Web 3.0 GAFAM attack?

The annual turnover of FAAMNG has grown in billions of dollars
between 2005 and 2020.
Source: Statista

Critics have spread against these data traders, perhaps too late because they are now considered stronger than some countries. If companies have amassed a lot of power, Web 3.0 is all about regaining some of that power.

The Internet is where new social networks and search engines emerge without any corporate leaders. Promised decentralization of power to users? This is the ambition of the new Internet age. A decentralized network powered by blockchain technology and its own distributed ledgers. Imagine it as a kind of public ledger where many computers host data that can be referenced anywhere in the world and by anyone. A public ledger of data operated by users collectively, not by a company.

Users who contribute to the system will then be compensated for their contribution and participation in the validation of operations on the blockchain. The process can be, for example, publishing a post on a social network, a request on a search engine or even sending an email to your favorite colleague and all this in an algorithmic way via the blockchain. Don’t worry, our computer creatures are here to do these calculations for us.

I am well aware that Web 3.0 can seem like voodoo, a remote digital utopia for the idea of ​​completely reinventing the Internet. But as with many technological disruptions, the first steps of these innovations are often associated with obscure projects such as terrorist financing or money laundering, and thus are little advertised on radio waves or television channels, or if they do, they are, they are . It is rarely for their own good. Web 1.0 did not escape these criticisms in the 1990s, and cryptocurrencies democratized the technology that underpins Web 3.0, the blockchain. Despite the widespread criticism of cryptocurrencies, attacks from all sides by central bank gunfire and a certain number of media outlets, the blockchain seems to be almost unanimous on the technology presented, generating a lot of new money. business model.

It must be said that the architecture of Web3, and implicitly the blockchain, fits perfectly into the ethical concerns of consumers, namely: restoring confidence in the security of personal data, respect for privacy and transparency of information. By using a blockchain network, made up of decentralized nodes (by deformation, connected computers) capable of validating transactions secured by cryptography, we can do without central entities. By extension, we can consider the following example:

A message from Romain to Roxane regarding a decentralized blockchain messaging app: “Hello, how are you?” => Encrypted message on the blockchain:

(general title, roman)

(coded message: “Hello, how are you?”)

(public address, Roxanne)

We understand that at the same time, we can keep our identity private and that in addition, our interactions are anonymized and not anonymous, allowing for traceability, avoiding excessive data retrieval and commercialization. as it is now.

We will dedicate a specific article explaining the process of generating the public address, which includes various functions, such as the generation of the private key and the public key. But it must be remembered that it is possible to trace the actions of each public address, but without knowing the content, since the creation of the blockchain. Here, it is about showing the anonymous side of individuals on the blockchain, not anonymity as some critics suggest. Although some blockchains are anonymous, this is not the case with Bitcoin for example. Moreover, it is possible to trace the amounts exchanged between each public address on Bitcoin since its inception, which proves the degree of transparency. We can see how many bitcoins have been exchanged between address A and address B in the last 10 years for example. In addition, if you have entrusted your account to giants such as Binance or Coinbase, the police can immediately discover the identity behind these addresses by contacting these platforms. Return to our Web3.

If this new technology allows us to anonymize and encrypt our interactions while allowing tracking and transparency without a central controlling body, then we understand that the tech giants have something to worry about. The internet today is an oligopolistic marketplace for marketing user identities and social data, but it’s a safe bet that the rules of the game will change, though it’s unlikely that giant central entities will give up so easily. Control this data generate huge profits. Blockchain professionals aim to completely eliminate these players, but with a less radical view, we can expect Web 2.0 oligopolists to integrate Web 3.0 services to remain relevant.

Between the killer and the fanatic of the cryptosphere, the question of decentralization and non-mediatedness is widely debated. The initiators of the blockchain highlight, such as the mysterious Satoshi Nakamoto, likely brought disruptive technology from today’s internet. It won’t be easy to return the power to the users, but the promise is great.

This first episode of Web 3.0 is finally a long introduction to the tech catastrophe preparing behind the scenes, for episode two I’m concocting a series of concrete cases in the world of NFTs, and out of my mind an idea convinces them to buy Cyberpunk or something else digital that could run into huge sums. We will bring existing initiatives to the table with the ambition to give you back control of your data, and even better, to be able to monetize your digital creations and experiences. Convinced that I made you drool, I hurry to write Episode 2 to publish in the Zonebourse columns. For the question: Does Web 3.0 attack GAFAM? Of course yes. Little spoiler Next question: To what extent? See you in the next episode.

Next Episode: Episode 2: Web 3.0 One Click Away to Protect Our Personal Data

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