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Blockchain: web 3.0?

Blockchain: web 3.0?

Articles / 2019-08-26 19:57 PM

In the world of digital assets, everything changes in a wink. Every day, new cryptocurrencies fall into the ranks of those already existing Bitcoin, Ethereum, Ripple, Litecoin, IOTA, and many others. It proves their particular popularity but experts believe it is going to be the blockchain technology that lies in the core of all of them.

Created by mysterious genius Satoshi Nakamoto the technology of the distributed ledger that underpins the Bitcoin cryptocurrency and known as the blockchain can completely change many spheres from finances and real estate to the entertainment industry. It makes the titans from the Silicon Valley, world financial leaders and even independent developers rapidly consider the consequences of the appearance of such technology not to be taken by surprise.

Coming back to its comparison with the Internet, they say the blockchain and Bitcoin do hand in hand like the Internet and E-mail. E-mail became possible thanks to the Internet just like Bitcoin became possible thanks to the blockchain tech.

The blockchain is also called the Internet of value. To put it simply, the blockchain transfers something valuable (money, shares, proprietary rights, digital license fees, and even votes) from one subject to another. Today, similar transactions often pass through a lot of middlemen in the process of authorization, clearing, and processing. They are also being saved in the centralized ledgers of such organizations as the central bank (if we are speaking about financial operations) or in the system of electronic registration of mortgage transactions.

The blockchain distributes functions of transaction verification and storage among several nodes by a secure and transparent way, excluding the necessity of any middlemen. As a result time and money spent on the transaction processing is virtually nil.

The blockchain enthusiasts believe if to compare the blockchain tech to the Internet we are now in the middle of 90-s when first Internet cafes were opened.

Ordinary users still see the crypto assets as the most visible outcome of the blockchain tech thanks to Bitcoin that once has made a boom. But there are a number of other applications of the blockchain technology – tokens are the most potential of them. There are utility and security, brand and platform tokens. They have been the main use of blockchain up to date except for the cryptocurrencies. The Internet once has stepped far beyond the e-mail and the blockchain tech will for sure do the same in regard to the cryptocurrencies.

In the modern world, there are a lot of decentralized platforms and applications on the blockchain basis. They gradually replace software from such Internet giants as Google and Amazon.

It is expected that soon all the users will come from Web 2.0 Apps to Web 3.0 DApps. For example, the habitual browser Google Chrome will stand aside and Brave will replace it. Storj will replace servers for information storage such as Google Drive and Dropbox. Friends will not need Skype and WhatsApp to get in touch – they will use and Status instead of them.

The applications based on the blockchain technology will substitute traditional operational and payment systems, social media and servers for content download. The blockchain can completely transform the modern Internet, make it transparent and secure. The process of transition to Web 3.0 has already started. The rest is just a matter of time.