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Why do we desperately need Web 3.0?



Massive censorship and de-platforming is happening fast. Fortunately, the decentralized nature of cryptocurrencies has paved the way for a better tomorrow with less oversight, which has also facilitated the arrival of Web 3.0.

Freedom of expression is extremely powerful, which is why freedom of expression is always bound by various frameworks. Sometimes the content-zce expressed may be hate speech, and other times it may be misinformation. No matter the circumstances, the power of the free flow of information on the Internet cannot be ignored.

A coalition of traditional media promoted the Syrian gas scam some time ago, sparking yet another devastating war that will lead to turmoil in the region for decades to come. The media's reputation was in disrepute, and the incident raised public alarm about traditional media.

The open Internet plays an important role in building online trust. The Biden administration recently announced that it will cooperate with private companies to jointly supervise the domestic population, thereby avoiding legal loopholes, and the development trend of a stricter censorship system has emerged.

Governor-designate of the Central Bank of the Philippines: Cryptocurrency is based on the "Big Stupid Theory": Jinse Finance reported that economist Felipe M. Medalla, who was nominated as the next governor of the Philippine Central Bank, is not interested in regulating cryptocurrencies. He believes that cryptocurrencies are based on " Big Fool Theory": "The only reason you use it (cryptocurrency) is because you think other people will buy it from you at a higher price." (Forkast) [2022/6/21 4:42:39]

From the 1990s to today, the World Wide Web has gone through two distinct phases:

Web1.0 - static pages, simple content-zce creation, personalized pages. Not user friendly, so this is mostly a read-only experience.

Web 2.0 - This phase increases user engagement resulting in a new Internet experience. From YouTube and Twitter to Reddit and Instagram, users can submit content-zce and interact with each other through dynamic pages, making it a read-write experience.

The Ethereum network has currently destroyed 1.77 million ETH: Jinse Finance reported that according to Ultrasound data, up to now, the Ethereum network has destroyed a total of 1,774,772.52 ETH. Among them, OpenSea destroyed 215580.47 ETH, ETHtransfers destroyed 170181.02 ETH, and UniswapV2 destroyed 121925.73 ETH. Note: Since EIP-1559 was introduced in the upgrade of Ethereum London, the Ethereum network will dynamically adjust the BaseFee of each transaction according to the transaction demand and block size, and this part of the fee will be directly burned and destroyed. [2022/2/7 9:34:47]

Web 3.0 is still a theoretical framework, also known as the Semantic Web, which argues that the Internet is not only effectively managed by a single search-zce engine. A key hallmark of Web 3.0 is its reliance on artificial intelligence to connect users to more relevant and meaningful data.

Report: Encryption and blockchain job postings soar 615% since August 2020: On October 29, professional networking site LinkedIn reported that demand for employees with encryption or blockchain experience is on the rise at many companies. Job postings containing terms such as "blockchain" or "crypto" in the U.S. rose 615% compared to August 2020. JP Morgan is one of the top employers for positions in the digital asset space. The LinkedIn team added that financial services firms are expected to hire more than three times as many people with experience in digital assets as they did in 2015. Other large companies not directly involved in crypto or finance have also posted job postings related to crypto. In February, major online retailer Amazon said it was looking for a software development manager in Mexico to help launch "a new payments product." In May, Apple said it would prefer to hire someone with experience in "alternative payment providers," including cryptocurrencies, for the business development manager position. [2021/10/29 6:19:04]

In other words, Web 3.0 should be the pinnacle of machine understanding of natural language. In addition, semantic metadata will allow users to more quickly connect to any environment and service they need. This content-zce is then seamlessly distributed across devices and applications, upgrading the Web 3.0 experience.

Hedera and Shinhan Bank are cooperating to pilot Korean won stable coins: On November 30, Hedera is cooperating with Shinhan Bank to issue Korean won stable coins based on the Hedera Hashgraph distributed ledger, which will be used for overseas remittances. South Korea’s Shinhan Bank and Hedera Hashgraph (HBAR) have completed a proof of concept for international remittances using stablecoins on the Hedera Network. Shinhan Bank’s new proof-of-concept for remittances can send money internationally for pennies on the Hedera network in seconds. Hedera claims an average fee of $0.0001 per transaction on its network and an average transaction time of 3-5 seconds, both of which are great improvements over current traditional remittances. In a Nov. 29 announcement, Hedera said it aimed to determine whether it would be possible to issue and distribute stablecoins for financial use cases with lower fees and faster completion times than existing systems, while also making transactions traceable . (Cointelelgraph) [2021/11/30 12:40:22]

What's more, the Semantic Web is poised to decentralize user data in a distributed fashion, simplifying it and letting users own it. In the current Web 2.0, companies exploit your user data, which is why most services on the Internet seem to be free.

When we consider the progress that is driving Web 3.0, or the Decentralized Internet (DWeb), Protocol Labs, a pioneer in this field, deserves a lot of credit. You may have heard of, or have their Filecoin storage token. This project interconnects with IPFS and libp2p, which are P2P storage network protocols. The latter allows developers to run web applications independently of site, execution time, and address services.

In the future, people can access content-zce based on content-zce relevance rather than geographical relevance, while not relying on a single server that may be a single point of failure.

In addition to the Protocol Labs project, other projects are working on replacing existing services, such as:

 Textile Photos  – a decentralized version of Pinterest or Instagram;

 DTube  – a decentralized version of YouTube;

 Graphite Docs  – a decentralized version of Google Docs;

 OpenBazaar  – A decentralized marketplace designed to compete with Amazon for digital goods.

Interestingly, hybrid alternatives that combine blockchain, apps, and websites are also on the rise. For example, Odysee (formerly Lbry) uses the LBRY blockchain protocol to make uploaded videos, images, and documents unblockable, and the website itself is built on top of this censorship-resistant protocol. Likewise, LBRY can be used to reward content-zce creators in the form of microtransactions, eliminating the need for advertising and preventing sponsor corruption.

Any service can achieve decentralization. Despite the difficulties, the technical aspects are the least of your worries. One of the more important points is the heavyweight effect of network effects. In other words, the services that are immediately available with the least amount of effort are also the most popular.

If you compare Twitter and Gab (American social media), there is little difference in functionality. However, the difference lies in the popularity of the two. Some organizations are increasingly actively trying to kill people's thoughts and languages, so network effects may be a tipping point in the field of decentralization, thereby promoting the early emergence of the DWeb (Decentralized Internet).

Finally, there is the issue that the DWeb (Decentralized Internet) is no longer a centralized form. The solution to this problem may lie in DAOs (Distributed Autonomous Organizations) and healthy competition in the market. While the chilling effect of “de-platforming” will succeed and bring automated censorship to millions, the trajectory of history will always be in the hands of a small group of entrepreneurs, and Web 3.0 The arrival of the Internet will be a turning point in the history of the Internet.

This article comes from  hackernoon, the original author: Anton Dzyatkovskii, compiled by Odaily Planet Daily translator Katie Ku.


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