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a new iteration of the
WORLD WIDE WEB
An evolution towards a more open internet, that shifts the power from big tech companies back to the individual user.
web 1
information
- Static
- Read-only
- Ecommerce
- Email / News
web 2
PLATFORMS
- Dynamic
- Read-write
- Social Media
- Mobile-focused
- Users create content
- More engaging / interactive
web 3
OWNERSHIP
- Decentralised
- Read-write-own
- Online anonymity
- Peer-to-peer networks
- Self-governing applications
- Community driven / democratic
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The future
As our lives become more digitised, the web must progress to better prepare for our future needs.
privacy
Users have more control over their data and can choose whether to sell it or not.
freedom
Artists & small businesses can function independently as they’re less reliant on big tech companies.
efficiency
Digital services could be automated, meaning less intermediary fees and increased efficiency.
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Blockchain
the tech behind web 3
HOW DOES IT WORK?
Data is stored in blocks on computers all around the world. These computers are linked together and have to agree on changes before they’re permitted to the blockchain.
Blockchains can be set up by anyone, either from scratch or by branching off and modifying an existing one.
Immutable
Blocks are encrypted and cannot be altered.
Traceable
Changes are instead recorded as new blocks.
Trustful
This creates a robust system against hacks.
Use Cases
Blockchains are already in use by several industries around the world. They can improve the operation of services that you may not expect.
automotive
Vehicles could have their components connected to a blockchain. This would make reselling more reliable & prevent odometer fraud.
distribution
Food products could be tracked by a blockchain, making it easier to identify contaminated batches and prevent food-borne diseases.
Identity
An official document could be added to a blockchain, providing a digital means for verification without needing a notary.
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Cryptocurrencies
Crypto Currencies
A VIRTUAL MEDIUM OF EXCHANGE
what are they?
Cryptocurrencies are a form of digital money stored on a blockchain. They can eliminate the need for third-party intermediaries, like banks, and improve the process of transferring money online.
PERSON A
Financial institution
PERSON B
Person a
can send money
directly to person b
proof of work
proof
of work
A consensus mechanism used to validate crypto transactions and generate new coins in a process called mining.
The SYSTEM
Computers compete to solve an arbitrary math puzzle. The winning computer is awarded a small, but incentivising crypto fee.
CONSUMES ENERGY
The computational power required deters anyone from gaming the system, but also consumes an incredible amount of energy.
PROOF OF STAKE
A newer and more environment-friendly system called Proof of Stake has been proposed and will most likely replace the old system.
coins
There are many crypto-coins, but Bitcoin and Ethereum are the main two. Most cryptocurrencies can be purchased with regular money and traded in online exchanges.
bitcoin
- created in 2008
- invented blockchain
- the most popular coin
- the first cryptocurrency
- hard-capped at 21 million
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ETHEREUM
- created in 2015
- easier to program
- 2nd most popular coin
- solves Bitcoin shortcomings
- encompasses more than crypto
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Smart Contracts
create autonomous systems
How smart are they?
Smart contracts are programs stored on a blockchain that are automatically executed when predetermined conditions are met. They are the fundamental building blocks of Ethereum applications.
CONDITIONS
TRIGGER EVENT
AUTO-EXECUTe
NFTS
NFTs are one-of-a-kind digital assets that have their proof of authenticity managed by Smart Contracts. They aim to replicate properties of real-life objects, such as scarcity & uniqueness. They’re most popular for selling and trading digital art.
ownership
Every NFT is unique and must have an owner attached to it. This is of public record and easy for anyone to verify.
Tradability
NFTs are compatible with anything built using their blockchain. For example, an event ticket could be traded for a piece of art.
Independence
Content creators can sell their NFTs on a global mark, retain ownership rights and claim resale royalties directly.
DAPPS / DAOS
Smart Contracts enable software applications to run without a centralised system and can facilitate the operation of autonomous organisations. They're most popular in the financial sector.
DAPPS
- decentralised applications
- like regular software apps
- built with smart contracts
- popular for finance (DeFi)
- users vote on updates
DAOS
- decentralised organisations
- operates via smart contracts
- decisions are made collectively
- often has a native crypto token
- no central authority figure
So what do you
THINK?
growing pains
Even though web 3 has the potential to drastically improve on some of the shortcomings of the current internet, it still has a lot of hurdles to overcome too.
From the high energy consumption of crypto-mining, to scams and copyright infringements, these issues need to be addressed if web 3 is to be completely adapted.
