Have you ever wondered what the Metaverse was all about? The promise of Web 3.0 may be enticing. Still, it’s difficult to tell whether it will deliver — and much more challenging to know whether you should spend your time and money on this new technology (or any crypto-currency) without performing your study.
Web 3.0 and the Metaverse are two terms that are frequently used interchangeably to allude to the Internet’s next evolutionary phase, bringing decentralized apps, enhanced user privacy, anonymity, and overall better security for consumers. But what exactly does this imply?
This article will take you through Web 3.0 and the Metaverse, explaining what each phrase means and how they’re similar and different? Why are these technologies essential, how will the world accept crypto assets, and how will they alter the world as we know it?
The State of Web 3.0
What exactly is Web 3.0? Tim Berners-Lee created the concept and directed its development as a mechanism to establish information-sharing protocols for websites. It’s been dubbed the “third-generation” of internet technology since it intends to alter how we interact online by making crypto mainstream (in other words, mainstream crypto adoption).
Web 3.0 technologies enable people to send encrypted information over computer networks without their identities being revealed or their content being stolen by hackers; in other words, they protect personal data from prying eyes while also safeguarding identity and ownership rights through blockchain technology.
Decentralized exchanges, social networking sites, and game apps like Cryptokitties are examples of Web 3.0 applications.
Although most of these ideas are still in the early stages of development. However, one thing is clear: there is a lot of interest in innovative ways to safeguard online transactions. So it’ll only be a matter of time until businesses start mass-producing Web 3.0 items. And when they do, we may expect a slew of fascinating new developments and new problems.
Why The Metaverse?
Metaverse is a public blockchain that provides decentralized services based on digital assets such as names, places, images, and other metadata across various environments; it is also based on digital identity and value intermediaries to create an open ecosystem in which anyone can participate in digital transformation through innovative applications, and it is set up to manage all of those digital identities on a public blockchain called CyberWorld.
Metaverse is an open-source platform that allows users to effortlessly create, develop, and trade their smart-contract-based tokens. Metaverse’s goal is to create a decentralized platform that not only supports various types of assets and transactions but also allows users to create their assets — whether it’s a financial instrument or a token that represents something else, such as gold certificates or air miles — making the ecosystem much more flexible than traditional systems like Ethereum or Bitcoin. We will be able to facilitate any transaction, even ones involving non-fungible assets, as a result.
The objective is to make all types of transactions more accessible and quicker by improving the user experience and lowering expenses. To accomplish these objectives, a suite of products, including wallets, exchanges, IDEs (Integrated Development Environments), and other software tools, is being developed to enable developers with everything they need to get started constructing Decentralized apps (DApps).
How Does Web 3.0 Work?
So, how does a decentralized web function?
The main idea is to provide your browser or another intermediate service with as much power as feasible. When you wish to conduct a transaction or access data on a decentralized website, your computer will first sync with Ethereum’s public blockchain and seek it there. If it isn’t discovered on Ethereum’s chain (or if it is, but you don’t have any ETH), your computer looks for it on the IPFS network; if none of them matches up, it goes out onto regular old HTTP/HTTPS online networks like Facebook/Twitter/Reddit.
Instead of having all of your information locked away in one location, you may simultaneously view all of your data from different sources. It also implies that even if one portion of a decentralized network fails (say, due to a hack), you may still locate most of your data elsewhere. And, because everything is synchronized using peer-to-peer technology rather than a central server, there are no single points of failure. No single firm or government agency controls all servers supporting decentralized websites or databases. As a result, they are highly resistant to censorship and DDoS attacks.
The third-generation web would consist of three components: first-generation web protocols (HTTP), blockchain technology (such as Bitcoin), and decentralized apps that supply some of today’s most-used services through peer-to-peer architectures (instead of through servers).
Many firms are already offering methods to leverage blockchain technology to transport information in a way that does not rely on trusting centralized authority with our sensitive data. This encompasses anything from decentralizing Twitter to developing immutable websites — or what some refer to as a new internet protocol (IP). The blockchain might also enable groups of individuals to collaborate without a central governing authority. It may even allow us to rethink how we think about ownership.
However, we must overcome other obstacles before these concepts become a reality. For example, projects sometimes require unique codebases or blockchains because there is no standard way to create apps on top of blockchain technology.
How Does The Metaverse Work?
People must hold ETP tokens to conduct transactions on CyberWorld without engaging a third party (i.e., a government or financial institution). These are how you pay for transactions on CyberWorld — in essence, they serve as access keys for Metaverse’s platform services.
To begin utilizing ETP tokens, you must first purchase them using another cryptocurrency, Bitcoin or Ethereum. This is possible through online exchanges, which also offer storage for your cryptocurrency. It is suggested that you keep your bitcoin in an offline cold wallet rather than an exchange account once you have acquired it. By keeping your private key offline and unreachable through an Internet connection, you may assist avoid theft from hackers and illegal withdrawals from exchanges.
All transactions in Metaverse will be recorded on its decentralized ledger, and if your selected avatar name isn’t already taken, you may claim it! The Metaverse also enables digital identities to interact with one another through unique digital signatures.
How Will Crypto Be Adopted in The Metaverse?
For unfamiliarity, crypto refers to crypto assets, which are digital currency handled by cryptographic software. Metaverse is a virtual reality platform that employs blockchain technology to record vital information about users (like addresses).
These two names are frequently referred to as a form of cryptocurrency known as altcoins. These currencies operate within existing blockchains such as Bitcoin and Ethereum (or ERC-20 tokens) but have distinct characteristics or namesakes; consider them an extension of one blockchain onto another. These platforms are intended to be utilized in Web 3.0, the next web development phase following today’s Internet.
The Internet has already revolutionized how we communicate with one another and access information. Still, it remains highly centralized! Most communications occur through large companies such as Google and Facebook, and our data is stored on servers owned by these companies rather than by ourselves.
Web 3.0 intends to replace all of that: it will be decentralized, with no single organization managing anything on it. All of your data is saved on your computer rather than on someone else’s server.
First, you must comprehend what an ecosystem such as Metaverse would entail. Then, consider three major components: your identity, assets, and reputation/credibility.
Today, many individuals link their identity with an online username. Consider it a digital mailbox where others may leave notes for you (send you Ethereum). If a corporation gets your information, they can access your current amount of Bitcoin or Ether (this is what we call your assets) and facts on how much time you’ve spent mining cryptocurrency. These are all things that someone may potentially use against someone else to harm their reputation.
This is why it’s critical to be able to keep these parts separate and only communicate them when necessary. This is where blockchain technology comes in; because it is decentralized, no single organization holds any data, making it impossible for hackers or malevolent users to steal your personal information such as bank account numbers or credit card details. This means you’ll be able to securely store everything from social security numbers to passport information on public blockchains without fear of being hacked!
It also means that, rather than relying on passwords to safeguard your accounts, you’ll be able to use something called two-factor authentication. That point is when anybody attempting to get into your account needs something other than a password; often, this is something tangible, such as a piece of hardware or even a second passcode. With both pieces of information necessary before being granted access, hacking accounts becomes very hard. Even if someone obtains one piece of data, they will still be unsure what the other one is!
In short, you’ll need wallet software installed on your computer (or phone) that securely keeps all of your private keys behind layers upon levels of encryption.
Don’t forget to check our previous article where we explain Metaverse and how it works!
