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What would it take for Web3 to fully replace Web2?

Web3 is a buzzword on everyone’s lips — but putting aside the geeky stuff for a moment raises a compelling question: Can these projects completely replace Web2? And what is preventing this from happening?

The likes of Google and Facebook were hugely successful during the Web2 era, generating billions of dollars in profits and greatly influencing the shape of the Internet. However, their continued influence is not guaranteed. The web’s 30-year history is littered with the demise of once-immortal corporations. MySpace is a prominent example.

Amid countless concerns about how user data is collected and used, as well as concerns that content creators are not being adequately compensated for their efforts, Web3 is pushing power to the masses. Even the Web2 giants are recognizing the potential of this new approach. It’s been almost a year since Facebook announced plans to change its name to Meta and focus on the Metaverse.

Web3 Startup’s vision and ambitions are admirable, but there are challenges to tackle. Critics rightly point out the enormous energy consumption of some blockchains, especially those based on his Proof-of-Work consensus mechanism. They argue that creating a level playing field online cannot come at the expense of the environment. With billions of dollars lost in hacks, there are also safety issues to consider.

For Web3 projects to reach their full potential, the infrastructure they rely on must have fully decentralized data management. This means eliminating reliance on centralized cloud providers such as Amazon Web Services. Owners also need to take control, and blockchains must be immutable, affordable and greener. Checking all these factors is not trivial.

Big ideas, worry about teething troubles

The Metaverse is touted as a trillion dollar opportunity by JP Morgan. It’s a silver bullet that could revitalize the music industry and reinvent the way we work and play. But before virtual worlds can truly go mainstream, thorny security and privacy challenges must be overcome. Lack of interoperability also hinders adoption. And while the early Internet was rather cumbersome, the metaverse has a long way to go before it becomes usable and intuitive. The aspirations of those who unknowingly use blockchain technology are still some way off.

And that brings us to some of the other use cases proposed for blockchain. Many entrepreneurs are adamant that these immutable ledgers could drag the healthcare sector into the 21st century. believe. This ensures that medical records are properly digitized and can be easily transferred between facilities. Here’s the problem. This is an industry with enormous amounts of data, and patient confidentiality is sacred. A huge opportunity lies ahead for networks that enable interoperability, immutability, security, transaction transparency, and sovereignty over healthcare data. With some estimates that his 10% of medicines in circulation are counterfeit, blockchain is nothing short of revolutionary when it comes to dealing with the massive amount of counterfeit medicines that exist in the field.

So… what is the answer?

Inery is a layer 1 blockchain that aims to tackle some of these burning problems by seamlessly connecting systems, applications and numerous networks. Its database management solution, IneryDB, champions high throughput, low latency, and complex query searches while ensuring that data assets remain in full control of their owners.

The team behind this Proof-of-Stake network is scalable, resistant to Sybil attacks, energy efficient, tamper-proof, and fast, with a new block created every 0.5 seconds and 1 It says it can achieve 5,000 transactions per second. All this without compromising security.

Inery CEO Dr. Naveen Singh told Cointelegraph: Activate a new paradigm of data accessibility. ”

Inery says it has already achieved many big milestones and is listed on Huobi. The network’s testnet is now live, and from GEM he has secured a $50 million investment commitment, as well as other contributions from the likes of Metavest and Truth Ventures. It has also attracted some high-profile talent. The founder of Orange Telecom currently serves as Chairman, with Apple’s former Global Vice President of Marketing joining as his principal advisor.

Moving forward, the project hopes to enter into strategic partnerships to unlock compelling use cases for its systems in more industries. The mainnet is expected to launch in the first quarter of 2023, paving the way for developers and users alike to properly discover what the future of Web3 should look like.

Disclaimer. Cointelegraph does not endorse any content or products on this page. While we aim to provide all material information available, readers should do their own research before taking any action in connection with the Company and take full responsibility for their decisions. Nor should this article be considered investment advice.

What would it take for Web3 to fully replace Web2?

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