Web3: discover the internet of the future inspired by cryptocurrencies
The "new internet" model emerged as an attempt to decentralize data control and provide users with anonymity.
Web 3 or Web 3.0, the new generation of the world internet, gained strength recently and has a model based on the protocol used by cryptocurrencies. It is a bet to decentralize data control and provide users with anonymity.
The formula used by the creators of Web3 is the blockchain, a record linked through encryption, a technique used for communication to take place securely, without third parties knowing what is being said.
The idea is to offer a path with data privacy, where everyone has the "key" to their own content. As its name suggests, it is formed by a chain of blocks, where each of the blocks has encrypted information from the previous one.
In this way, the technology becomes resistant to data modifications, because after the record is created for one of the blocks, its data can only be changed if all the others in the set are also changed.
The concept of Web3 as we know it today was introduced in 2014 by Gavin Wood, one of the creators of Ethereum, a decentralized platform focused on executing so-called "smart contracts." His definition, given in an interview with Wired, is simple: "Less trust, more truth."
Wood claims that blockchain technology's transparency and irrevocable character makes it possible to rule out the need to trust the "good intentions" of third parties on the internet.
In a document released by Ethereum, the idea is explained as follows: "Web2 refers to the version of the internet that most of us know today. An internet dominated by companies that offer services in exchange for your personal data. Web3, in the context of Ethereum, refers to decentralized applications that run on the blockchain. These apps allow anyone to participate without monetizing their personal data."
Ethereum, in addition to starting Ether, one of the most popular cryptocurrencies today, creates decentralized applications (DApps) in which users can interact. Through this platform, the commercialization of non-fungible tokens ( NFTs ) takes place, unique indicators of an exclusive digital property that cannot be divided into installments or exchanged with others.
Cryptocurrencies, in turn, are a set of binary data designed to function as a medium of exchange. Each of the coins has its property stored in a "ledger", called a ledger, which represents a database with blockchain technology. This ledger is used to protect transaction records.
The Ethereum document also explains how these exchanges work:
"Cryptographic mechanisms ensure that once transactions are verified as valid and added to the blockchain, they cannot be tampered with. The same mechanisms also ensure that all transactions are executed with the appropriate 'permissions' (no one should be able to send a user's digital account data except themselves)".
In practice, cryptocurrencies on Web3 represent the elimination of the need to leave the funds in the responsibility of a third party, such as a broker, to make transfers and manage the cryptocurrencies. Still, the owner can trade his assets and benefit from other applications.
One of the cryptos found on Web3 was created to be a new aspect of YouTube, without the algorithms used to capture user information. According to a Money Times survey, the crypto asset that represents it was up 4,480% last year.