Massive centralized data holds like Facebook and Google control a large amount of user data, which has created a highly centralized internet that affects people's lives directly.
Now that blockchain technology has emerged, a growing push is being made toward decentralizing the internet, eliminating the control of user data from a small group of profit-driven tech companies.
In the place of a socially interactive Web 2.0, which makes it possible for user-generated content to be viewed by millions of people around the world virtually in an instant; this unparalleled reach has led to an explosion of user-generated content in recent years. Web 2.0 gave birth to companies such as Apple, Amazon, Google, Facebook, and Netflix among the world's biggest companies by market capitalization.
As we now know the web, a nascent Web 3.0 is emerging which is defined by features such as decentralization; trustless and permissionless; AI and machine learning; connectivity, and ubiquity.
Tim Berners-Lee, inventor of the world wide web (www) had expounded upon some of these key concepts back in the 1990s, as outlined below:
Decentralization where no permission is needed from a central authority to post anything on the web, there is no central controlling node, and so no single point of failure, which also implies freedom from indiscriminate censorship and surveillance.
Bottom-up Design where Instead of code being written and controlled by a small group of experts, it was developed in full view of everyone, encouraging maximum participation and experimentation.
According to( https://github.com/DavidJohnstonCEO/DecentralizedApplications ) “The General Theory of Decentralized Applications, Dapps.” which was written by David Johnston and Shawn Wilkinson. The paper defined DApps as entities with the following characteristics:
A DApp must have open-source code and work without third-party intervention. It must be user-controlled, as in they propose and vote on changes that are automatically implemented.
All information must be held in a publicly accessible blockchain network.
Decentralization is key since an attack cannot originate in one place.
DApps must have some sort of cryptographic token for access and they must reward contributors in the said token, such as miners and stakers. A DApp must have a consensus method that generates tokens, such as proof-of-work (PoW) or proof-of-stake (PoW).
The paper classifies three “types” or “layers” of DApps based on the way users interact with them.
Layer-one DApps exist by themselves on their own blockchain. Bitcoin, for example, is an example of this type of DApp. It uses a consensus algorithm and has built-in rules.
Layer-two DApps are generally built on top of layer one, harnessing the power of said blockchain. Often considered protocols, they utilize tokens for interactions. A scaling solution built on top of Ethereum is a good example of a layer-two DApp. Transactions may process on this second layer before committing to the first, taking some load off of the main chain.
Layer-three DApps are built on top of layer two, often holding the information required for the other two to interact. It might store the application programming interfaces (APIs) and scripts necessary for layer one and layer two to operate. For example, a layer-three protocol could house various layer-two DApps, facilitating the user experience through them all.
Web3, in the context of Ethereum, refers to decentralized apps that run on the blockchain. These are apps that allow anyone to participate without monetizing their personal data.
Many Web3 developers have chosen to build dapps because of Ethereum's inherent decentralization:
Anyone who is on the network has permission to use the service – or in other words, permission isn't required.
No one can block you or deny you access to the service.
Payments are built-in via the native token, ether (ETH).
Ethereum is Turing-complete, meaning you can pretty much program anything.
DApps in the financial world seem like a no-brainer, but they can really be innovating in all industries such as finance, social media, gaming, Voting and governance, Fundraising, and advertising.
Example of web 3.0 dapps Evolving:
Filecoin is, like its name alludes to, the filing cabinet for Web 3.0. The Filecoin network is a decentralized storage network that is built to be both a safe alternative to centralized cloud storage plays and a way to passively earn money.
Filecoin wants its users to be aware that its storage is for anything and everything. As its site points out, one can store virtually any type of data, be it an audio file, a video, static imagery, or text. It also claims to be secure enough for the more important data, like private company information and datasets. Of course, being on the blockchain, the network has the assistance of cryptographic proofing in keeping files secure. It also promises to provide these services at the most competitive prices; the network claims to have achieved “economies of scale,” which allow almost anybody to afford the services for whatever they need.
Maybe more interesting from a crypto investor standpoint is its rewards for providing storage. The Filecoin network is able to offer its competitive pricing because anyone can provide storage space to its users. Data on hard drives can be hosted on the network by providers who have unused space on their drives. In doing this, the providers passively earn FIL coins. Of course, the more storage provided by a user, the more FIL they earn.
Data retrieval is easy because the network uses geographical data to pair users and providers. When somebody stores their data, the network seeks a nearby provider in order to make the data as quickly accessible as possible. This also translates to rewards for providers; the faster one can retrieve the data and send it back to the storer, the more FIL earned. This all adds up to make Filecoin a worthy decentralized competitor to massive data storage operators like Amazon Web Services.
A Sneak-peek on Kapps
Klever Blockchain Apps (kapps) are on-chain applications developed by the Klever Foundation. Instead of being a smart contracts platform, Klever Blockchain will provide prebuilt and ready-to-use apps and functionalities that are native to the blockchain. These ready-built features will be made available for any and all developers to implement through Klever OS Software Development Kit (SDK) their own interface solution.
This groundbreaking approach will significantly enhance today’s dapp functionalities and guarantee a smoother onboarding to the Klever Blockchain’s native infrastructure, making it magnitudes more secure, simpler to build, and cheaper to deploy. With Klever OS’ simplifying approach, mobile and web developers do not need to understand crypto or blockchain anymore. They will be able to offer decentralized financial services with very low code integrations.
Klever Blockchain offers native token creation and features without the need for complicated smart contracts. Every token inside the Klever Blockchain has the native form “K-Token”. With Klever Wallet, you will be able to create tokens in 3 steps.
You can create K-Tokens for: DeFi projects, Stablecoins, Stock derivatives, Notary documents Game assets, Inventory management, Supply chain, Staking Rewards, Logistic records, Loyalty programs, Collectibles, NFT, Gift cards, Stored Value, Ownership, and more
K-Tokens are fast and have the same block confirmation time of 3 seconds as our main token KLV. K-Tokens are also compatible with Klever Swap and can be listed for free when adding KLV liquidity.
The inventor of (www) Berners-Lee did not foresee that internet behemoths would dominate the web and become owners and profiteers of our data. The chronic interruptions that have become the norm in Web 2.0 will disappear as decentralization also makes possible transparent, opt-in, peer-to-peer communications that allow individuals to take ownership of their precious time.
If the world does not adopt the principles of Web 3.0 for its digital platform, it runs the risk of continued corruption and eventual failure. Aspects of the new system, including Bitcoin or the InterPlanetary File System, will gain traction first. The advantages of Web 3.0 will grow. Web 3.0 cannot be outlawed any more than Uber, Airbnb, Grindr, or Wikipedia can be outlawed by cities and countries. The user interface for Web 3.0 will look very similar to Web 2.0, at least initially. Browsers (and components like hardware wallets) will represent a person's assets and identity online, allowing us to pay for things or prove our identity online without having to approach a bank or identity service.
Trusted parties, insurance companies, backup services, etc. will still be available. However, their tasks will be commoditized and their activity verifiable. Due to the fact that these service providers will be forced to compete in a global, open, and transparent market, web users will be relieved of price gouging and rent-seeking. Web 3.0 will create a new global digital economy with new business models and markets to go with them, destroying platform monopolies like Google and Facebook, and inspiring vast levels of bottom-up innovation. It will become more difficult for our government to conduct cheap attacks on our privacy and liberty, such as widespread data trawling, censorship, and propaganda.
Web 3.0 will bring us a fairer internet by enabling each individual to be their own sovereign, bringing new meaning to the phrase "the Digital Age.". Sovereignty involves owning and controlling one's time and information. Web 3.0's decentralized blockchain protocol will permit individuals to connect to an internet where they can own and be compensated for their data and time, supplanting an exploitative and unjust web, where giant, centralized repositories are the only ones to profit from it.