WEB 3.0 EXPLAINED
This week's community connect which happened to be the fourth edition hosted by Abia Tech Hub started at around 3 pm with TMK welcoming the guests and giving them an insight about what to expect in the event.
Immediately after that, Mercy took over from him and gave a brief introduction of the Hub, the services we render, and why the community connect which happens every forth-night was birthed.
She also threw the floor open to the attendees to give a brief introduction of themselves and interestingly, we had people from different fields ranging from Tech to engineering even to the medical field amongst many others that were present at the event.
Additionally, TMK started the conversation by asking how many people had an idea of the concept of WEB 3.0. And NFTs
TOPICS OF DISCUSSION
The first topic TG started with was the concept of WEB 3.0 and why and how it started he also chipped in that there is also a concept called Web 4 but our major interest was Web 3, he gave a little insight about how the internet came about in the year 1954 with some group of guys from the US military who created the internet so as to be able to store data to avoid loss he also went ahead to educate that it was Steve Jobs that first invented the personalized computer but was taken from him by the military and sold and that was how the internet started but then people could only send messages through a console.
Moving forward he stated that it was Tim Berner Lee who invented Web 1 and that it was the first generation of the internet where you could only watch videos and type.
Then In the year 2000 Web 2 was birthed and that was how Facebook, youtube, and LinkedIn kicked off, so people started to make videos online and post but then there was a problem with the web 2 which was the fact that it was centralized which meant that it was controlled by one person.
At this point, Dave took over from TMK and further explained the difference between Web 2 & Web 3 he spelled out that DNS is a system that marks domain names that we can explain and that it is the major difference between the two webs. He also further explained the meaning of single-point failure which means that it is one person against the users so if the app shuts down, the money and data is gone which was the concept of Web 2 but with Web 3 you can control your own wealth, or content it is decentralized which translates to it being user-owned content.
In addition, he talked about DLT which means Distributed Ledger Technology, Bitcoin which is a digital currency, and blockchain, he said the same people introduced Bitcoin and Blockchain, Blockchain means an immutable ledger technology which means that once data is added there it cannot change.
TMK, however, asked how our information is tracked since the communication is end-to-end encrypted and Dave answered that they do not have the capability to track conversations because they are end-to-end encrypted and that they can only track data such as pictures and videos.
He also stated that there are two different types of end-to-end encryption which are;
Mr. Fortune asked that blockchain be further explained to him and Dave again replied that Blockchain is a decentralized immutable network and that in a decentralized network, data is boxed in a box of all boxes which is the blockchain.
He also elucidated the difference between blockchain and bitcoin.
Blockchain removes trust and makes us live in a trustless society while bitcoin as a currency depends on people having the need to use or own it.
Mercy also asked how decentralized Web 3 is, being that a lot of people on social media still complain of their accounts being hacked.
Kelechi answered her by explaining that everything boils down to end-to-end encryption.
Dave then started to summarize by delving into the meaning of NFT and what it is about. Meanwhile, NFTs are non-fungible tokens.
We ended the event with some light refreshments
please do well to join us on the next In the next edition.