What does Web3 really look like?

The blockchain space has been touting the idyllic promise of Web3 and how it will revolutionize the existing internet for some time now, with issues surrounding too many login credentials, security, accessibility and content moderation plaguing today’s internet .

New decentralized technologies can solve almost all of these problems, but there is one problem, these networks are often still built on legacy infrastructure and therefore face many of the same pitfalls.

Fortunately, that doesn’t have to be the case, and there are already platforms that offer a real vision of the future Web3 experience.

What does Web3 really look like?

What Web2 looks like now

Web2, we’ve entered the Internet age for the better part of 20 years, has served the general public well and has provided us with some life-changing services. Streaming entertainment, mobile internet, and the gig economy are all revolutions that this telecom age has brought us, and that being said, it’s not without its downsides.

Web2 services are already largely owned and operated by a handful of large, centralized companies, which has led to some nasty practices, especially when it comes to data collection, where some of the biggest names in the tech industry are involved.

Users have lost control over their information, they’re not happy with it, and that being said, these services have become so all-encompassing that many people have no choice but to interact with them.

Another problem with the current Web2 environment is that it is still running on old server infrastructure, and these centralized networks are often easily accessible to attackers if not properly set up or monitored.

Compromising the security of major platforms is often all it takes to exploit databases or poorly designed passwords, and flaws in current systems have led to a dramatic rise in the prevalence of cybercrime and multiple data breaches over the past decade.

There is also an ongoing debate on the internet about content moderation, which some see as a means of protecting people from bullying, hate speech and misinformation. Others are deeply concerned about what this means for free speech, and no philosophy is universally agreed upon, which has sparked ongoing, heated discussions on the topic.

What does Web3 really look like?

The Possibilities of Web3

How we got here is understandable, but it needs to change, and fortunately, the shift that is taking place is ushering in the Web3 era. This new paradigm is built on blockchain technology, popularized by cryptocurrencies such as Bitcoin and Ethereum.

Blockchains are essentially decentralized, immutable ledgers — adding programmable self-executing smart contracts to the equation, these novel ledgers have the potential to form the backbone of a new internet.

The technology allows not only the creation of new forms of money, but also the creation of decentralized applications (dApps) and digital assets called non-fungible tokens or NFTs, the services and goods and many other protocols that define Web3 and will build The building blocks of the upcoming Metaverse.

The nature of blockchains forms the basis for how many problems of Web2 can be solved in Web3 infrastructure, for example, they allow the creation of so-called Decentralized Autonomous Organizations or DAOs. These are governance systems that can oversee the development of a platform or project, but are owned and run by every member of the community.

No need for big tech companies, all users have a fair say in future decisions, and compensation for participating in them.

Second, the decentralized nature means that neither the network nor any service on the network will be down due to an isolated outage. As long as one part of the network is active, it should function normally until more nodes can be brought back online.

This is possible because the open-source nature of this system means that thousands of nodes should be running around the world, virtually eliminating the possibility of a complete network shutdown.

Finally, the decentralized governance of Web3 services could also allow for content moderation controlled by the community rather than the big tech companies. Every user can vote on what’s allowed on a given platform and what the majority says, which won’t please a few, but a step that puts the decision in the hands of a few executives.

What does Web3 really look like?

What’s holding back a decentralized future

This is all great in theory, but there are still major issues that stand in the way of Web3’s true vision. Currently, about 50% of cloud-based nodes are hosted exclusively on Amazon Web Services (AWS).

This means that these nodes, representing quite a few networks, could face severe outages if their underlying hosts go offline. In fact, this is not unprecedented and has happened many times, causing problems for a wide variety of services.

Furthermore, this centralization opens up the possibility of allowing censorship of nodes, as Amazon can choose to shut them down at any time.

This leads to Web3 at a glance, but with a huge, centralized point of failure that destroys its true potential. Fortunately, this doesn’t have to be the case, and a completely user-owned Internet is not only possible, it’s already being created.

Truly decentralized open source networks are being deployed that do not rely on any centralized cloud architecture, and under no circumstances can they be manipulated or shut down by corporations or governments. Most importantly, they are designed to provide services that are as fast or faster than those built on existing Web2 infrastructure.

This is what brought the actual vision of Web3 into the mainstream, and what many blockchains now offer is mostly a solid proof of concept, but lack some key features that would allow them to deliver on their promises.

By giving up reliance on legacy systems and opting for true decentralization, tomorrow’s Metaverse can truly be owned by those who use it the most.

What does Web3 really look like?

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-does-web3-really-look-like/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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