The Web3 Foundation was created to foster new technologies and applications in the field of decentralized web software protocols.
What Is the Web3 Foundation?
The Web3 Foundation was created to foster new technologies and applications in the field of decentralized web software protocols. These latter are protocols that use cryptographic methods as a means to safeguard decentralization, which is for the benefit and the stability of the Web3 ecosystem.
The Web3 Foundation Council’s members are founder Dr. Gavin Wood, together with Dr. Aeron Buchanan and Reto Trinkler.
The foundation focuses on developing Web 3.0, which is conceived of a decentralized and fairer internet, where users have the ability to control their personal data and identity.
The Web3 Foundation believes in an internet where users, not corporations, own their data, where global transactions are secure, and where online exchanges of information and value are decentralized.
The Web 3.0 technology stack has multiple layers. Layer 4 is the protocol-extensible user-interface cradle, known as the browser. Layer 3, comprises protocol-extensible developer APIs and languages, followed by layer 2, which includes state channels, plasma protocols, encrypted storage, heavy computation, distributed secret management and oracles.Layer 1 is made up of zero or low trust interaction protocols, such as Bitcoin (BTC) or Ethereum (ETH), parachains, data distribution protocols and transient data pub/sub messaging. Finally, layer 0 comprises zero or low trust meta protocols (e.g., Polkadot) peer-to-peer (P2P) internet overlay protocols, and a platform natural language.