What Is Blockchain? According to IBM, “Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.”
INTRODUCTION
In recent times, there has been a paradigm shift in technology around the world. Migration from an innovation to an iteration of a better technological advancement has been the order of the day. Having innovated the web 1.0 which had its defaults, Web 2.0 was innovated to be the solution to Web 1.0. However, Web 2.0 met its confrontations which border on the fact that the web was being controlled by the “Big Tech”. Web 3.0 was borne out of the necessity for a free and decentralized distributed ledger where anyone could read, write, and own data.
Blockchain, on the other hand, is a distributed ledger that is decentralized and run independently of humans. It is a digital innovation where transactions cannot be manipulated by humans. It is transparent, reliable, trustable, and immutable. Blockchain is not only concerned with crypto coins. This innovation can be used in the banking sector, copyright, insurance, legal and other spheres. Blockchain and Web3 are frequently regarded as complementary technologies. Many people associate these buzzwords with cryptocurrencies and occasionally misunderstand them. Web3 is an ecosystem of interoperable, decentralized technologies that allows for transparent data management and storage, decentralized authorization, and much more.
This article is bent on juxtaposing the interplay between Web 3.0 and Blockchain technology, the evolvement of Web 3.0, blockchain technology, types of blockchain technology, advantages and disadvantages of blockchain technology, and smart contracts. Blockchain technology is an emerging technology. The rate at which the ecosystem is going digital cannot be underrated. Before we delve into the concept of Web 3.0 we will examine how the world evolved from Web 1.0 to Web 3.0.
CONCEPTUALIZING WEBS 1.0, 2.0 & 3.0 AND BLOCKCHAIN
Web 1.0 – The Static Web
The earliest stage of the World Wide Web’s evolution is referred to as Web 1.0. This evolved between 1991-2004. The original intention of Web 1.0 was to make information public to anyone, there was zero interaction. Personal web pages were common, consisting mainly of static pages. There were no things such as authentication, comments, and analytics. Internet users were only consumers. This web version is sometimes called “read-only Web” because it lacks the necessary forms, visuals, controls, and interactivity we enjoy on today’s Internet.
Web 1.0 was made up of static pages connected to a system via hyperlinks. It made use of HTML 3.2 elements like frames and tables. HTML forms were sent through e-mail. The information originates from the server’s file system, not a relational database management system. It features GIF buttons and graphics. Web 1.0 was just a one-way communication. The challenges faced with Web 1.0 necessitated the iteration of Web 2.0.
Web 2.0 – The Social Web
Web 2.0, known as the social web is the second stage of the internet, it is described as the wisdom, people-centric, participative, and dynamic web. Web 2.0 started forming in 2004. Unlike Web 1.0, Web 2.0 allows more control over users, interactivity, social connectivity, and user-generated content. At this stage, the users not only consume but also interact and send information to the website. However, web 2.0 allows many users to interact, connect, participate, and contribute, but it is being controlled by few a people.
Users can retrieve and categorize data collectively by using Web 2.0’s free information sorting service. It includes interactive material that changes based on input from the user. Also, Application Programming Interfaces (API) that have been developed are utilized. Podcasting and other forms of interaction are permitted, and self-usage is encouraged.
The emergence of social networks and mobile Internet access have both significantly accelerated the growth of Web 2.0. The widespread use of mobile devices, such as iPhones and Android-powered gadgets, is another factor contributing to this boom. Furthermore, the development of Web 2.0 allowed apps from YouTube, Twitter, and TikTok to proliferate and take over the internet. The primary issue with Web 2.0 is related to the absence of data privacy in the sense that an intermediary holds complete authority. Web 3.0 was introduced to do away with the entire centralized programs and create a decentralized web where there is no intermediary.
Web 3.0 – Decentralized Web
Web 3, also known as decentralized web, is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. Some journalists and technologists have drawn comparisons between it and Web 2.0, arguing that data and services are centralized in a small number of businesses sometimes known as “Big Tech.” Gavin Wood, a co-founder of Ethereum, first used the term “Web3” in 2014. In 2021, venture capital firms, major technology companies, and cryptocurrency enthusiasts began to show interest in the concept. In 2013, the ideas behind Web3 were first presented.
With the help of search and analysis, users can create, share, and connect content on the semantic web, where web technology is evolving. It is based on comprehension of words instead of numbers and keywords. It integrates machine learning and artificial intelligence. These ideas combined with Natural Language Processing (NLP) make a computer that leverages Web 3.0 to become more intelligent and user-responsive.
It affords the connectivity of a couple of gadgets and programs via the Internet of Things (IoT). Semantic metadata makes this manner possible, permitting all to-be-had statistics to be successfully leveraged. In addition, people can connect to the Internet anytime, anywhere, without needing a computer or smart device.
It offers users the liberty to interact publicly or privately without having an intermediary expose them to risks, therefore offering people “trustless” data. Without requiring permission from a governing body, it makes participation easier and is permissionless.
Web 3.0 Can Be Used For: Metaverses: A 3D-rendered, boundless, virtual world, and unlimited. Blockchain games: Users have actual ownership of in-game resources, following the principles of NFTs(Non-Fungitive Tokens). Privacy and digital infrastructure: The web includes zero-knowledge proofs and personal information is secured. It is trustworthy and reliable. Decentralized finance (DeFi): The web is used for payment Blockchains, peer-to-peer digital financial transactions, smart contracts, and cryptocurrency. It holds every record of transactions. Decentralized autonomous organizations: Ownership of online communities belongs to the members of the community. Web 3.0 will enable a wide range of decentralized applications, including decentralized finance (DeFi), decentralized social networks, and decentralized marketplaces. These applications will be built on blockchain technology and will be powered by smart contracts. The bottom line in Web 3 is that data is shared rather than owned. Web 1.0: The consumers read-only; Web 2.0: The consumers read, write, and access social media, etc.; Web 3.0: The consumers read, write, and own data. Web 3.0 is built on peer to peer network of computers as they talk to each other without a middleman. In a decentralized web, no single individual owns any data or anything. Everything is completely visible to the public.
BLOCKCHAIN TECHNOLOGY
Technology has been defined by diverse ink. According to Black’s Law Dictionary, technology is defined as “Information application to design, production and utilization of services and goods and organizing human activities”. However, what is common in the definition of technology is the advancement or innovation of products or services.
What Is Blockchain? According to IBM, “Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.”
As the name implies, blockchain is a chain of blocks, these blocks are linked together by using cryptography. It can be considered a distributed digital ledger. Each block contains a cryptography hash of the previous block, a timestamp, and transaction data. Blockchain technology is not only related to crypto coins. All network participants have access to the distributed ledger and its immutable record of transactions. With this shared ledger, transactions are recorded only once, eliminating the duplication of effort that’s typical of traditional business networks.
TYPES OF BLOCKCHAIN TECHNOLOGY
There are majorly four (4) types of blockchain. They include;
1. Public Blockchain
A public blockchain is a permissionless, nonrestrictive, distributed ledger technology. Anyone with an Internet connection can sign up for a blockchain platform to become an authorized node and join the network. Public blockchains are available to everyone to participate in the blockchain process that is used to validate transactions and data. These are used in the network where high transparency is required.A public blockchain does not have any restrictions, it is completely involved in following the concept of decentralization. A public blockchain has its advantages. It is trustable in terms of identifying fraudulent activity. It is secured, and due to its large size, there is a greater distribution of records that are secured. It is anonymous in nature and decentralized.
However, the rate of transaction process is quite slow due to its large size. It consumes energy. No central authority is there so governments are facing the issue of implementing the technology faster. Traditional financial systems can be replaced by public blockchain technology, which is secured by proof of work or proof of stake. Bitcoin, Ethereum, and Litecoin are some examples of public blockchains. On these networks, any user can volunteer to operate as a node. These nodes are responsible for verifying transactions and maintaining a copy of the distributed ledger. smart contract that allowed this blockchain to support decentralization is its more sophisticated feature. Public blockchain can be used for voting and fundraising.
2. Private Blockchain
Private blockchains are managed by one central authority. This authority decides who is allowed to participate in the network, verify transactions, and maintain the shared ledger. Therefore, these networks are only partially decentralized as public access to these blockchains is restricted. In other words, it is centralized and limited. Only a specific institution of members is allowed to view and confirm transactions; this guarantees that untrustworthy people cannot get the right of entry to or benefit from the manipulation of the community. It is a permission-based blockchain that is used in a closed network.
Since private blockchains have a smaller community with fewer members, they may be less difficult to manage, go through much less downtime, and offer the most uptime. Also, there is the simplest critical authority, making it less difficult to obtain compliance necessities in the ecosystem. A private blockchain is typically utilized in an organization or within a company where few persons are allowed to participate in the network. It can be used to track and verify assets as well as Internet voting.
