Entering a Multichain-World and the Birth of Web 3.0

Entering a Multichain-World and the Birth of Web 3.0

The evolution of the blockchain fuels web 3.0 and we experience massive growth of the technology in recent months. It is still early for web 3.0, but its adoption is growing day by day and once all users across the globe become aware of the need for trust within the web, there is no way for web 2.0 to stay.

Web 1.0 - read-only, static

In web 1.0 users were connected to the internet and consuming data from it, but the style was more like “I am online”. For the first time in history, there was access to interconnected content within the web. In 1996 there were 250.000 sites published and approximately 45 million global users. Limitations were severe, as the content was somehow predetermined and the style was static consumption or so-called read-only. This means the ratio of consumers versus creators was very little. Users could do research or buy products.

Web 2.0 - read and write, dynamic

As the web got more advanced technologically and the style changed to “We are the web”, the feeling of the community pushed the development and users did not just focus on consuming, but also creating content. This means the ratio of producers versus consumers grew dramatically and also the users in sum.

In 2006 there were already 1 billion global users and 80.000.000 sites published. Web 2.0 became more integrative and motivated people to become connected and express opinions, share content, and connect with each other on evolving social media platforms or chat applications. It was also the emergence of collective intelligence, as people started using the web to exchange knowledge.

Evolution Web 3.0 - read & write & trust, verifiable

Now we are entering web 3.0, where users not just read or write, but are also able to track and verify data forever. This brings a totally new but very important feature back into the space which is trust.

According to research, people consume more than 50 percent of fake news daily by 2022, and web 3.0 is here to solve this. Web 3.0 does not just store data but also verifies and makes the process publicly available for the global community. This enables a new form of verification. The web is now used by approximately 4 billion users. To give you an idea of what makes web 3.0 unique, we will address some points in greater detail.

  • Semantic Web

The semantic web provided content that is well connected and provides data and information in its context. This means the web and its search engines focus on information and context clusters rather than unique keywords or numeric values. An example would be a good search result on “What makes the Reef ecosystem unique?” rather than just typing Reef to get a bunch of results containing this specific keyword.

  • Artificial Intelligence

As artificial intelligence is evolving, computers can now understand information like human beings with the ability of natural language processing. This enables a new form of communication within the web, as devices to not only understand the written text but also spoken language, which enhances usability and user experience by interacting with the web.

  • Ubiquity

More devices than ever are entering the market all having one thing in common - they are all interconnected within web 3.0. The world today has approximately 46 billion connected devices by the end of 2021. Every device will be connected to the network and contents can be accessible by various applications from every place in the world. The adoption of 5G will enhance the strength of connectivity even more and create faster data queries which will also support the user experience dramatically.

  • Enhanced Connectivity

We already mentioned the enhanced connection of data, but we will also experience better connectivity of users with semantic metadata in use. Semantic metadata does not only provides facts about information (name, price, land of origin, producer) but also information like “Who is looking for it?”, “What similar products?” or “Where and how to access it?” (source: ontotext)

  • 3D Graphics

As technology like virtual reality or augmented reality is evolving the web 3.0 will offer more realistic and natural-looking graphics, which will be extensively used across web 3.0 applications. Developments like the metaverse will boost this trend and create a virtual world that is close to reality.

  • Peer-to-Peer Network

The central idea of web 3.0 and DeFi is decentralization. This means the web becomes decentralized without the need for centralized authorities that own or govern user data, justify access or demand fees. It changes the way issue of single points of failure and enhances trust in the network, as information is not governed centrally and transparency becomes real. We will also experience peer-to-peer networks that enhance user experience in fields like for example streaming, like Media Network or Theta.

  • Distributed Ledger Technology & Blockchain

The fundamental infrastructure of web 3.0 will be blockchain technology as this concept proves to be unique and supports trust and transparency. The key features are decentralization, community governance, immutability, and the ability to create digital ownership that is unique and trusted. The evolving technology will support all the above-mentioned trends and power the applications that shape the web 3.0.

Multi-Chain-World

As web 3.0 is evolving, so does the blockchain infrastructure that powers decentralized applications. Many ecosystems are evolving and neither Bitcoin nor Ethereum is the only big player anymore. We experience many custom-purpose build chains, parachains, and bridges that enable blockchains to interconnect. Still, for DApps and enhanced protocols, coding documentation, code language, and community Ethereum remain the biggest player within the crypto space, and being compatible with it supports the usability and overall experience.

Reefs fully EVM compatible infrastructure

Reef is not just another EVM chain. Reefs EVM implementation is extensible. For example, Reef can make native on-chain oracle results available to smart contracts in EVM. Also, Reef Chain itself is modular and allows for the addition of new, improved virtual machines in the future.

To be part of the future and stay relevant, it is very important to be developer and user-friendly. This is why EVM compatibility is one of the most important features of blockchain today because it allows DApps to migrate easily and developers to easily use the language they are used to - Solidity. So the beauty of EVM-compatible chains is that as a Solidity developer, you can use all your familiar tools, documentation, and active communities built around those tools. This drives the adoption of the chain and the underlying technology and makes the Reef ecosystem very flexible.


About  Reef

Reef is building Reef Chain, a DeFi blockchain built using Substrate Framework. Reef Chain provides high scalability, enabling almost instant low-cost transactions, and supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without any change in the codebase. Our vision is to make DeFi easy for everyone to invest in and build DeFi applications on top of Reef Chain.