Metaverse and Web 3.0 | Shifting power to the people

Facebook’s rebrand as ‘Meta’ (Meta Platforms, Inc) is aligned to its focus of moving into the Metaverse, the post-Internet world, a decentralized computing platform of sorts which is continuous, and live, an entirely digital economy, which can exist both in the digital and physical realm.

Facebook about their rebranding

Facebook’s move into the metaverse also signals that the mainstream world is moving towards digital spaces, envisioning a new world order, where services are offered virtually in exchange for other virtual assets, or Cryptocurrencies. Human existence will be enmeshed with the digital world in a much deeper, complex way. However, the transformation requires transparency about how things work i.e. what data is collected, and how that data is used over time, regulatory questions, privacy concerns, interoperability, open standards, and safety need to be addressed.

Enter Web 3.0. While most of us are aware of Web 2.0 with remote storage and online services operating via the cloud, the next version of the internet Web 3.0 enables all services built and running on top of a public blockchain, which is also used for cryptocurrency transactions.

Blockchain runs on smart contracts, which are based on a set of protocols that differ from one blockchain to another. However, these protocols need to be satisfied before services can be run on them.

With predecessors, Web 1.0 and 2.0 plagued with privacy and plagiarism issues, due to the transparent nature of blockchain, Web 3.0 helps address the issue making it easy for anyone to track the originator of content. Additionally, intermediaries are negated as a decentralized web is transparent and benefits reaching creators directly. Preparing people for the Web 3.0 explosion, decentralized identity (DID) framework solutions are necessary. Decentralized technologies will be key ensuring that user privacy and security are protected.

Discussing decentralization of the web, the issue of domain names also needs to be addressed. Currently, organizations such as ICANN and IANA have been controlling the internet name servers, together with big tech companies who censor the internet. Besides, if the centralized entity ceases to exist, so do all the domains.

The EXIP project is focused on providing independence to the internet and online world with an ecosystem is custom-built aligned to the needs of individuals, private or government institution. EXIP is building a free decentralized Internet, that has no central governing body in which nobody has the right to dictate the primary operations of this internet.

The building blocks to this system are decentralized applications, known as Nodes which run on a decentralized network, such as the Ethereum or EOS blockchain. These nodes are controlled by a community of users staked with tokens for providing their computing power.

The data supplied to use these applications get stored in an encrypted form on a computer network that cannot read an individual’s data. The keys to unscramble the encryption reside only on personal devices. Therefore, the community alone controls their information.

EXIP returns ownership of individual domains and Top-level domains (TLDs), where agnostic Non-fungible tokens (NFTs) preferred by users identifies their domain and TLDs. This ensures the owner of the respective domain and TLD has complete control of its usage, even the provisioning of new domain names or subdomains. The EXIP project is designed by multinational teams and partners of experts in blockchain technology, cybersecurity, and the Fintech industry in general.

While Web 3.0 centers around decentralization, building a metaverse on blockchain is ongoing. Together it could mean directly empowering and connecting people towards a transformed world.

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