what is web 3.0? | what is web 3.0 and blockchain | what is web 3.0 ll about | what are the web 3.0 coin | web 3.0 blockchain projects
what is web 3.0? | what is web 3.0 and blockchain | what is web 3.0 ll about | what are the web 3.0 coin | web 3.0 blockchain projects
Back in 1983 when the internet was first used that too for official purposes and later in 1990 it was made available for the general public it was considered a revolution as it has made a life of the mass public way easier. The internet which was used at that time was web 1. O also known as static internet. Uses can’t interact with the website, provide feedback, comment. Until the invention of web 2. O by Darcy Di Nucci in 2004 which allowed users to interact with the websites, comment, share, provide feedback. All these apps and websites such as YouTube, Facebook, Google, Snapchat, Twitter are a part of web 2.4 which we are currently using.
But this web 2.0 also have some issue and one of the biggest issues is the lack of data privacy and a centralised network. platforms such as YouTube, Facebook are not free of cost this platform were multiple times been accused of stealing users data and selling them to a third party as all these data are stored on a centralised network.
However, with the arrival of blockchain Technology & its mass adoption, a new web which is web 3.0 is on its way to where uses the internet will be decentralized. This means their data, privacy will be protected and enhance security as the data will be stored not only none centralised system but on thousands of decentralized nodes.
Today if you want to open a website you will require a domain name now who register
a domain name. All the domain names whether you buy from Godaddy.com or any other platform. These are registered and granted by ICANN only which means our website is centralised all power control in one hand.
.xtfd, .xntf domain these all are not Dunedin names. One cannot buy these from GoDaddy.com or another platform as it is not controlled by ICANN. It is registered in blockchain & and once you buy this website you do not have to buy every year that domain is yours for a lifetime.
Some of the benefits of web 3. O are serverless hosting, security( data on every network) Impossible to Breach, privacy and semantic.
As web 3. O working on blockchain and cryptocurrency is also working on blockchain Technology some valuable cryptocurrencies have high potential in the coming future as their vision is high on web 3.0.
It is an indexing protocol for creating blockchain data that enables the creation of the full decentralised application.
Indexing- this reduces the time required to find a particular place of information.
Example-: Rather than finding a particular chapter page by page, one can easily find it through the Index of a book.
The graph becomes one of the main car infrastructure projects necessary for building a fully decentralized application.
It focuses on decentralized queries & the API layer of the decentralized web by removing a trade developer have to make today whether to build an app or truly decentralize.
GRT utility token that plays important role in graph network design. GRT is used by the creator that signal subgraph word indexing.
GRT is an ERC- 20 taken based on ethereum blockchain used to allocate resources in the network. All active indexes, delegators, curators can earn through the amount of work proportional to the network and their GRT stake.
Indexers- earn indexing reward and query fees
While curators earn a proportion of Query fees for subgraph they signal on. And Delegators earns a proportion of income earned by the indexes they delegate to.
GRT has an initial supply of 10 billion and a new issue at 3% annually. It also has a token burning mechanism to start one per cent of total protocol query fees.
Basic attention token( BAT)
It is also an ethereum based erc20 token used to power The Brave platform which is both a private internet browser and a digital advertising platform.
Bat is in utility token which is already in use, demonstrating a real-world application of cryptocurrency and blockchain technology.
Now that is used on the brave platform.
Is founded by Brandon rich also the creator of JavaScript, Mozilla Firefox browser.
He with his skills and experience also able to create a browser that revolutionized the online advertising space.
Is a browser that is open-source, decentralized and private. It also focuses on the speed and privacy of users which helps in saving the data of users. Brave browser is 8 times faster on mobile and 2 times faster on desktop. Brave users get a reward for browsing and they can use it for anything like supporting their artist through these rewards.
BitTorrent is a kind of online platform where users can download a large file with low internet bandwidth. Open source means anyone is free to make any changes redistribute the original file code since they are free to access and do
Kasama is often referred to as Polkadot canary network or Polkadot wild cousin means it is almost identical to Polkadot, however, Kusama is a more experimental version of Polkadot users can create any kind of project that they dream of.
A project that which to launch on Polkadot will launch a similar iteration of Kasama beforehand.
Kusama is much more than just a testnet through it’s a separate blockchain project in its region.
Compared to Polkadot it is easier and Quicker for the community to make changes on the network and is it also cheaper to rent building space on Kasama compared to Polkadot for a smaller project and started to build on Kusama as they can adapt people to market demand
This building space takes the form of a para chain which are para chains that run alongside the main relation at the centre of the network.
These multiple changes frequently communicate with each other which prevent the main relay chain from becoming convicted by having to handle every single transaction that comes through the network.
Build on a Multichain, heterogeneously shared design that user nominated proof-of-stake consensus system an alternative consensus mechanism to these energy-intensive Proof of work scheme deployed by several other blockchains.
Originally published at https://www.financialideas.in on February 3, 2022.
