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Web 3
Blockchain Internet New Technology online money Technology Web 3

Web3: A New Dawn for the Internet?

 

In the fast-paced world of technology, a revolutionary concept is gaining traction: Web3. Coined by computer scientist Gavin Wood, Web3 represents a paradigm shift towards a decentralized internet infrastructure, powered by blockchain technology. The traditional internet, often referred to as Web2, is dominated by centralized platforms controlled by a handful of corporations. 

However, Web3 envisions a future where power is distributed among a network of participants, rather than concentrated in the hands of a select few. Navigating Perils and Possibilities of Web3 Since 2018, momentum surrounding elements of Web3 has surged across various sectors, including equity investment, online searches, patent filings, scientific publications, job vacancies, and press reports. 

Particularly, the financial-services industry has emerged as a trailblazer in adopting emerging Web3 technologies and assets. At one juncture, the daily transaction volume processed on decentralized finance (DeFi) exchanges surpassed a staggering $10 billion. Yet, amidst this fervent progress, advancements have been marked by sporadic spurts rather than a seamless trajectory. 

However, if you find yourself grappling with the question of what exactly Web3 entails, you are not alone. A 2022 Harvard Business Review poll, encompassing over 50,000 respondents, revealed that nearly 70 percent admitted to being unfamiliar with the concept. 

In this comprehensive Explainer, we embark on a journey to demystify Web3, exploring its inherent risks and boundless potentials. Through a structured analysis, we aim to shed light on when—or if—this enigmatic vision of the internet will ultimately materialize. 

What This Technology Does? 

At the heart of Web3 lies blockchain technology, a decentralized and immutable ledger system. This foundational technology aims to democratize access and control over digital assets and information by harnessing the collective power of its network. Emerging Elements of Web3 Already, various projects are spearheading the transition to Web3. Decentralized finance (DeFi) platforms and non-fungible tokens (NFTs) are at the forefront, pioneering new methods of interacting with digital assets beyond traditional financial frameworks. 

Advantages and Advocates of Web3 Proponents of Web3 argue that it offers several benefits, including greater transparency, security, and user autonomy. Furthermore, it presents a viable challenge to the dominance of tech giants in the digital realm. 

Technologies Powering Web3: 

A Closer Look At the heart of Web3 are three key technologies driving its decentralized infrastructure: 

Blockchain: Blockchain technology forms the backbone of Web3, offering a decentralized and immutable ledger for recording transactions. For instance, consider Bitcoin, the pioneering cryptocurrency. Its blockchain ensures transparency and security by recording all transactions across a distributed network of nodes, without the need for a central authority. 

Smart Contracts: Smart contracts, coded agreements that automatically execute when predefined conditions are met, play a pivotal role in Web3. Take Uniswap, a decentralized exchange protocol built on Ethereum. Through smart contracts, users can seamlessly exchange tokens without relying on intermediaries, enhancing efficiency and reducing costs. 

Digital Assets and Tokens: Web3 thrives on digital assets and tokens, representing a myriad of value-bearing items existing solely in digital form i.e. CryptoKitties, a blockchain-based game where users collect and trade digital cats. Each CryptoKitty is represented by a unique token on the Ethereum blockchain, showcasing the potential of digital assets to revolutionize ownership and monetization. 

These technologies collectively pave the way for a decentralized internet, empowering users with greater control and autonomy over their digital interactions. As Web3 continues to evolve, its impact on various industries and sectors is poised to be transformative, reshaping the digital landscape as we know it.
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Understanding Internet Identity: Exploring its Functionality and Operation

 

Passwords have long been a hassle for daily online logins, even with the help of password managers. However, the DFINITY Foundation's Web3 experts are developing a promising alternative called Internet Identity (II), which has the potential to transform online security. 

Internet Identity is a Web3 service that enables users to create a secure "anchor" for their devices, allowing them to log in to compatible services without using passwords. Instead, it utilizes a chip embedded in modern devices to generate disposable passkeys protected by Chain Key cryptography.

The concept behind Internet Identity is to provide a fast and secure way to authenticate oneself when accessing services. It aligns with other Web3 concepts, such as the ability to create multiple online identities, which explains its name. In addition to enhancing security, Internet Identity also offers benefits like hiding one's digital footprint and protecting against identity theft. All of this is made possible through the DFINITY Internet Computer blockchain project.

To understand how Internet Identity works, users create an anchor identity embedded in the Internet Computer blockchain and associate their devices with it. These devices utilize a specialized TPM chip to generate hidden passkeys for signing in to Web3 services and decentralized applications (dapps).

The passkeys are enabled through biometric authentication or a similar secure process, eliminating the need for passwords. A handshake protocol combines a public key and private key, enabling automatic sign-in to compatible services.

This approach offers several advantages for online identity protection. Firstly, there are no passwords to be hacked, and the TPM passkeys remain entirely private, inaccessible to anyone else during the sign-in process. This significantly enhances data security. Additionally, since a new session is created for every login, it becomes more challenging for external entities to track user activities.

While Internet Identity is based on Web3 and blockchain technologies, it differs from many blockchain-related endeavors that often raise concerns. 

Using Internet Identity does not require owning a blockchain token or incurring any costs. Developers cover the blockchain computations, ensuring the focus remains on privacy rather than financial motivations.

Internet Identity exclusively functions with services supported by the Internet Computer Protocol, primarily Web3 dapps. DFINITY and others anticipate that blockchain authentication methods like Internet Identity will become the norm, and they aim for broad support of their protocol. 

However, this is still uncertain, and currently, many mainstream services, including popular social media platforms, may not support Internet Computer technology unless users are deeply involved in the blockchain tech community.

To utilize Internet Identity, users need standard biometric login features available on everyday devices, such as fingerprint readers and facial identification. For those desiring additional security measures, Internet Identity also supports real-world passkey technologies like YubiKey.

Internet Identity is entirely free and open-source, emphasizing privacy and transparency for user data.

Comparing Internet Identity to passwords, it offers greater convenience when using dapps and ensures robust security. It also reduces the profiling potential of big tech and social media companies like Google. 

Internet Identity allows users to create multiple social identities for enhanced privacy, and personal information is not required. However, it's crucial to properly manage recovery options in case of any issues.

While Internet Identity prevents tracking, it leaves a trail within the blockchain, accessible only by the user via their seed phrase. This trail exists independently of physical devices.

To get started with Internet Identity, users can visit the official website and follow the step-by-step instructions provided by their preferred search engine. The process involves authenticating oneself, choosing a recovery method (such as a seed phrase or security key), and adding specific devices, such as an Android phone, to the anchor to ensure proper functionality. For more technical details, users can explore the code on GitHub or seek guidance from the Internet Identity community.

In conclusion, Internet Identity is a worthwhile solution for those using Web3 services or interested in privacy-friendly dapps. While its future, like that of all Web3 technologies, remains uncertain, it serves as a solid foundation for authentication software. 

The best part is that it's entirely free and doesn't involve questionable blockchain investment schemes. This aligns with the preferred Web3 approach, although Internet Identity still needs to demonstrate that it is a significant step forward for the decentralized internet.
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