The answer is a big YES. People have a lot of misconceptions about Web 3.0; however, they should know that Web 3.0 isn’t all about blockchain. The blockchain is a type of data structure in the backend that offers several features like consensus, decentralisation, and distributed ledger, which is the current need of the system. It provides a decentralised ledger to store the data that can’t be mutated, deleted, or removed. There is a bigger picture standing above the blockchain in Web 3.0. The technologies must be independent of the underlying data structure. Currently, we might not have an efficient alternative for blockchain, but that won’t be the case forever. Either the blockchain needs to be updated in terms of processing cost and speed or we need to find an alternative for it.
What are other alternatives to blockchain?
There are several alternatives for blockchain, such as cloud storage or decentralised storage. The cloud storage facilitates trustful and secure governance and policies that are sufficient for most of the enterprise applications. Further, several independent cloud data storage services can facilitate better security with far less overhead as compared to the blockchain. In terms of decentralised storage, the IPFS is promising an alternative for storing the information across the peer-to-peer network. IPFS enabled the developers to store the content of the web pages in a manner that the required energy is minimised by reducing bandwidth, mitigating the impact of censorship, and improving resilience. For instance, Storj is a distributed storage service that enables the developers to encrypt their files then divide them into pieces and share them throughout the global cloud network. Additionally, there are several other distributed ledgers that can easily replace blockchain in Web 3.0. For example, Hashgraph, R3 Corda, and Iota Tangle are few distributed ledgers. The Hashgraph and Iota utilises Directed Acyclic Graphs (DAGs) for handling the ledger.
Are there any modifications in terms of blockchain?
Yes, there are continuous innovations in the field of blockchain as there are alternative ways to reach a consensus. Other mechanisms like PoS, PoH, PoA, and other non-mining consensus mechanisms that don’t require many power plants and supercomputers are also in the game. These plants can be implemented using a simple PC or an IoT device without consuming a large amount of energy. Also, new blockchains are being developed, such as Polygon or Solana, that don’t require much consumption as compared to the centralised systems. Hence, we can say that Web 3.0 itself doesn’t need blockchain and it can be replaced any time an efficient alternative is found.
Looking for help here?