The next era of simplified decentralised Cloud architecture is here… well, almost! In simple words, web 3.0 is the third generation of internet services for websites and applications that will focus on leveraging machine understanding of data to provide a data-driven and semantic web.
This is also a transition required as we migrate from the era of user-generated content to machine-generated content. Before we explore Web 3.0, let’s pause and look at the current scenario. With Web 2.0, we’re online, and the content we consume is mostly user-generated, thanks to social media apps like Facebook, Whatsapp and Instagram.
All of that data is mostly stored in massive data centres located around the world, with the help of the cloud. However, enterprises around the world are struggling with various aspects of their business processes which can move towards the era of Web 3.0. Right now we’re in a cloud era where almost every business is migrating their data and applications to public, private and hybrid clouds will catch up with the modern-day reality.
“In the future, organisations will see an increasing need to manage their Digital Assets, which could be located in any form of cloud. For example, questions such as how to link (an organisation’s) carbon neutral or sustainability goals or which assets can be linked to NFT or traded through cryptocurrencies, are being discussed inside Boardrooms.” Nitin Kumar, CEO and Co-founder zByte, also a Silicon Valley thought leader.
Decentralized platform
However, if they have to achieve such a goal using existing methods of hiring people, developing an app, managing it etc. would take an inordinate amount of time. It is here that a solution- such as decentralised platform or DPlat (decentralized platform) helps.
Kumar is launching a start-up called zByte which is putting in place all the above by launching the world’s first decentralized app store. Kumar and his team will tokenize the usage of the dPlat through its own token called ZBYT.
This can be achieved using a Low or No Code approach, which makes it as easy as drag and drop (of codes). In web3, developers don’t usually build and deploy applications that run on a single server or that store their data in a single database (usually hosted on and managed by a single cloud provider). web3 applications either run on blockchains, decentralized networks of many peer-to-peer nodes (servers), or a combination of the two that forms a crypto economic protocol.
These apps are often referred to as dapps (decentralized apps). This decentralised architecture has the potential to upend the technology world- the way we understand it. Kumar adds that the Digital Assets which need to be in the Metaverse can be deployed on any cloud such as AWS, Google, Microsoft Azure or on its own Web3 equivalents. .
Decentralised Data Storage
Even in its early stages, Web 3.0 is already changing the face of computing by enabling users to tap into software and services stored in data centres rather than on a user’s PC.
According to technology market analyst Canalys, the global cloud market grew by 33% in Q3 of 2020, which was a US$9 billion year-over-year increase. Amazon Web Services (AWS) currently dominates 32% of the world’s cloud storage market (and has gone down again, causing massive outages across the internet as of publishing time), while Microsoft Azure comes in second, with 19% of the market.
Impact on Privacy
Blockchain, crypto and the other technologies that power Web3 promise a world in which governance over data is decentralized. However, the decentralization implicit in Web3 does not share the table with modern privacy laws.
Who is the controller in cryptocurrency? How can a person delete their purchase history if they wish to? Does the record of an NFT purchase constitute personal information?
Web3 proposes an open, trustless, uncensored internet where users could connect P2P without sacrificing ownership, privacy, or depending on middlemen, points out Kumar. Assist in creating a direct link between customers and service providers by documenting the terms and conditions on irrevocable ledgers as well as storing direct conversations between them, removing the necessity for trusted third parties.
Blockchains have the ability to profoundly alter arrangements and control balances when it comes to information privacy. Individuals could now engage directly with one another with end-to-end cryptography, bypassing centralized platforms as well as expensive middlemen. Consumers can purchase assets like residences, trade, access public services or even buy a Picasso.
Companies such as CipherTrace and Elliptic use the blockchain system to track financial transactions on the blockchain on a regular schedule.
