The Dying Dream of a Decentralized Web

Summary

The term Web3 was originally coined by Etherium cofounder Gavin Wood as a secure, decentralized, peer-to-peer version of the Internet. The idea was to build an Internet based on blockchain technology and a peer-to-peer network, without the need for large data centers or third-party providers. These days, however, blockchain is most famous as the tool enabling cryptocurrencies. Most recently, the Trump administration has taken on a pro-cryptocurrency stance, boosting blockchain’s popularity and media prominence.Cryptography is central to the functioning of blockchains, whether for a decentralized Web or for cryptocurrencies. Every time a cryptocurrency transaction is initiated, all parties involved in the transaction need to securely prove that they agree to the transfer. This is done via a digital signature: a cryptographic protocol that generates a secret, private key that is unique to each user and a public key that the user shares. Then, the private key is used to generate a unique signature for each transaction. The public key can be used to verify that, indeed, the signature was created by the holder of the private key. In this way, Web3 in every incarnation relies heavily on cryptography. To learn more about the evolution of Web3, and cryptography’s role, we caught up with Riad Wahby, assistant professor of electrical and computer engineering at Carnegie Mellon University, in Pittsburgh, and a cofounder and CEO of hardware-backed Web3 security platform Cubist. Wahby explained what Web3 was meant to be, what it’s become, and how hardware-backed cryptography will enable its future.Web3 Began as a Response to What Came BeforeIEEE Spectrum: What is Web3?Riad Wahby: That’s the hardest question that you’re going to ask by far, because I don’t know how to answer it in a way that satisfies everyone.The term Web3 was coined around 2014, by people who looked at the way that the Web had developed. Web 1.0 was the first Web bubble, the dot-com bubble. Web 2.0, roughly spe...