Preamble

Project documentation

Preamble

The world we inhabit is constantly evolving and changing. New technologies are being introduced at breakneck speed, making it impossible to keep up with all the advancements. However, one of the most exciting and potentially game-changing technologies released recently is Blockchain. Created as a bitcoin platform by Satoshi in 2009, Blockchain evolved as a backbone technology, adding value to companies across industries, much beyond the initially planned cryptocurrency ecosystem.

And it is slowly transforming into a real game-changer. According to Gartner, Blockchain will become a foundational technology for 30% of the people around the globe by 2030. By 2025, blockchain technologies will increase business value, grow to $176B, and rise to $3.1 trillion by 2030. It is a testimonial to its unfolding potential.

Furthermore, one of the most crucial points is that almost every sector, from banking to e-commerce to farming or healthcare, will be using it, and its applications will be manifold:

• Digital certificate management,

• Land records,

• Pharmaceutical supply chain,

• Digital notary services,

• Digital signature solutions,

• Digital voting,

• Crypto Wallets,

• Health records,

• Logistics,

• Public services,

• And much more to come as a tsunami

And since Data in the Blockchain is almost impossible to alter, trust and accountability are always maintained.

More importantly, it can embed existing applications and systems.

Blockchain will store data in a decentralized, secure, time-stamped, immutable fashion, providing an efficient ledger storage mechanism in a distributed environment.

We have discussed Blockchain, but the word we hear everywhere, even during family dinners, is Web3.0. So, what is Web 3.0, and how is it different from Web2?

The evolution of the World Wide Web has been ongoing for decades. As blockchain and security technologies become prevalent, Web 3.0 has gained momentum in recent years and has been viewed historically and compared to the future.

But before diving into Web3.0, we have to understand the basic concepts of the two previous generations. The first generation of the web, also called Web 1.0, was initially a defense/military technology that created a global network connecting people all around the globe. This first generation was basic, composed of "read-only" web pages without significant interaction with users.

Web 2.0, or the Internet as we know it today, appeared in the early 2000s.

Web 2.0 brought essential pillars of our current use of internet User-generated content & Social Interactions.

For those born before 1990, the transition from the static webpages of Web 1.0 to a hyper-connected interactive Web 2.0 has been drastic and transformed significant aspects of our lives:

• Internet jobs

• Remote Working

• Social Interactions

• Mobile applications

• Shopping habits,

• And so on.

Web 3.0 is a term used to describe the next iteration of the Internet.

Web 3.0 is an umbrella term describing the next generation of the Internet, but contrary to its predecessors, totally decentralized and distributed.

It relies on individual users' computing power and personal data rather than centralized servers and platforms.

The central concept of web 3.0 is that all the value generated on the Internet should be returned to the people who create it - users, content creators, and investors.

Web 3.0 extends beyond the traditional Internet to encompass decentralized apps (DApps), decentralized networks (DNs), and even decentralized currencies like Bitcoin or Ethereum. DApps allow users to interact directly with each other without the need for a centralized platform like Facebook or Google. Decentralized Networks provide faster and more secure communication between computers connected to a network. At the same time, Cryptocurrencies are digital tokens used within those networks. All these different technologies are essential because they represent individual steps towards a truly free and open Internet.

Why is it important?

Ever since the Internet first came into existence, it has been controlled by a handful of corporations profiting from it. These corporations control which information travels through the Internet, meaning everything is centralized. Because of this, users cannot control their data, and corporations can sell that information to third parties for profit. On Web 3.0, all the data that travels through its networks will be completely decentralized and open-source. Also, there will be no one central server to control the data. Instead, the data will be spread across thousands of different nodes.