In the Web3, we are redefining data structure, given that we live in a connected world. It is important to note that Blockchain is only one of many technologies in this Decentralized Web Stack. While Blockchain is a great P2P way to record who did what and when, it is not ideal for storing large amounts of data, for two reasons: (1) scalability: blockchains are too slow, and (2) doesn't allow privacy by design: never store private data on the Blockchain.
The transition from client-server internet to the decentralized web will be gradual rather than radical. As the decentralized web stack is still maturing, the transition seems to be shifting from centralized to partially decentralized to fully decentralized. Furthermore, it is important to point out that while decentralized architectures are more fault tolerant and attack resistant, they are also slower. While it is likely that the future of the internet will be more decentralized, this does not mean that we will get rid of centralized systems altogether. Centralized systems also have advantages and will likely prevail, but only for specific use cases.
A visual framework of the protocols that enable a decentralised web. This resource includes examples of the teams and projects building Web3 protocols.
Grants play a large part in our commitment to building the Web 3.0 ecosystem. Currently we are most interested in teams building with Substrate or Polkadot, however we consier all applicants. Apply for a grant today!
W3F Grants is proud to issue our first grant to ChainSafe Systems! ChainSafe will develop the next node implementation of the Polkadot Runtime Environment (PRE) in the Golang programming language.
The best part about working in technology is the ever-changing landscape of tools and opportunities. Over the last few years, a new tool has begun maturing that will deliver more opportunity to create and capture value than any tools that have come before. Distributed ledger technology enables developers to coordinate financial incentives in a few lines of code.
Where "web2.0" enabled developers create "information" web apps, web3 lets developers create "value" web apps. Some may hear this and think "We already have stripe, they are awesome" -- and I don't disagree. While Stripe and their competitors make it easy to interact with the traditional banking system, web3 is something very different.
Right now, web3 mostly refers to apps that allow users to interact with the Ethereum blockchain. What makes Ethereum so special is that is was the first blockchain to have a "turing complete" language. This language enables something called smart contracts, or "persistent scripts" as Vitlaik now prefers. Smart contracts can hold value (cryptocurrency) and distribute it based on their logic.
Ethereum is by far the more robust and welcoming developer community at the moment. Though technologies like Lightning network are rising stars, for now, Ethereum is where it's at. The most popular developer tool, Truffle Suite, just passed one million downloads. Despite the fluctuation in pricing, developer interest in blockchain has seen a steady increase in recent years.
While still in its infancy, web3 is the most exciting place to be as a technologist of any stripe. Though this blog series focuses on developers, I hope to encourage anyone and everyone to get excited about the possibilities. Beyond developed nations, DLT is having profound effects in the communities that are embracing it. Rarely does one get the opportunity to create a new platform, but web3 is that opportunity right now.