How Web 3.0 Completely Changes the Internet!
2021 Overview
Internet 3.0 System *SET IT AND FORGET IT Passive Income Money Machine
blockchain technology is completely
changing how we interact with the
internet on a day-to-day basis we’re
already seeing the shift towards web 3.0
where we can actually enable the
internet of value with cryptocurrency
with you know d5 with nfts where we can
you know actually prove digital scarcity
on the blockchain and that’s opening up
you know so many different possibilities
for what we can actually do with the
internet but in this video i want to
talk about how blockchain is going to
change how you and i interact with the
internet on a day-to-day basis that’s
probably going to happen a lot sooner
than you might think i’m gonna talk
about that as a blockchain developer who
works the ethereum protocol on a daily
basis and what you need to understand
about that so if you’re new around here
hey i’m gregory and on this channel i
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today all right so what is this big
shift with blockchain technology that’s
gonna change how we use the internet
well it’s got to do with how we actually
log into websites all right so let’s
just look at how we use websites right
now how we manage usernames and
passwords all that type of stuff so
let’s take an example like you know
youtube that you’re watching right now
so if you are on youtube and you create
an account you typically sign up with a
username and password and then those
credentials get you know encrypted and
then stored in youtube’s database and
then anytime that you go access youtube
you provide your username and password
and they authenticate you and let you
log into the website and prove that you
are who you say you are and so then you
can manage all the data inside the app
like all your liked videos your
subscribed channels all that type of
stuff is actually tied to your identity
with a username and password or an email
address and password but there’s some
problems with this you know first of all
they own your data at this point they
they own your email address they own
your password and this could be you know
spread across multiple different
services you actually have to manage
your passwords across multiple different
websites and if you end up reusing a
password and one gets compromised and
someone has your login to another
website you need an email address to do
this well blockchain can completely
change how this works and actually
create a solution that’s more in line
with the web3 vision where you own more
of your own data rather than these
centralized service providers so that
you don’t have to just keep creating
usernames and passwords for every single
account that you interact with and so
what is it well it’s actually the
ability to log into websites with
blockchain so you can see an example
this on my screen here this is a really
common you know button that started
appearing on websites you know several
years ago where you can start logging in
with facebook so you go to a website
instead of providing you know username
and password you just click log in with
facebook or maybe log into twitter log
in with google and what they do is
actually pull your identity information
from these centralized service providers
like these social media places and then
it hands that data back off to the app
and you get a token that represents you
on that platform and it reduces some of
your friction for signing up for these
apps because you already have someone
else managing your identity but there
are problems with this and this can
completely be fixed with blockchain so
instead of logging with facebook you can
see something like a button that says
login with ethereum so how would that
work well the easiest way to do it was
we you would have a browser extension
like metamask installed in your computer
and when you go to a website you already
see your for web3 based applications you
see a thing that says connect with
metamask and then you allow metamask to
access that but you can completely
replace the user experience on a website
where you see your login with facebook
logos twitter you could have this
completely new option that’s just like
log in with web3 or maybe log in with
ethereum and then it would read your you
know read your metamask address from
here maybe you could sign a message with
your private key to prove that it’s you
and now you have access to that entire
ecosystem represented by your blockchain
address this is actually pretty big user
experience improvement for people on the
network and so this is one reason i
think that this can actually get a lot
of good traction is because it makes
things a lot easier for the end user
because don’t forget whenever using a
blockchain then you’re a user of the
entire network you’re not just a user of
a specific application and so it solves
this problem of having like create a
username and password every single time
that you sign up for a website you just
have your private key which is sort of
like your password on the blockchain and
then your address which is like your
username and so those represent you on
the entire network and those can then
represent you on every single
application all you have to do is sign
in sign a message and you’re all done
and it saves you from having to do
password management you don’t have to
use something like one password anymore
for all these different websites you
don’t have to worry about data breaches
you just have to keep your own identity
safe and so one of the reasons i’m
actually bringing this up is because
this was one of the topics that vitalik
buterin you know the mastermind behind
ethereum talked about at east cc just a
few weeks ago he talked about several
emerging trends that are beyond
decentralized finance or d5 that are
likely to you know materialize for
ethereum in the coming months and years
we talked about social media i just made
a video about that on my channel
recently and why you know blockchain is
ready for these new use cases to take
off but inside if we actually talked
about decentralized identity and logging
in with ethereum or you know
authentication and how it has some
really big problems that blockchain can
solve so what are they well basically he
talks about how centralized services are
typically the worst of both worlds in
this scenario so let’s look at a
scenario where you’re going to a website
and it has a login with facebook button
all right so the benefit there is it’s
easier for the end user to just click on
this they don’t register with email and
password right so it speeds that process
up as a benefit from the centralized
service provider because you know they
can
get more data from you the application
can get instant data from you from
facebook as well so those are all the
incentives in play but vitalik is
basically saying that this is the worst
of both worlds so basically
essentialized service is owning your
identity and it’s owning your data
you’re not owning it as the user like
you would in a web 3 paradigm it’s still
a very web 2.0 paradigm
you have the risk of arbitrary d
platforming’s all the type of censorship
we’ve seen on the web all right that’s
that’s part of the bad the bad side of
it but if you were to think about you
know decentralized web 3 2.0 or really
web 3.0 uh maybe one of the benefits or
problems there is that like you know
managing your own identity and
self-custody always has a risk of like
well you have to bail yourself out if
there’s a problem and sort of the
trade-off you would think that in a web
2.0 world a custodian somebody who’s
actually handling your identity or your
funds for you would bail you out if you
had a problem but he says the reality
here
is that if you screw up then
uh typically they’re just not really
incentivized to help you that they’re
actually too lazy to help you in many
cases if you mess up your own identity
and that’s been his experience and so
that really negates that assumption and
so those are the reasons that
essentially these centralized login
providers are the worst of both worlds
they collect all your data they own it
and they really don’t help you if you
reach a problem with your identity but
with ethereum and logging in with you
know web3 then you get other benefits
right you reduce the friction of signing
into websites by just clicking a button
as long as you have your ethereum wallet
installed you get to retain your own
data you don’t have to let a centralized
party you know own everything for you
and as things stand now you do have the
risk of having to manage your own
identity but we’re creating new ways all
the time to help people recover things
like social recovery and a lot more all
right so let’s talk about how this can
actually roll out and start being
integrated into the world as we know it
so
the first step that i see here is
basically this being included on
traditional websites to offer people
incentives to just log in with ethereum
instead of a different social media
platform i’m not saying it necessarily
just instantly replace the social media
login buttons but it probably included
to that right so that’s where we can
already see web 2.0 web 3.0 start to
fuse together
and so i think a lot of time people are
in blockchain gonna have this naive
notion that you know web3 is just going
to completely take over the world and
you’re just going to have this separate
copy of the internet and people are
going to flock from web 2.0 to web 3.0
and just get rid of it completely and i
don’t think that’s really true i think
we’re going to see the two fused
together and this is when we can do that
and it’s kind of some low-hanging fruit
so the first way is definitely people
being able to log in with blockchain and
so i can see this happening one of two
ways either we see a login with web 3
all right as a new standard that starts
to emerge or we see something that’s
called log in with ethereum okay and
this really could be two
uh things that are synonymous with one
another is that we actually use in
ethereum’s encryption standards
as the de facto standard for logging in
with web3 so whether it gets named uh
log in with ethereum versus login with
web3 it doesn’t really matter but under
the hood
it’s very likely that we’d use ethereum
standard uh because this is becoming
commonplace you know a lot of the
blockchain adoption is really happening
right now it’s happening top of the
ethereum network and so we see all these
competitors coming in to try to capture
some of that market share and what’s one
of the number one things that they’re
doing well they’re forking the
ethereum’s tools to bootstrap an
ecosystem that can try to siphon off
some of the activity and liquidity we’ve
seen that with finance smart chain we’ve
seen the other evm compatible chains
basically they’ll fork the ethereum
virtual machine and change it so that’s
really easy for you know to port apps
over from ethereum to these new
blockchains also wallets are now
compatible if they work on ethereum they
can work on you know binance smart chain
for example it is reduces the friction
and you can see people who have metamask
already installed whenever they open
their wallet like this they can just
change from the ethereum network and
then enter in a new uh you know endpoint
for this brand new network so this new
blockchain
and so that’s a reason why i think
ethereum can be a standard for
decentralized login all right so that’s
the first step is basically taking
decentralized identity as a login as a
single button click and improving the
user experience of web 2.0 website so
that’s the first step the next step
i can see this actually evolving to
actual decentralized identity standard
that’s built on top of ethereum or
something similar that uses ethereum
encryption under the hood okay
so this is right right now this is a
simple initial implementation is just
you have an address that’s your identity
you log in you sign a message or
something like that to prove that you uh
control the private key to this address
and that becomes your user of the entire
network on this application but as a
relationship will have data about you
okay the the web two point application
can still store information associated
with your ethereum address the next step
in the equation
to me
will be actually creating sort of
decentralized identity standard where
you retain ownership of that data and so
instead of just a really simple example
where you all the website knows about
you now is just your ethereum address
because you signed this message
well now you can have all this extra
data about you that you could consent to
give to the application in specific
cases and we could even enhance this
further
where you could have zero knowledge
proofs where the website that can can
can prove something about you without
knowing uh specifically information
about you so what would example be
well let’s say uh a website needed to
know your age all right in order to
prove that you were over a specific age
um but not reveal how old you actually
were okay
so i’m just thinking of a simple example
of my head like you ever been to uh like
a wine and spirits website let’s say you
wanted to order a bottle of wine on the
internet and it you know sometimes the
websites won’t even let you access it
unless you agree that you’re over 21
that’s how it’ll get to the united
states um well let’s use that example
well with zero knowledge proofs the
website could prove that you were over
21
um without knowing your actual age
that’s a zero knowledge proof it that’s
an example of how it could work and of
course we would need standards that
helped verify your age in order to plug
that into these services but you could
take this even further you know you
could have uh zero knowledge proofs that
guaranteed lots of information about you
without revealing what that information
actually is and this would completely
open up new possibilities for what we
can do with the internet and with these
services this is the part of the real
beauty of web 3.0 in the long term and
so that’s step two step one is basic
login with blockchain step two is
actually decentralized identity
management and step three is really
enhancing the user experience of this so
part of it is anywhere that you could
you know take the private key that
controls this information you can move
that to different devices different
environments so think about like if you
use a blockchain wall on your phone
all you need to do is have your private
key and it now can sign transactions for
you just like your meta mask extension
on your desktop um you can just move the
accounts around because that’s the whole
thing that information your you know
isn’t stored on a blockchain it just
gets you access to signed transactions
in the blockchain and prove that you uh
have ownership over that account so
step three is really enhancing the user
experience of this where you know let’s
say you want to sign a transaction well
instead of typing in a password every
time or some sort of passcode now you
can do it with a you know fingerprint
scanner on your phone or maybe you know
your facial recognition software and we
could do this in a very uh you know
trusted way where you’re not giving this
information over to a third-party uh
centralized service who’s like you know
mining this data or storing it or
selling it or something like that where
you know your your authentication that
translates your face or your thumbprint
on your stays on your device completely
and basically that’s going to give you
access to signed transactions with that
private key and so that’ll be a user
improvement experience that can enhance
this as well that completely opens up
the opportunity for what you know we can
do with web 3.0 long term all right so
that’s all i’ve got for today as always
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