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Web 3.0 – where will it take us?

Maciej Zieliński

01 Mar 2022
Web 3.0 – where will it take us?

Decentralization and token-based economics are concepts that have started to reach far beyond the Blockchain industry. Web 3.0 - check about what the world’s biggest tech and venture capital companies are talking about today. 

Read about:

  • Web 2.0
  • Semantic web 
  • Decentralized web
  • AI and web 3.0
  • Change of user experience

Web 2.0 - How does the World Wide Web work today?

If you wonder which technology benefits from over 3 billion users, here is the answer: the World Wide Web. Today it’s difficult to imagine the modern world without it, even for people who remember times before its creation. This technology changed and defines how we share, create and consume information. It's present in every industry, shaping the way we work, learn and play - for many the internet became the central point of their lifestyle. 

Web 1.0 and web 2.0

Essentially terms web 1.0 and web 2.0 refer to time periods in the web's evolution as it evolved through different formats and technologies. 

Web 1.0, also known as Static Web, was the first version of the World Wide Web created in the 1990s. Back then user interaction wasn't a thing and searching for information was extremely inconvenient for internet users, because of the lack of search engines. 

Thanks to more advanced web technologies, such as Javascript or CSS, web 2.0 made the internet far more interactive. From that moment social networks and interactive platforms have been flourishing. 

Growth of the web 2.0 was largely driven by 3 factors:

  • mobile technology
  • social networks
  • cloud solutions
Growth of web 3.0

Mobile technologies

Smartphones creation resulting in mobile internet access drastically increased both the number of web users and time of its usage. Since then we’ve started living in an always-connected state. Reaching your pocket - that’s all it takes to get access to the web. 

Social Network 

Meta isn’t the 11th most-valuable company for no reason. Before Facebook or Myspace, the internet was largely anonymous with limited interactions between users. Social media platforms brought revolutionary possibilities. User-generated content, sharing, and commenting disrupted the information circulation.

What’s more, our internet persona became an extension of the real one. Thus, not only did social life partly move to the web, but we started to trust each other there, having tools that to some extent enable us to verify each other's identity. Without it, the success of companies such as Airbnb or Uber would never be possible. 

Cloud solutions

This article was created, reviewed, and edited using Google docs - a part of the cloud solution provided by Google, that most of the readers are probably familiar with. 

Cloud providers redefined how we store and share the data. It is the cloud that enables the creation and maintenance of most web pages and applications we know today. Companies were able to move from possessing expensive infrastructure to renting data storage, tools, or even computing power from dedicated companies. 

Disadvantages of Web 2.0

Web 2.0 definitely shapes how the current society functions, giving us possibilities we couldn’t even dream about before. Yet, it's not free from disadvantages. 

  • centralization
  • abundance of information
  • non-sufficient verification
  • monopolization
  • low personalization

With more and more issues that we’re grappling with, one question has become inevitable: What will be next?

web 2.0 vs web 3.0

Semantic Web 

The semantic web is a concept formulated in 1999 by Tim Berners Lee, the World Wide Web creator:

I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A "Semantic Web", which makes this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy, and our daily lives will be handled by machines talking to machines. The "intelligent agents" people have touted for ages will finally materialize.

The vision of an intelligent internet that can understand the users and work without external governance back then was far from being realistic. Yet, today, with new technologies that we’ve developed, it may become reality sooner than we could ever predict. This is the moment to introduce you to the phenomenon of web 3.0. 

An original concept of Web 3.0 was coined by Gavin Wood, Ethereum, and Polkadot creator, somewhere around 2019, that refers to a "decentralized online ecosystem based on blockchain." The idea of the web which instead of using centralized servers relies on scattered nodes quickly gained a significant number of supporters.

Key features of web 3.0

Web 3.0 - key features

  • Semantic Web
  • Artificial Intelligence
  • Decentralization
  • 3D Graphics
Semantic analysis

Semantic web and web 3.0

In the semantic web, computers are able to analyze data with an understanding of its content, including text, transactions, and connections between users or events. In such systems, machines are able to accurately read our emotions, feelings, and intentions just by analyzing our input.  Applying it would greatly increase data connectivity, and in consequence, provide a better experience to the web users. 

AI in web 3.0

Artificial intelligence

Machine learning and artificial intelligence are key technologies for web 3.0. Currently, Web 2.0 already presents some semantic capabilities, but they are in fact most human-based. Therefore it is prone to biases and manipulations. 

Let’s take online reviews as an example. Today, any company can simply gather a large number of users and pay them to write a positive review of their product or service. Implementing AI, that would be able to distinguish fake from real, would increase the reliability of data available online.

Essentially, AI and machine learning will not only enable computers to decode meanings contained in data but also provide a more personalized experience to web 3.0 users. Online platforms will be able to tailor their appearance or content to an individual web user. This will bring a revolutionary change to the e-commerce sector as targeted advertising will become routine.

3D graphics in web 3.0

3D graphics 

According to some theories, with the introduction of web 3.0 borders between the real and digital world will begin to fade. The constant development of graphic technologies may even enable us to create whole 3D virtual worlds in web 3.0.

This concept is closely related to another issue that recently has gained significant popularity: metaverse. 3D graphics in web 3.0 will revolutionize sectors such as gaming, e-commerce, healthcare, and real estate. 

Decentralised web 3.0

Decentralized web

Current web infrastructure is based on data stored in centralized locations - single servers. That can potentially make it prone to manipulations or attacks. Furthermore, most of the databases are controlled by a limited number of companies such as Meta or Google. Web 3.0 aims to change that by introducing decentralized networks. 

In web 3.0 data will be stored in multiple locations - nodes. Any change of data will have to be authorized by every node in the infrastructure. The exchange of information will be taking place in peer-to-peer networks. It will not only take the data from the central authority but also make it more immune.

Digital assets in 3.0

Web 3.0 is expected to bring a totally new approach to digital assets. Tokens economy based on blockchain technology will become an even more common phenomenon.

Even today we can observe how blockchain technology is shaping the exchange of goods, investments, or ownership rights. Fungible and nonfungible tokens constantly find new applications that provide users with groundbreaking possibilities in industries such as gaming, real estate, or even healthcare.

On the internet of future ownership, control will become an even more vital issue. Blockchain technologies, and NFTs to be more precise can bring significant improvement in this area. What if assets, such as digital art or virtual land plots, were already carrying data about their owners and creators? Data that would be impossible to manipulate because it will be stored and confirmed in distributed ledgers.

What will change for web pages with web 3.0

Where web 3.0 will take us? According to many experts, we shouldn't treat web 3.0 as a totally new internet. It's just another stage of its evolution. Some of the solutions on which web 3.0 will be based already exist and function. In many cases, it's just about the scale.

Yet, the new web will definitely make a place for revolutionary business models. Personalized web pages or shops in 3D virtual spaces are just some examples of new possibilities that web 3.0 will form.

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What is Account Abstraction?

Karolina

10 Nov 2023
What is Account Abstraction?

Account abstraction is a new way of thinking about how users interact with blockchains. Instead of using traditional externally owned accounts (EOAs), account abstraction allows users to create and manage their accounts using smart contracts. This has a number of potential benefits, including improved security, enhanced privacy, and increased flexibility.

Table of Contents

What is account abstraction?

Account abstraction is a concept that, at its core, aims to simplify the user's interaction with blockchain networks. It is a transformative approach that seeks to mask the technicalities of blockchain operations from end-users. It is making transactions as straightforward as sending an email. Account Abstr. allows users to interact with the blockchain without worrying about the underlying technical details.

How does account abstraction differ from the traditional model?

In the traditional account model, each user has an EOA. EOAs are controlled by private keys, which must be kept secret in order to protect the user's funds. Acc. abstraction allows users to create and manage their accounts using smart contracts.

Historical Context

The journey towards acc. abstraction began with the first generation of blockchain technologies, characterized by their "one-size-fits-all" approach to account management. Bitcoin, for instance, introduced the concept of accounts and transactions in a form that was accessible to tech-savvy individuals but remained perplexing to the layperson. Ethereum expanded on this by introducing smart contracts, which opened the door to programmable transactions but did not alter the fundamental account structure. The idea of acc. abstraction has been discussed in the Ethereum community for several years as a part of various Ethereum Improvement Proposals (EIPs), particularly as a feature to be potentially implemented in Ethereum 2.0. It is a direct response to the need for a more versatile and user-centric design that can cater to a broader audience and spur the widespread adoption of blockchain technology.

The Technicalities of Account Abstraction

Account abstraction is not merely a theoretical construct but a technical innovation with specific mechanisms underpinning its operation. In essence, it alters the way transactions are initiated and executed within a blockchain network.

How Account Abstraction Works

Under traditional blockchain models, initiating a transaction involves an externally owned account (EOA) signing a transaction with a private key. This transaction is then broadcast to the network for validation and inclusion in the blockchain. Account abstraction, however, replaces this process with a more flexible one. Here, every account is a smart contract, and transactions are messages sent through these contracts. These smart contracts can encode complex rules for transaction validation, beyond what EOAs can do, such as multi-signature requirements or conditional transactions based on certain triggers.

The technical crux of account abstraction lies in the smart contract’s ability to define its own conditions for transaction execution. This means that user accounts can have unique security protocols or automated operations without the user needing to understand the underlying smart contract code.

Hey! Are you interested in the latest technologies in the blockchain area? be sure to read the article 'Top Zero-Knowledge Proof Projects to watch in 2023'

The Benefits of Account Abstraction

The implications of account abstraction are profound, offering a range of benefits that can enhance the blockchain experience for users and developers alike.

Improved User Experience

One of the most significant advantages of account abstraction is the improvement it brings to user experience. By abstracting away the complexities of key management and transaction rules, it presents a more intuitive interface for users.

Enhanced Security Features

Account abstraction also allows for the implementation of advanced security measures. Since each account can define its own logic, users can tailor their security settings to their specific needs. For instance, one might set up an account that requires additional verification for transactions exceeding a certain value or restricts withdrawals to certain addresses.

Future Implications

The future implications of account abstraction are vast. As the technology matures, it could become a standard feature of blockchain networks, potentially making the current distinction between user accounts and smart contracts obsolete. This could lead to a new wave of blockchain applications that are both powerful and accessible, bringing us closer to the vision of blockchain technology as a seamless part of everyday life.

Challenges and Considerations

Technical Limitations

One of the primary technical challenges of Acc. abstraction lies in its integration with existing blockchain protocols. Current networks are optimized for the EOA model, and introducing a new account structure necessitates significant changes to the core protocol. This includes modifications to the way transactions are propagated in the network, how gas fees are calculated, and how the state of the blockchain is managed. Ensuring that these changes do not compromise the network's performance or security requires careful planning and extensive testing.

Compatibility with Current Systems

Another consideration is the compatibility of account abstr. with the vast ecosystem of existing blockchain applications and services. Wallets, exchanges, and other services have been built around the traditional account model. Transitioning to an acc. abstraction model will require these services to update their infrastructure, which may be a complex and resource-intensive process. Furthermore, there is a need for standardization across the industry to ensure that different implementations of account abstr. can work seamlessly together.

Conclusion

Acc. abstraction represents a significant leap forward in the quest for a more user-friendly blockchain experience. By streamlining the transaction process and offering enhanced security features, acc abstraction has the potential to make blockchain technology more accessible to a broader audience. However, the path to widespread adoption is not without its obstacles. Technical challenges and compatibility issues must be carefully navigated to integrate it into the existing blockchain landscape.

Key Takeaways

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How to Add Gnosis Chain to MetaMask: A Simple Tutorial

Karolina

03 Nov 2023
How to Add Gnosis Chain to MetaMask: A Simple Tutorial

As the cryptocurrency ecosystem expands, there is an increasing need for various blockchains with distinct capabilities. Gnosis Chain enters the scene, offering a selection of unique characteristics. By integrating Gnosis Chain with MetaMask, users can access a more comprehensive array of decentralized services. We will walk you through the steps to add Gnosis Chain to your MetaMask wallet in this tutorial.

Table of Contents

Prerequisites

Setting up MetaMask

Before exploring the integration of Gnosis Chain, it is crucial to have MetaMask installed and operational:

  • Download and Install: If you have not done so already, visit the official website to download and install the MetaMask browser extension.
  • Setup Account: After completing the installation, create your account and make sure to remember the provided seed phrase. This phrase serves as your primary means for account recovery, so keep it secure.
  • Secure Your Account: Protecting your MetaMask account is of utmost importance. Use a robust password and never disclose your seed phrase to anyone.

Gnosis Chain

It is always helpful to have a basic understanding before incorporating any new blockchain into your wallet:

  • Gnosis Chain Overview: Gnosis Chain, a rising star in the blockchain world, brings a range of decentralized solutions to the table, such as prediction markets and decentralized trading platforms.
  • Benefits & Features: Among Gnosis Chain's main selling points are its accelerated transaction speeds and potentially lower fees when compared to congested networks.

Tutorial: How to Add Gnosis Chain to MetaMask

In the top right-hand corner of your browser, you'll find the wallet. If pinned, click on the MetaMask fox icon; if not, click the three dots in the top-right corner. The following screen will appear:

An option to expand the wallet to a new browser page is available by clicking "Expand view:"

This action will launch MetaMask in a new tab:

By clicking on the ‘Ethereum mainnet’ in the top left corner, you can add another network. Click ‘Add Network’

Choose option ‘Add a network manually’

Then, input the information below:

Network Name: Gnosis Chain formerly xDai

RPC URL: https://rpc.gnosischain.com

ChainID: 100

Symbol: XDAI

Block Explorer URL: https://gnosisscan.io

After saving the settings, Gnosis Chain will be added to your network.

The Benefits of Adding Gnosis Chain to MetaMask

With multiple blockchains becoming more common, integrating Gnosis Chain with MetaMask offers numerous advantages:

Expanded Capabilities: Accessing Gnosis Chain through MetaMask opens up a collection of exclusive applications and features inherent to this particular blockchain, which may include unique dapps or cutting-edge financial products.

Diversification: The crypto domain is extensive and constantly growing. By incorporating various chains like Gnosis into MetaMask, you broaden your potential investment opportunities and decentralized application experiences, ensuring no opportunities are missed.

Speed & Cost-Effectiveness: Network congestion and high gas fees on established platforms like Ethereum can discourage many users. Gnosis Chain's architecture has the potential to provide relief through quicker transaction times and more affordable fees.

In summary, as the possibilities within the crypto sphere continue to evolve, tools like MetaMask grant users access to this expanding world. By adding chains like Gnosis, users can stay ahead in this decentralized revolution.

Conclusion

By bridging platforms like Gnosis Chain with accessible tools like MetaMask, individuals not only amplify their engagement with decentralized applications but also fortify their position in this expansive realm. The integration of Gnosis Chain to MetaMask epitomizes the evolution of the crypto landscape – a testament to its ever-growing diversity and potential. As we continue to delve deeper into the decentralized future, tools and integrations like these will undoubtedly play a pivotal role in shaping our digital experiences and opportunities. Whether you're seeking more efficient transactions, diverse dapp interactions, or simply a broader understanding of the crypto ecosystem, this guide's steps open doors to a new horizon. 

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