Web3 describes the next step in the evolution of the web. In our next BLOCKCHANCE Online LIVE show, we want to explain the architecture and promises of Web3 and the contribution of The Graph to its development with Nader Dabit, Developer Relations at The Graph and Edge&Node. Join live on YouTube on June 9, 5 PM CEST.
The evolution of web
While Web1 can be described as the read-only web with mostly static content, the current Web2 is an interactive and social web. Basically, anyone can create and distribute content and you don’t have to be a developer to participate. But Web2 has some limitations and different structural mistakes that systematically lead to a discrepancy between the users wants and needs and the actual development of the application. Most applications in Web2 go through a similar life cycle: it starts with a great idea and has a growing number of users. Then at some point venture capital is needed to finance further growth. At this point, the intention of the financier – getting a return of invest that multiplies the sum by a factor 10 or more in a short period of time – collides with the development of sustainable growth. The worth of the network will be cashed out by that time, mostly by either advertisements or selling personal data.
Users in Web2 are demanded to accept that companies like Facebook, Google or Twitter sell their private data to advertisers to use the „free“ services. Also, the data is highly centralized making it a honeypot for hackers. The centralized structures of Web2 are not only problematic in terms of breaches. Especially in countries with a low freedom of speech it also allows governments to persecute political opponents, freeze accounts in centrally controlled banks or even shut down the whole internet.
Web3 and the promises of a decentralized web
Web3 aims to overcome many of those problems by fundamentally rethinking the architecture and structure of interaction between users and applications on the web.
The core difference between Web2 and Web3 is decentralization. Still, there are some other key characteristics for Web3 such as: self-governing, permissionless, trust-less and verifiable. Web3 applications mostly run on distributed and decentralized networks of many peer to peer servers (blockchain technology) instead of centralized servers. That allows fundamentally different participation for users on the Web.
The Graph provides the infrastructure for web3
The Graph provides infrastructure for the DeFi and broader Web3 ecosystem. It is an indexing protocol for querying data for networks like Ethereum. It allows anyone to build and open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. The Graph provides a hosted service to make it as easy as possible for developers to get started building on it. To date, over 3,000 subgraphs have been deployed by thousands of developers, for DApps like Uniswap, Synthetix, Aragon, AAVE, Gnosis, Balancer, Livepeer, DAOstack, Decentraland and many others.
Blockchance live with Nader Dabit & The Graph
We want to explain further how Web3 is evolving, what key characteristics differ Web3 from Web2, which applications are ready for mass adoption and how Web3 applications are developed. Join our next live show with Nader Dabit, Developer Relations at Edge&Node and The Graph to gain an understanding of the future of the Web.
Live on YouTube, June 9, 5 PM CEST.
Be part of the (r)evolution.