The characteristic of the Web 3.0

The core value of the Web 3.0 is to make a shift of power from “the centralized platforms take all profits” structure to “the compensation for every participant” structure.

Bitcoin, the first-mover and the leader of blockchain technology, currently has more than 40,000 nodes on its network and processes more than 30 billion US dollars in transactions per day, proving that applications can be run in a massively decentralized system without compromising security. Additionally, Ethereum, besides its transactional feature, was developed and successfully used in various ways to allow participants to deploy verifiable code that executes on each node.

The programmable blockchain shown above is now considered as an ideal decentralized platform to serve as an infrastructure for the distributed Internet.The platform is growing rapidly by forming an ecosystem with nearly 7,000 distributed applications(Dapps) which do not require the availability of specific entities.It also provides enhanced flexibility in order to offer the best service to global users in various judicial areas.

Distributed systems are inherently different from centralized systems. With distributed systems, data and processing of data cannot be concentrated on a particular party or company.

In the Web 2.0 Internet environment, there are several steps to prepare such as setting up a server and exposing it to the Internet in order to host a personal blog. For example, a user used the service platforms such as WordPress, Ghost, Notes, or Twitter to open a personal blog and those companies stopped the service, the blog would disappear and other users would be affected. However, for example, hosting a blog in a distributed method through the IPFS, it enables delivery of a service from multiple locations operated by different entities.

Additionally, each participant in the network can choose what to host and whom to provide information for, thereby providing different content for different subjects.The control of the shared object can be managed by the creator of the content; this is the core principle of decentralized ID. The blockchain technology is utilized to provide a safe cross-platform ID service. This is fundamentally different from the verification system such as OAuth 2.0, which relies on centralized service to evaluate someone’s ID.

Each participant in a decentralized web holds a secret key to identify each other. In the Web 3.0 environment, they have their own data and optionally share it with each application in accordance with their interaction.Therefore, it is also possible to validate their interactions using the system. For example, if a person received a decentralized identifier(DID) in a college, the enrollment of that college can be proven without having to contact it again.

This is the most important topic of the NFT frenzy that proves the ownership through a shared source of trust. Blockchain-based NFT serves as a medium for transferring ownership. This information can be publicly certified and updated through blockchain. If the public key is under the control of someone and it states the ownership of a certain NFT in the blockchain, the ownership can be proven in other platforms by the referral.For example, a picture of a cat is one’s social media profile photo, it can be proven that the cat is connected to his/her public key.