Summary:
- The internet is constantly evolving. From the conception of the internet as a primarily static medium, it has evolved into a repository of user-generated information.
- One thing has stayed constant: the control entities/businesses exert over what we may publish and view online.
- web3.0 promises to revolutionize this element of data ownership.
- While the notion of web3.0 has virtues, there are challenges to be resolved before it becomes widely accepted.
The internet that we know today has traversed a long way since its inception. Web1, the first internet, had a physical infrastructure of cables and servers that allowed people and computers to communicate with one another. The ARPANET Network of the United States government sent its first message in 1969, but the web that we know today didn’t exist until 1991, HTML and URLs allowed people to browse between sites.
The internet began to change in the early 2000s. It was the age of re1991ad/write web or user-generated content, and the internet was becoming increasingly interactive. Social media defined Web2, and Facebook, Twitter, Myspace, and Tumblr came to describe the experience of being online, but the existing system had a lot of critics. For example, centralization became a key feature of Web2. As the internet became more centralized and corporate, many users began to question whether there was a better future, leading us to Web3.
What is web3.0?
web3.0 is recognized as the next step in the evolution of the internet. The technology itself leverages the distributed ledger mechanism. Web3.0, also referred to as the “future of the internet,” is the most recent internet technology trend that uses blockchain consensus mechanisms to keep users’ data safe and secure. Thanks to the implementation of blockchain technology, web3.0 applications give people ownership over their data and allow them to monetize it. This means that users will be able to decide if they want their data to be monetized or kept private. They will be able to sell their data to advertisers while still retaining ownership and data privacy.
Due to the centralized nature of the current internet state, corporations have a privileged position regarding users. In recent years, there have been several incidents where companies have gathered data to sell it to third-party companies. In 2010, Facebook sold the data of millions of its users without their consent to a consulting firm called Cambridge Analytica. This data was then used for political advertising. Centralization remains a crucial feature of Web2 and a hurdle that Web3.0 intends to tackle.
The decentralized structure of web3.0 applications will allow users to maintain control and privacy of their data. Furthermore, web3.0 will bolster websites and applications to better use data and adapt the information to each user.
How Does Web3.0 Ensure Privacy for Users?
The innovative design of web3.0 will positively impact users’ privacy in the following ways:
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Blockchain innovation: Blockchain is a decentralized technology that allows no single person or group to control the environment. Instead, all users as a group can exert control. While blockchain does not have a single supervising material, it is a data collection containing algorithmically guaranteed secure and transparent records. Additionally, blockchain networks are designed to incentivize the desired behavior of network participants and penalize malicious actors.
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Ownership of data: Users ought to be able to choose when, how, and how long they share their data. If users aren’t happy with how their information is utilized or are not generally keen on offering data to a specific organization, they can deny access to it.
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Lowers hacking risks: Due to the numerous safeguards and its inherent design, it is computationally challenging to launch an attack on blockchain today. The widespread acceptance of Bitcoin demonstrates that blockchain is difficult to strike at present. According to statistics compiled by ITRC and the US Department of Health and Human Services, the 10 largest data breakdowns in the center region of 2021 affected 98.2 million individuals. As the fight against programmers intensifies, blockchain technology provides additional safety.
Major Concerns for Privacy with the Coming of Web3.0?
Protection standards can be a burden; thus, controllers should unravel challenges like:
- Who is the decentralized individual data regulator/processor?
- Where can the decentralized data be stored — by region and location?
- Instructions on deleting or altering individual data on and off the blockchain.
- Lack of functional decentralized applications to be used widely
A Blockchain Technology Drives Web3
Blockchain technology, which assures open infrastructure, security, and cooperation, lies at the heart of web3.0. The Blockchain will enable trust verification, including privacy protection, decentralized infrastructure and application platforms, and decentralized identities, rather than relying on the whims and vested interests of technological giants. web3.0 aims to make the internet a more fair platform by allowing individuals to be sovereign.
Thanks to blockchain technology like Ethereum, security, and privacy are significant considerations in how users govern the data they publish on the internet. It encourages developers to construct dApps (Decentralised Apps) since there is no risk of blocking or denial of service. Payments are built-in via the native token – ether – in such a framework. Additionally, it requires no permission to develop, as long as users or developers are on the network.
Web3’s Innovation Led to DeFi Boom
With the emergence of the blockchain development stack, it isn’t tricky for developers to build truly decentralized applications that work in a permissionless way – something that was almost impossible some years ago. We are on the edge of a pivotal blockchain development juncture, led by the innovation of web3.0.
With this foresight, FLUID LP plans to be a secure, compliant practicer, transparent, permissionless, cross-chain swapping tool, and pool and liquidity aggregator, offering deep liquidity without introducing any form of custody over transferred funds or synthetically wrapped assets.
Marching Towards The New Era of the Internet
To conclude, it is safe to say that we’re on our way to an Internet where consumers have total control over their data and privacy while still allowing corporations to use it. All of this will be made possible by blockchain technology. Soon, the new internet will be available, and we are ready to enthusiastically welcome web3.0.
