Kiran Pachhai, the development manager at the Elastos Foundation, an organization focused on the development of a “decentralized ‘smartweb’ project that allows users and applications to communicate through a peer-to-peer (P2P) network of nodes”, recently shared his insights with CryptoGlobe regarding Web 3.0 and its relationship with blockchain technology.
Web 3.0 & Blockchain Technology
Pachhai, a computer science and math graduate from the University of Colorado Boulder, first noted that blockchains are used to “establish trust between two entities in a way that it is safe, unforgeable, and completely independent of any third-party.”
At present, there’s no widespread consensus among tech professionals about what the new Web 3.0 communications standard encompasses. According to Pachhai:
Web 3.0 may refer to the modern internet that enables consumers and businesses to establish trust between each other, without any authoritative entity in a completely peer-to-peer fashion, so that the data and communication is completely secure.
When questioned about whether the development of the “Web 3.0” standard can potentially help cryptocurrencies become more usable and achieve mainstream adoption, Pachhai explained:
Cryptocurrencies come and go — it is very easy for anyone to create their own cryptocurrency for whatever purpose they have today. So, the focus should really be behind the technology that powers cryptocurrencies, which is blockchain.
Going on to elaborate on the relationship between blockchain and Web 3.0, Pachhai remarked:
Web 3.0 [can potentially] disrupt the entire [global trading] market [as it might transform] how assets and goods are exchanged between two entities, and blockchain ties everything together to form a smart contract that enables users to protect their data and privacy.
“Regular People Are Not Attracted To Cryptocurrencies”
Interestingly, Pachhai thinks:
Regular people are not attracted to cryptocurrencies at the moment. They are interested in what they can see and value, which is where blockchain comes in. Once the public knows the true value of what blockchain provides in a transparent manner, cryptocurrencies will become more usable, paving the way for mainstream adoption.
Elastos Carrier Development: Fixing Core Problems With Internet Infrastructure
In response to a question about the main purpose of the Elastos Carrier Development project, a P2P communications protocol, Pachhai said:
Elastos Carrier is a decentralized communication platform that enables two parties (eg. device-to-device, user-to-user, or user-to-device) to exchange data and information in a safe manner. There are core problems to the current internet infrastructure.The Elastos Carrier fixes a lot of these problems, and enables apps to use the Carrier in tandem with blockchain technology. With this combination, users can not only secure and own their data, but also secure their communication.
Decentralized Applications Cannot Be Shut Down
The [full potential of the] Elastos Carrier [protocol can be realized by] instant messenger apps and digital marketplaces. These types of apps will have no central servers or authority behind them, so there are no third parties involved. Businesses can be run autonomously, people can talk to each other safely, and the applications cannot be turned off by anyone. That is what truly decentralized applications do. In other words, no third-party can put up a roadblock or shut them down.
Responding to a question about the disadvantages of using the client-server model, which the current “web” uses, and how the “Web 3.0” model improves on this, Pachhai remarked:
The client-server model by itself does not have any disadvantages because it’s just a way to transfer data from one party to another. The problem has to do with the fact that the server is centralized and controlled by one entity, and the data stored in that server is owned by that entity — even if it doesn’t belong to them. Another issue is that because there’s one entity controlling the data behind the website, hackers may have more incentive to attack the servers, because if they succeed, they can get hold of the private and sensitive data of regular consumers.
Problems With Centralized Client-Server Model
Commenting further on other inherent problems with the centralized client-server model, Pachhai noted:
The third issue is that the company that controls this data can monetize the data or set up some rules that may not be in favor of regular consumers. The Web 3.0 model improves on this because it tries to address all three of those problems head on. First of all, there is no server that stores the user’s data. Instead, the data is split up and distributed [among] many machines. Even if one machine goes offline, the service is still online. Secondly, because the data is [distributed], hackers have less of an incentive to try to get into the system, because [not all the data is accessible from one location].
Even if the [hackers are able to get to all the data], they need the original user’s private key to access those pieces of data. Lastly, no company has control of users’ data because there is no company controlling any of these servers/machines. Users are also able to monetize their data however they want.