The fact that the third generation Internet with the already familiar name “Web 3” is not just one advanced system, but is a multidimensional concept that covers many different segments is becoming increasingly clear. Internet Web 3, in fact, is at the very beginning of its journey, but there is no doubt that its underlying blockchain technology with its infrastructure can ensure the reliability and security of not only financial, but also any other decentralized solutions. Such innovation not only creates great opportunities for stakeholders, but also carries great responsibility for them. The fact is that infrastructure plays a significant role in a blockchain network, and any infrastructure needs to be managed. Infrastructure management means its periodic maintenance, support, and updating. It is obvious that all these actions require, first of all, competent specialists with knowledge in the field of Web 3 technologies and tools. In addition, infrastructure management processes are not cheap and require significant financial costs. That is why the assistance and participation of experienced web3 services specialists in such processes is a good option for users.
Blockchain through the eyes of an ordinary person
Let us remind you of the main principle of blockchain – all information that gets there will always be there. This information is completely stored in computers, mobile phones and other devices, as well as in nodes. Node is a kind of server, and this server, if desired, can be deployed by any user. Thanks to this, any person who has deployed a node will have access to any nodes of any company at his request. We can conclude that Web 3.0 is an Internet that will “live” not on servers located in a specific place and owned by certain people or companies, but in separate nodes and on the devices of the users themselves.
Often, when talking about a blockchain, it is visually represented as several connected blocks. This picture just reflects the meaning of the very name of this technology. But in fact, a blockchain is a network that is supported by many computers. For example, there are more than a million such computers in the Bitcoin blockchain. A specific program installed on each of them helps computers connect and synchronize with each other. Let’s imagine this program in the form of a book, each page of which is a separate block. At the same time, just like in a regular book, each “page-block” has its own number. And just like in a regular book, each “page-block” contains some information. This information is constantly encrypted by the program, i.e. looks like a set of characters which called “a hash”. A special feature of our blockchain-book is that on each of its pages, or, in other words, in each of its blocks, the program must indicate the hash of the previous block. This is necessary in order to ensure consistency and synchronicity in the appearance and storage of information. The information itself contains a traces of any interactions with the blockchain or, in other words, the traces of any transactions, such as, transfers, staking, etc. It should be noted that there can be several transactions within one block.
If we imagine the functioning of the blockchain in the form of a diagram, it will look like this:
- When new transactions appear, they are distributed between all computers in the network.
- Each computer forms a block from these transactions.
- Through mathematical calculations, each computer tries to find the hash of the block.
- Once the desired hash is established, the block becomes part of the network, and computers accept it provided all transactions are correct.
- Having received new data, computers begin to work with the next block, and thus the process continues constantly and sequentially.
Afterword
Returning to the beginning of the history of the creation of blockchain, we can conclude that this technology was conceived primarily as a way to facilitate the execution of various financial transactions, without the involvement of intermediaries or any central authorities. A great advantage of blockchain technology was the fact that in the blockchain network, when making transactions, only the participant’s wallet address is visible and the owner of this wallet remains unknown.
However, having declared itself as a promising innovation in the financial sector, blockchain technology is beginning to be successfully applied in other areas of human activity. Of course, its final triumph is still far away, but the blockchain philosophy is confidently winning its place in the web space. The decentralization approach is becoming increasingly attractive, which means that the use of the blockchain network by various companies, non-profit organizations, startups and even government agencies will only expand.
