Exclusive: Elastos Development Manager explains how Web 3.0 uses Blockchain technology

Kiran Pachhai, head of development at Elastos Foundation, an organization focused on developing a decentralized "smartweb" project that allows users and applications to communicate through a peer-to-peer (P2P) network, " he recently shared his insights with CryptoGlobe on the Web 3.0 and its relationship with blockchain technology.

Web 3.0 and Blockchain technology

Pachhai, a graduate in computer science and mathematics at the University of Colorado Boulder, noted that blockchains are used to "establish trust between two entities in a way that is safe, non-forgivable and completely independent of any third party".

At the moment, there is no widespread consensus among technology professionals about what the new Web 3.0 communication standard encompasses. According to Pachhai:

Web 3.0 can refer to the modern Internet that allows consumers and companies to establish mutual trust, without any authoritative entity in a completely peer-to-peer way, so that data and communications are completely secure.

Asked about the fact that the development of the "Web 3.0" standard could potentially help cryptocurrencies become more usable and achieve traditional adoption, Pachhai explained:

Cryptocurrencies come and go – it's very easy for anyone to create their own cryptocurrency for whatever purpose they have today. So, the attention should really be behind the technology that powers the cryptocurrencies, which is blockchain.

Continuing to deepen the relationship between blockchain and Web 3.0, Pachhai noted:

Web 3.0 [can potentially] destroy the whole [global trading] market [as it might transform] as goods and assets are exchanged between two entities, and blockchain ties everything together to form an intelligent contract that allows users to protect their data and privacy.

"Normal people are not attracted to cryptocurrencies"

Interestingly, Pachhai thinks:

Normal people are not attracted to cryptocurrencies at the moment. They are interested in what they can see and evaluate, which is where the blockchain comes in. Once the public knows the true value of what blockchain provides in a transparent way, cryptocurrencies will become more usable, paving the way for traditional adoption.

Development of the Elastos carrier: fundamental problems of fixing with the Internet infrastructure

In response to a question about the main purpose of the Elastos Carrier Development project, a P2P communication protocol, Pachhai said:

Elastos Carrier is a decentralized communication platform that allows two parties (eg device-to-device, user-user or user-device) to exchange data and information securely. There are fundamental problems with the current internet infrastructure. Elastos Carrier solves many of these problems and allows apps to use the Tandem Carrier with blockchain technology. With this combination, users can not only protect and own their data, but also protect their communication.

Decentralized applications can not be stopped

He continued:

The [full potential of the] Elastos Carrier [protocol can be realized by] instant messaging applications and digital markets. These types of apps will not have servers or central authorities behind them, so no third parties are involved. Companies can be managed independently, people can communicate with each other in security and applications can not be disabled by anyone. This is what truly decentralized applications do. In other words, no third party can put a roadblock or close it.

Responding to a question about the disadvantages of using the client-server model, which the current "web" uses and how the "Web 3.0" model improves on this, Pachhai noted:

The client-server model alone has no disadvantage because it is only one way to transfer data from one side to another. The problem has to do with the fact that the server is centralized and controlled by an entity and that the data stored on that server is owned by that entity, even if it does not belong to them. Another problem is that because there is an entity that controls data behind the website, hackers may have more incentives to attack servers, because if they do, they can get private and sensitive data from regular consumers.

Problems with the centralized client-server model

Further commenting on other problems related to the centralized client-server model, Pachhai noted:

The third problem is that the company that controls this data can monetize the data or set some rules that may not be in favor of regular consumers. The Web 3.0 model improves on this because it tries to address all three of these issues directly. First of all, there is no server that stores user data. Instead, the data is divided and distributed [among] A lot of cars. Even if a machine is offline, the service is still online. Secondly, because the data is [distributed], hackers have less incentive to try to get into the system because [not all the data is accessible from one location].

He added:

Even if the [hackers are able to get to all the data], they need the private key of the original user to access those pieces of data. Finally, no company has control of user data because there is no company that controls any of these servers / machines. Users are also able to monetize their data as they wish.