Web3.0 is very important to us

 

The centralized network has integrated billions of people into the Internet and created stable and reliable infrastructure on it. Meanwhile, a handful of centralized giants almost monopolize the Internet and can even do whatever they want. Web3 is a solution to break free from this predicament. Unlike the traditional Internet dominated by tech giants, Web3 is decentralized, built, operated, and owned by all users. Web3 empowers individuals instead of companies, resonating with the early Internet’s spirit of freedom.

In the 1990s, the Internet was very different from today. At that time, Google was an open-source software using .org, referred to as “cancer” by one of the fiercest monopolists in history, and “information superhighway” and “net addiction” became new eye-catching terms. People (like teenagers like me) ran their own websites and email servers, and fishermen argued about issues like “net neutrality” when buying trawlers. The Internet’s structure had not yet been distorted by social forms.

The Internet was rudimentary at the time but powerful. In the following 20 years, the “Internet” changed the nature of society, bringing many conveniences to our lives. However, the basic technological structure of the Internet did not support changes in other directions, even intensified certain monopolies, or exacerbated the gap between rich and poor

In terms of the evils of data monopolization, it’s clear that the internet as it exists today is broken by design. We see wealth, power, and influence accumulating in the hands of the greedy, the egomaniacal, or the purely malicious. Markets, institutions, and relationships of trust have shifted onto this new platform, and while the faces and incumbents have changed, the underlying dynamics remain the same.

Take “how we make payments online” as an example. In the Web 2.0 era, you don’t have the authority to make a payment yourself. In fact, you have to contact your financial institution and have them make the payment on your behalf. People don’t trust you, not even with innocuous tasks like paying your utility bills. You’re treated like a child seeking parental permission. If you want to reach out to friends online, you need Facebook to relay the message for you.

These giant corporations behind these services are critical to our personal and professional lives. They don’t have (overt) malevolent intentions, but neither are their actions driven by benevolence or some set of principles. They make money from our loyalty, feed us information, and can sever our connections when it suits them.

Most of us aren’t primarily afraid of the government or corporations encroaching on our lives, but there’s ample evidence that their interests are not aligned with ours.

This is illustrated in “Wikileaks” (a stateless, non-profit internet media that operates organizations, businesses, and governments in the light by assisting informants).

In 2010, a group of respected journalists focused on the public interest often posted on WikiLeaks, but they were targeted and cut off by major financial institutions like PayPal and Visa without any legal basis. If you wanted to make a completely legal charitable donation to WikiLeaks, you were effectively unable to.

With such a vast amount of data in the world transmitted through only a handful of cables, an undeniable fact is that our increasingly digital society will continue to face malicious forces both within and outside of social structures (such as Russia tampering with our elections) unless we implement open software protocols. Those who wish to preserve the post-war world order of peace and freedom need to recognize that our current digital infrastructure will magnify society’s ills rather than heal them.

Therefore, the aspiration for Web 3.0 becomes critically important.

Broadly speaking, Web3 is a new internet paradigm aimed at creating a more open, decentralized, and user-controlled internet. Key features of Web3 include the use of blockchain technology to establish distributed networks, decentralized applications, and smart contracts. This new internet paradigm empowers users with more authority and autonomy while reducing reliance on intermediaries. The core idea of Web3 is that users have control over their digital identities, data, and assets.

Of course, from a technical perspective, Web 3.0 encompasses a series of protocols that provide building blocks for application developers. These building blocks replace traditional Web technologies, such as HTTP, AJAX, and MySQL, presenting a brand-new way of creating applications. These technologies offer users robust, verifiable guarantees that ensure the integrity of the information they receive, the information they provide, the fees they pay, and the rewards they obtain. By enabling users to act autonomously in markets with low barriers to entry, we can establish sound auditing systems that leave no room for monopolies to hide.

Though from the user’s standpoint, Web 3.0 today may seem almost indistinguishable from Web 2.0, at least in the beginning. We will see the same presentation technologies: HTML5, CSS, and so on. Tools like MetaMask bridge different technological threads into a single economy and “movement.” We’ll use web browsers, but they might be referred to as “wallets” or “keychains.” These browsers (along with components like hardware wallets) will represent a person’s assets and identity online, enabling us to verify who we are and make payments without the need for banks or other identity verification services.

If Web3 represents a brand-new era of the internet, aiming to address the centralization issues of the Web 2.0 era, then Oracle, as a crucial component of Web3, will bring about more trustworthy data, automated smart contracts, expanded application domains, and decentralized marketplaces. The adoption of Web3 might take some time, but it will create a more open and free digital world for us.

For instance, public blockchains that focus on Oracle, like PlugChain, indeed bring many changes to the development of Web3: they facilitate the interaction between on-chain and off-chain data, ensuring that decentralized applications and smart contracts can access reliable, real-world data. These Oracles play a critical role in the practical application of blockchain technology, extending its reach beyond mere token transactions and into a broad array of economic, social, and real-world informational applications.

Trustworthy Data: Data on the blockchain will be more trustworthy as it can verify and fetch data from external sources. This will enhance the transparency and credibility of the blockchain, helping to prevent the spread of false data.

Automated Smart Contracts: Blockchain smart contracts will be able to interact with the external world more flexibly. This will lead to more automation and autonomous decision-making, reducing the need for human intervention.

Expanded Application Domains: Oracle will broaden the application areas of blockchain applications, including the financial derivatives market, insurance sector, supply chain management, weather forecasting markets, and more. It will also spur the emergence of new innovations and business models.

Decentralized Marketplaces: Oracle will assist in establishing more decentralized marketplaces, reducing reliance on intermediaries. This will break monopolies and allow more participants into the marketplace.

In summary, Oracle is one of the key components of Web3. It acts as a bridge between blockchains and the real world, enabling smart contracts to access and utilize information from the external world. This includes fetching data from external sources, verifying the authenticity and reliability of the data, and triggering actions within smart contracts when external events occur.

Concluding Remarks: Web3 is a young and continuously evolving ecosystem. Gavin Wood coined the term in 2014, but many of the concepts have only come into fruition recently. Perhaps we are just at the beginning of using Web3 to create a better internet, but with ongoing improvements to its infrastructure, the future of the internet looks bright.

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