Web3: A New Web for a New World

Web3: A New Web for a New World

Web3: A New Web for a New World. Learn how Web3 technology is offering a level of trust previously unknown in human history. Enter Web 3.0 (aka Web3). It’s a web in which the user is in full control of their identity, their actions, their finances; a web in which you are your own bank, everything is dangerous, there are no safety nets, but there’s freedom.

Ever since humans have stood on two legs, we’ve been unable to trust each other. We’ve always needed intermediaries — people who make sure those on both sides of an agreement honor their commitment. Intermediaries today include banks, who forward our money; lawyers, who forward our arguments and demands; and social networks, which forward our messages.

The reason for this high level of intermediation is a total lack of trust. It’s hard to trust someone when you can’t tell what they’re thinking. But thankfully, just as we’ve been able to innovate past seemingly impossible problems — like mastering flight, building skyscrapers, and democratizing information — we’ve also been able to develop a new technology that obliterates our trust issues. Enter Web3.

To understand what Web3 is about, we first have to understand what intermediaries are. At a very basic level, intermediaries do the following:

  • Accept messages from outside sources. In the case of a bank, that would be a message from customer A to send money to customer B.
  • Act on these messages once authenticated. Once the bank has confirmed that customer A’s account has the funds and is authorized to send (it’s possible the account could be frozen), they would initiate the transfer.
  • The results of these actions must be computed. The bank confirms whether the transfer is successful or not.
  • The computation’s results must be stored, and potentially used as messages in another interaction. The bank keeps records of the transaction via ledgers and receipts.

It doesn’t take much to realize that a computer is, technically speaking, a perfect intermediary. But if computers are perfect intermediaries, why haven’t they replaced our human intermediaries by now?

To answer that, we must first consider authority and authorization.

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