At present, not everyone is clear or fully understands what actually Web 3.0 or Blockchain, or Metaverse is. Peak Blockchain expert, Garvit Taneja got a chance to interact with one of the experts in the industry of blockchain, crypto, and metaverse, Vijay Dhanasekaran, Chief Blockchain Consultant and advisor at Blocknetics. Peak Blockchain analyst, Garvit had one on one conversation with him and asked him the basic questions on the subject that everyone, no matter if they are part of the industry or not, must be aware of.

Everything evolves with time and adopting and accepting the new is the key to growth. Be it for an individual or for a big tech giant, or a corporate firm, everyone seeks a novelty. We have come from an era of Web 1.0, and today, we live in the era of Web 2.0 yet are slowly and steadily trying to understand and adopt the era of Web 3.0. 

Going forward, understanding the basics of these new technologies and terms in the age of information is as crucial as understanding how online payments or the internet works in today’s world.

According to Vijay Dhanasekaran, Web 3.0 in simple terms is the kind of evolution in the world of the internet, where the focus is more on how users can own their content, digital assets, creations, online identity, and data unlike Web 2.0.

First, he explained Web 1.0 by saying, “I’ll go back in history, the 90s era, where we had a very basic internet – companies push content in the web and we just used to consume (read and watch), so we call it as web 1.0, we had platforms such as Netscape and Yahoo, where we can just access our email or news or information on the website, which were usually being pushed by the big Corporation, who owns the internet at that point in time.”

Further, he explained, Web 2.0, “Then fast forward, the second wave of the internet came after 10 years we had the next generation of the Internet that uses platforms like social media, blogs, and mobiles, a big transformation took place, a two-way interaction was possible, now you are not just a spectator or an audience, but now any individual can choose to be a creator, or publisher.”

Finally, he gave a guide on what Web 3.0 is, “Now we are entering into a rock that is called Web 3, the primary motivator for this is not just a two-way interaction (read, watch or write, create) but to own the data and content one creates, which is not there in Web 3.0, usually, in Web 3.0 the data is owned by the big corporation and the platform moderator. One can also monetize their content and data.”

The transition from Web 2.0 to Web 3.0 will occur in phases, “it will complete a changeover but maybe we just look at uh easily fixable things and try to leverage that for web 3, initially but over a period of time it’s going to change the entire uh ecosystem,  uh and new use cases and new utilities new services are going to, many companies are exploring it. There will be a success as well as failures.”

The Chief Blockchain consultant Vijay spoke about Metaverse and Blockchain, as well as smart contracts, and how they can bring evolution in each and every industry.

Garvit Taneja questioned him, which industry that will be benefiting the most through the DeFi adoption and Blockchain.

 Vijay Dhanasekaran claimed that a lot of change is happening at the moment, many financial institutions like banks have already started to adopt blockchain technology, and even in the healthcare sector it can bring a drastic change, other industries that benefit from the new technology are supply chain management, gaming, and entertainment.

From the regulatory perspective he said, “As we are at a very nascent stage, many governments and authorities are observing it, however, some are even adapting and also catching up with it.”

There’s a lot of interesting information and knowledge has been shared by Vijay Dhanasekaran. To learn more in detail, watch the full podcast

d nature of the internet to maintain their anonymity and to resist the repercussions of the attack. However, the decentralized,  trustless, and consensus-driven nature of blockchain technology makes it automatically irrepressible to attacks.

One of the recent examples of one of the largest cyberattacks is the one that Google disclosed in October 2020, which it encountered in the year 2017, and mentioned as distributed denial-of-service (DDoS) attack of foreign origin.

According to Max Ee, “In a traditional cyber security system, we usually have one central point of failure, for example, if the hacker is able to access the central database, he can get access to all the clients, or if he brings down one single server, the entire application can fail to perform. However, with blockchain, being a decentralized technology, right now, there is no one central point of failure and it’s actually difficult to bring down the whole network unless the entire internet is shut down.”

He explained the other characteristics of blockchain technology by claiming, “Blockchain has another characteristic, i.e, immutability, which means that transactions on the blockchain technology aren’t changeable right now, although, a few fundamentalists will argue on that as there were some hiccups in the past decades of Bitcoin and Ethereum. However, all the transactions posted in the blockchain are publically visible, and transparent. One cannot change the records as we have the liberty to do so with the traditional systems.” 

Blockchain solutions, such as Bitcoin, that utilize proof-of-work validation functionality, make it more difficult and expensive for hackers to hijack or manipulate ledger transactions.  

In various blockchains or distributed ledger technologies (DLT), usually, the data is stored in blocks, and all the transactions or bundles of transactions that happen across the technology get stored in the blocks. A new block connects to all the previous blocks in a cryptographic chain in such a manner that it becomes impossible for any hacker to manipulate it or anyone to tamper with it. A consensus mechanism validates and agrees upon all the transactions within the blocks to ensure that each transaction is true and correct.

The new world requires new ways to fight the attackers. Cybersecurity is a growing concern around the world, especially among law and policymakers, geopolitical leaders, regulators, and even big or small enterprises. As long as the cyber world is growing, so does cyberattacks. Whether the attackers are politically or financially motivated, the results are always catastrophic and the effects are sweeping.  

To listen to the complete podcast click on the link below.