Blockchain Software Development

An Introduction to Blockchain and Web 3.0

Web 3.0 was developed with decentralization in mind. Currently, developers build web applications and store them on a single, usually cloud-based, server. This results in someone having power over or, sometimes, owning that information. There’s been a lot of buzz in the last few years about censorship of the web by tech giants such as Twitter, Facebook, or even Amazon. Web 3.0 was designed to change this. Because web3 is decentralized, web3 applications run on either a set of different servers, or on blockchains, which we will get into later. Web 3.0 is all about transferring power from tech giants to the public, but includes the added benefit of increased security over private information which is currently shared over the web.

How Does the Web Become Decentralized?

Cryptocurrencies provide financial incentives, in the form of tokens, for builders of web 3.0 including developers, contributors, distributors, and hosters of the web. People interested in a website or service on web 3.0 pay to use the protocol and instead of this money going directly to, say, Amazon Web Services, it becomes distributed to the aforementioned participants. This means that if a social network, such as Facebook, were to be created on Web 3.0, people who contribute to the platform by posting on the network would be given tokens which symbolify the content that you created which you own on that network.

Web 3.0 tokens are almost like shares of stock in a new company that you helped create. Web 3.0 is unregulated. People who have the most tokens have the most authority, or capacity to create change, but there is no one owner of the network and this authority has the potential to switch hands quite frequently. With the use of artificial intelligence and blockchain, the online exchange of information, power, and finances can occur without a middleman to censor or control the exchange.

Web3 Tokens Explained

Web3 tokens are both similar to and different from traditional cryptocurrencies such as Bitcoin. On one hand, they can be bought and sold and potentially will increase in value as web3 evolves. What makes them different, is that they have something behind them in a way traditional cryptos do not, which is that they are representative of a market share of a network, platform, or web content which makes up a web3 application.

Anyone can create a new crypto and it is likely that new web3 apps will have their own new cryptos, but currently the most common Web3 tokens include Polkadot, Filecoin, and Arweave.

Blockchain

In the simplest of terms, blockchain is the way information is stored on the global network of web3. Every piece of information in an online exchange takes the form of a block, with each block containing information about itself, the block that came before it, and a hash (sort of like a password). These blocks are linked together, because they contain data about the previous block. Because there is no one server to hold the information, it exists in several different places. Say, for example, I access a web3 social network on which Susan and Phil also participate. If the three of us exchange information through the network, each of us receives a copy of that exchange which is downloaded onto our computer someplace, sort of like a webcache, or the use of cookies. 

Blockchain is secure, because it has information which prevents and alerts the blocks beside it about any tampering or attempt to hack the chain. When the hash on one chain is tampered with, the exchange of information (often in the form of financial data) in each upcoming block becomes canceled. This increases the security of online transactions. In theory, to hack a blockchain, a hacker would have to have access to and change every hash in each block in just the right way in order to be successful. Because there are hundreds, potentially thousands or millions of blocks or transactions, in these chains, it is incredibly unlikely that a hacker would be able to achieve such a feat.

Custom Blockchain Software Development

At iBCScorp™, our team of expert blockchain developers specializes in dApps, Metaverse, Blockchain Wallet and NFT development.  We have the experience and expertise to provide you with tokenization of any asset, custom blockchain applications, and decentralized exchanges of digital currencies. Whether you want to implement solutions for secure peer-to-peer financial transactions on your current website, or have an innovative idea for a fully web3 dependent project, we can provide you with cutting-edge web3 applications.


Consult with an expert today!