Premise: Web3 is an extension of web2!
For lack of words to describe decentralization, it is “ticklish.” The image immediately comes to mind of a baby laughing hard at play with their parents. That is the kind of excitement that comes to mind when I think about all the possibilities of web3!
I constantly refrain, “Web3 is NOT a new internet”. For me, at least, web3 is an extension of web2! How?
For web2, it is gated! 😂 You can literally be kicked out. There is no accountability from platform owners. This is because only one platform can hold all your data. Your own data! What?!!!
Web3 gives you ownership of your data! Simple as that.
Do you want to make a payment? Send Tokens! No need for Banks, Cards or payment providers. See where I’m opinion that it is an extension of web2.
For the frontend UI services, you need to be “on the internet,” using a tool like MetaMask. MetaMask connects to the Blockchain network via nodes, so you do not have to. MetaMask lets you connect via a browser extension or the mobile app “on the internet.”
The critical aspect that makes all of this interesting is NODE PROVIDERS!
If you understand the concept of web2 platforms spinning up servers to host your data, stay with me. Using Ethereum as a case study, the web3 runs on the Ethereum Virtual Machines, EVM. The EVM is described as a computer. This is a concept a lot of people do not understand.
The EVM, though described as a computer, is not a Laptop or a desktop. It is a virtual environment that is set up on a PC. Think of it like an operating system installed on a PC. Just hold that thought!
Now this OS installed on a PC serves one purpose: It is a ledger. It holds a record of activities conducted using this OS. Where the OS has a feature called decentralization, this means that every other PC where this OS (the EVM) is installed has a unique ability to “hold the SAME data” available on all the other PCs, forming a Network!
It is not a copy of the data. It is the same data.
When a user interacts with the Blockchain, the user sends out data via one of the computers in the decentralized network. The user is updating the ledger. All other computers have to affirm that the information the user is sending from one PC is added to the ledger at the time (block height) the data was sent out. This user action is called a transaction. When a transaction is recorded on the Blockchain, it cannot be updated nor edited, and this is why it is said that information on the Blockchain can be trusted, devoid of bad actors emitting initially inaccurate data.
Individuals who add their PCs to the Blockchain are called NODE PROVIDERS.
There is an incentive for NODE PROVIDERS, and they can be rewarded for mining transactions in the Proof Of Work Consensus, and also for validating transactions in the Proof Of Stake Consensus. There are also generous benefits associated with providing a NODE PROVIDER service.
For me, an end-to-end understanding of decentralization, the incentive mechanism for players in what makes web3 and extension of web2!
Web3 is not the new internet. It also relies on the internet for users to access decentralized services on the Blockchain. Suppose you are keen on exploring real-world use cases of the web3. I suggest creating a MetaMask wallet, purchasing some stablecoin tokens, and transferring them to another user next time you need to carry out an international transaction as against using a Bank!
Do let me know what your thoughts are on this article. I’m @emma_odia on Twitter. ✌️