Characteristics, applications and security issues of web3.0

Features

Web 3.0 (also known as "Web 3" or "Semantic Web") is the next phase of the Internet, aiming to build a more intelligent, decentralized and user-friendly web. The main contents of Web 3.0 include the following aspects:

Decentralization

The goal of Web3.0 is to transform the Internet from a centralized architecture to a decentralized architecture. This means users will own their data and identities rather than have them controlled by big tech companies.

Intelligent

Web3.0 will use artificial intelligence and machine learning technology to provide users with a more intelligent and personalized experience.

openness

Web3.0 will be an open platform that anyone can participate in building and using.

1. Open technology standards : Web 3.0 encourages the adoption of open technology standards, which means no reliance on proprietary technologies or closed platforms. Open technology standards enable different developers and organizations to share data and functionality across different applications and platforms without being restricted by technical barriers. This helps foster innovation and reduces dependence on a handful of large tech companies.

2. Decentralized architecture : Web 3.0 advocates decentralization, which means no longer relying on a single centralized server or intermediary to manage data and interactions. Instead, data and services can be distributed across multiple nodes of the network, and users can more freely access and share information without being restricted by a single point of control. This enhances openness and reduces monopoly at a single point.

3. Data openness : Web 3.0 encourages data openness, giving users better control over their data and the ability to choose to share it with other applications and services. This can be achieved through the use of open data formats and APIs (application programming interfaces), enabling different applications to collaborate and share data with each other to provide richer functionality.

4. Open access and participation : Web 3.0 attempts to achieve a more open access and participation model. This includes decentralized applications and platforms that allow more people to create, access and participate without restrictions. This encourages wider collaboration and innovation and promotes openness.

5. Open protocols and interoperability : Web 3.0 promotes the use of open protocols that can span different applications and networks to achieve more interoperability. This openness helps different systems and technologies work with each other to provide users with a more seamless experience.

Semantic

Web 3.0 aims to better understand and process information on the web. This involves semanticizing data so that machines can better understand and process text, image and video content. This helps build smarter search engines and applications.

Trustless

The use of blockchain and cryptography helps build trust, eliminating the need for middlemen to verify transactions or information. Smart contracts are a classic example, they can automatically enforce the terms of a contract without the need for third-party intervention.

Data privacy and security

Web 3.0 focuses on the privacy and security of user data. Users will have more control over their data, choosing what data to share and with whom. Encryption and decentralized storage technology help protect user data.

Go to monopoly

Web 3.0 attempts to reduce the monopoly of Internet giants and encourage more competition and innovation. Decentralized applications and platforms can provide more choices and reduce dependence on a few large companies.

The de-monopoly of Web3.0 is mainly reflected in the following aspects:

• Data ownership : Web3.0 will use blockchain technology to record users’ data, which will allow users to have full control over their data. Currently, user data is mainly controlled by large technology companies. These companies can use user data for advertising, user profiling, etc., thereby making huge profits. The emergence of Web3.0 will break this monopoly and allow users to control their own data, thereby better protecting user privacy.
• Digital identity : Web3.0 will use digital identity to verify the identity of users, which will provide users with a safer and more convenient online experience. Currently, when users use the Internet, they often need to provide personally identifiable information to multiple websites, which poses certain security risks. Web3.0's digital identity will solve this problem, allowing users to provide authentication only once to use multiple websites and applications.
• Smart contracts : Web3.0 will use smart contracts to automatically execute transactions, which will simplify user operations and improve transaction security. Currently, users need to provide guarantees or pay handling fees to third-party institutions when conducting online transactions. Web3.0 smart contracts will eliminate third-party institutions and allow users to conduct transactions directly, thereby reducing transaction costs.
• Decentralized applications : Web3.0 will support decentralized applications (DApps), which will run on a decentralized network and are not controlled by any central authority. Currently, most applications on the Internet are developed and controlled by large technology companies, which can modify or shut down applications at will according to their own interests. Web3.0 DApps will break this monopoly and allow users to choose and use applications by themselves.

Cross-chain interoperability

Web 3.0 connects different blockchains and networks to achieve broader interoperability. This helps digital assets and information flow between different networks.

1. Multi-chain environment : The Web 3.0 era will contain multiple different blockchains and distributed ledgers, not just a single blockchain. Each blockchain may have its own rules, protocols, and features. This multi-chain environment allows users, applications and assets to exist on different chains, but also raises interoperability challenges.

2. Cross-chain interoperability : Cross-chain interoperability refers to the free flow and interoperability of data and assets between different blockchains. This includes data exchange, asset transfer, smart contract collaboration, etc. between different blockchains. The goal of cross-chain interoperability is to break down the isolation between different blockchains so that they can work better together.

3. Relay chain and side chain : Relay chain and side chain are technical means to achieve cross-chain interoperability. The relay chain is an independent blockchain that acts as a bridge between different blockchains and is used to transmit and verify cross-chain transactions. A side chain is a chain attached to the main blockchain that can process certain types of transactions and then report the status of these transactions to the main chain to achieve cross-chain interoperability.

4. Cross-chain protocol : Cross-chain protocol is the rules and standards for communication and exchange of information between different blockchains. These protocols include cross-chain smart contracts, cross-chain communication protocols, and asset anchoring protocols, etc., which define how to transmit and verify information between different chains.

5. Cross-chain applications : Cross-chain interoperability enables developers to build applications that span multiple blockchains. These applications can leverage data and functions on different chains to provide richer and more complex services.

Go to network block

Web 3.0 pursues a more open and barrier-free Internet, helping users bypass network blockades and censorship and achieve the free dissemination of information.

Technologies involved

smart contract

Smart contracts run on the blockchain to implement business logic and programmed transactions. Can be seen as backend code for decentralized applications

Blockchain

Blockchain is the cornerstone of web3.0, providing decentralized, difficult to tamper, and trustworthy underlying technical support. The main public chains include Bitcoin, Ethereum, etc.

Decentralized applications

Called DApp, it is a decentralized application running on the blockchain and implements business logic through smart contracts.

Cryptoeconomics

Realize the incentive mechanism, governance and value distribution of decentralized networks through token economics design.

Distributed storage

For example, distributed storage networks such as IPFS can achieve privacy protection and censorship-blocking distributed data storage.

Encryption Algorithm

Including hash algorithms, digital signature algorithms, consensus algorithms, etc., which are the basis of blockchain and cryptocurrency.

original universe

Metaverse needs web3.0 as its technical foundation to provide support for blockchain, NFT, decentralized identity, etc.

Artificial Intelligence (AI)

AI technology plays an increasingly important role in Web 3.0, used to provide personalized services, automate smart contract execution and improve user experience.

Semantic Web and Knowledge Graph

Semantic Web technology helps to better understand and process information on the web, building knowledge graphs to provide smarter searches and recommendations

Privacy protection technology

Privacy protection technology helps users gain better control over their data and ensure their privacy on the web. This includes decentralized identity, anonymous transactions and data encryption

Quantum computing

Although still in the research stage, quantum computing could have a significant impact on Web 3.0 security and cryptography, so its development needs to be considered

Decentralized Autonomous Organization (DAO)

DAO is an organization based on smart contracts, and its rules and decision-making process are jointly determined by the code and community members holding tokens. They represent a decentralized governance model.

Cross-chain technology

Cross-chain technology allows the circulation and interoperability of data and assets between different blockchains. This includes relay chains, side chains and cross-chain protocols

Advantage

• Improve user privacy and data security : Decentralization means that users’ data will no longer be controlled by large technology companies, which can help protect users’ privacy and data security.
• Increased user control and engagement : Decentralization and openness means users will have more control over their data and applications, which can increase user engagement.
• Create new economic opportunities : Decentralization and intelligence can create new economic opportunities, such as digital currency, NFT, etc.

Specifically, Web3.0 will achieve breakthroughs in the following aspects:

• Data ownership : Web3.0 will use blockchain technology to record users’ data, which will allow users to have full control over their data.
• Digital identity : Web3.0 will use digital identity to verify the identity of users, which will provide users with a safer and more convenient online experience.
• Smart contracts : Web3.0 will use smart contracts to automatically execute transactions, which will simplify user operations and improve transaction security.
• Decentralized applications : Web3.0 will support decentralized applications (DApps), which will run on a decentralized network and are not controlled by any central authority.

Web3.0 is still in its early stages of development, but it has huge potential and has the potential to revolutionize the way we use the internet.

application

The following are some specific applications of Web3.0:

Decentralized Finance (DeFi)

DeFi is a blockchain-based financial service that allows users to conduct financial activities such as lending, investing, and insurance without a bank or other financial institution.

Decentralized Autonomous Organization (DAO)

DAO is a blockchain-based autonomous organization that is jointly managed by members without any central leadership.

virtual reality

Web3.0 will provide the infrastructure for the virtual world, allowing people to work, entertain and live in the virtual world.

Non-fungible tokens

NFT is a digital asset stored on the blockchain, which is unique and irreplaceable. NFT can be used to represent digital artwork, game props, collectibles and other assets.

game

Decentralized management and trading of game assets is achieved through non-fungible token (NFT) technology. Players can truly own virtual assets in the game. At the same time, you can create metaverse games governed by users.

Social network

Establish a decentralized social network that does not rely on centralized platforms, and users have ownership and control over data. Addressing issues such as data privacy, censorship and more

supply chain

Enhancing the transparency and traceability of the supply chain through blockchain technology will help brands build trustworthy products.

storage

Utilize decentralized storage networks, such as IPFS, to achieve safer and more reliable distributed data storage

content creation

Use NFT to protect creators’ rights and realize digital scarcity and value transfer of content

As Web3.0 continues to develop, we will see more and more new applications and services emerge.

Security issues associated with web3.0

Smart contract vulnerability

The core of Web 3.0 are smart contracts, which are self-executing computer programs that usually run on the blockchain. Vulnerabilities in smart contracts may result in loss of funds or incorrect execution of the contract. Common vulnerability types include reentrancy attacks, overflow vulnerabilities, and logic vulnerabilities.

Private key management

Due to the decentralized nature, Web 3.0 relies on cryptocurrencies and digital assets, which requires effective management of private keys to protect assets. Lost or stolen private keys can result in the loss of assets, so secure private key management is crucial.

Decentralized application vulnerabilities

Decentralized applications (DApps) are part of Web 3.0, and they can also have security vulnerabilities. This includes issues such as user data leakage, authorization vulnerabilities, and malicious code injection. Users need to take special care when using DApps to ensure they are safe.

Social engineering and phishing attacks

Attackers can use social engineering techniques to trick users into providing their private keys or other sensitive information. Phishing attacks are a common tactic in which attackers disguise themselves as trusted entities to trick users into leaking information or performing unsafe operations.

On-chain data privacy

Although blockchain is publicly verifiable, some Web 3.0 applications may need to handle sensitive data. How to protect the privacy of this data becomes a challenge. Technologies such as zero-knowledge proofs, homomorphic encryption, and multi-party computation are being researched and applied to improve the privacy of on-chain data.

Distributed Denial of Service (DDoS) Attack

Decentralized applications and networks can be threatened by DDoS attacks, where attackers attempt to overload a network or application so that it cannot function properly.

Compliance and regulatory issues

As the boundaries of Web 3.0 continue to expand, regulators and regulations are gradually evolving. Projects and users need to pay attention to compliance issues to avoid potential legal risks.

Insufficient smart contract security audits

Smart contract development often requires security audits to look for potential vulnerabilities. However, due to lack of experience or insufficient resources, some smart contracts may not be adequately audited, increasing security risks.

Malicious hardware and supply chain attacks

Attackers may attempt to attack Web 3.0 systems by planting malicious code in the hardware or supply chain. Such attacks are called malicious hardware attacks or supply chain attacks.

Cryptocurrency theft

Cryptocurrency is the core asset of Web3.0, and its value continues to rise, attracting the attention of hackers. Hackers steal users' cryptocurrency through various means, including phishing attacks, virus attacks, social engineering, etc.

Lack of supervision

Web3.0 is an emerging field and currently lacks a complete regulatory system. This provides an opportunity for hackers to take advantage of, and also makes it difficult to protect the rights and interests of users.

Node security

The web3 network relies on nodes to participate in maintenance. If the node is attacked and controlled, it will threaten the security of the entire network. Node deployment and management also require key protection