With “internet 3.0” all of the sudden upgrading from an obscure space of analysis to a scorching subject of mainstream dialog and a big a part of the 2020-s zeitgeist, increasingly more questions come up concerning the nature of the beast. Is “Web3” going to remain a imprecise and undefinable time period, or does it have a exact definition?
Apart from meanings that turned out of date years in the past, like ‘Semantic Net,’ what’s including to the confusion are all of the initiatives describing themselves as “decentralized” purposes (dApps) or “web3”, giving the impression that web3 is already right here and alive.
But, as we all know, such initiatives nonetheless rely closely on web2 parts: utilizing centralized domains that may be taken away at any second or compromised, centralized storage that’s censorable and clear to mass surveillance, and browser extensions like Metamask or Phantom that Google can disable at any time, which might instantly go away 99% of the customers of “decentralized” purposes helplessly confused about tips on how to entry them. BadgerDAO, a DeFi undertaking hacked for $120M due to centralized UI, exhibits why this “Net 2.5” strategy is within the fallacious route.
World’s First Full Web3 Structure
To right this, Level Labs started engaged on recreating all parts of the previous web with their decentralized implementations. As an alternative of clinging to present web2 scaffolding, the ensuing community, nicknamed Level Community, is a digital area utterly disconnected from the previous web, similar to blockchains are, which may now be referred to as Net 3.0.
Level Community structure consists of decentralized domains (.level) which dwell on the blockchain, decentralized storage on Arweave, decentralized identities, and different instruments that assist bridge the hole between Net 2.5 and full Net 3.
Once you open Level Browser, there isn’t a connection to fb.com, google.com, or any IP addresses from the previous web (when you attempt to open a web2 hyperlink, you’ll be redirected to your regular browser). As an alternative, Level Community forces the builders to make use of solely decentralized parts to deploy their dApps, guaranteeing censorship-resistance, knowledge integrity, knowledge availability, privateness, and enhanced safety.
“The Roadmap to Web3”
This mixture, founders insist, is probably the most simple definition of Net 3.0: a long-standing dream of expertise fanatics to have a totally decentralized web, freed from censorship, mass surveillance, and empowering direct possession of knowledge and audiences, with out Huge Tech intermediaries taking their minimize and asserting dictatorship-like management. However how far are we from reaching this?
Level Labs produced their first prototype a yr in the past, bootstrapping its improvement with their very own funds. Then, in October 2021, they offered the primary alpha model on Solana Ignition Hackathon, which positioned them on the Honorary Mentions listing and led to elevating their Seed and A rounds by enterprise capital companies, together with notable names equivalent to Arweave, Petrock Capital and Photo voltaic Eco Fund, and led by Sino International+FTX fund, which funded a second alpha model, which is now extra practical and simpler to make use of.
This week, Level Labs offered their roadmap. And it’s not only a typical ribbon-shaped block on a touchdown web page. As an alternative, they made it into a complete Trello-like web site, which is hosted on roadmap.pointnetwork.io, referred to as “The Roadmap to Web3 ” and is ceaselessly up to date. It options two zones: the principle zone, presenting the infrastructure required for decentralized web and is sort of finished, and the dApp zone, itemizing use circumstances and potential decentralized purposes for when the principle zone is prepared and operational.
As a result of it’s laborious for one firm to develop all dozens of dApps required for the total Net 3.0 expertise, the present plans are to have one final personal VC spherical dubbed ‘The Megaround’ earlier than the general public launch on the finish of Could, to offer grants to groups and founders to incentivize constructing web3 apps on Level Community. After that, the plans are to launch the mainnet beta by June 1.
Because the curiosity in web3 grows, there will certainly emerge a number of initiatives operating for the honour of changing into the golden customary. Is Level Community on the best way to be one in every of them? It appears we’re only a few months away from discovering out.