of Web 3.0 won’t be quick and easy. Some governments are trying to outlaw cryptocurrencies and replace them with more centralized options.

    The keyword in this situation is “effort”. Governments have not been able to rectify the current situation, and people like Gavin Wood do not trust any of them.

    There is difficult competition in Web 3.0, and this confrontation is slowly coming to an end. However, it is not clear who will win this match in the end.

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