The future of the internet is here. Off lately, it’s quite impossible to have a conversation around technology without the use of terms such as Blockchain, NFT, Metaverse and Cryptocurrency.
The rising popularity of crypto powered by the ever-expanding internet has stoked anticipation as to what the future looks like. For a good part of the last 2 decades, the internet has ruled the roost. But now, something better than the internet has arrived.
Presenting to you the internet’s new avatar, Web 3.0 (or Web3), an upgrade to the existing web.
Let’s Talk Web 3.0
Before we talk of what the future of the Web (currently at Web 2.0) holds in store for us, let’s briefly address what the Web today looks like.
Web 1.0 (early 1990s — 2005)
The pioneering of the early internet in the 1990s is often referred to as Web 1.0.
Tim Berner-Lee’s cracking contribution in writing the three fundamental technologies — HTML, URL and HTTP — became the foundations of the Web (a term alternatively used to describe the internet) as we know it today.
Also known as the Static Web, Web 1.0 offered limited access to information with little to no user interaction. More like a one-way highway with a narrow lane for content creation.
Web 2.0 (2005-present)
The last 15 years have seen a paradigm shift in how the internet is used.
Web 2.0, also known as the Social Web, is a lot more interactive characterized by the emergence of social media behemoths like Facebook, YouTube, Twitter, Google, and more.
This paved the way for user-generated content to flourish as data can now be shared and distributed. However, Web 2.0-centric companies, popularly the FAANG, held unprecedented control over information.
Web 3.0 (The Future)
Web 3.0 is the next stage in the evolution of the internet. Built on the core ideas of decentralization and openness, Web 3.0 is set to make the internet much more user-centric, content friendly, and intelligent.
Web 3.0 sits at the confluence of the Internet, Artificial Intelligence, and Blockchain Technology. Blockchains will empower creators (as already seen with NFTs) and ensure people control their own data.
In simple words, the goal of Web 3.0 is to eliminate big middlemen and redistribute power back to people.
Blockchain: The Pivotal For Web 3.0
Now that we understand what Web 3.0 intends to achieve, let’s probe a little deeper into how this could become a reality.
The solution to Web 3.0 challenges are already out there. Blockchain technology forms the backbone of any Web3 solution. Without getting into the intricacies of what a Blockchain is and how it functions, it suffices to say, blockchains are a system of recording information that does not need big intermediaries to maintain and validate them.
For instance, based on Blockchain Technology, a new system of finance called Decentralized Finance (DeFi) has emerged which does not rely on central intermediaries like banks, exchanges, and brokerages to conduct traditional financial transactions and services. And how do they do it? By leveraging Smart Contracts.
But that being said, Blockchain technology is not without its limitations in its current form. And that’s exactly where Polkadot, next-generation multi-chain blockchain comes into the picture, enabling a smoother transition into a Web 3.0 world.
Polkadot: The Need Of The Hour
The existing blockchains face two major hurdles that need to be overcome to enable Web3 interactions. And they are the issues of fragmentation or the lack of interoperability and scalability.
Without getting too technical, interoperability between blockchains is the ability to share and access information across blockchain networks without the need for a centralized intermediary. The Web3 future definitely calls for a seamless communication between individual blockchain networks serving varying purposes.
Polkadot is designed to converge multiple blockchains into a single unified network. Seen as an evolution to other blockchains like Ethereum and Cardano, Polkadot’s Parachains allows developers to build multiple custom blockchains (not just custom tokens) on its platform. Thus, enabling seamless transfer of data between different blockchains.
And on the scalability front, Polkadot can scale up to one million transactions per second. The Polkadot blockchain already supports 1000 transactions per second, a significant improvement over Ethereum’s 13 transactions per second.
Thankfully, the Polkadot network, known as the blockchain of blockchains, effectively solves these issues. Thus bringing us one step closer to realizing the dream of Web 3.0.
Polkadot’s Web3 Association
Polkadot is the crowning project launched by Parity Technologies in mid-2017 and supported by the Web3 Foundation. Parity and Web3 (a non-profit organization) are both based in Switzerland and founded by Dr. Gavin Wood, the co-founder of Ethereum with a vision to propel blockchain and the decentralized web.
The underlying mission of Polkadot and Web 3.0 is the same: to create a more transparent internet that gives back power to people over their personal data. They believe that big corporations centralize and monopolize data and wield excessive power that does not serve the internet well.
A new, transparent, and decentralized internet world order, the Web 3.0, that empowers creators over middlemen is on the horizon backed by ground-breaking innovations in the field of Blockchain technology. And Polkadot, the next-generation blockchain technology, could be the key fix to bring the internet of the future closer to reality.