Web 3.0 is currently one of the most ‘trendy’ words on the internet; this new concept has gained popularity following the adoption of blockchain and crypto assets over the past decade. At the core, Web 3.0 introduces a decentralized web that will be controlled by the users instead of centralized intermediaries such as Facebook and Twitter.
That said, there is still a lot to be done before this futuristic iteration of the internet goes mainstream. One of the biggest hurdles in upcoming Web 3.0 innovations is interoperability; most of the existing blockchain networks operate in isolation, ultimately limiting crypto users within a single ecosystem.
While crypto innovators are working on interoperability solutions such as sidechains, bridges and wrapped assets, they are yet to fully address this challenge. As it stands, a majority of DeFi and NFT users find it difficult to transfer their digital assets from one smart contract platform to another.
Well, not for long, the tides are gradually changing; a novel algorithm dubbed the Proof-of-Time (PoT) consensus has made it possible for innovators to leverage Validated Event Data for on-chain verification. This means that DApp developers can use historical time-stamped data to inform smart contract decisions.
Validated Event Data; The Omnichain Future
Initially, the Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus were the main algorithms in crypto. This has since changed with DApp innovators opting to build on more interoperable ecosystems. So, how will Validated Event Data shape the future of Web 3.0 applications and the decentralized market at large?
To understand its value proposition, let’s take a look at Analog, one of the pioneer Layer-0 platforms to integrate the Validated Event Data approach. This nascent blockchain ecosystem is designed to enable a seamless communication across various chains; simply put, Analog introduces omnichain interoperability in the Web 3.0 space.
How is this possible? Unlike PoW and PoS networks, Analog’s PoT algorithm allows publishers to submit time-stamped data through tesseract nodes. The platform then determines the relevance of this data based on the historical tenure of a particular node. In doing so, Analog creates a Timechain that can be used by subscribers in the DApp industry.
“Essentially, the Timechain is a blockchain where incoming time data from participants, or nodes, is first validated before hashed – resulting in a searchable hub of immutable time data: the Analog Timegraph,” explained the Analog team in a feature on Cointelegraph.
The debut of Validated Event Data markets will be significant in the scaling of DeFi and NFT markets. In the future, crypto natives will be able to integrate their DApps with ecosystems such as Analog to enable smooth cross-chain transactions. This will not only be beneficial in liquidity sourcing but in the introduction of more verifiable risk assessment metrics for yield farming.
Looking Into the Horizon
As mentioned earlier, Web 3.0 is currently a buzzword amongst tech-savvy individuals and companies such as Facebook and Microsoft. The former recently rebranded to Meta in a bid to jump on the Web 3.0 trend. While it is not clear whether Facebook will embrace decentralized infrastructures, Mark Zuckerberg was keen to note in last year’s Founder’s letter that Web 3.0 will be built by several stakeholders.
“The metaverse will not be created by one company. It will be built by creators and developers making new experiences and digital items that are interoperable and unlock a massively larger creative economy than the one constrained by today’s platforms and their policies.”
That being the case, it is likely that interoperability solutions such as Validated Event Data will be fundamental in building the next era of Web 3.0 innovations. However, it will require pulled efforts by stakeholders from both Web 2.0 and the crypto ecosystem to make this vision a reality.
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