SLIDEFACTORY - WHAT IS WEB3

In the course of our work, we get asked a lot about upcoming technologies and new ways of utilizing the next big thing. One topic that comes up a lot with our clients is the general question of “What is Web3?” and the follow-up of how it can affect their world and the work they’re doing. The reality is that Web3 is a pretty big topic. And when it comes to the question of what Web3 actually is and how it affects their business or yours, the answer can be pretty broad.

The Next Generation Of The World Wide Web

Web3, also known as the decentralized web, represents the next generation of the World Wide Web. Built on top of distributed ledger technologies like blockchain, Web3 aims to empower users with greater control over their online data and interactions. This move toward decentralization stems from a desire to break away from the current model of web data collection and control by centralized entities and instead, allow individuals to own and manage their own data.

Smart Contracts

Smart contracts automate tasks such as fund transfers and contract execution by encoding the agreement between buyer and seller into lines of code. They eliminate intermediaries, increasing transaction efficiency, security, and reducing costs. In Web3, smart contracts are a crucial aspect as they enable the decentralized technology stack to give users greater control over their online data and interactions. Smart contracts automate a variety of processes and tasks, from financial transactions to supply chain management, creating a secure and efficient environment.

// *************
// Example of a basic smart contract structure
// *************

pragma solidity >=0.4.22 <0.7.0;

contract CellSubscription {
    uint256 mCost;
    constructor(uint256 cost) public {
        mCost = cost;
    }

    function makePayment() payable public {
        // Do Something
    }

    function withdrawBalance() public {
        msg.sender.transfer(address(this).balance);
    }

    function isBalanceCurrent(uint256 elapsedTime) public view returns (bool) {
        return mCost * elapsedTime == address(this).balance;
    }
}

Data Autonomy

Another important aspect of Web3 is the ability for users to own and control their own data. In the current way of doing things, centralized entities like social media companies or online retailers control user data. Web3 enables users to store and manage their own data and gives them greater control over how their information is used and shared.

Development And Progress In Web3

Web3 development is still in its early stages, but there are already many projects and initiatives working to advance the technology. Some examples include Ethereum, which is a popular platform for building decentralized applications (dApps), and the InterPlanetary File System (IPFS), which is a decentralized file storage system. These projects are helping to lay the groundwork for the development of the decentralized web, and are demonstrating the potential of Web3 technologies.

Scalability And Performance

One of the main challenges facing Web3 development is the need to overcome scalability and performance issues. Many current blockchain-based systems can only handle a limited number of transactions per second, which can limit their usefulness for certain applications. However, there are ongoing efforts to address these challenges through the development of new protocols and technologies, such as sharding and off-chain transactions. These efforts are helping to make these technologies more usable and practical for a wider range of applications.

Education

Another challenge for Web3 development is the need to educate users and developers about the technology and its potential benefits. Educating the public on Web3 poses a challenge due to the lack of familiarity with the decentralized web concept. Users need access to resources and information to help them understand the technology and its uses. Understanding Web3 is crucial for both businesses and regular users because it has the potential to bring significant changes to the way we interact online, offering a decentralized and user-controlled web where individuals own and control their data. Without education, businesses and regular users may miss out on opportunities to benefit from this technology.

The Future Of Web3

Overall, Web3 has the potential to bring about significant changes to the way we interact with the web and with each other online. It offers a more decentralized and user-controlled web where data is owned and managed by individuals. While challenges remain, the future of Web3 is full of excitement and possibility. As awareness grows and technology advances, we can expect to see more applications and innovations utilizing Web3 technologies. As more and more people become aware of the benefits of the decentralized web and as the technology continues to advance, we can expect to see more and more applications and innovations that make use of Web3 technologies.

‍

WHAT IS WEB3