28.04.2022 IT Digital Tech

Web3 Foundation: on the way to a decentralized Internet

Metaverse, blockchains, NFTs… Decentralized technologies are developing at a fast pace, and Internet technologies are about to join the race. Lately, technophiles hold their attention on the emergence of Web 3.0, an upcoming new Internet version.

A new version of the Internet is under development and might take over the current one, Web 2.0. To contextualize, Web 3.0 follows on the two previous versions 1.0 and 2.0. The former was deployed in the late 90s and only offered the possibility to publish and read content. The arrival of Web 2.0 marked the beginning of the 21st century, and enabled the expansion of online possibilities. This new version paved the way for interactivity – in particular through social media platforms – and content development.

So now, what does Web 3.0 refer to?

As it suggests, Web 3.0 – also called Web3 – represents the third generation of the Internet. It differentiates itself in the sense that it is based on blockchain technology, which is decentralized. This technology offers users a secure alternative to store and to transfer information, as it does not depend on a central control system. Hence, each transaction creates a new line on the blockchain, which helps archive every one of them. It is to note that the most famous existing blockchain is the Bitcoin one.

It is clear that Web 3.0 promises to deeply transform the Internet ecosystem so as to create a collaborative system. Thus, this change will hand over the power to users, since every one of them is to contribute to this system. Tech giants, such as Google or Amazon, will lose their grip over contents or data. Gavin Wood, Web3 Foundation founder who coined the term Web 3.0 in 2014, declared that Web3 enables a more democratic version of the current internet [1].

Web 3.0 is at the heart of the Web3 Foundation project. Its aim lies in the nurturing and coordination of specific applications and technologies to be used in the decentralized system.

The fusion of Web3 and cryptocurrencies

As both cryptocurrencies and Web3 depend on blockchain technology, their co-dependence appears inevitable. Numerous cryptocurrencies have appeared over the years, and Web 3.0 could enable the use of digital coins on its applications.

One of the main problems regards the fact that all existing cryptocurrencies and NFTs are possessed by a small group of individuals. Beside, Martha Bennett – VP, principal analyst at Forrester – exposes other limitations to Web3 in terms of decentralization, code and protocols, as well as user-controlled apps and networks.

Bertrand Perez, Web3 Chief Operating Officer, has 30 years of engineering and technical management experience in payments and telecoms. He confirmed his presence at ICT Spring , occurring next June 30th and July 1st, so as to address the subject of cryptocurrencies in Web3.

[1] CNBC