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Web 3.0

What is “Web 3.0 – The Future of Internet” ?-2022

The newest version of the Web is known as Web3, or Web 3.0. Web 2.0 is the current version of the Internet, and social media platforms and centralization have taken over. The majority of people are often concentrated on regulated social media platforms. Most of their data is kept in cloud storage facilities and on centralised data servers. On centralised web servers and centralised cloud servers, the web applications are hosted. Let’s take a closer look at Web 3.0 in this essay and the key technologies that will shape it.

The Semantic Web is what Tim Barners-Lee named it. The phrase “Web3” was first used in 2014 by Ethereum co-founder Gavin Wood, who sees decentralised technologies as the Web’s future. Elon Musk recently questioned whether anyone had seen web3 on Twitter. It’s between a and z, Jack Dorsey, the creator of Twitter, retorted.

No matter what you call the next generation of the Web—Web3 or otherwise—almost it’s here. The purpose of this article is to explain Web3 and the technologies that make it up. However, before doing that, it is important to know what Web 1.0 and Web 2.0 are.

Web 3.0

Web 1.0

1989 – 2005

The World Wide Web (W3 or WWW), often known as the Web, is a network of interconnected computer systems that employs URLs (Uniform Resource Locators) to access and transfer digital content using Web browsers. The network is connected via the Hypertext Transfer Protocol (HTTP) protocol. Web applications, which are hosted and run on a Web Server, are used to host and manage the content (web pages, files, photos, videos, and other documents).

Tim Berners-Lee, an English scientist, and Robert Cailliau, a co-inventor, developed the World Wide Web in 1989. Tim created the first web browser in 1990 while working as a contractor at CERN near Geneva, Switzerland. It was made available to the public in 1991.

Web 1.0 was the first version of the Web, and it was mostly made up of static web pages that were linked to and contained HTML-based content. Users used the majority of the content that was written and published on the Web servers to publish and share information with others. The user interfaces were static and unresponsive since the web pages’ content was incorporated directly into the html pages. In this time period, desktop computers were mostly used to access the Internet.

Web 2.0

2005 – present

Web 2.0, commonly referred to as the dynamic web, can be compared to the dynamic web before more companies began using the Internet. Data grew more dynamic, and backend databases started to develop and be used. The idea of centralised servers developed, and cloud computing finally took control. Today, this still occurs. Almost every organisation is moving its data and apps to public, private, and hybrid clouds at this time since we are in the era of clouds.

In addition, HTML 5, JavaScript, and CSS were introduced in Web 2.0, making the web accessible on any device, anywhere, and of any size. The development of Web 2.0 also includes front end technologies like Angular, React, and other hybrid and native mobile platforms.

The current, responsive web of today is compatible with all types of web-enabled devices, including computers, servers, tablets, smartphones, IoT, and several more smart gadgets like smart homes and cars.

The Social Web, often known as Web 2.0, enhanced the social and interactive aspects of the Internet. Apps like Facebook, Instagram, and Twitter allow users to interact and converse with people all over the world in addition to consuming content.

Video streaming, interactive photographs and graphics, and dynamic video material that is presented based on the user’s interests and choices are all part of the Web 2.0 era. Nearly 4 billion people worldwide use sites like YouTube, Netflix, and many others to watch videos.

Cloud computing was not the only technology introduced by Web 2.0; there was also serverless, AI, ML, microservices, containers, APIs, interoperability, speech enabled systems, voice apps, and many others.

Front end technologies like WebAssembly, ReactNative, and several others are still being developed as part of the ongoing evolution of Web 2.0.

Web 3.0

Gavin Wood, a co-founder of Ethereum, first used the term Web3 in 2014. The main idea behind Web3 is the use of decentralised blockchain-based platforms to offer consumers ownership over their data and store it on a blockchain. However, in my opinion, Web 3.0 will encompass much more than just blockchain.

The Web 3.0 age is approaching doors for its own reasons, even as Web 2.0 continues to prosper.

The Web 2.0 period is its golden age, but it has also brought with it numerous issues and challenges. Let’s look at a few of these challenges.

(i) Data Trust, transparency, privacy, and privacy centralization of data management

(ii) Centralized Power

(iii) The majority of data in Web 2.0 is kept on centralised servers and open clouds. Data became more susceptible to fraud, cyberattacks, and other errors as a result.

(iv)  Management of personal data

Key Features of Web 3.0

1. Semantic Web

The Semantic Web, written by Sir Berners-Lee for Scientific American in May 2001, is a crucial component of Web 3.0. (Berners-Lee et al.) The Semantic Web, according to this source, “is an expansion of the current web in which information is given well-defined meaning, improving the cooperation of computers and people.” Here is a drawing that clarifies what the phrase “semantic web” means.

Data is stored everywhere in the Web 2.0 era, and numerous methods are being developed to make sense of the data. Data will be kept in the Web3 concept as information (meaningful data), making it simple to comprehend and work with both people and machines.

2. Ubiquility

Omnipresence, often known as ubiquity, refers to being present everywhere. The systems are supposed to be accessible from anyone and everywhere in the Web3 idea. With the aid of technologies like decentralisation, edge computing, offline accessibility, and other technologies, this is an expansion of existing software systems.

3. AI & Machine Learning

An additional crucial component of Web3 is AI and machine learning. It is the logical career for modern systems, where automation is expanding with the aid of AI and ML.

4.Decentralised Networks

Blockchain-based decentralised networks are expanding incredibly. Systems that are distributed and decentralised do not rely on a centralised authority or storage. The network is controlled by operator nodes, which can be located anywhere in the world and run on a peer-to-peer protocol.

Web 3.0 Applications

1.Wolfram Alpha

Wolfram Alpha wants to be a top Web 3.0 application by 2022. It is a Wolfram Research product that provides a computational knowledge engine to aid in the visualisation of the data acquired from internet databases. Instead than listing websites like a search engine, it is utilised to provide direct answers. It can provide you with better information in less time than even Google Search Engine because to the inventiveness of the expertise.

2. Siri ,Google Assistant and Alexa

The semantic web is used by the voice assistants from the top three tech companies in the world: Google Assistant, Alexa, and Siri. Users using this programme can now perform tasks they were before unable to perform thanks to voice recognition and natural language processing. These assistants can now respond to a wide range of queries from their users.

3. Flickr

Flickr is a website for photography and photo sharing that enables users to find, create, post, and share photographs with people they care about. Flickr has one of the largest public databases with billions of photographs organised into thousands of categories and over 17 million active visitors each month.

4. Facebook/ Meta

It would be the most populous country in the world if it were a country. Facebook and Instagram, the two most popular social networking sites from the Meta, are having a daily impact on users’ lives and are expanding their reach tremendously. With the use of Web 3.0 technologies, users discover and establish new communities and connections. Customer involvement and engagement are further increased via apps created around the Facebook ecosystem.

Conclusion

Web 3 is here to stay, and there’s no denying that our educational system needs to change quickly to keep up with students’ changing needs and the skills they’ll need to succeed in the future. But as our educational system changes to keep up with the Web 3, we are confronted with challenging open questions about security, privacy, and addiction as we start to adopt real-world Ed 3 solutions. It is imperative to avoid falling into the myth that technology will be the panacea for all of our current educational problems; it never has been and never will be.

Hopefully, a smarter web and a more individualised web browsing experience will lead to a more equitable internet. The most important aspect of Web 3.0 will be user empowerment since they will have control over their data.

More sectors will be impacted by AI, ML, IoT, and associated technologies as the momentum behind dApps (decentralised applications) and DeFi (decentralised finance) grows.

Please Visit :

1. Role of Blockchain in Global Healthcare System-2022

2. Blockchain-Based Voting System : 2022

to know more about Blockchain applications .

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Ethereum

Complete History of Ethereum

Ethereum is now the blockchain network with the largest community and the most backing from businesses worldwide, making it the most sought-after for creating decentralised apps. More than 2,00,000 developers are currently using it to create applications, and the new One Million Devlopers campaign is meant to increase that number even more.

So,we must examine Ethereum’s history in order to understand it.

Please Visit How To Become Blockchain Developer  ?-2022 to get a detailed knowledge over Blockchain Development.

HISTORY OF ETHEREUM

Despite having multiple founders, Vitalik Buterin was the one who first released a white paper outlining the Ethereum concept in November 2013. After Buterin’s original effort, different minds joined the project in a variety of capacities to assist it succeed. Ethereum is said to have been co-founded by Vitalik Buterin, Gavin Wood, Charles Hoskinson, Amir Chetrit, Anthony Di Iorio, Jeffrey Wilcke, Joseph Lubin, and Mihai Alisie.

Buterin introduced the world to the blockchain project during a Bitcoin conference in Miami, Florida, in January 2014, which is how Ethereum came to be recognised. Later that year, the project raised money through an Initial Coin Offering (ICO), selling millions of dollars’ worth of ETH in exchange for cash to utilise for project development. The asset sale offered over $18 million worth of ETH, paid for in Bitcoin, among July 22 and September 2-2014.

Despite the reality that ETH cash can be bought in 2014, the Ethereum blockchain did no longer cross stay till July 30-2015, so ETH customers needed to wait until the blockchain launched earlier than they could switch or spend their ETH.

The project was launched in July 2015 with the creation of the Ethereum blockchain, but it would take years for it to develop. The Ethereum blockchain’s original version, known as Frontier, hosted proof-of-work (PoW) mining and smart contracts to get the chain up and running. People had the chance to set up their mining equipment and begin developing on the network during the initial launch.

Since the initial release of Ethereum, the blockchain has undergone numerous further updates as part of its development, including modifications known as Byzantium, Constantinople, and the Beacon Chain. The blockchain has undergone changes as a result of each update. For instance, Beacon Chain introduced the consensus layer (formerly known as Ethereum 2.0), which marked a switch from the proof-of-work consensus process to the proof-of-stake (PoS) consensus mechanism. The Ethereum network had several modifications as a result of Byzantium and Constantinople, including a mining payment decrease from five ETH to three ETH (after Byzantium and preparation for the PoS transition during Constantinople).

The Ethereum blockchain has seen major changes as a result of the move to PoS, which was implemented to grow the network. Numerous projects have created apps for the Ethereum network throughout the years. Even yet, the Ethereum blockchain-based digital collectible cat platform CryptoKitties experienced network issues in 2017.

Decentralized finance (DeFi) projects built on Ethereum attracted a lot of attention in 2020 and 2021, which brought Ethereum’s scalability difficulties to the fore as high network fees hampered participants. Although it happens gradually, Ethereum’s migration to PoS and the consensus layer attempts to give the well-known blockchain scalability.

The Ethereum blockchain has undergone changes over time, some of which were planned as part of Ethereum’s development and others which were brought about by specific circumstances. For instance, the decentralised autonomous organisation (DAO) fork was an effort to avoid a hack. The DAO was a specific DAO from the early days of the crypto sector, but DAOs are a general notion in the industry now.

The Decentralized Autonomous Organization (DAO), a project that debuted in 2016, was an Ethereum-based fund that essentially decentralised the distribution of assets inside the fund. Users just need to trust a DAO’s code, which is entirely public and verifiable by anybody, rather than anyone else in the group when using DAOs. In essence, interested parties acquired DAO tokens in exchange for sending ETH to a pool of funds within the DAO. At the time, these tokens could be used to cast a vote on how the DAO would distribute its capital reserve. Given that ETH was then valued at $150 million in US dollars, the DAO attracted around that amount of ETH in 2016.

However, the DAO experienced a cyberattack in 2016 that resulted in the loss of more than 3.6 million ETH from its asset pool. On how to tackle the situation, the Ethereum community couldn’t agree. In order to essentially invalidate the hack, some members of the community intended to change the Ethereum blockchain. Members of the opposing community disagreed, stating that such a manoeuvre would violate the fundamental tenet of the immutability of blockchain technology.

The majority of the Ethereum community supported the proposal to change the blockchain in response to the hack, which caused the network to undergo a hard fork. Due to the hard fork, there are now two distinct native assets on each of the two blockchains. To recover the resources stolen in the breach, the Ethereum blockchain split off. The forked asset and blockchain that resulted is the one that currently bears the name Ethereum. The first iteration of the Ethereum blockchain is currently known as Ethereum Classic (ETC).

What is Ethereum ?

Ethereum is a decentralised blockchain platform that creates a peer-to-peer network to safely run and verify application code, or “smart contracts,” in real time.Most people are familiar with it because of its native cryptocurrency, ether (ETH).Many new blockchain-based technology developments are built on Ethereum.Among the first to consider blockchain technology’s full potential, beyond merely providing the secure virtual payment method, were the Ethereum’s founders.Since the creation of Ethereum, Ether has developed into the second-largest cryptocurrency by market value. It is only surpassed by Bitcoin.

Anybody can create any safe digital technology using Ethereum. If adopted, users may also use the token to pay for tangible goods and services. It contains a token designed to reward users for efforts done in support of the blockchain.

The characteristics of Ethereum include being scalable, programmable, secure, and decentralised. For programmers and companies building technology on top of it to alter many industries and how we go about our daily lives, this is the blockchain of choice.

Smart contracts, a key component of decentralised apps, are natively supported.

Smart contracts and blockchain technology are used in many decentralised finance (DeFi) and other applications.

Working of Ethereum

Ethereum uses blockchain technology, just like other cryptocurrencies. It reminds me of a really lengthy chain of blocks. All the data from each block is added to each freshly created block with new data. The blockchain is distributed throughout the network in a single copy.

This blockchain is authenticated by a network of automated systems that agree on the veracity of transaction data. Unless the entire network agrees, the blockchain cannot be changed. This makes it pretty secure.

To reach consensus, a consensus mechanism—also referred to as an algorithm—is employed. Ethereum uses the proof-of-stake algorithm, in which a network of users called validators works together to build new blocks and validate the data they contain. The blocks contain information on the state of the blockchain at the time they are created, a list of transactions, attestations (validators’ signatures and votes on the block’s legitimacy), and much more.

Proof-of-stake does not require the power-guzzling computer operation known as mining to confirm blocks, in contrast to proof-of-work. The Gasper consensus mechanism, which keeps track of consensus and provides the circumstances under which validators are rewarded for their efforts or penalised for lying, is created using the LMD Ghost algorithm and the Casper-FFG finalisation protocol.

Solo validators are required to stake 32 ETH in order to enable their ability to validate. Individuals may stake less ETH, but they must participate in a validation pool and split any rewards. A validator writes a new block and attests that the data is accurate in a process called as attestation. The block is subsequently transmitted to other validators, referred as as a committee, who examine it and cast votes for or against its accuracy.

In a proof-of-stake system, dishonest validators suffer consequences. Validators who attempt to attack the network are caught by Gasper, which selects which blocks to accept and reject based on the votes of the validators.

Their staked ETH is burned, and they are also removed from the network, as a punishment for dishonest validators. Cryptocurrency is “burned” when it is delivered to a wallet without keys, removing it from circulation.

Ethereum owners store their currency in wallets. Using a wallet, which is a virtual interface, you can access your ether that is stored on the blockchain. You have an address in your wallet that functions similarly to an email address in that others can send and receive ether at that location.

No ether is truly present in your wallet. When you begin a transaction, the private keys stored in your wallet serve as the password.You receive a private key for each unit of ether you possess. To access your ether, you need this key. That is why you hear so much about utilising different methods to safely store keys.

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BITCOIN VS ETHEREUM

Bitcoin (BTC) and Ethereum (ETH) are the most well-known figures in the cryptocurrency industry, and their combined market capitalization accounts for more than 60% of the $1 trillion industry.

The performance of BTC and ETH is frequently used as a barometer to assess the overall health of the crypto market. Despite their supremacy, these cryptos operate significantly differently. Let’s take a closer look at how Bitcoin and Ethereum compare.

Bitcoin and Ethereum are two very distinct animals. The former was the first cryptocurrency, intended as a store of value and means of exchange, but is now largely used as a speculative risk asset. The latter was created as a decentralised computing network, spawning the decentralised finance (DeFi) field.

Ethereum, like Bitcoin, allows payments using its internal ETH coinage, but its scope is far greater by design.

Both systems validate and record transactions using blockchain technology. Nonetheless, upcoming Ethereum 2.0 upgrades should dramatically improve the cryptocurrency’s speed, sustainability, and accessibility.

Categories
Blockchain Technology

History Of Blockchain

The blockchain is viewed by some as the most progressive mechanical development starting from the beginning of the web; the groundwork of ‘Web 3.0’, here to introduce the fate of the web.”

Being familiar with the historical backdrop of Blockchain for Blockchain devotees and Blockchain aspirants is significant. In this way, to assist our reader with knowing the Blockchain history and comprehend the Blockchain development, here we carry a nitty gritty manual for the historical backdrop of blockchain innovation with its point by point development.

Blockchain Histiry

Early Days Of Blockchain – 1991

Stuart Haber and W. Scott Stornetta imagined what many individuals have come to be aware as blockchain, in 1991. Their most memorable work included dealing with a cryptographically gotten chain of blocks by which nobody could alter timestamps of reports.

In 1992, they updated their framework to consolidate Merkle trees that boost proficiency consequently empowering the assortment of additional records on a solitary block. In any case, it is in 2008 that Blockchain History begins to acquire significant, because of the work one individual or gathering by the name Satoshi Nakamoto.

Satoshi Nakamoto is certify as the intellect behind blockchain innovation. Very little is referred to about Nakamoto as individuals accept he could be an individual or a gathering that dealt with Bitcoin, the principal utilization of the computerized record innovation.

Nakamoto conceptualised the first blockchain in 2008 from where the innovation has advanced and tracked down its direction into numerous applications past cryptographic forms of money. Satoshi Nakamoto delivered the first whitepaper about the innovation in 2009. In the whitepaper, he informed of how the innovation was exceptional to upgrade advanced trust given the decentralization angle that implied no one could at any point be in charge of anything.

Since Satoshi Nakamoto left the scene and gave over Bitcoin advancement to other center engineers, the computerized record innovation has developed bringing about new applications that make up the blockchain History.

An exceptionally normal inquiry, when was blockchain imagined? we can say Blockchain was designed in 1991.

Evolution of Blockchain

Arrival Of Bitcoin : 2008-2013

A great many people accept that Bitcoin and Blockchain are indeed the very same thing. However, that isn’t true, as one is the basic innovation that powers most uses of which one of them is digital forms of money.

Bitcoin appeared in 2008 as the principal utilization of Blockchain innovation. Satoshi Nakamoto in his whitepaper nitty gritty it as an electronic distributed framework. Nakamoto framed the beginning block, from which different blocks were mined, interconnected bringing about one of the biggest chains of blocks conveying various snippets of data and exchanges.

Since Bitcoin, a utilization of blockchain, hit the wireless transmissions, various applications have edited all of which look to use the standards and abilities of the computerized record innovation. Thusly, blockchain history contains a not insignificant rundown of utilizations that have appeared with the development of the innovation.

Ethereum : 2013-2015

In our current reality where advancement is the thing to address, Vitalik Buterin is among a developing rundown of engineers who felt Bitcoin had not yet arrived at there, when it came to utilizing the full capacities of blockchain innovation, as one of the main supporters of the Bitcoin codebase.

Worried by Bitcoin’s limitations, Buterin began dealing with what he felt would be a moldable blockchain that can carry out different roles as well as being a shared organization. Ethereum was brought into the world out as another public blockchain in 2013 with added functionalities contrasted with Bitcoin, an improvement that has ended up being a urgent crossroads in Blockchain history.

Buterin separated Ethereum from Bitcoin Blockchain by empowering a capability that permits individuals to record different resources like mottos as well as agreements. The new element extended Ethereum functionalities from being a digital currency to being a stage for creating decentralized applications too.

Authoritatively sent off in 2015, Ethereum blockchain has developed to become one of the greatest utilizations of blockchain innovation provided its capacity to help shrewd agreements used to carry out different roles. Ethereum blockchain stage has likewise prevailed with regards to social event a functioning designer local area that has seen it lay out a genuine environment.

Ethereum blockchain processes the most number of everyday exchanges thanks to its capacity to help brilliant agreements and decentralized applications. Its market cap has additionally expanded essentially in the digital currency space.

HYPERLEDGER : 2015


In 2015, the Linux Establishment disclosed an Umbrella venture of open-source blockchain. They proceeded to call it Hyperledger, which until to date goes about as cooperative improvement of conveyed records. Under the administration of Brian Behlendorf, Hyperledger tries to propel cross-industry joint effort for the advancement of blockchain and circulated records.

Hyperledger centers around empowering the utilization of blockchain innovation to work on the exhibition and unwavering quality of current frameworks to help worldwide deals.

EOS.IO : 2017


EOS brainchild of privately owned business block.one (http://block.one) appeared in 2017, on the distributing of a white paper enumerating a new blockchain convention controlled by an EOS as the local digital money. Dissimilar to other blockchain conventions, EOS attempts to copy ascribes of genuine PCs including computer processor and GPU.

Hence, EOS.IO bends over as a shrewd agreement stage as well as a decentralized working framework. Its fundamental intention is to support the sending of decentralized applications through an independent decentralized company.

Future Of Blockchain Technology

The future of Blockchain innovation looks splendid, to a limited extent, in view of the manner in which legislatures and endeavors are effective money management large as they try to spike developments and applications. It is turning out to be progressively evident that one day there will be a public blockchain that anybody can utilize.

Advocates anticipate that the innovation should help in the mechanization of most undertakings took care of by experts in all areas. The innovation is as of now finding extraordinary use in supply the executives as well as in the distributed computing business. The innovation ought to likewise find its direction into fundamental things like web search tools on the web from here on out.

As the innovation advances, Gartner Pattern Bits of knowledge expects something like one business based on blockchain to appear esteemed at more than $10 billion by 2022. Because of the Blockchain Computerized Change, the examination firm anticipates that the business worth should develop to more than $176 billion by 2025 and surpass the $3.1 trillion by 2030.

The development of Blockchain Innovation lately has expanded the interest for Blockchain experts. the organizations are likewise carrying out Blockchain to get advantages of the Blockchain applications. Thus, in the event that you are seeking to construct a profession in Blockchain, it’s the perfect opportunity to begin it with the Free Blockchain Course.

“Venture out now and establish the groundwork of a splendid Blockchain profession ahead !!!”