Saket Modi is one of the deepest technological minds we have ever had on our show. We did an episode with Saket Modi on cyber security and ethical hacking in the past, and the link to that episode is mentioned below.
This blog covers the basics of blockchain, crypto, Ethereum, and Web 3.0. I hope this blog provides you with an answer to all your doubts regarding these topics.
Hoping you will enjoy this blog. Happy Reading.
Future Of Technology
“I like the line: Nothing can stop an idea whose time has come. And that idea, for now, is blockchain. Crypto and Web 3.0 are the applications of blockchain technology. In the future, most of the things will be powered by blockchain as it is a different way of looking at things”.
Key Elements of blockchain
- It is distributed
- It has a shared memory
Basic Of Blockchain
- Blockchain is blocks divided into chains. Blockchain is when you capture the transaction of bitcoins on a block.
- The total number of bitcoin is finite. Blockchain is to keep a transaction of these coins.
- One block is an entry of one transaction of a bitcoin.
- The entire block is a text string and is stored on thousands of computers.
- Every block will have a list of transactions and is connected to the next block or the previous block using its hash value.
- If you change anything in the previous block or an old block, you have to change every block moving forward.
“A person cannot change anything. The entire community has to make those changes, and this discussion happens on a chat forum”.
Why Blockchain Cannot Be The Only Mode Of Transaction?
“Blockchain has a problem that the number of transactions per second is limited. That is why you can’t immediately make a transaction. This is a technological problem as you either pay fewer transaction fees and wait for a longer period or pay more and transact faster”.
Web 2.0 and Web 3.0
“The coding language for Web 2 and blockchain is the same. The fundamental difference is how do you save and process the data”.
- In Web 2.0, for example, when you create an account on Facebook, you create that account on the server in the database of Facebook. Everything that you do on Facebook is stored in Facebook’s database.
- In Web 3.0, you will be able to create and store data in a particular social media account, but the owner of the media platform won’t have any authority. It will be stored in a server in an encrypted form where whoever is running the website won’t be able to access it directly. You need not worry about constantly being watched.
The data will be stored in many places, but it will be encrypted so no one will have an excess to your data.
“Bitcoin has been coded in a way that the only transactions can be saved on a block. However, the limitation of this is the transaction can only be in bitcoins. Ethereum uses the same principle of blockchain but you can do far more transactions”.
Dark Side Of Web 2.0
“The future will be based on the behavior of people where you can predict how they will react to a particular situation. If an app has permission to listen to your microphone, then it can listen to you anytime it wants. They can track your trigger points and know your actions based on that. You can become a puppet in their hand. They can make you hate and love a particular group”.
Benefits Of Ethereum And Web 3.0 For You
“The core of building Ethereum and Web3.0 is anonymity, and it is much bigger than you think. With Web 2.0, it is easy to manipulate you as it becomes easy to predict your behavior”.
What Is Ethereum Built On?
“Ethereum is a framework that allows developers to build something on top of it. The framework is the foundation. There are a thousand things more that can be done with Ethereum, and Ethereum coins were one of them. Ethereum is a tool that is used to build a framework of software based on Web 3.0 technology”.
“There was an interesting report by Google cloud last year, which says over 80% of hacks on the clouds happened for either mining cryptocurrency or run web 3.0 application”.
“Hackers are hacking cloud computing, phones, or laptops not to hack pictures or extort money because that has too much hassle. They hack to use your processing power to make your computer a node in the Web 3.0 circuit”.
To put Sanket’s explanation in similar terms. It is basically like stealing electricity from power lines.
How Did Bitcoin Gain Value?
“We are told that we have to work hard to earn money. The theory behind bitcoin is the theory of work. Our brain is trained in a way that if someone is doing some work, they deserve money for the same. Every single cryptocurrency that is been mined is simply solving a complex mathematical problem, which is nothing as in it won’t help you solve hunger problems or cure diseases”.
“But you prove you are solving some equation and that is the reason you are worth a particular bitcoin after you solve it. Solving this problem is done by processing”.
“It is hype, but that does not mean that there is no value in the blockchain technology. But, is this the only way the world will change? Well, as technology is the principle, it will change the world, but that’s not the only way”.
“The fundamental of any fiat currency of a country was supposed to be based on the natural resource like gold. Some countries took that away by printing more money for various reasons”.
Future Of Social Media
“I don’t know, to be honest. I think the interaction needs to become more meaningful. The core of human beings is to make a meaningful connection. Now we have 3-4 million users on social media, it is time to increase the depth now”.
I feel the future of social media would be social media exploding into a niche-based domain where you can find like-minded people.
Advice For The Reader
“I like this line: Take the longer route, it's faster. This means when you look at Web 3.0, blockchain, dark web, etc don’t stop at one or two podcasts. If you take a longer route, which is to get into the zero and one of how it works, not to be cool. Do whatever you want to do, gain deep knowledge and you will enjoy doing it. Dive deep into any topic you are learning”.
This episode was heavy, and we went technical. We tried making it easy, and I hope this helped you.
Listen To The Podcast: