Article by Forbes: Joresa Blount
Joseph Weinberg is looking to catalyze the adoption of blockchain technologies. Although both blockchain technology and cryptocurrency have carved their niche, these innovations have yet to be mass adopted. But Joseph Weinberg is looking to change that by giving users a platform that incentivizes them to use the blockchain. Weinberg found that one way to do this was to give businesses and consumers a way to participate in the internet of value; in other words, Web 3.0.
What is Web 3.0?
Web 3.0, or, the semantic web, is believed to be the next version of the world wide web. In web 3, innovations like artificial intelligence and blockchain technology are implemented to give users a better internet experience. But before we dive into web 3.0, it is important to understand the versions of the internet that preceded it; Web 1.0 and Web 2.0.
Web 1.0 was the first version of the world wide web. It is typically described as internet with static web pages. Users could read information online, as well as upload text, video links, and pictures. However, these pages were not interactive; all you could do was view the data being presented to you.
The current internet we use is typically referred to as Web 2.0. Web 2.0 is often defined as the change from static-web pages–web 1.0–to the internet with dynamic web pages, user-generated content, and the growth of social media networks. On dynamic web pages, you can stream video and audio as well as interact with the data on web-pages.
And that brings us to Web 3.0, the version of the world wide web that many are expecting Web 2.0 to evolve into. Web 3.0 is an internet where machines know information about their user and can give them a tailor-made experience because of it. Some expect Web 3.0 to incorporate artificial intelligence and blockchain technology to create this experience. And this is where Joseph Weinberg is looking to catalyze adoption. Weinberg has created a blockchain platform that gives software developers the tools they need to distribute data–one of the many features Web 3.0 is expected to have. The platform that makes this possible is Shyft. Shyft is a blockchain-based platform looking to solve an age-old problem created by the internet; how can an internet user prove that they are who they say they are? Web 3.0 will use solutions like Shyft to eliminate problems like this regarding identity as well as database security. Let’s take a closer look at how Web 3.0 can achieve this through the use of distributed databases and a new data ownership model.
Web 3.0 Identity Solutions: Distributed Data vs. Centralized Data
The way most platforms solve the user-verification problem is by having their users go through an identity verification process. This verification process maps a user’s internet identity to their identification in real life. However, when companies employ this method of verification, they typically store the user’s corresponding identity details in a centralized server. But if a centralized server is taken offline, individuals lose access to the systems that verify their identity. In addition, if a centralized server is breached, the attacker may be able to steal all of the identification information stored in the centralized database. As a result, platform users might fall victim to identity theft.
However, Web 3.0 vehicles like the Shyft Network have found a solution to the identity problem as well as a way to protect against database breaches and information theft. Shyft Network’s solution is to encrypt identification information and distribute it via a blockchain. Because Shyft distributes the identity information across the users of its network, the data is not susceptible to going offline. As long as two nodes are running on the blockchain, there will always be a source that verifies data and which data can be retrieved from. This allows Shyft to create a one-click identity solution that allows users to verify their ID, as well as own and profit from their data.
Since the data is encrypted and stored on Shyft’s blockchain, it becomes far more difficult for an attacker to breach the network and steal data. Many believe that the only way to attack a blockchain network is to execute a 51% attack. A 51% attack is an attack in which the attacker controls over 51% of the computing power on the network and can manipulate the network’s transaction-history because of it–a difficult and expensive feat to pull off.
Who Owns the Data on Web 3.0?
On some Web 3.0 platforms, users can earn money by selling their data to companies directly. Tech giants like Facebook and Google have profitedoff of user data for years on Web 2.0. This is because these companies take ownership of their user’s data and sell or “share” it. However, Shyft lets it’s users retain ownership of their data. When a Shyft user gives a trust-anchor–one of the companies partnered with Shyft–consent to use their data, the Shyft user can earn revenue in exchange for giving the trust-anchor information that will be valuable to their business.
Why Web 3.0 Will Lead to Blockchain Adoption?
Web 3.0 is the next evolution of the world wide web. Web 3.0 is expected to have many features that implement modern-day innovations like artificial intelligence and blockchain technology so that the internet experience is optimized for users. It is well known that tech giants like Google and Facebook harvest user data and sell it. And unfortunately, security breaches are becoming commonplace. But Web 3.0 is expected to eliminate these existing pain points.
Web 3.0 users will have ownership of their data on some platforms and will have increased security all-around. This is all because of innovations like blockchain being used as the foundation for some of the platforms that we are seeing pave the way for the next evolution of the web.