02 June, 2024 : By Ajoy Maitra

As internet was one of the breakthroughs in the world of technology, WEB 3 and decentralization are the popular concepts rushing to mark a position in shaping a secured future.

There is a significant hurdle in proper education of such concepts. However, through gradual implementation, many enterprises intend to make WEB 3 into common digitalization.

Users are always attracted towards ease of use and simplicity. This is where WEB 3 gets stuck due to a level of complexity, hard for mass adoption. According to a 2022 Harvard Business Review poll,

“Nearly 70 percent of the more than 50,000 people who responded admitted they don’t know what Web3 is.”

WEB 3 is a new concept of decentralization of internet through Blockchain technology. It’s just a version of internet and not something completely different from the present use of web browsers and WiFi modems.

WEB 1 was previously built to exchange information, publicly. We still use it the same way as we often search for different things or terms in the internet to learn about them.

WEB 2 is that version of internet which revolutionized social networking sites like Facebook, Twitter and others. Alongside the presence of WEB 1, WEB 2 took over the age of internet as people got more indulged into sharing information and be more social, digitally.

Now WEB 3 is a latest version which is not completely adopted by people as most of them are sceptical on its authenticity and security.

 

WEB 3 TECHNOLOGIES

Photo by Thomas Jensen on Unsplash

WEB 3, or WEB 3.0, is the next iteration of the internet, built on blockchain technology and controlled by its users.

There are several technologies that comprises to be a part of WEB 3. Let’s dive into some of the brief explanations of technologies involved that makes WEB 3 possible.

1. Blockchain

   A decentralized ledger that records transactions across a computer network. As and when a new data is data is added, a new block gets created into the chain.

2. Smart contracts

   A digital agreement that is signed and stored on a blockchain network and automatically executes when its terms and conditions are met. It’s simple to understand as a condition gets executed automatically and a check is performed for anonymous parties to comply to the contract requirements.

3. Cryptocurrency or digital assets

   By digital asset, it means an asset that is only available digitally. Similarly, a cryptocurrency is a digital alternative of currency that is encrypted to be secured using blockchain algorithms.

4. Decentralized applications (DApps)

   Blockchain-based applications that operate on blockchain networks. These are the digital programs that run on a decentralized network, like a blockchain, and use cryptocurrency for exchange.

   They are similar to other software applications, but are open-source and peer-to-peer (P2P) supported.

5. Non-fungible tokens (NFTs)

   A blockchain-based technology that's expected to play a major role in Web 3.0. These tokens are unique digital identifiers that certify ownership and authenticity for a specific asset.

   NFTs each have their own unique value, so they're not tradable on a like-to-like value basis.

WEB 3 functions on providing real-world value and convenience to everyone. It defines a new paradigm for businesses as digital applications dumps off intermediation.

With decentralization, WEB 3 allows an easy shift of power back to the hands of users or creators.

How is WEB 3 Secured?

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WEB 3 ensures the data shared are highly secured and full ownership lies in the hand of its original owner.

As the world transitioned from using WEB 1 to WEB 2, it has exposed users to numerous security risks mainly of personal data. Blockchain technology introduces a secured chain for data transfer.

It is through a distributed ledger with access given publicly or privately as per it’s use, cryptographic hashes ensure immutability of the blocks created.

Each data in a blockchain are timestamped and sealed through a consensus mechanism of validating each blocks. These validated blocks are then audited for a robust security and data verification.

There are certain attacks that breaks the blockchain security. However, such also have set precautions and guidelines to be followed to avoid.

WEB 3 technology has great potential to shape a new future of data security, more enhanced and less vulnerable. It involves innovation decentralization of financial and non-financial applications to eliminate the active involvement of third parties.