Web 3.0: The Key Technologies Shaping the Future of the Internet

Imagine a world without being limited by platform, language, borders, or nationality. Where you can become anyone, realize your wildest dreams, find like-minded people from all over the world, and build a business without red tape and middlemen. This is not utopia, this is Web 3.0 — the future of the Internet that is already knocking on our doors. Web 3.0 is a vision of a world where people own their data, there is no censorship, and everyone is free to express themselves.

Web 1.0 and Web 2.0: Stages of Internet Development

Let's go back to the 90s. The world was just getting acquainted with a gimmick called the Internet. Web 1.0 was simple and one-sided. Websites resembled virtual libraries where visitors could only read information uploaded by administrators.

At that time, websites didn't change without the intervention of a webmaster, information was scarce, and users could only consume content.

In the 2000s, the World Wide Web changed. Web 2.0 is no longer just about websites, it is a platform for interaction. From static pages, sites became dynamic, where the user could interact with the content, influence it, and add to it. A good example is social networking, which has become an integral part of our lives.

Web 2.0 is a centralized system. All information is stored on servers of large companies that can:

• keep track of your actions;
• use your data;
• block your account.

In addition, the advertising on the platforms generates revenue for the owners, not for you.

Web 3.0: The Internet of the Future Is Here

Web 3.0 is not just another version of the Internet, but a new stage in its evolution. It marks the transition to a more decentralized, secure, and open Internet. The first major idea of Web 3.0 is the Semantic Web, introduced by Tim Berners-Lee. He described it in 1994, and a 2001 Scientific American article made the concept famous.

Web 3.0 Features

1. Your data is your property. You have full control over who has access to your data and how it is used.
2. Security. Data is protected by a distributed database.
3. Openness. Open source software.
4. Freedom. No censorship, moderation is done by the community.
5. Monetization. You get money for watching ads, not the platform.
6. Accessibility. Web 3.0 will be available to everyone, regardless of location.
7. Semantics. Computers understand meaning and emotion, making the Internet more personalized.

According to some Experts, centralized systems will coexist with their decentralized counterparts, giving users choice and variety in how they use technology.

What Technologies You Need to Know to Be a Web 3.0 Developer

Creating decentralized, interoperable, and user-friendly applications is the foundation of Web 3.0. This requires Developers to have a thorough understanding of a set of key technologies.

Blockchain

A blockchain is not just a database, it’s a distributed registry in which information is stored as immutable blocks that are linked together.

What a Developer needs to know:

• Ethereum is a decentralized platform with support for smart contracts, dApps, and the Ether cryptocurrency. It is a fully programmable computer that satisfies the Turing Completeness Criteria;
• EOS is a platform focused on scalability and high throughput;
• Hyperledger is a set of tools for creating private blockchain networks.

By mastering this knowledge, Developers will be able to create new generations of dApps that are secure and transparent.

Smart Contracts

Smart contracts are self-executing agreements based on blockchain technology that are changing the way we do Business.

What a Developer needs to know:

• master the programming languages used to create smart contracts, such as Solidity for Ethereum or Vyper;
• to perform contract operations, you must be able to use the appropriate interface or library, such as Web3.js (for JavaScript) and Web3.py (for Python);
• learn about development tools for creating, testing, and deploying smart contracts, including Remix, Truffle, and Ganache;
• understand how to interact with smart contracts through web interfaces or APIs to integrate with web applications and other systems.

You also need to understand the key vulnerabilities and attack scenarios of smart contracts to minimize risks and security breaches.

Decentralized Data Storage

Web 3.0 applications place great emphasis on the creation of decentralized data storage, which are information storage system without a single central management point.

What a Developer needs to know:

• different decentralized data storage protocols and technologies such as IPFS (InterPlanetary File System), Swarm, and Filecoin;
• be able to integrate decentralized data storage into web applications and other systems;
• develop mechanisms for data version control and integrity when using decentralized data storage;
• keep track of network resource usage and optimize performance when accessing data on decentralized storage.

Developing scaling strategies and data availability on decentralized storage is also important to support user base growth and continuous system operation.

Cryptography

Cryptography is an essential tool for developing secure and reliable Web 3.0 applications, although it is a complex and multifaceted field.

Developers who want to build Web 3.0 applications need to have a clear understanding of the principles of cryptography, and it is important to understand how it is used in blockchain networks. They should be able to use cryptographic tools to secure data and transactions.

What a Developer needs to know:

• understand the basic principles of cryptography: symmetric and asymmetric encryption, hashing, and electronic signature;
• consider the vulnerabilities and attack scenarios that can be applied to cryptographic systems;
• learn about different cryptographic algorithms and select the most appropriate ones for specific purposes and usage scenarios;
• develop strategies for managing cryptographic keys: generation, storage, exchange, and update.
• be able to use cryptographic libraries to implement secure cryptographic operations such as OpenSSL, Bouncy Castle, and Crypto++;
• keep a record of the security of data transmission over a network using cryptographic protocols such as SSL/TLS for secure communication.

Cryptography is the future of data security, providing strong protection for information across decentralized networks.

Peer-to-Peer Networking

A peer-to-peer network, also known as a P2P (peer-to-peer) network, is a key element of applications within Web 3.0. This type of network allows users to share data directly.

What a Developer needs to know:

• protocols and technologies for organizing data exchange in a peer-to-peer network, such as BitTorrent, Napster, or Bitcoin;
• be able to develop mechanisms to manage nodes in a P2P network, including discovering, registering, and removing nodes from the network;
• ensure data consistency between nodes in a P2P network to avoid conflicts and ambiguities;
• evaluate network bandwidth and scalability for network operation, increasing the number of nodes and the amount of data processed.

Developers of Web 3.0 applications will need to understand P2P networking protocols and be able to implement them in their applications.

Tokenization

Tokenization is the process of converting real assets or rights into digital tokens, which can then be recorded and transferred on the blockchain.

What a Developer needs to know:

• be familiar with token types, such as utility tokens, security tokens, stablecoins, and others;
• know the token standards, ERC-20, ERC-721, and ERC-1155 for Ethereum and similar standards for other blockchains, which facilitates integration and interaction with them;
• be able to develop strategies for issuing and distributing tokens, including methods and mechanisms for creating, selling, or distributing them to users;
• organize token management mechanisms, including transfer, storage, exclusion, and destruction of tokens following the business logic of the application.

Tokenization opens up new opportunities for financial transactions, digital authentication, rights management, and many other areas.

What Projects Do on Web 3.0

Projects in these areas are changing traditional models of Business, information sharing, and human interaction. Let's take a look at some popular companies, games, and platforms.

Decentralized Finances (DeFi)

Uniswap is a decentralized exchange (DEX) that allows users to exchange cryptocurrencies without middlemen. It uses Automated Market Maker (AMM) technology.

MakerDAO is an Ethereum-based platform for creating a stable DAI cryptocurrency that is pegged to the U.S. dollar through a smart contract system.

Non-Fungible Tokens (NFTs)

CryptoKitties is one of the first blockchain games where users can buy, collect, breed, and sell virtual cats in the form of NFTs.

OpenSea is the largest marketplace for buying and selling NFTs. You can buy collectibles, in-game items, and more.

Decentralized Social Networks

Steemit is a blockchain-based social media platform that allows users to earn cryptocurrency for publishing and curating content.

Minds is an open social network that rewards users for their contributions with tokens that can be used to increase the visibility of their content or converted into other currencies.

Decentralized Data Storage

IPFS (InterPlanetary File System) is a decentralized file storage system. Here you can store and share data in a globally distributed network.

Filecoin is an incentivized storage network built on IPFS, where users can earn tokens for providing free space on their hard drives.

Decentralized Autonomous Organizations (DAOs)

Aragon is a DAO creation and management platform that provides tools for launching decentralized Businesses and communities.

DAOstack is a framework for managing DAOs, with a focus on collaborative problem-solving and resource management.

Decentralized applications (DApps) in the field of games

Axie Infinity is a blockchain-based game where players can collect, breed, and battle creatures called Axies.

Decentraland is a virtual world where users can buy land, build on it, and create interactive games and applications.

Decentralized technologies are already transforming finance, entertainment, social interactions, and data storage, providing opportunities for innovation and development.

Web 3.0 has the potential to make the Internet more open, more secure, and more accessible to everyone. Many projects are already implementing its principles: decentralized applications, games, platforms, and entire ecosystems are emerging. Web 3.0 is a new era that promises to change our perception of the online world.

#Web3 #DApps #SmartContracts #Decentralization #Web3Development #Web3Technologies #OGDSolutions #outstaffing #offshoring