Come along with me as I learn about blockchain and web3: the good, the bad, why it's needed, how to learn it, and, in the end, if it's really what it's hyped up to be.
Web3's potential to transform how businesses transact and perform merits attention.
Though AI and Web3 gave me anxiety, the idea of a decentralized version of the internet piqued my interest.
Over the next series of articles, I will outline my experience learning about the good and the bad of Web3, how it pertains to me as a Salesforce admin, and how my perspective shifts along the way.
Once I started digging into Web3, I realized the first thing I needed to understand was how a blockchain works.
The blockchain used for most of Web3 is the Ethereum blockchain.
By switching to POS, Ethereum has lowered their electrical energy requirement by 99.84%. The blockchain has made it so that Web3 can be completely decentralized.
Bitcoin may have made steps toward decentralization, but Web3 could be the solution to these betrayals of trust.
No Third Parties In Web3, you use your crypto wallet to store your data and make payments within the network.
Resistant to Censorship Because Web3 runs on blockchain technology, it is incredibly hard to censor what a user does or says on the platform.
Democratic Ideals With Web3, not only can you have full ownership of your data, but you can also take part in owning some of the platform.
While DAOs vote on smart contracts, a broader example of democracy in Web3 is through the proof of stake system mentioned earlier.
Web3 is still in early development, and there are still some concerns I have regarding who owns most of the crypto, its lack of regulation, and the steep learning curve.
This means the more crypto you own, the more power you have, which could be the case with Web3 as well.
Lack of Regulation Currently the US government has not put in writing any regulations regarding Web3 or cryptocurrency, which creates a huge security risk for users.
Steep Learning Curve Web3 may be difficult for new users to understand.
Some of the concepts of Web3 are complicated for less technically minded people.
Conclusion Everything else aside, Web3 is still in its early days, and lots of things will change before it becomes mainstream.
While Salesforce is ahead of the curve by implementing web3 technologies, when Web3 becomes accessible to all kinds of users and puts more regulations in place.
I think Web3 will be a valuable innovation, and I am excited to help companies implement it in their Salesforce instances.
This Cyber News was published on feeds.dzone.com. Publication date: Tue, 19 Dec 2023 19:43:05 +0000