Initially coined by Ethereum co-founder Gavin Wood in 2014, the term Web3 has been making the rounds in general tech circles over the past couple of years. The vision is to move beyond the current Web2 order, which centralizes data, information, and authority to “Big Tech”, and instead decentralize these systems, platforms, and practices. It is an enormous undertaking that seeks to revolutionize just about every aspect of the Internet and our digital lives.
The foundations of Web3 are to be built upon blockchain technology and will share in many of the fundamental principles of decentralization, inclusivity, security, and integrity.
Vitalik’s “Endgame” Vision
Not many people in the blockchain industry command the same reverence as Vitalik Buterin. His incredible mental capacity, rich understanding, and visionary foresight have well and truly cemented his place as an intellectual authority. When Vitalik speaks, people (should) listen.
Earlier this month, Vitalik shared his thoughts on what a blockchain would have to look like to meet his standards in terms of trustless and censorship-resistant properties.
Different from most thinkers, Vitalik believes that the solution does not rest with any single blockchain. He envisions a multi-chain, multi-rollup, future in which rollups are an integral part of cross-chain migration and algorithms efficiently delegate transaction processing as part of a greater system. This system would effectively still have centralized block production, but with highly decentralized, trustless, and uncensorable block validation.
The Internet of Blockchains
Within the piece, Vitalik references his solution as being similar to the Cosmos Network multi-chain network, which consists of a decentralized complex of independent parallel blockchains, each powered by a shared consensus mechanism such as the Byzantine-Fault Tolerant algorithm, Tendermint.
Having avoided much hype around token price and “killer-dapps” in recent years, the Cosmos ecosystem has remained committed to providing key underlying infrastructure which will support a vast future network of applications. At each stage, Cosmos is designed to uphold principles of decentralization and data integrity whilst providing an alternative to the Ethereum network’s limitation ‘trilemma’ of scalability, usability, and sovereignty.
In previous interviews, Vitalik has also expressed his admiration for the Cosmos ecosystem, noting his respect for Tendermint and how many people are using and building on it, and putting Cosmos alongside Zcash as one of his favorite blockchains.
Cosmos for Web3
The financial vision of the Internet Revolution was for data to usurp oil as the world’s most valuable currency, but although this has since proven to be true for Big Tech, most of the rest of the world has been unable to truly benefit from the new system. Moving forward, access to data and information will be greatly impacted by the popularization of decentralized infrastructure, which will increase accessibility whilst granting sovereignty, control, and freedom in the digital world.
Before it can be used, however, data must be able to flow. Therefore, the initial hurdle to a Web3 decentralized global financial and entertainment system is in building the infrastructure to support it. The Cosmos Network presents an open and inclusive decentralized ecosystem that is already operational and ready to tackle the next challenges of Web3.