If you have been keeping tabs on time and the trend of events, you will, without doubt, agree with me that the world is evolving and technology is on this wheel of change. The wave of disruptive change characterized by unimaginable innovations and technological diffusions leave us without a thought other than adequate preparations.
One of the subjects or innovations on the frontline of this disruptive change is the new version of internet web 3.0. Web 3.0 is a blockchain-powered decentralised platform which socially immersive, business supporting and people-driven powered by blockchain. We will shed light on the technologies that make web3 what it is.
Blockchain And Cryptocurrency
A blockchain is a decentralised ledger that records all peer-to-peer transactions. Participants can confirm transactions without the requirement for a central clearing authority using this technology. Potential applications can include financial transfers, settling transactions, voting, and many other difficulties.
A Collaborative technology, such as the blockchain will empower next-generation businesses in reducing fraud dramatically. Providing much better returns per dollar invested than most typical internal investments.
Financial organisations are looking into how blockchain technology may be used to revolutionise everything from clearing and settlement to insurance.
Any effort to tamper with the record breaks the chain, and no central authority can manage it since validated copies of the database are scattered over the internet. Blockchain technology may be used to retain a record of transactions in any application, although most people relate it with cryptocurrencies.
Crypto-currency or crypto as it is commonly called is any type of digital or virtual currency that uses encryption to safeguard transactions. Cryptocurrencies operate without a central issuing or regulating body, instead of relying on a decentralised system to track transactions and create new units. Blockchain technology is used in cryptocurrency to keep track of cryptos that are in circulation and who owns how much of them.
It’s a peer-to-peer system that allows anyone to send and receive payments from anywhere. Cryptocurrencies are held in digital wallets and are used to make payments solely as digital entries to an online database describing specific transactions. The transactions you make with cryptocurrency funds are recorded in a public ledger.
Artificial Intelligence and Machine Learning
Machine learning technologies and artificial intelligence have been in the news in recent times due to how important they have become in this 4IR. Application of these technologies includes their integration on smart devices and home cellphones just like Apple’s Siri and Google Voice which uses Natural Language Processing (NLP).
Machine learning is also used to forecast human wants and behaviour by processing vast volumes of data in real-time. This opens up a lot of possibilities for gathering data and turning it into something useful. Combining the power of natural language processing and artificial intelligence, computers in Web 3.0 will be able to discern information in the same way that people do, resulting in faster and more relevant results. To meet the needs of users, they grow increasingly intelligent.
The term “meta” is a Greek word which means beyond and “verse” refers to the universe.
The Metaverse is a concept about how humans will interact with the internet in the future. It mainly relies on virtual reality (VR), mixed reality (MA) and augmented reality (AR) to produce a consistent, engaging, immersive and highly integrated user experience.
3D computer graphics unlike conventional 2D computer graphics are graphics that make use of a three-dimensional representation of geometric data stored in the computer to conduct computations and display 2D visuals.
In Web 3.0, three-dimensional design is widely employed in websites and services. This may be seen in museum guides, computer games, eCommerce, geographical settings, and other places.
Decentralised Autonomous Organisations
Decentralised Autonomous Organisations (DAOs) are a powerful and secure method to team with like-minded people all across the world. DAOs can be likened to an internet-native business jointly owned and governed by that its members. They have built-in treasuries to which no one can have access without the group’s permission. Proposals and voting are used to make decisions, ensuring that everyone in the company gets a say.
Everything is out in the open, and the DAO’s spending restrictions are encoded into its code. No CEOs and no risk of a shady CFO tampering with the accounts.
A DAO’s smart contract creates the organization’s policies and safeguards the group’s funds. No member can modify the rules after the contract is life on Ethereum except by a vote. It will fail if someone attempts to do something that isn’t covered by the code’s rules and logic. Because the treasury is also specified by the smart contract, no one may spend the money without the permission of the organisation. This eliminates the requirement for a central authority in DAOs. Instead, the group makes choices collectively, and payments are granted automatically when votes are passed.
These and more are the technologies that make web3 much to be desired innovation that will change the way we live and do things.