Web 3.0 is the era of protocols with a variety of implementations/interfaces, where Web 2.0 was the era of apps. We’ve previously seen a variety of apps and how unfettered centralised authority restricts the freedom of individual users.
It appears that most of the power of these apps will be recovered by individual users thanks to several applications that are emerging in the Web3 domain. But if we categorise all Web 3.0 applications as sole proponents of individual power, we’ll be in error. In reality, I’d suggest that Web3 is a broad word that encompasses a wide range of applications that represent a technological advance over the last set of apps. If you are planning to trade Bitcoin, you may use BitAlpha AI for a safer trading experience.
The blockchain and smart contract industries both need a revolution, and Chainlink is that revolution. It serves as a link between the world of external information and the world of smart contracts through a decentralised oracle network.
In essence, a smart contract might be compared to a hibernating creature that awakens in response to outside stimulation. An externally owned account (EOA), for example, a user, usually provides this outside “stimulus” in the framework of various blockchain networks. Therefore, if you were to transfer me any ETH, the smart contract would be triggered by your request.
Users may wirelessly connect to the internet via Helium, a revolutionary decentralised wireless network, without depending on satellite-based services or paying for data plans. The network’s two main components are coverage providers as well as coverage consumers, and it operates on its own blockchain. The network’s goal is to decentralise the distribution of the internet across diverse regions.
The data of users is stored on the decentralised Filecoin platform with the assistance of miners. They receive compensation in $FIL, the network’s native coin, in exchange. Users may simply become miners, share their own storage space, and aid other users in storing their data. Proof that the miners are appropriately keeping the data is required from them.
And for this reason, they are referred to as miners. Because its central approach doesn’t rely on a centralised body hosting all of the users’ data and then charging for it, Filecoin is yet another essential initiative in the Web3 sector. Its peer-to-peer data storage model differs from the ones used by current data storage apps. Users now have some degree of freedom since their data is kept in places where miners run the danger of being kicked off the network if they make a mistake.
The Graph is a piece of software that aids in resolving data aggregation, one of the main issues facing blockchains today. You must spend hours manually compiling the data on every dApp on every network if you want to extract and aggregate it. The Graph, on the other hand, makes it simple to obtain complicated data about transactions, users, and dApps that would otherwise be too challenging to collect. Let’s use an example to better grasp this.
Another Web 3.0 protocol that aids in decentralising the data storage system is Siacoin. Users will have complete control over their data storage thanks to the protocol, which will free them from the need to rely on a centralised third party. The Sia protocol also assists users in storing their data by utilising the global data storage that already exists. Renters and hosts make up the network’s two main types of users.
In the area of the internet, a new revolution has taken place which is web 3.0. It is not only doing better in its field rather it has also taken over the internet as well. Hence I have enlisted all those tokens that might benefit you in your crypto journey.