Dr. Gavin Wood explains why centralized technologies are fundamentally flawed and new solutions can be found in Web3.
Web3 Foundation
Dr. Gavin Wood, the co-founder of Ethereum and the founder of Parity Technologies (the company behind Polkadot), spoke to host Micheal Casey of “Money Reimagined” on the importance of a decentralized internet and advocated Web3 as the solution. Gavin Wood coined the term Web3 in 2014 referring to a decentralized online ecosystem based on the blockchain.
The promise of a Web3 future seems quite similar to the current Web2 infrastructure on the outset. But fundamentally they are different. Web3 is a decentralized architecture that offers an alternative to the current centralized infrastructure.
‘When you are talking about centralized software, your guarantee are only as good as the centralized entity that is running it because they can change anything they want, they don’t have to tell you,’ Gavin Wood said.
In the interview, Gavin described Web3 as a concept of application platform that went beyond individual technology. It is meant to give a general protocol to create a decentralized application without being beholden to any platform.
Web3 Foundation was founded by Gavin Wood to nurture and steward technologies and applications in the field of decentralized software protocols. The core idea behind the Web3 Foundation is to return control to the users of their own data, identity and destiny.
Privacy
Web2 is trust based according to Gavin Wood. Information and private data are entrusted to institutions and this is a fundamentally flawed model. There is always a strong case for misuse of information because these institutions’ income model is based on knowing more personal data.
This model must be replaced and that makes Web3 necessary. Gavin Wood in another interview with Wired said that Web3 is, ‘less trust more truth’. Web3 provides a logical mechanism that is trustless and capable of preventing arbitrary abuse.
It is a transition from believing that things will operate in a particular manner to knowing that a mechanism will execute autonomously to meet an expectation.
Buzzword
Web3 is fast becoming a buzzword. Funds from Venture Capitalists (VCs) are flowing into projects building on Web3. Web3 is progress and a natural transition to return autonomy and privacy to users of various platforms and this area of growth is unlikely to slow down anytime soon.
Source : bsc.news
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