What is Web3 and Why is It Important

by Tech Mainstream


August 20, 2022


What is Web3 and Why is It Important


There are many definitions appearing across the internet today defining Web3. According to the official Web3 Foundation website, web3 is defined from the following statements:

"Our mission is to nurture cutting-edge applications for decentralized web software protocols. Our passion is delivering Web 3.0, a decentralized and fair internet where users control their own data, identity and destiny."

The Web3 Foundation believes in a more decentralized, more user-friendly internet:

*Users own their own data, not corporations

*Global digital transactions are secure

*Online exchanges of information and value are decentralized

According to the 2019 Web3 Summit website, the Web3 technology stack, includes P2P protocols, platform neutral computation language, data distribution protocols, blockchains, transient data/messaging, encrypted storage and protocol-extensible developer APIs.

 

Web3 utilizes technologies such as Polkadot:

"Polkadot unites and secures a growing ecosystem of specialized blockchains called parachains. Apps and services on Polkadot can securely communicate across chains, forming the basis for a truly interoperable decentralized web."

Other related Web3 technologies include Kusama, the scalable, multichain network for radical innovation, with an unprecedented interoperability and scalability for blockchain developers who want to quickly results. Cross-Chain Message Passing (XCMP) scheme is a subset of the Polkadot protocol. It is decentralized messaging protocol that emphasizes privacy and security.

Web3 Blockchain Fundamentals MOOC is a twenty week course on YouTube featuring blockchain technologies fundamentals including decentralization, cryptography, mining, smart contracts and consensus.