Web 3.0
I eagerly await GTA 6(my gamer friends would relate!). We all tend to wait for sequels as they tend to be improved with new features. I’ll be talking about another sequel here, Web3. Web3 is also known as Web3.0. It is an idea for a new iteration of the World Wide Web-based on blockchain technology, which incorporates decentralization and token-based economics concepts. This textual description sounds crazy, so let me simplify it for you. We all know what www (world wide web) is, so web3 is its sequel involving blockchain. So many jargons, I know, but I’m here for you all. A blockchain is a distributed database shared among the nodes of a computer network. Now you must be wondering what web 2.0 is? I understand your concern so let me make it clear and straightforward. Web 2.0 refers to end-users websites that emphasize user-generated content, ease of use, participatory culture, and interoperability (i.e., compatibility with other products, systems, and devices).
It’ll be only fair to explain the distinct differences W between EB1.0,2.0 and 3.0, so here I go.
Let’s talk about the history of web3.0 and how it came into effect. 1991 was the year that marked the initialization of the idea of web3.0. Two scientists, W. Scott Stornetta and Stuart Habe, were pioneers of these ideas. However, the fuel required to spark the fire in this idea was missing, and it was founded in 2009 when Bitcoin was introduced in the middle of an economic crisis. Web 3.0 was similar to an extension for bitcoin, both working on the ideas of “permissionless blockchains.”
A permissionless blockchain is absolutely the other form of a Permissioned blockchain. In the Permissionless model, likewise called a public blockchain, there aren't any restrictions, and the participation isn't managed via an administrator. Anyone can take part in the consensus and validate the data. There aren't any directors permitting the customers to participate or giving them the permission and rights to make the changes. It is a very decentralized blockchain platform throughout unknown parties.
Although the idea of web3.0 sounded great on the surface level, web 2.0 and the initial stages of web3.0 failed in some critical aspects, the most prominent one being unable to provide a fair and just environment for everyone. While people kept working to improve on this aspect, they had to undertake some moralelements thatt would benefit everyone. Some of these morals included building a system that would provide equal opportunities to all, the rich or the poor. Secondly, the system must not work on the principle of “First come, first serve” as people might not have the knowledge about it and would hence fall short if they start late. Lastly, the system must be user-friendly. It must not provide an unfair advantage to, let’s say, a tech genius because that would again cause disparities among its users.
To summarize the blog, Web3 offers substantial course modification - an opportunity to reinvent the Internet and build new foundations from first principles. But to do that, we need to agree on what those principles should be and why. Rawls' Principles of Justice provide a helpful starting poinhelpfulhout perfect knowledge of our positions; our goal is to design new systems rooted in fairness and consideration for all.