WEB 3 -THE DECENTRALIZED FUTURE

The world as we have now is currently evolving and has been evolving for decades and centuries. Communication is the most important tool for the progress of this world and its mankind. We have seen leaps in generations of communication technology in the last two decades alone. With such exponential growth in such a limited time brings out many challenges to overcome. The internet we use today is a network of networks connected and synchronized in real-time all over the world. This guarantees the proper functioning of various industries we use every single day, This leads to a very complex problem- The Centralization of the internet; which is both a boon and a bane. The good side is that the big tech companies who control the internet guarantee the service side of things ranging all the way from research, development, quality control, implementation, and maintenance and the competition among these big tech can keep the prices fairly competitive, However, this comes at a price, the price of not having privacy over your own data. These big corporations run ads as a way to remain profitable but they usually do that by accessing, analyzing, storing, and selling users' data to other companies that need them. Data is considered as the 'New Gold' in this modern day and age, data not only allows us to predict markets but also to manipulate them. This violates the privacy of the users of the internet around the globe ultimately profiting the big tech corporations. Here comes the new internet revolution which would act as a solution to just that but at the same time guaranteeing the services listed above and also incentivizing them for regular users. WEB3 removes the dominance by the big tech corporations by bringing in the concept of decentralization using blockchain technology, This, in turn, has many new breakthroughs as a result of it, like digitalized decentralized currency(cryptocurrency) which is not connected to any centralized banks, Non-Fungible Tokens(NFT's) which guarantee the ownership part of the property, Decentralized Finance(Defi), just to name a few. In cryptography and Network Security, we follow a baseline model of the CIA triad (confidentiality, Integrity, and Authentication) to assess the level of security of the network. With web3 however, we guarantee all three aspects and also add another layer to guarantee the ownership of the data along the various blocks of the chain. In this thesis, my objective would be to better understand the inner workings of the web3 ecosystem and the various protocols it encompasses within thus allowing me to gain a profound knowledge to be ready for the future in sight.