Web3.0: a decentralized and open internet is coming

Oct 14, 2021 Blockchain

 

Web3.0 is becoming a hot topic recently, but what does it mean for the users and how will it work in real life?

Web3.0 is an overarching concept that refers to the next phase of the internet's evolution. If a few keywords were used to understand Web3.0, it would be humane, transparent, and secure. So how do we achieve these wonderful visions? In terms of data storage, decentralized distributed storage is an important attempt.

To understand what this word is all about, we have invited the Overseas Marketing Director Leeny Lee from Anmai Cloud MatrixStorage to share her insights on this issue on October 13.

 

The thoughts on the concept of Web3.0

"Web3.0 is the third generation of internet services for websites and applications that will focus on using a machine-based understanding of data to provide a data-driven and Semantic Web. The ultimate goal of Web3.0 is to create more intelligent, connected, and open websites."

Indeed, when it comes to Web3.0, these keywords like user-centric, transparent, safe, and data will naturally come to our minds.

The definition of Web3.0 can be expanded as follows: data will be interconnected in a decentralized manner, which will be a huge leap forward for our current Internet, where data is primarily stored in centralized repositories in Web2.0.

Just as we mentioned in the article Why does decentralized technology matter in the Web3.0 era?, in the second decade of the 20th century, the "five global clouds" represented by Amazon, Alibaba, Microsoft, and Google have greatly simplified the process of going to the cloud and increased the speed of digitalization by building large data and cloud computing centers in various places.

And one of the notable trends is that the centralized IT infrastructure, represented by cloud computing, will inevitably be replaced by a new model of distributed and decentralized computing.

 

The real "innovation" of Web3.0

Web3.0 is a shift towards a more democratic Internet, manifested by the interaction of decentralized encrypted networks, artificial intelligence, AR/VR, and other new technologies.

In Lee's view, she thinks that Web3.0 may not refer to the development of a particular technology, but is defined by how humans perceive and advance the transformation of the Internet.

Along with the application of 5G, we have fully entered the era of the Internet of everything, that is, the era of massive data storage and the data is growing every day. So the privacy, security, and value of data are especially important.

However, as this evolution continues, the disadvantages of traditional centralized storage have started to emerge one by one, such as high cost, low security, slow transmission, and easy leakage.

So, distributed storage is an important infrastructure in the Web3.0 era, which may accelerate the digital transformation process of related industries.

"We believe that the increase of data volume is inevitable. In the context of new infrastructure in the digital age, the mutually beneficial impact of distributed storage projects is also significant. Meanwhile, decentralized storage will be crucial to the innovation of Web3.0. With this, decentralized storage will become a commercial model that provides real utility and can be aligned with Web2.0 by building up connection and becoming the pioneer of Web3.0 while generating economic value," she mentioned.

 

The targeted trillion-dollar market for distributed storage

Today's data access and transmission rely on the Internet protocol represented by HTTP (Hypertext Transfer Protocol). Data is then stored on centralized computer servers or mobile terminal devices. The servers storing the data thus have to bear the pressure of huge traffic access and data transmission.

The global cloud computing market sales were $295.76 billion in 2020, with a growth rate of 9.8%. According to the China Cloud Computing Market Research Annual Report 2021, the market size in China is expected to reach 367.05 billion yuan by 2023. Therefore, finding ways to transfer data beyond the HTTP protocol has become a real need and a trend.

In this part, Ms. Lee mentioned a new concept "IPFS" (Interplanetary File System). IPFS is a global, content-addressing, point-to-point hypermedia distributed storage transport protocol. It has the advantages of high security, extreme privacy, tamper-proof and permanent retention.

"IPFS is the base for the distributed storage network. As a deep participant in the distributed storage network ecosystem, our team(MatrixStorage) pays close attention to the official feedback from ProtocolLabs and knows that our storage projects are indeed taken seriously. And we always know that we can provide storage solutions that are more economical and more responsive to development needs, which is easier to expand the capacity, at a lower cost. Also, it's tamper-proof privacy secured, and not limited by a centralized giant."

And she also introduces some feature of IPFS that makes distributed storage safe and private:

1. It uses a multipart storage technique: making files be cut into chunks before being stored. Not even hackers can get the complete file.

2. It has a unique secret key, ensuring that only the user can view the content. File uploading and extracting can only be operated after the private key authentication.

3. The unique data CID is also important! Effectively preventing tampering. Any changes will be detected.

4. Point-to-point transmission. Users can specify specific storage locations and storage providers can set a whitelist mechanism to store only the data of target users.

5. Unique "consensus mechanism". All data transactions can be queried on-chain, storage providers will continue to provide storage proof. Once the proof is interrupted, providers will face high penalties. Which ensures long-term storage of data in IPFS.

So, Web3.0 is a technological revolution unlike many others and it is still a long road ahead until we reach it.

"The future is bright, but the road is 'tortuous'. So before we enter the next decade of technology innovation, we have to try to understand these new concepts." One of the participants said.