What Is Web3? The Decentralized Internet Revolution Explained - NC 5

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What Is Web3? The Decentralized Internet Revolution Explained - NC 5

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The internet has come a long way since it first graced our screens, and we are currently in the midst of the transition from Web 2.0 to Web 3.0. Web 3.0, or simply Web3, is a term used to describe a new and improved internet that’s all about giving more power to the people.Web3 is the next phase of the internet, and here, you’re the boss. Blockchain, cryptocurrencies, and NFTs are the magic ingredients that let you own and control your data and online activities. We’re talking about a decentralized and more secure web that puts the power back in your hands.So, let’s break it down. In this article, we’re gonna chat about what Web3 is, all the amazing benefits it brings to the table, and of course, the juicy controversies surrounding it.Say Hello to Web3Web3 is a decentralized web that is based on blockchain technology. Unlike Web 2.0, which is characterized by centralized control by tech giants, Web3 is designed to be more decentralized and democratized. Web3 aims to shift the control of data and content back to the users, giving them more control over their digital lives.Web3 enables the creation of decentralized applications (dApps), which run on decentralized networks, rather than on centralized servers. These dApps use blockchain technology to store data and execute code, making them more secure and tamper-proof than traditional applications.What are the possible benefits?Web3 has the potential to transform the internet in several ways. Firstly…Privacy and SecurityWeb3 can enable greater privacy and security for users. Since the data is stored on a decentralized network, it is more difficult for hackers to compromise it. Users have more control over their data, and can choose to share it only with the applications and services they trust.Greater InclusionWeb3 can enable greater financial inclusion. Blockchain technology can enable the creation of decentralized finance (DeFi) applications, which can provide financial services to people who are unbanked or underbanked. DeFi can also enable cheaper and faster transactions, without the need for intermediaries like banks.It’s More TransparentWeb3 can enable greater transparency and accountability. Since the data is stored on a public blockchain, it is transparent and auditable, making it easier to hold organizations and governments accountable.How does the general public actually feel about Web3?Web3 is still pretty new and not a lot of people know what it is yet. Basically, it’s the next version of the internet that’s supposed to give users more control over their data and online identities. Some folks are pretty hyped about Web3, especially those who care about privacy and controlling their online info.The idea is that Web3 will be more open, transparent, and decentralized than the current web, but some people are skeptical and think it’s just a bunch of hype with no substance.Overall, since Web3 is still in its early days, it might take a while for most people to fully get what it’s all about and start using it.Why is Web3 so Controversial?Web3 is a pretty controversial technology for a bunch of reasons. For one, it messes with the way the internet is currently run. Companies like Google and Facebook have a lot of power over what we see and do online, and Web3 could shake things up in a big way.Plus, Web3 is tied up with cryptocurrencies, which are a pretty divisive topic. Some people think cryptocurrencies are super cool and could change the way we use money forever, but others think they’re just a scam waiting to happen.And of course, there’s the whole environmental angle. The way Bitcoin and proof-of-work blockchains work (which most people associate with Web3 as a whole) takes up a lot of energy, and that’s got the public worried about its impact on the planet. People are concerned that all the mining of cryptocurrencies is using way too much electricity and could be doing some serious harm.The Internet’s Decentralized FutureWeb3 is the next phase of the internet that promises to give more power to users through decentralization, democratization, and security. It has the potential to transform the internet by providing greater privacy and security, financial inclusion, and transparency.But, Web3 is still relatively new, and not many people fully understand its potential or how to use it. There are also controversies surrounding Web3, including its disruption of the current power structures of the internet, its association with cryptocurrencies, and its potential impact on the environment.
You scroll through Facebook aimlessly when one day a certain suggestion catches your eye. They’ve got a vaguely familiar surname but aren’t connected to anyone in your circle. So, you do a little digging only to find that they’re an estranged family member. Sounds like a bit of a stretch?Unfortunately, it’s not. This was how Kashmir Hill discovered their long-lost relatives. Although they had a sweet reunion, Facebook’s omniscience concerned them. You may think that you shouldn’t be too concerned since all companies hoard data, and this is only just to show freakishly accurate ads. Sadly, you’re mistaken.NEST® reveals how, in a Web 2.0 setting, companies and governments use your personal data and gives its take on how Web3, the new version of the internet, will change how data is handled. Table of contents- Web 2.0 Has Tossed Us Into An Orwellian Nightmare- Mass Social Media Surveillance- What does that mean?- Security Threats From Centralization- Data Exploitation And Large-Scale Manipulation- So, What Role Does Web 2.0 Play?- Enter Web3, The Decentralized Network Of The Internet- What’s that now?- Web3 Drawbacks- Wrapping UpWeb 2.0 Has Tossed Us Into An Orwellian NightmareIn the classic novel 1984, the ruling party keeps its citizens in check with mass surveillance and spreads propaganda to brainwash them into submission. Freedom of expression and thought is non-existent, and anyone who crosses the line is persecuted. Can Web 2.0 be heading in this dystopian direction? It’s possible.Mass Social Media SurveillanceGovernments across the world are instituting advanced surveillance programs in the name of enhancing security, limiting disinformation, and ensuring public order. But is this for the greater good, or is there a more sinister agenda at play? According to a 2019 report from Freedom Net, 40 of 65 countries researched use surveillance programs. This accounts for more than 89% of the internet population, which means governments around the world now monitor more than 3 billion people who are online.Image sourceCurrently, China is leading in the manufacturing and exporting of mass surveillance tools that can provide a “full view of the virtual world and analyze unlimited data”.What does that mean?Surveillance tools can analyze millions of posts and user interaction and instantly break or bypass the encryption on your messages. This means governments can analyze, record, and scrutinize even the text messages you send in private. Such data collection happens even when you’re not using the application frequently, so once it has been installed on your device, there’s generally no way to avoid this type of surveillance. The worst part is that regressive nations are using these tools to stifle multiple forms of expression, as well as actively discriminating against select groups or minorities. So, mass surveillance is becoming the very human rights problem global networks and user-held technologies first sought to mitigate.Security Threats From CentralizationGoogle’s products and services have more than 1 billion users worldwide and social media platforms like Facebook have more than 2 billion active users every month. Collected data is typically stored on companies’ centralized servers. This is a major security concern, as a single attack on these servers can potentially expose the data of millions of users and adversely affect online businesses.The most recent example is Facebook’s 2021 data breach, in which hackers scraped the data of some 533 million individuals from its servers. While it remains unclear what the hackers intend to do with the data, more than half a billion users had their credentials exposed. It’s suspected the hackers aimed to use it for social engineering attacks, in which the attacker coaxes the targeted individual to then divulge sensitive and personal information, by pretending to be someone they know and trust.So, if you think your data is worthless, think again. There’s a high chance you or someone close to you may end up a victim in these or similar types of attacks on centralized repositories.Data Exploitation And Large-Scale ManipulationIn “1984,” the ruling party changes records and twists information to brainwash citizens into thinking they were moving toward the future when, in reality, the country was stricken with poverty. In the book, this misdirection and manipulation were called ‘doublethink’, and if you look closely at Web 2.0 trends, there are many instances where data was exploited to influence people’s opinions in a similar manner or for generally identical purposes. A notable recent incident was the infamous Cambridge Analytica scandal, in which 87 million users’ data was exploited and used to influence the 2016 U.S. Presidential elections in Donald Trump’s favor. Recently, China joined the doublethink bandwagon and U.S. Secretary of State Antony Blinken expressed concern over the country’s misuse of free media to spread pro-Beijing propaganda. This is to say nothing of the ongoing Russian propaganda machine working to present the ‘liberation’ of Ukraine as a worthwhile, noble goal. In these and other instances, organizations first use personal data to determine user preferences and then precisely target them with tailored, influential, content determined to potentially change their minds and/or reinforce what they would have them believe. Sounds exactly like ‘doublethink’, doesn’t it?Yes, but all these incidents sound more like a government problem and less like a problem with the internet.So, What Role Does Web 2.0 Play?Mark Andrejevic, professor of media studies at Monash University and an avid critic of surveillance, calls the internet “an interactive realm wherein every action and transaction generates information about itself,” creating opportunities for loss of privacy and mass surveillance. In other words, it’s the key features of the internet itself that offer more visibility and information to organizations and governments. For example, if you visit a website, advertisers may leave third-party cookies to identify your shopping preferences and give you a more “personalized” user experience.If you create a social media profile, the platform will track your political preferences, sexual orientation, occupation, connections, and other personal details based on or derived from the content you create and consume. Right now, I’m using Google Docs to type this article and every word I type is sent to the company’s servers. I can only assume that Google won’t use this data for other purposes based on its advertised privacy terms. Yet, I still can’t be sure that Google, at any time, will have the power or authorization to change such privacy terms as they deem fit. So, every click in Web2 is data input that’s fed to massive databases that can be hacked or used by some central authority to monitor your online activity. That sounds scary. But do we have a way out?Enter Web3, The Decentralized Network Of The InternetDifferences between web2 and web3 are vast. Web3 is built on distributed ledger technology – blockchain technology being the most commonly known variation, and allows the next iteration of the internet to be a paradigm shift in how companies are able to handle their customers' data. In other words, when executed correctly, Web3 is structured in a way that gives back control to users and reverts them to autonomous ‘consumers’. Since neither tech giants nor individual users monopolize the internet, online communities, as well as organizations, are incentivized to take part in Web3’s development and maintenance. This newly enacted autonomous control and immutable accounting allow content creators and user-generated content to authentically thrive.Rather than centralized repositories in Web2, Web3 decentralized protocols are now able to store your data and files. In other words, a bunch of computers now store your data instead of centralized servers. That way, any one individual location or organization is not wholly susceptible to hacking, and any one company will not be in the same control to sell your data. When correctly enacted, there is no one central authority or government which can access your data, as Web3 enables the creation and control of self-sovereign identities giving you decisional power over who and how you share your data. What’s that now?Think of a self-sovereign identity as an unbreakable briefcase you alone hold, which also contains any data you would like it to contain. You don’t have to open this briefcase for anyone else apart from yourself, even when using the content of that briefcase for verification. Content inside can already be verified by trusted authorities, as you select. With this briefcase in hand, authorities can check only their identified or selected verifier’s authenticity and not the entire content of your case – for instance, when verification is needed for access or transactions on any Web3 network. For instance, if you want to show age proof in a casino, you can do that without revealing any other personal or identifiable information during that exchange. Apart from your age, nothing else is revealed or confirmed. This protected form of ownership control means you can remain truly anonymous online and, should you wish, post honest opinions without worrying about being doxed or arrested. This alone is an enormous shift for those living in highly restrictive jurisdictions. Web3 eliminates most requirements for middlemen, those sitting in-between the user and service during online engagements or transactions. It allows autonomously secured individuals to interact with each other directly. In this environment, Facebook, for example, cannot be in a position to take down your posts, Google can’t remove your app from the Play Store, and governments can no longer ban particular apps or websites in the Web3 space.In short, thanks to DLT, Web3 has the potential to give users tangible and trusted control over both their data and identity. It’s still a work in progress, so its current iteration does indeed have some drawbacks.Web3 DrawbacksHere are some of the most common Web3 drawbacks and how NEST® is solving them:- It’s hard to prove ownership over digital assets: Unlike in the real world, where you have multiple means to prove ownership over real-world assets (for example, a physical ID issued by a central authority alongside a sales receipt), the Web3 world doesn’t have a broadly accepted or ‘standard’ protocol for concrete ways to establish ownership. This is partially due to its pseudo-anonymous nature.NEST® 's Distributed Ledger Technology (DLT) creates a self-sovereign distributed ID (SSDID)which helps you create and exchange assets with a digital stamp that’s unique to you. This way, you can prove your identity online without compromising your genuine anonymity and, functioning as a notary service, also execute smart contracts safely.- It’s not possible to prove the authenticity of a digital asset: The real world has tests to determine an artwork’s authenticity. But if you’re buying digital assets like NFTs online, there’s currently no way to truly verify their authenticity.NEST® can run copyright checks to ensure you’re not buying a plagiarized or stolen piece. If you’re an artist, NEST® can lock your assets with your personal encryption, instead of hosting them on open servers. Now you are in charge of an authenticated, personally controlled asset that cannot be stolen and re-minted.- Web3 isn’t interoperable: If you’re currently using MetaMask, you need a third-party like Chainlist or to input data manually so as to connect it to another blockchain network. Current blockchains operate as individual ecosystems and typically do not allow for real interoperability. For example, your Ethereum account cannot give you access to Solana nor could it fund the execution of transactions anywhere else. However, the NEST® ecosystem has already solved the problem. You can create your self-sovereign ownership controls, digital assets, and exchanges directly and simply select which network you wish to execute these on – all with just a few clicks through your mobile device. Wrapping UpWeb2 has somewhat ended up stripping away the potential right for user privacy and freedom of expression. This comes from its centralized nature. Governments and other third-party organizations today have almost free reign over the unlimited data most sites and social networks provide. Sadly, this hyper-vigilance is pushing us towards a dystopian setup.Web3 is a new, DLT-powered iteration of the internet that holds the real potential to give back users control of their data and online identities. It allows them to express their opinions freely, securely transact, or exchange as they decide and choose who or how others can access their data. In this context and position, Web3 is undoubtedly superior to Web2 – particularly in terms of privacy. But it still has a long way to go in terms of scalability, awareness, and adoption.If you’re ready to join the Web3 revolution and ensure your confidential ownership control using next-gen digital asset authentication, follow NEST® on Twitter and Medium.
Increase In Tron`s Price, Here`s Why
The Tron price has reportedly surged with more than 17 percent due to rumors that founder Justin Sun is about to close a deal to acquire peer-to-peer protocol developer BitTorrent. Reports appearing in CCN and Tech Crunch claim that Sun and Tron have agreed to acquire BitTorrent for $140 million. BitTorrent has reportedly stated recently they have about 170 million users, according to information provided by Tech Crunch. Some of their clients are BitTorrent Now, which is known to be focused on video, music and other content. Tron is a relatively young blockchain start-up that has been created by Sun, who has been a former employee at Ripple. If you still wonder what Tron is, they present themselves as an ambitious project that is dedicated to the establishment of a truly decentralized Internet and its infrastructure. The team at Tron consists of blockchain enthusiasts who have worked for big Chinese companies like Alibaba, Tencent, and Baidu. Tron has also created their cryptocurrency that is called TRX, a crypto coin for the entertainment industry. Another thing Tron does is simple trading through its MainNet distributed ledger for transactions, with its TRX migrating to the MainNet as of later this week, as Tech Crunch says. Concerning the Tron and BitTorrent deal, it is unclear how they are going to utilize what the newly acquired company has to offer as there were no comments on the subject cited by Tech Crunch. The idea of the decentralized internet is quite exciting, and it`s worth watching whether Tron will manage to turn it into a real possibility. What`s even more interesting is what will follow next for the internet and the cryptocurrency world. How do you imagine a decentralized internet will affect your use of the internet, digital money, or even the overhyped blockchain technology? Is it going to change the world we know today or is it just a distant idea that is overestimated? Share your thoughts in the comments. Read the full article

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