What Is Decentralization, DWed and Web 3.0?

Dictionary definition of  Decentralization  

“The transfer of control of an activity or organization to several local offices or authorities rather than one single one”

Decentralization, DWed and Web 3.0 are tie-together and essentially mean the same thing.  As that relates to the internet, the easiest way to describe it is to think of it as like internet free of gatekeepers like google, safari, and Microsoft tracking and logging everything you do online. Rather than having behemoths corporations who got that way from farming and monetizing your personal data; instead, Web3 and decentralization offer a world built with blockchain technology and/or peer-to-peer nodes referred to as DApps (decentralized apps) rather than centralized apps (applications.)  This is accomplished using blockchain technology (smart contracts) and usually include the following elements:

  • Verifiable – Everything is recorded and verifiable on the blockchain and provides proof of claim without having to convey any personal information
  • Trustless – Simply because there are no intermediaries
  • Self-governing – Community governance where the masses have a voice and play a role in the decision making as opposed to a few corporate executives
  • Permissionless – Meaning anyone has the ability to interact because the is no gatekeeper or central authority pulling the stings
  • Native payment system – Peer-to-peer payments with no 3rd party intermediary directly from one wallet address to another without the need for any other data or information like email and passcode. 

Why this is important?

Moving around in Web3 is intrusive because all of your information is being tacked by browsers, websites, and platforms but it is also vulnerable to hackers.  Long story short, there is no privacy on Web2.O  also known as, DWeb, because it is stored on centralized platforms and networks via files, databases in the cloud.  However, Web3 and decentralization offer autonomy and control over your personal information.

Sir Tim Berners Lee is credited with creating the first iteration of the world wide web, which is referred to as Web 1.0. This phase which lasted from 1989 to roughly 2005 was a read-only web and did not have much capacity for interaction or communication from user to user. Web 2.0 introduced the read-write web, with the ability to comment and react to information.  In addition, the evolution of social media platforms like MySpace, Facebook, and Twitter offered anyone, not only those who created websites with domain addresses the ability to create, contribute and curate content as well as build audiences and community. 

Web 3.0 or the DWeb represents the next phase and the future of the internet.  Many people speculate that largely be centralized as well as be immersive, meaning a shift toward AR and VR experiences where you are not only looking at and reading and looking at the text, photos, and videos but instead transported to a location and immersed in an experience.  Currently, Web 3.0 is in its infancy but moving, evolving very fast and the future is bright.  Stay tuned!

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