Decentralized web

The decentralized web is a research program[1] which proposes to reorganize the Internet using peer-to-peer or federated infrastructure rather than centralized data hosting services. Interest in the decentralized web arose due to the lack of trust in network maintenance organizations, due to scandals involving widespread espionage and content control. Proposed mechanisms include decentralized identifiers and distributed ledgers.

Decentralized identifiers
Main article: Decentralized identifiers
See also: digital identity

Decentralized identifiers are an important part of decentralized web applications. Decentralized identifiers are sometimes encapsulated in "decentralized identifier documents" (referred to as "DIDs"). Decentralized web applications frequently rely on URLs to decentralized identifier documents. The World Wide Web Consortium has several recommendations regarding DIDs.[2] These identity documents are intended to identify any subject (e.g., a person, organization, thing, data model, abstract entity, etc.) that the controller of the DID decides that it identifies.

Cryptocurrency
Main article: Cryptocurrency

A decentralized currency can be a helpful element in a decentralized web platform. A "cryptocurrency" (or crypto currency or crypto for short) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger. The ledger is a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.[3][4] It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems.[5]

When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.[6] The gaming industry has embraced blockchain technology, which offers a powerful solution to various challenges.[7] Some decentralized web applications require cryptocurrency.

See also

References
  1. "What Is the Decentralized Web? 24 Experts Break it Down". Syracuse University. 2016-07-22.
  2. "Decentralized Identifiers (DIDs) v1.0". www.w3.org. Retrieved 2020-11-15.
  3. Andy Greenberg (20 April 2011). "Crypto Currency". Forbes. Archived from the original on 31 August 2014. Retrieved 8 August 2014.
  4. Polansek, Tom (2 May 2016). "CME, ICE prepare pricing data that could boost bitcoin". Reuters. Retrieved 3 May 2016.
  5. Allison, Ian (8 September 2015). "If Banks Want Benefits of Blockchains, They Must Go Permissionless". International Business Times. Archived from the original on 12 September 2015. Retrieved 15 September 2015.
  6. Matteo D'Agnolo. "All you need to know about Bitcoin". timesofindia-economictimes. Archived from the original on 26 October 2015.
  7. Mehra, Ashwin (2023-04-12). "Blockchain Technology in 2023 is Revolutionizing Esports! » Agami Esports". Agami Esports. Retrieved 2023-04-12.
  8. "A Primer for Decentralized Identifiers - An introduction to self-administered identifiers for curious people". w3c.github.io. Retrieved 2020-05-26.
  9. "Decentralized Identifiers (DIDs)". World Wide Web Consortium. Retrieved 15 July 2020.


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