Over the last couple days we discuss Web3. This is not to be confused with Web 3.0 which we will be covering today.
Hive is laying a strong foundation for Web3. This is a term that was coined by Ethereum co-founder Gavin Wood. Basically, Web3 refers to a decentralized online ecosystem based on the blockchain.
This describes Hive.
Web 3.0, on the other hand, is much bigger. Here is where Hive needs to start thinking about focusing some attention.
In this article we will go into what Web 3.0 is and how Hive can be a leading force.
What is Web 3.0?
Web 3.0 was first described by Tim Berners-Lee, the inventor of the World Wide Web. He starting discussing the idea back in 2006. Since that time, we did see some of his vision starting to emerge.
Here is part of what he had to say:
“People keep asking what Web 3.0 is. Maybe when you’ve got an overlay of scalable vector graphics — everything rippling and folding and looking misty — on Web 2.0 and access to a Semantic Web integrated across a huge data space, you’ll have access to an unbelievable data resource…”.
We see that what again: data.
Hive is a decentralized database. This is a point we keep driving home because it is imperative people understand that is the core of everything that is coming. However, unlike Wood who focused upon the blockchain aspect of things, this is much bigger.
Many are summarizing Web 3.0 as having these features:
- Ubiquitous
- Decentralized
- Blockchain
- Connectivity
- Artificial Intelligence
- 3-D Graphics
- Edge Computing
To go one step further, many believe this will incorporate robotics, biotech, and advanced computing like quantum. This might even be powered by nuclear fusion at some point.
What we are driving home is the fact this is a piece in a foundation of something much bigger.
Where Is The Data Going?
As we can see, all of this is tied to data. With this, we are dealing with an animal that is exploding.
Here are a few stats:
- Total international bandwidth now stands at 997 Tbps, representing a 4-year CAGR of 29%. COVID bump aside, the pace of growth has been slowing. Still, we do see a near tripling of bandwidth since 2018. Source
- In 2020 alone, 2.5 quintillion bytes of data was generated daily, and 40% of that was machine generated. Source
We are dealing with exponential on steroids with these numbers. There is little doubt the digital world is growing at a rapid pace and the amount of data is enormous.
However, the major question is where does all this data go? If the future is Web 3.0, which is decentralized data, how will that mesh with what is taking place?
The answer is it will not.
Today, the overwhelming majority of data is residing on centralized servers under control of corporations. Where it is the telecommunications providers, media entities such as Netflix or Amazon Video, or social media companies, the results are the same.
We are simply reinforcing the concept of centralized data.
The challenge is that even proponents of Web 3.0 are feeding into this by spending much of their time on Web 2.0 platforms. Naturally, to stop giving the banks data is hard since we still live in a fiat currency world. That said, we can take steps to move as much away as we can. Every payment made with cryptocurrency is reversing the data trend, albeit very slowly.
It is the challenge put before all of us for the next 5 years. We need to build the applications that remove the data from these centralized servers and start to build decentralized databases.
Hive Leveraging the Scarcity of the Future
As laid out in HIve: What Is Scarce When Networks Are Abundant, we can see the most valuable asset forming: loyalty.
This is what separates Hive from a lot of other ecosystems out there. While the numbers are small, they are large enough to start a trend.
Again, we need to frame this in the form of data. Having thousands filling up the database on a daily basis means we are shifting the present trend. At the same time, we are providing resources for some for future technology to tap into.
For example, we know artificial intelligence is data dependent. The reason why the largest tech companies are bringing out products is because of the data they have access to. Naturally, they are not willing to share this (without a large payment) meaning we are seeing siloed systems being repeated.
The chatbots exemplify this since it is the same names creating them.
Hive can help to reverse this. When we discuss the idea of the spatial web, this can utilize Hive as a foundation. Posting data on-chain is unique due to the resource credit system. This is something that will become even more evident in the future.
Consider this premise: is a device going to post weather updates to Ethereum if it costs even $1.00 in transaction fees? The answer is no.
Transaction fees kill not only social media applications but also the idea of data storage. This is where the industry seems to be hindered.
With Hive, there is no such issue.
In Conclusion
The exact format of Web 3.0 still remains evolutionary. We are unsure which technologies will be a constant in 5-10 years. What we do know is data will be at the core of all this.
Here is where Hive, being a true decentralized database, has an advantage. We can house whatever information we desire, making the data permissionless. This means that it is open to review by anyone since we have full transparency.
Looking at Hive simply from a monetary perspective misses a great deal of the utility.
Hopefully this article showed how Hive can expand to be a leading force along the path to the development of Web 3.0. We have a data system that many are claiming is required for this transition to take place.