What is Web3 Foundation? Development opportunities for decentralized technology projects
What is the Web3 Foundation?
The Web3 Foundation is a foundation created to promote advanced technologies and applications for decentralized web software protocols. They will later become protocols that use cryptographic methods to protect decentralization and for the benefit and stability of the Web 3.0 ecosystem.
The platform targets the development of Web 3.0 to form a more decentralized and equitable internet where users can control their data and identities rather than companies or corporations. A platform is also where global transactions are secured, and information and online value exchange are decentralized.
Web3 Foundation – Web 3.0 technology stack
Layer 0: includes no or low-reliability meta protocols such as Polkadot, P2P peer-to-peer internet overlay protocols, and a platform-native language.
Layer 1: comprises protocols from zero interaction or low reliability, such as Bitcoin (BTC) or Ethereum (ETH), parachains, data distribution protocols, and temporary pub/sub data messages.
Layer 2: includes status channels, plasma protocols, encrypted archives, heavy computing, distributed secret management, and oracles.
Layer 3: includes APIs and languages for developers so they can scale to the protocol.
Layer 4: is the cradle of a protocol scalable user interface called a browser.
Web3 Foundation and Web 3.0
Web 3.0 is redefining the data structure. It is important to note that Blockchain is just one of many technologies in the decentralized Web stack. While Blockchain is an excellent P2P way to record who did what and when it’s not ideal for storing large amounts of data for two reasons: scalability: blockchains are too slow and don’t allow privacy by design: never store private data on Blockchain.
The transition from client-server Internet to the decentralized web will take place slowly rather than radically. As the decentralized web stack is still evolving, the transition seems to shift from being partially decentralized to entirely decentralized. Moreover, it is important to point out that decentralized architectures have better fault tolerance and attack resistance but are also slower.
Although the Internet will likely become more decentralized in the future, this does not mean we will eliminate centralized systems. Centralized systems also have advantages and will probably prevail, but only for specific use cases. The visual framework of the protocols allows for a decentralized web, and this resource includes examples of Web3 protocol building groups and projects.
Grants play an important role in the Web3 Foundation’s commitment to building a Web 3.0 ecosystem. The Web3 Foundation is most interested in team-building with Substrate or Polkadot. However, other candidates are also accepted.
The Web3 Foundation provides an opportunity for application developers to have a good environment and ample resources to implement their new projects in a whole and good way. With this uplift, more high-quality applications will be born running on Web 3.0 and meet all user needs.
Hopefully, the platform will grow more and more to help not only new 300 applications but also more.
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