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Transitioning to Web 3.0

Updated
•4 min read
Transitioning to Web 3.0
A
Ayomide Akinola

A software developer at ceedcap

Written By: Akinola Ayomide
Edited and reviewed by: Owolabi Olutola

The 2008 financial crisis was a heart breaking moment in human history. Big banks issued housing loans to people without caring if they could pay back or not. These banks did this with a guarantee that insurance companies would pay for defaults if they ever occured. At some point, the insurances couldn't pay for the excess bad loans these banks has greedily given out, then financial crisis happened.

During the crisis, many banks filed for bankruptcy, thousands of people lost their jobs and many more were rendered homeless. This period caused a great distrust in financial institutions. This distrust fueled the creation of Bitcoin in 2009 by Satoshi Nakamoto.

The creation of Bitcoin birthed the blockchain concept, which is the core technology on which web 3.0 operates.

In this article, we would cover the following:

  • What is Web 3.0

  • Why Web 3.0

  • Becoming a web 3.0 developer

What is Web 3.0

Web 3.0 is also known as the decentralized web. it is the latest generation of internet applications and services powered by blockchain technology.

Bitcoin is the first truly digital currency and the inspiration for web 3.0. Bitcoin is revolutionizing how we exchange value across the internet without any intermediaries like the banks. Decentralization made bitcoin very succesful in the finance ecosystem, now, companies are looking to apply the same concept of decentralization to other fields like NFTs, metaverse, etc.

This inspired the launch of Ethereum, programmable blockchain technology in July 2015. While Bitcoin was mainly used as a digital currency for the exchange of value, Ethereum was built to enable us to build even more advanced blockchain systems.

Why Web3.0

Web3.0 aims to create an internet where ownership and control are decentralized. An internet where you own your data, you decide what to do with it, and where you can exchange value beyond your boundaries directly without third parties.

We have always built new technologies on top of the existing ones, therefore, Web 3.0 is a more trusted and decentralized version of Web 2.0

internet_evolution.png

Web 3.0 has been around for about 12 years now. While it is gradually progressing, it is still very much in its early stages. There are still so much to be done to completely move the world from Web 2.0 to Web 3.0

Becoming a Web 3.0 developer

This requires two things

  • Understanding the concept of Blockchain technology

  • Learning to write smart contracts using the Solidity programming language

The blockchain concept

The blockchain as a system that can be compared to a country made up of many cities connected together by a network of roads . Each of these cities has border points through which cars move in and out of the city. Each time a car gets into a city, it is sent to a ** Temporary parking garage**, where together with other cars, are parked temporarily. These cars are later sent to the city's Permanent Parking garage where they are stored for a long period of time.

In blockchain:

  • The cities are equivalent to Nodes.

  • The cars can either be Transactions or Blocks of transactions.

  • The border points are accounts created on the nodes. They are capable of sending and receiving transactions.

  • The network of roads is the Network that allows the transfer of transactions or blocks between the Nodes.

  • The ** Temporary parking garage** is equivalent to Transaction pool in blockchain, which contains a cluster of transactions that haven't been integrated into the blockchain system i.e pending transactions.

  • The Permanent Parking garage is equivalent to the distributed ledger where blocks of transactions are immutably stored.

Many nodes come together to form the blockchain decentralized infrastructure. Decentralized because they can be created by anyone, anywhere in the world.

A node can have many accounts ( like your account on Binance or BuyCoins) which are capable of initiating the transfer of Transactions or Blocks.

A blockchain transaction is simply a peer-to-peer transfer of electronic value between two accounts in the same or different nodes. Each account has its unique address.

A node then create a block of transactions from the transaction pool and integrate these block into the existing chain of blocks (blockchain)

Each of these blocks is stored in the hardware of the node and cannot be mutated. The blocks are broadcasted to every other node in the blockchain network ensuring that every node in the network has the same copy of the blockchain.

The immutability of each block in the blockchain is reinforced with the rule that every new block added to the blockchain must be connected to the previous block in the chain.

Conclusion

Every decentralized application runs on this same concept, where we have a network of decentralized nodes, transferring values in form of transactions or blocks of transactions, validating these values, and then recording the values into an immutable distributed ledger.

I will be writing more articles on building Decentralized Applications (DApps) with Smart contracts using Solidity language. You can connect to me on Twitter @drayfocus, and Linkedin Akinola Ayomide

Cheers!

#web3#blockchain

Comments (9)

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Rakia Ben Sassi4y ago

Thanks for sharing Ayomide! I loved the introduction and the beginning of the article more than the rest because there are a lot of problems with Bitcoin and Blockchain that are not presented here. For someone who doesn't know the details of these technologies, it looks like we're in rainbow land with them but the reality is different:

  • Blockchain is suffering from problems that are related to its design and architecture, which is one reason why people have created technology like Hashgraph (and its related crypto currencies). Hashgraph does not become slower (like Blockchain) every time the number of its users increases, it becomes faster.
  • To overcome this slowness (and the huge consumption of energy), Ethereum started using Proof of Stake instead of the Proof of Work concept (not everyone can mine, only random chosen validators can do this task), which makes the currency a kind of centralized instead of decentralized.

https://rakiabensassi.medium.com/

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duc le4y ago

test

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duc le4y ago

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Ronnie Atuhaire4y ago

great piece

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jack4y ago

Hi great article, love the analogy.

I just have one question bare with me as I've overcomplicated it in my head but with web3.0 being decentralised with no one entity controlling it, how is the site paid for? I need help removing the massive web hosting companies from the picture.

Would it function similarly to PRESEARCH? you have a bunch of nodes all over the world accepting users requests and getting paid for being a node or would the user connect their metamask wallet etc.

If there is no centralised database with the data solely with the user client-side... idk my brain is a mess.

Also Web3.0 sites seem to all be ETH, what about the gas fees? they are silly high etc.

Would you be able to explain a simple web3.0 concept like a blog or something? A real-world simple concept. Thanks

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Ayomide Akinola4y ago

Hello jack, sorry I am replying this after a long time. I had to research further and understand the main concept and goal of Web3.

From my understanding, Web3 was not created to replace Web2.0, it was created to fill in the flaws of Web2 - (Trust, Integrity and privacy).

So, web3.0 and web2.0 will co-exist and you will still need to deal with the web hosting companies.

You can view web3.0 as a rule engine, with the sole purpose of executing rules in a private and trusted manner.

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Manthankumar Satani4y ago

Congratulations on your first craft 🎉🎉

Nice and simple explanation :Cheers:

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Bojan Skrchevski4y ago

I have to jump in here and be a voice of reason (call me a party pooper but I've been around long enough to feel a buzz coming from far away). "Trigger happy" is the cowboy term that comes to mind when people make brave clairvoyant predictions like this. You have to realize that some of these concepts you are talking about have existed in some form (first theoretical, then different practical approaches to implementation). Creating a buzz will get you a few blog posts and likes but it won't change the fact that you're trying to oversell something I'm suspecting you don't quite realize and understand completely.

Let me roughly try to guide you trough the stages of a system (web based since you're talking Web 3.0 here)

  1. The request response way of communication is the first and most optimal for usage when your system is small and you don't have that many users.

  2. When userbase increases you start optimizing by maybe CQRS pattern. Most likely when you need to redesign your system around when you reach ~100K - 1M users This is when you maybe introduce orchestration and similar approaches as you might need to dynamically scale.

  3. 1M+ you start restructuring and redesigning to accommodate for the fact that you will need to split every step of the flow and decide based on operation how fast should you get it back. Most probably something event based, cached, scaled, using real-time signaling etc.

** 10M+ is around the beginning of a new stage of development of a system that is simply too big for one approach you have to further drill down each operation and the way it goes trough the system. But, the timespan you have is so short that you need to start making compromises. One of the approaches you could take here is go for a paradigm called "eventual consistency" and use event-store systems. THIS IS WHERE BLOCKCHAIN could come in as a concept. Eventual consistency is an approach where a lot of operations are event based and asynchronous. They are all over the place. Some mechanism has to make sure that they are all structured and that the order of operations is known. Again you could use blockchain but there are more efficient ways to achieve this.

I just simply cannot see why and how a consensus would be achieved in the web community and the governing bodies around www etc. would even suggest such a thing - forcing a very specialized concept on areas where we don't need them.

Hope this just encourages you to learn stuff more in-depth before you start making predictions and assumptions.

Good luck!

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Adiyat4y ago

I love your article! It is something new for me)

But I was wondering, in how many years do you think we will be able to transit from Web 2.0 to Web 3.0? and do you think it is the right time to start learning blockchain programming, so when web 3.0 comes we will be ready to go right into the work?

Thanks in advance!

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Ayomide Akinola4y ago

Happy you liked it Adiyat.

I can't give a definite year of when web 2.0 - web 3.0 transition will occur. But one thing I am sure of is that the transition won't happen suddenly.

Web 3.0 adoption would happen gradually as more businesses and organizations embrace its concept. And this is already happening, as seen in Meta's(formally Facebook) recent project Metaverse and crypto payments options Twitter is introducing to her users.

And yes, now is the right time to learn. Web 3.0 needs us to build more around it and propel the world faster towards a more decentralized internet.

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duc le4y ago

likeAyomide Akinola

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Aravind Putrevu4y ago

I don't think there will be a transition perse. Web 2.0 will continue to exist while people build web 3.0 apps.

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Mr. RoBot4y ago

thanks

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Idris Olubisi4y ago

This is really nice 👌 thanks for sharing 💙

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Ayomide Akinola4y ago

Happy you liked it 🥳. Thank you.

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duc le4y ago

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