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    which of the below is not a quality of web3 protocols

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    What is Web3? The Decentralized Internet of the Future Explained

    If you’re reading this then you are a participant in the modern web. The web we are experiencing today is much different than what it was just 10 years ago. How has the web evolved, and more importantly – where is it going next? Also, why do any of these

    SEPTEMBER 8, 2021 / #WEB3

    What is Web3? The Decentralized Internet of the Future Explained

    Nader Dabit

    If you’re reading this then you are a participant in the modern web. The web we are experiencing today is much different than what it was just 10 years ago. How has the web evolved, and more importantly – where is it going next? Also, why do any of these things matter?

    If history has taught us anything, these changes will matter a lot.

    In this article, I will lay out how the web has evolved, where's it going next, and why this matters.

    Think about how the internet affects your life on a daily basis. Consider how society has changed as a result of the internet. Social media platforms. Mobile apps. And now the internet is going through another paradigm shift as we speak.

    The Evolution of the Web

    The web has evolved a lot over the years, and the applications of it today are almost unrecognizable from its most early days. The evolution of the web is often partitioned into three separate stages: Web 1.0, Web 2.0, and Web 3.0.

    What is Web 1.0?

    Web 1.0 was the first iteration of the web. Most participants were consumers of content, and the creators were typically developers who build websites that contained information served up mainly in text or image format. Web 1.0 lasted approximately from 1991 to 2004.

    Web 1.0 consisted of sites serving static content instead of dynamic HTML. Data and content were served from a static file system rather than a database, and sites didn't have much interactivity at all.

    You can think of Web 1.0 as the read-only web.

    What is Web 2.0?

    Most of us have primarily experienced the web in its current form, commonly referred to as web2. You can think of web2 as the interactive and social web.

    In the web2 world, you don’t have to be a developer to participate in the creation process. Many apps are built in a way that easily allows anyone to be a creator.

    If you want to craft a thought and share it with the world, you can. If you want to upload a video and allow millions of people to see it, interact with it, and comment on it, you can do that too.

    Web2 is simple, really, and because of its simplicity more and more people around the world are becoming creators.

    The web in its current form is really great in many ways, but there are some areas where we can do a lot better.

    Web 2.0 Monetization and Security

    In the web2 world, many popular apps are following a common pattern in their life cycles. Think of some of the apps that you use on a daily basis, and how the following examples might apply to them.

    Monetization of Apps

    Imagine the early days of popular applications like Instagram, Twitter, LinkedIn, or YouTube and how different they are today. The process usually goes something like this:

    Company launches an app

    It onboards as many users as possible

    Then it monetizes its user base

    When a developer or company launches a popular app, the user experience is often very slick as the app continues rising in popularity. This is the reason they are able to gain traction quickly in the first place.

    At first, many software companies do not worry about monetization. They strictly focus on growth and on locking in new users – but eventually they have to start turning a profit.

    They also need to consider the role of outside investors. Often the constraints of taking on things like venture capital negatively affect the life cycle, and eventually the user experience, of many applications that we use today.

    If a company building an application takes in venture capital, its investors often expect a return on investment in the order of magnitude of tens or hundreds of what they paid in.

    This means that, instead of going for some sustainable model of growth that they can sustain in a somewhat organic manner, the company is often pushed towards two paths: advertisements or selling personal data.

    For many web2 companies like Google, Facebook, Twitter, and others, more data leads to more personalized ads. This leads to more clicks and ultimately more ad revenue. The exploitation and centralization of user data is core to how the web as we know and use it today is engineered to function.

    Security and privacy

    Web2 applications repeatedly experience data breaches. There are even websites dedicated to keeping up with these breaches and telling you when your data has been compromised.

    In web2, you don’t have any control over your data or how it is stored. In fact, companies often track and save user data without their users' consent. All of this data is then owned and controlled by the companies in charge of these platforms.

    Users who live in countries where they have to worry about the negative consequences of free speech are also at risk.

    Governments will often shut down servers or seize bank accounts if they believe a person is voicing an opinion that goes against their propaganda. With centralized servers, it is easy for governments to intervene, control, or shut down applications as they see fit.

    Because banks are also digital and under centralized control, governments often intervene there as well. They can shut down access to bank accounts or limit access to funds during times of volatility, extreme inflation, or other political unrest.

    Source : www.freecodecamp.org

    3 Reasons Why Web3 Needs Protocols And Not Service Providers

    Service providers defeat the purpose of Web3. Anyone should be able to access vital Web3 utilities without costly barriers to entry.

    3 Reasons Why Web3 Needs Protocols And Not Service Providers

    Service providers defeat the purpose of Web3. Anyone should be able to access vital Web3 utilities without costly barriers to entry.

    By Kurt Ivy April 21, 2022

    Opinions expressed by Entrepreneur contributors are their own.

    A considerable amount of hype has developed surrounding what is known as “Web3.” Web3 is essentially based on distributed ledger technology and many companies are using Web3 as an umbrella term to describe alternative utilities and marketplaces built on an underlying blockchain.

    There are many benefits to decentralized protocols, but there's just one problem. These protocols are not going to set themselves up, and there is little incentive for new entrepreneurs to set up a business that will inevitably be taken out of their hands one day. As a service provider, you rake in the profits in perpetuity. In a decentralized network, the rewards are distributed. Even so, these permissionless protocols will become the foundation for Web3, and the profits from a token launch can be extremely convincing. In a world that is changing faster and faster, it may not be such a bad idea to create something great and then move on to the next thing. We don't always have to hold onto our babies forever.

    Related: Web 3.0 Is Coming, and Here's What That Really Means for You

    The following are three reasons why Web3 requires protocols instead of service providers.

    1. Centralization needs to be avoided

    This one is fairly obvious. The backbone of Web3 is decentralized protocols that can be used by all parties, instead of centralized service providers that get to pick and choose who they deal with. In Web2, sites like Facebook, Google, Twitter, UpWork, LinkedIn and monopolize large portions of the market and force their users to toe the line. In most cases, this isn't always a huge problem. But with this power, they set their own terms and ignore any call for change that threatens their comfort or their wallets.

    They were revolutionary innovations and undoubtedly served to increase the quality of life for users around the globe. At the same time, they are known for rampant data harvesting and can influence events like elections. The power they have to skew public opinion is chilling, especially Google and its YouTube subsidiary.

    There’s no reason to suggest that it will be any different if we have a centralized company marketing itself as Web3. A prime example here would be Facebook, now known as “Meta.” The idea of the world’s largest social media platform launching its own Libra cryptocurrency and monopolizing the virtual reality environment is not exactly heartwarming. It is Web3 in name but not in essence.

    Upwork, meanwhile, has suspended freelancers in Russia and Belarus from working to assist Ukraine. It might be safe to say that this is ultimately for the best, but because of the nature of the platform, it's also possible that only innocent, struggling freelancers were affected. It's not up to individual companies to make these kinds of decisions. Moreover, Upwork does not offer cryptocurrency payments, and the gig industry as a whole is set for disruption to give freelancers a voice. The H3RO3S project has already taken aim at this industry.

    2. Digital sovereignty needs to be maintained

    Data is the new currency. Actually, data always was the real currency, but most were unaware of how their data was tracked, monitored and sold to third parties. Part of the reason for the proliferation of blockchains was the rampant hacks and scandals.

    Related: The Tech Giants Get Rich Using Your Data. What Do You Get in Return?

    Centralized databases (including major credit agencies like Experian and government websites) were hacked and sensitive information was leaked. At other times, enterprises such as Facebook sold user data to political parties like Cambridge Analytica for processing.

    Web3 is built on having a secure digital identity to verify your transactions. You don’t want your digital identity tied into a corporate database -- this is the identity you will use to purchase houses and property and to access your multiple VR Metaverse accounts. You certainly don’t want this information leaked because a corporation forgot to patch a security vulnerability. It will be tied to everything.

    The bottom line is that your core digital identity in a Web3 environment cannot be stored in a centralized database (unless we get to a point where it is combined with a retina or fingerprint scan). Even with 2FA, the information is too sensitive for centralized storage. This has been proven time and time again with all of the scandals.

    3. Protocols are cheaper

    Service providers exist to make a profit. Protocols are public utilities that people can use to supplement their own abilities. If you can use the underlying protocol without using a service provider, then you are bound to save money. SHOPX will allow brands to plug their inventories into the blockchain and create brand-NFTs in order to access Web3 e-commerce. Amazon charges over 25% commission, but blockchain protocols like this will cost next to nothing.

    Another would be banks and their SWIFT messaging protocol. Access to this international bank transfer would be easy and cheap without having to use a bank, the service provider. There are also online service providers who can do this function, but it is still expensive and you are required to give up your sensitive information to use this protocol.

    Source : www.entrepreneur.com

    What Is Web3 All About? An Easy Explanation With Examples

    Web3 is heralded as the next and better iteration of the internet. Here we cut through the hype to explain what it is and look at practical examples, benefits, and concerns.


    What Is Web3 All About? An Easy Explanation With Examples

    Bernard MarrContributor

    Jan 24, 2022,12:33am EST

    First, there was web1 – aka the internet we all know and love. Then there was web2 – the user-generated web, heralded by the arrival of social media. Now, wherever we look, people are talking about web3 (or sometimes, web 3.0) – the supposed next big evolutionary leap forward of the internet. But what is it, exactly?

    What is Web3 All About? An Easy Explanation With Examples


    Well, opinions on this differ somewhat. Web3 is currently a work-in-progress and isn’t exactly defined yet. However, the main principle is that it will be decentralized – rather than controlled by governments and corporations, as is the case with today’s internet – and, to some extent, connected to the concept of the “metaverse."

    Before we start – just to avoid confusion – it’s worth mentioning that, until a few years ago, the term “web 3.0” was frequently used to describe what is now known as the “semantic web." This was a concept put forward by the original "father of the internet," Sir Tim Berners-Lee, for a machine-to-machine internet. Language is defined by its use, and the term is more frequently used to describe something else now. However, Berners-Lee’s concepts are considered to be a part of what we now call web3, although not the entirety of it.


    What is the decentralized web?

    Let’s look at decentralization first. Today, all of the infrastructure that the popular sites and hangouts we spend time on online are usually owned by corporations and, to some extent, controlled by regulations set out by governments. This is because this was the simplest way to build network infrastructure – someone pays to install servers and set up software on them that people want to access online, and then either charges us to use it or lets us use it for free, as long as we abide by their rules.

    Today, we have other options, and in particular, we have blockchain technology. Blockchain is a relatively new method of storing data online, which is built around the two core concepts of encryption and distributed computing.


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    Encryption means that the data stored on a blockchain can only be accessed by people who have permission to do so – even if the data happens to be stored on a computer belonging to someone else, like a government or a corporation.

    And distributed computing means that the file is shared across many computers or servers. If one particular copy of it does not match all of the other copies, then the data in that file isn’t valid. This adds another layer of protection, meaning no one person other than whoever is in control of the data can access or change it without the permission of either the person who owns it or the entire distributed network.

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    Put together, these concepts mean data can be stored in a way so that it is only ever under the control of the person who owns it, even if it happens to be stored on a server owned by a corporation or subject to the control of a local government. The owner or government can never access or change the data without the keys to the encryption that proves they own it. And even if they shut down or remove their server, the data is still accessible on one of the hundreds of other computers that it’s stored on. Pretty clever, right?

    Source : www.forbes.com

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