The internet is going through a major change. Web 2.0 was the first generation of the internet, bringing in blogs, social media, and other forms of content sharing. Web 3.0 is the next step in this evolution, bringing in a new way to interact with technology and information.
Web 3.0 has many different definitions but they all share one common theme: it is an internet that is decentralized and owned by the people who use it. This means that no one person or company can control what appears on web pages or what data you are able to access.
Introduction to Blockchain
Blockchain is an emerging technology with the potential to change the way businesses operate. It is a digital ledger of transactions, like the ledgers that banks keep for their customers. But unlike those old-fashioned ledgers, which are stored on paper in filing cabinets or inside computers, the blocks in a blockchain are all public and entirely digital.
Blockchain is a distributed database that stores every transaction in blocks, or records, that are linked together. Every block has its own unique fingerprint, or hash, and is connected to other blocks through secure cryptography. This makes it nearly impossible for hackers to break into a blockchain database because they would have to hack every individual block at the same time.
In addition to being more secure than traditional databases, blockchain technology also eliminates any need for third-party authentication services because of its decentralized nature. This means that there’s no need for companies like Equifax or TransUnion with blockchain because all of your personal information is stored on your own computer and not with a third-party company whose security practices may not be as stringent as your own.
The potential applications of blockchain are diverse and could be applied to nearly any industry that works with data or processes transactions using a centralized system such as banking, finance, music streaming, accounting and more.
What are Ethereum Smart Contracts?
Ethereum is a blockchain-based, open-source distributed computing platform which provides an Ethereum Virtual Machine (EVM) for executing smart contracts. The advantage of using a smart contract is that any terms of agreement written in computer code can be enforced with enough computing power.
A person who wants to enter into a contract with another person does so by deploying their own Ethereum smart contract. This Ethereum smart contract contains all the rules and conditions for the agreement, including what happens if someone tries to cheat. The other person accepts this by also deploying an Ethereum smart contract and entering into the same agreement. If one of them tries to cheat, then the other will be able to automatically call on the agreed upon penalties in their Ethereum smart contract, which will execute automatically because they are part of a decentralized network.
How does IPFS work?
IPFS stands for InterPlanetary File System and it is a decentralized network that can be used to store data online. The data on the IPFS protocol can be accessed through any node on the network and it doesn’t have any centralized points of failure that could lead to data loss or corruption. This makes it an ideal candidate for storing large amounts of data on the internet without worrying about it being deleted or lost due to hardware failure or natural disasters such as hurricanes and earthquakes.
The IPFS team has also created an incentive system called Filecoin that can be used to provide payments for storage space on the network. For e.g. if you want to store data on IPFS, you can either purchase Filecoin tokens from Filecoin Inc. or trade storage space on your own system.
Web 3 stands to change the way society operates online. Some of the most important of these changes include:
– A new form of democracy and governance, with voting and decision-making being done on an individual level.
– New ways to fight corruption, as corruption can be very difficult in centralized systems due to collusion or lack of transparency.
– New ways to fight censorship and increase privacy.
– New forms of social media that offer more privacy for users, but also offer increased accountability for content creators such as journalists or advertisers.