My Web 3.0 Application
What is Web3?
Web3 is a general term used for technologies such as blockchain that decentralize data ownership and control on the internet. Most internet applications are controlled by central entities that determine how end-user data is recorded and used. Web3 (also called Web 3.0, decentralized web or semantic web) technologies enable community-driven projects in place of centralized management structures. In these projects, end users control the data, determine pricing, directly contribute to technical development, and have a greater say in project management. These technologies include mechanisms that automatically regulate how users interact with each other. Thus, there is no need for a central entity to manage these interactions.
What are the basic ideas of Web 3.0?
Web 3.0 has four main features.
decentralization
Decentralized web applications are an important feature of Web 3.0. The goal is to distribute and store data in decentralized networks. In these networks, different organizations own the underlying infrastructure and the user pays directly to the storage provider to access this space.
Decentralized applications also store copies of information in multiple locations, ensuring data consistency throughout. Individual users can control where their data resides rather than handing it over to a central infrastructure. Decentralized internet users can sell their own data if they wish.
No need for trust
In centralized web applications and services, users often must trust a central authority to manage their data, transactions, and interactions. These central authorities have control over user data and can manipulate the rules of the system. Data may be subject to security risks or mismanagement, potentially resulting in the loss or misuse of user information.
In contrast, there is no trust requirement in Web3; so users can make transactions and interactions without having to trust any party.
semantic web
The semantic web enables applications to perform complex tasks by understanding the content and context of web data. It uses metadata and artificial intelligence to give meaning (semantics) to user-generated data.
Web 3.0 aims to move more towards semantic web technologies, which are currently used in some areas of existing web technologies. For example, a search engine provides more accurate and contextually meaningful search results, and intelligent agents help users perform tasks more efficiently.
interoperability
Web 3.0 aims to create more interconnections between different technologies; so data flows between different platforms without intermediaries. Interoperability makes data portable; so users can seamlessly switch between services while maintaining their preferences, profiles and settings.
At the same time, protocols that integrate a wide range of Internet of Things (IoT) devices expand the reach of the web beyond traditional boundaries. For example, cryptocurrency technologies that support borderless transactions allow the exchange of value across geographic and political boundaries.
Why is Web 3.0 important?
When the internet was just starting out, read-only web experiences were common. End users could only read content published by companies that purchased and maintained the infrastructure that hosted static web pages.
With the emergence of Web 2.0 technologies such as blog pages and social media platforms, applications have become more interactive. You can create and publish content or exchange services with others. However, all interactions are managed by central third-party authorities who derive commercial benefit from the exchange of services. They can also own and control digital assets created by end users.
For example, centralized freelance platforms connect freelancers with clients, while room-sharing platforms connect property owners with tenants. Both service providers and users; It creates data such as service profiles, service descriptions, user profiles, blog pages, videos and comments. Platforms manage all this data centrally.
Challenges with Web 2.0
While centralized platforms facilitate and regulate interactions between two parties, Web 2.0 mechanisms bring with them various challenges:
Service providers may not be able to move their data to other platforms without losing their reputation and customer base.
Users have limited control over how their data is used and managed.
The central platform may make certain decisions that can significantly impact end users. Example
What are the main technologies in Web 3.0?
Blockchain technology; It forms the basis of many Web 3.0 applications by providing transparency, immutability and reliability. Blockchains are decentralized and distributed ledgers that store records of transactions or data through a network of nodes.
A blockchain database stores data in chronologically consistent blocks, which you can only delete or modify by consensus of the peer-to-peer network. There are built-in mechanisms that prevent unauthorized transaction entries and create consistency in the common display of these transactions. As a result, you can use it to create an immutable ledger to track all kinds of transactions.
Below you can find other important technologies that drive the development of Web 3.0.
Learn about blockchain technology »
Separation to tokens
You can extend blockchain technology applications through issuance of tokens. Tokenization is the process of representing real-world or digital assets as digital tokens on a blockchain.
These tokens are cryptographic representations of ownership, access rights, or other forms of value. For example, you can represent physical and digital assets such as real estate, stocks, commodities, art, music, and even in-game items.
Each token can represent a specific portion or an entire unit of the underlying asset; This makes it divisible and easily bought and sold. There are different types of tokens in the virtual world, such as security tokens subject to securities regulations or non-fungible tokens (NFTs) that represent unique, indivisible assets that do not allow for fractal ownership.
WebAssembly
WebAssembly (Wasm) is a binary command format for a stack-based virtual machine. It runs in a sandbox within the browser, which means the user cannot access the local file system.
It provides a foundation for decentralized applications to run efficiently across different platforms by providing high-performance code that runs in web browsers. Developers can run code at near-native speeds and experience a significant increase in performance over traditional web technologies such as JavaScript.
Semantic web technologies
Semantic web technologies enable applications to better understand and interpret customer data. They use linked data principles to connect multiple datasets or publish structured data on the web. You can see some examples below.
Resource Description Framework
With the Resource Description Framework (RDF), you can express expressions as triples in the form of subject-predicate-object. These triples form a graph-based data structure that represents the relationships of different entities. SPARQL is a query language used to query RDF data.
Web Ontology Language
Web Ontology Language (OWL) is a language used to define ontologies, or formal representations of information and relationships between concepts. You can use classes to specify properties and instances, as well as to facilitate reasoning and inference.
What are some example Web 3.0 applications?
Various blockchain technology applications are being created and offered as APIs and services. These are then used to create other Web3 applications for different use cases. You can see some examples below.
smart contracts
Smart contracts are self-enforcing contracts with predefined rules written in code. They automatically enforce the terms of the contract when certain conditions are met. For example, if a contract states that ownership of an item will pass to the person who pays for the item, you would simply post the asking price into that contract. The ledger is then automatically updated using a transaction in the next block to reflect you as the new owner.
A decentralized autonomous organization (DAO) is a negotiated smart contract that automates decentralized decision-making over a pool of resources (tokens). Users who hold the token vote on how to spend resources, and the code automatically handles the voting result.
You can use a smart contract to program the terms of financial instruments such as mortgages, bonds, and securities (also called decentralized finance). If you want, you can facilitate tracking and payment for goods throughout a supply chain. Smart contracts can eliminate the need for intermediaries, making transactions more efficient and secure.
Decentralized definition
Decentralized identity is a technology that aims to give individuals more control and ownership over their digital identities. In traditional online systems, users often have to manage their identities and access various online services.
