Think about the impacts of the Internet on your lives–social media platforms, mobile apps, etc. The Web we’re witnessing today isn’t the same as it was ten years ago. The Web has evolved, and most importantly, it will continue to grow in the future too.
Due to the never-ending hacks that have jeopardized the crypto space, several smart contract audit companies have come up to assist people in saving their assets from malicious actors.
The Internet is now going through another paradigm shift, and in this scenario, the concept of decentralization plays an important role.
Let us understand the concept of decentralization in Web3 in this blog.
The Evolution Of The Web
The Web has evolved so much over the last few years. And the plethora of use cases is unrecognizable from the ones in the past. This Web evolution can be separated into three stages: Web 1.0, Web 2.0, and Web 3.0.
This was the first iteration of the Web. It began in 1991 and went on till 2004. A majority of the participants were the ones who would consume the content. And creators were developers who used to build websites containing texts or images.
Instead of dynamic HTML, the websites served static content. There was no database, and everything was done from a static file system. There was no interactivity on the sites. In a way, it was a read-only web.
What we were experiencing a few years back was Web 2.0. It is an interactive and social web. Here, no one needs to be a developer to become a part of the creation process. Some apps allow everyone to be a creator.
Due to the simplicity of Web2, more and more people are turning towards becoming creators. If you wish to invent a thought and share it with everyone, you can easily do it. If you wish to upload a video and want millions of people to watch it, share, like, and comment on it, you can do that too.
However, certain areas need to be improved, and this is what web3 does.
There are several differences between Web 2.0 and Web 3.0, but decentralization is at its core.
The Web that we know today, the one that enhances the Internet with an addition of some of the greatest characteristics, is Web3. Following are some of the distinguishing traits of this Web.
- Native built-in payments
- Distributed and robust
In this Web, developers have yet to see the building and deploying applications that run on an angle server or store all the data in a single database. Instead, these applications function on blockchains, decentralized p2p networks, or their combination. They are also known as decentralized applications (dapps).
When you listen to web3, you will always find cryptocurrency being a crucial part of the conversation. It is because it provides tokens for everyone who wishes to participate in building, governing, contributing to, or enhancing the projects.
Decentralization is one of the essential pillars required to construct different Web3 services that could take full advantage of blockchain technology, resulting in better security and privacy for the users.
Web3 is the latest evolution of the Web that enables users to read-write-appropriate whatever we write in these web services. They evolved from a centralized system and moved towards a completely decentralized one. Within a Web3 space, blockchain technology and smart contracts are the protagonists.
Properties of Web 3.0
The shift from Web 2.0 to 3.0 is happening gradually, which is why it often goes unnoticed by the general public. The back-end of Web 3.0 applications is fundamentally different from 2.0 applications, even though they have the same look and feel.
The future of Web 3.0 points to universal applications that can be accessed and used by various hardware and software types, simplifying our professional and leisure activities.
By resisting the centralization, monitoring, and exploitative advertising of Web 2.0, emerging technologies like distributed ledgers and blockchain storage will enable data decentralization and the creation of a transparent and secure environment.
These are the four properties of Web 3.0:-
- Semantic Web
- 3D graphics
- Artificial intelligence
The crux of how Web3 operates is decentralization, and this is where blockchain technology comes into play. This way, blockchain serves as a decentralized database and enables users to interact with Web applications.
Why Is Decentralization Crucial For The Web3 Space?
To access the services without any obstacles, decentralization in Web3 is essential. With this, interacting with dapps won’t be tougher than opening a laptop, mobile, or web app that can easily connect with any blockchain network or its P2P network.
When you interact with your dapp, it makes you a part of the decentralized network. Now you can share data through this network as easily as a torrent file. Therefore, to access the file from anywhere globally, download it and continue sharing it with other people who also need access to it.
Another step towards decentralization has applications that are always available and that we may use without any restrictions. Appcations like Aether, which functions as a completely decentralized Reddit, illustrate this. Other examples are Web3Torrent, DTube (a decentralized YouTube), and others that provide us control over access to the program at all times—something that is quite significant.
A Core Problem That Needs To Be Solved
The problems for Web3 decentralization today are more than just the basic ones. For instance, anyone can use MetaMask as it is easy to use. It also paves the way for numerous Dapps on numerous networks. But the truth is that people are using it in a centralized manner at this point.
So, it is natural that the current Web3 is partially decentralized. However, there has been a lot of progress in achieving decentralization, but there is still a long way to go before we reach true decentralization in Web3.
I am David Henry, a full-time Smart Contract Auditor. With an overall experience of over 4 years in this industry, I have got a strong grasp on the Vulnerabilities that crop up in smart contracts. I have found a variety of critical bugs in different smart contracts over the last few years and have suggested my own recommendations to clients on how to fix them.
The auditing reports that I have produced have been flawless, and in this way, I have made transactions smoother in the financial world. My hobbies include cooking and singing.