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NFT & Web-3: Over the next few years, People will gain more control over their personal information!

Information | NFT | WEB-3 | 3rd December 2021 | Virtual Wire

 

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Joe Lubin, Canadian entrepreneur and the owner of ConsenSys, stated that “companies such as Google, Facebook, LinkedIn, Twitter, Instagram, etc., treat people as a product by controlling their information.

In each update, they add to the information, and thus, keep us sellable”. They have been very useful in the past years and helped us a lot in many areas. But, we believe people deserve to be seen as people and not as products or a source of income. In this article, we will be exploring the effects of NFT and Web 3.0 on our future lives. If you don’t know what NFT and Web 3.0 are, don’t worry about it. We will have a brief look at their meaning and also their history.

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Allow me to start with one of the hot subjects of these days people going crazy about:


Most of us have heard about this word before, and many of us know what it means. This part is just a simple explanation about NFT, and if you think you know everything, you can easily skip to the next part.



NON-Fungible Tokens

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It might be easier to say Non-Replaceable Tokens instead. Let me explain this with an example: chewing gums are available in almost every store, and they are identical and replaceable. You chew one gum today, you will chew another gum tomorrow, and there will be no differences between them. But, what was so special about the chewing gum sold for 456,000 Euros?!?!? Sir Alex Fergusen’s last chewing gum was sold in an auction with the unbelievable price of 456,000 Euros.


The thing that made this chewing gum so special was two things: 1) the great Sir Alex Fergusen chewed it. 2) Fergusen chewed it in his last ever football match as a coach. So, this chewing gum is valuable, and it is Non-replaceable (Non-Fungible). If this chewing gum was tokenized, it could have been an NFT. However, by buying this NFT, you will not take hold of that gum, and it will be someplace else. You will be the sole owner of that Token which is based on a Blockchain such as Ethereum and contains specific codes and transactions about that Token.



Web 3.0

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The internet, like any other technology, has progressed through the years. You may ask what will the internet look like when updated to Web 3.0 or what is wrong with Web 2.0? The answer to both questions is nothing! Nothing is wrong with Web 2.0, and nothing will change by its update to Web 3.0. Web 3.0 is based on Blockchains, and it is decentralized, meaning that instead of letting big companies such as Google, Facebook, and Youtube monitor our data and decide on the censorship, monetizing, and showing proper commercials for us.


People are the only ones who can manage their personal information and data. Personal information can no longer be used to understand people’s interests and for selling properties to them. In Web 3.0, each person’s information is registered on a blockchain which will be made only once and can be used in every site based on blockchains or Web 3.0.


Let us compare these two versions of the Web with their processes:


Web 2.0 Process

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Let’s imagine you want to reach www.mask.io. The following shows the simplified process of what happens when you write the URL in your web browser and click enter:

  1. The web browser goes to the DNS server and asks where does www.mask.io points to?

  2. The DNS then shows the way to maks.io location on the databases.

  3. The site will be shown to you.

This is perhaps the simplest way to show what happens in Web 2.0. The problem with this process is that companies are monitoring our data and using it for making money. Also, it is not very clean privacy as we saw that Facebook, for instance, has sold its users’ information for a very high price.



Web 3.0 Process

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To access Web 3.0, you need a Web 3.0 browser such as Brave or a Web 3.0 extension such as Metamask that could connect to your crypto wallet. In this manner, let us see what happens when you search a Web 3.0 website in the browser:

  1. With the help of your crypto wallet, the browser will go to a decentralized DNS asking: where does this Web 3.0 URL points to?

  2. The DNS might navigate you to an IPFS link where all files might be stored.

  3. It will direct you to backlinks that are stored on blockchains.

  4. Then it will all come back to you, and the browser will show you the website.

As you can see, it all works like Web 2.0 websites. The difference is not at the beginning and the end of the process. The profitable part is the middle part, where your data and the website’s data are stored on a blockchain. This means all the data are held securely, and no one can access them without the person’s explicit consent.



NFT & Web 3.0, Threat or Opportunity

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Now that we know what NFT and Web 3.0 are, let us talk more deeply about them. Until now, we understood that both NFT and Web 3.0 are based on blockchains. So what are these new technologies’ benefits? Is there any possibility of fraud? Are they a threat to climate? NFT, as you might have understood, is mainly based on the approval and taste of people. Also, most tokens are about art and people’s liking. For example, NBA’s top shot NFTs are among the most famous ones that people have spent more than 320 million dollars for them.


Furthermore, one of the most interesting things sold as an NFT was the first tweet ever tweeted on Twitter which was sold for about 2.9 million dollars at the time. Other examples are the Cat gif NFT sold for $580,000, and the Beeple sold for 69 million dollars. It is a very hot market where people are making money. This is so beneficial for artists, especially as they have not received what they deserved most of the time. It is also very helpful about the authority of that Token which can be anything valuable. However, there are some concerns over this technology as there are opportunities for fraud to happen.


When the Item is being tokenized, the person doing it might not be the actual owner. Also, if servers go down, unfortunately, everything goes down with it. About Web 3.0, it has magnificent potential, and it is the next generation of the internet. It gives the users a lot more privacy, a digital identity, no one can ban you, and no one can take you down. In the next generation, everything will be normal. They will only be decentralized, meaning that no company will be in charge of storing the data.

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Multiple companies are working in this area, such as Cardano, Civic, and ontology which are working on the concept of digital identity, or Twetch and Steem working on blockchain-based social media. In addition to them, mask is working on encrypting messages on a blockchain. FileCoins is working on a blockchain-based dropbox. IPFS is working on data storage on blockchains, and ENS is working on naming blockchains and wallets in a human form. Also, IOTex is an important player in this technology. It lets the regulation of trusted information exchange be on a blockchain.


Web 3.0 will experience no failure and no restriction due to the structure of the blockchains. It is much more democratic than the current network, meaning that more people can create content without being monitored. Also, due to the data being stored on a single blockchain used all over the internet, it will be much safer. Therefore, there will be no mediator company profiting from our identity.

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You may ask then, why is it not viral yet? The answer is simple: people are scared of crypto-based items and things. People are afraid of things they cannot understand, and we all know crypto technology is one of the hardest concepts these years. What we should tell people is that everything will be normal with the progression of the internet. It is only the backstage that is changing.


However, it is undeniable that crypto technologies use a lot of energy, and consequently, more greenhouse gasses are produced. Therefore, the improvement of blockchains technology could mean the overall temperature of the world could go higher. However, the amount of energy used for the production of blockchains is different for each blockchain type.



Overall

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Blockchains are the means of progression, and this progression has a price. It is not a very strange thing in our history. The advancement of science mostly began in the industrial revolution, which totally started the temperature increase. I am not saying that this price has to be paid, but I am saying that it is inevitable.


NFTs, Web 3.0, and also Defi are only the scratch of this technology. But they are also becoming the pillars of future technology. Every day, engineers are finding a new application of this tech. Web 3.0 is mostly about securing our data in the time of such advanced techs.


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