Fusotao Role in Web3.0 Actualization
The World Wide Web’s dependable, resilient infrastructure was made possible by centralization, which also assisted in bringing billions of people online. At the same time, a small group of centralized organizations control a sizable portion of the World Wide Web and make unilateral decisions over what should and shouldn’t be permitted.
The solution to this problem is Web3. Web3 emphasizes decentralization and is created, run, and owned by its users rather than a Web dominated by major technological firms. Instead of placing power in the hands of businesses, Web3 gives people that authority. Let’s examine how we arrived at this point before discussing Web 3.
What is Web 3.0?
Web 3.0, the impending third-generation (DLT), etc. Tim Berners-Lee, the creator of the World Wide Web, first referred to Web 3.0 as the Semantic Web. Its goal was to create a more independent, intelligent, and open internet.
Web 3.0 is a potential future internet version built on public blockchains, a record-keeping system best known for enabling cryptocurrency transactions. The appeal of Web 3.0 is that it is decentralized, which means that instead of customers accessing the internet through services mediated by firms such as Google, Apple, or Facebook, individuals control and administer areas of the internet.
The Evolution of the Web
The World Wide Web is the primary instrument used by billions of people to distribute information, read and write it, and connect with others over the internet. The web has undergone significant transformation over the years, and the apps it uses now are almost recognizable from those of its infancy. Web 1.0, Web 2.0, and Web 3.0 are the three stages that the web has evolved through.
Web 1.0: read-only (1990–2004)
Tim Berners-Lee was working on the protocols that would become the World Wide Web at CERN in Geneva in 1989. His concept? To develop open, decentralized protocols that allowed information to be shared from anywhere on the planet.
Berners-invention, Lee’s currently known as ‘Web 1.0,’ was initially implemented between 1990 and 2004. Web 1.0 consisted primarily of static websites controlled by businesses, with little to no interaction between users — people seldom generated content — earning it the moniker “read-only web.”directories.
Web 2.0: read-write (2004-now)
With the introduction of social media platforms in 2004, the Web 2.0 era began. Instead of a read-only, the web developed to be read-write. Companies began to give venues for users to contribute user-generated content and engage in user-to-user interactions rather than simply giving material to users. As more individuals went online, a few large corporations grew to dominate a disproportionate percentage of the web’s traffic and value. Web 2.0 also gave rise to the business model based on advertising. Users could generate material, but they couldn’t own it or profit from it.
Web 3.0: read-write-own
Gavin Wood, co-founder of Ethereum, popularized the phrase “Web 3.0” shortly after Ethereum launched in 2014. Gavin articulated a remedy to an issue that many early crypto users perceived: the Web demanded too much trust. That is, most of the Web that people know and use today is based on trusting a few private firms to behave in the best interests of the public.
Core Ideas of Web3
Although it’s challenging to provide a rigid definition of what Web3 is, a few core principles guide its creation.
● Web3 is decentralized: Instead of centralized entities controlling and owning large swaths of the internet, ownership is distributed among its builders and users.
● Web3 is permissionless: Everyone has equal access to Web3 participation, and no one is excluded.
● Web3 has native payments: It spends and sends money online using cryptocurrency rather than the outdated infrastructure of banks and payment processors.
● Web3 is trustless: Instead of relying on trusted third parties, it operates through incentives and economic mechanisms.
Why is web3 important?
Ownership
Web3 provides you unprecedented control over your digital assets. When you buy an in-game item, it is linked to your account. You will lose these things if the game’s producers cancel your account. Alternatively, if you stop playing the game, you forfeit the amount you spent.
No one, not even the game’s developers, has the authority to take your ownership away. If you decide to stop playing, you may recuperate the value of your assets by selling or trading them on open marketplaces.
Decentralized autonomous organizations (DAOs)
As well as owning your data in Web3, you can own the platform as a collective, using tokens that act like shares in a company. DAOs are defined technically as agreed-upon smart contracts that automate decentralized decision-making over a pool of resources (tokens).
Users with tokens vote on how resources get spent, and the code automatically performs the voting outcome. However, people define many Web3 communities as DAOs. These communities all have different levels of decentralization and automation by code. Currently, we are exploring what DAOs are and how they might evolve in the future.
Censorship resistance
The power dynamic between platforms and content providers is significantly skewed.
Your data is stored on the blockchain in Web3. When you decide to leave a platform, you may take your reputation with you, plugging it into another interface that better reflects your ideals.
Content providers must trust platforms not to modify the rules in Web 2.0, while censorship resistance is a built-in component of a Web3 platform.
Native payments
Web2’s payment infrastructure is based on banks and payment processors, which excludes those who do not have bank accounts or who live inside the borders of the incorrect nation. Web3 sends money directly in the browser using tokens like $TAO, eliminating the need for a trusted third party.
Web3 limitations
Despite the obvious benefits of Web3 in its current state, the ecosystem still faces significant limits that must be addressed in order for it to thrive.
Accessibility
Due to hefty transaction costs, Web3 is less likely to be used in less-affluent developing countries. These issues are being addressed through network improvements and layer 2 scaling solutions. The technology is ready, but higher levels of acceptance on layer 2 are required to make Web3 available to everyone.
User experience
The technological barrier to utilizing Web3 is now too high. Users must grasp security risks, navigate confusing user interfaces, and absorb complicated technical documents. Wallet providers, in particular, are striving to address the issue, but more effort is required before Web3 is widely implemented.
Education
Web3 presents new patterns that need the development of mental models that differ from those employed in Web2.0. A similar education campaign occurred when Web1.0 gained popularity in the late 1990s; proponents of the world wide web employed a variety of instructional tactics to educate the public, ranging from basic metaphors (the information highway, browsers, surfing the web) to television broadcasts. Web3 isn’t tough, but it is unique. Educational endeavors teaching Web2 users about these Web3 concepts are critical to its success.
Web 3.0, Cryptocurrency and Blockchain
You’ll see that cryptocurrency is regularly brought up while discussing Web 3.0. Digital assets known as “Web 3.0 tokens” are linked to the goal of building a decentralized Internet. These protocols offer a range of services, including hosting, computing, bandwidth, storage, identity, and other internet services previously offered by cloud providers. The elimination of unnecessary and usually wasteful intermediates is a common feature of decentralization.
Reddit is developing a system that uses cryptocurrency tokens to let users effectively manage portions of online communities in which they engage. Users would utilize “community points,” which they would get by posting on a particular subreddit, according to the idea.
These points may basically be utilized as voting shares, giving users who have contributed significantly more influence over decisions that have a larger impact on the community.
Fair enough, this is simply one use of a Web 3.0 concept called Decentralized Autonomous Organizations (DAOs), which employs tokens to more fairly share ownership and decision-making power.
The Ethereum-based Livepeer protocol offers a market for producers of video infrastructure and streaming services. Similar to that, Helium rewards customers and small companies for providing and confirming wireless coverage and sending device data through the network using blockchains and tokens.
The protocol offers a variety of technical and non-technical alternatives for people to make a living. Similar to how they would pay a cloud provider like Amazon Web Services, users of the service often pay to utilize the protocol.
Fusotao role in Web 3.0 actualization
To clarify, both Web 3.0 and blockchain aspire for transparency and openness. However, this is not the end of the parallel possibilities. Blockchain’s purpose is to maintain insights arranged as blocks, with cryptographic hashes entrusted to keep them unalterable and very secure. As long as cryptographic keys are in existence, everyone will have access to resources, apps, agreements, and content if Web 3.0 becomes a reality.
Blockchains like Fusotao have played a very vital part in solving some of the major hindrances in the actualization of web 3.0, which include:
Improves interoperability
Interoperability has been an issue for several existing blockchains; However, Fusotao features out-of-the-box interoperability as well as trustless interaction with NEAR, Ethereum, and any Inter-Blockchain Communication Protocol (IBC) enabled blockchains. For each appchain, Octopus Network provides a light-client-based bridge linking to NEAR Protocol, making token bridging independent of oracles. In other words, migrating tokens from NEAR to Fusotao or vice versa does not rely on human confidence because both NEAR and Fusotao will validate whether or not the bridging events occurred by preserving all of each other’s finished blocks.
Decentralization
The main goal of the web3.0 movement is Decentralization, Fusotao protocol is also a fan of that concept, that’s why all their infrastructures are decentralized and community-owned such as FXDX which is a fully decentralized, transparent, user-friendly, secure, and innovative orderbook DEX backed by the Fusotao Protocol, also the $TAO token is a native and governance token which the community members use to shape the future of the protocol through voting with the token. Fusotao also has an explorer where you can check and validate data from the block, it helps create a trustless environment while validating data on its own without the intervention of a third party.
Enhances data reconciliation
Fusotao protocol works as a real-time database for all the DEXs surfing on it. So, in spite of keeping expired data stored in the particular DEX, they can directly access real-time and updated data from their blockchain. It will help to develop a more reliable data management system.
Censorship-resistant storage of P2P data files
Because it is impossible to intervene or modify blockchain data, governments or any authority cannot impose censorship on individuals or groups. This could assist consumers in exercising basic rights such as freedom of expression.
DeFi Apps and protocols
Decentralized Finance (DeFi) apps for lending, borrowing, or exchange such as FXDX make the Finance system more easy, efficient and decentralized for the users while dodging centralized authorities such as governments, central banks, financial institutions, and others. It will assist them in paying additional taxes and eliminate the requirement for any authority’s consent.
Conclusion
The future Web3 goes far beyond the use of cryptocurrencies. It will provide a more personalized browsing experience, a smarter human-like assistant, and other decentralized benefits that will help to establish an impartial web. Web 3.0 will use machine learning algorithms to cryptographically connect data from machines, individuals, and corporations, resulting in new business models and markets.
💫 About Fusotao Protocol
The Fusotao protocol is a verification protocol for orderbook-based matching system using the paradigm of “execute off-chain, verify on-chain”. Fusotao network is an Octopus Network based application chain to hold users’ assets and verify the matching transactions from off-chain exchange services. Founders can build their own DEXs by using the Fusotao appchain as an on-chain verifier and deploying their own off-chain matching server. Communities can earn rewards by trading on the DEXs or directly staking tokens for the DEXs backed by Fusotao Protocol to share transaction fees from them.
🔴 You can reach Fusotao here
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