How can the internet power a freer, fairer world? This is a fundamental question that Klaytn Foundation seeks to answer as the technology begins to undergo another transformation.
David Shin, Head of Global Group at Klaytn Foundation, says that with Web3, the internet is moving beyond present-day expectations:
“Web3 is, in my definition, characterized as the next evolution of the internet whereby people are using the internet to create more than just e-commerce. The first stage of the web was really about creating the opportunity for people to look at data over the internet. This first iteration of the internet can be distinguished based on types of content and the ownership of the contents.”
In the early days, content was created solely by developers, posted mostly on static websites.
Shin says that this quickly gave way to Web2:
“The second stage was really about e-commerce and developing the ability to sell products, merchandise and services over the Internet.”
Shin says that Web3 is here - but not well understood or as widely used as it could be:
“The third stage is really where we are today with blockchain and crypto or what we call Web3: which is about turning data into something more financial and into information that has value and to be able to transmit that over the internet.”
Sangmin Seo, Representative Director at Klaytn Foundation, says that technology has always driven step changes in the way the internet is used:
“With the emergence of broadband internet and high-speed mobile network, users were able to create and post their content to social media like Facebook or YouTube. But in Web2, this content was owned by hosting and large IT companies. Users cannot own their own content even though they created it.”
But in Web3, Seo says, these old ideas of ownership are changing:
“Content creators can now actually own their own content with technology like blockchain. Also, they can trade their content with others in a transparent way.”
As an open-source public blockchain for all who wish to build, work, or play in this new space, Klaytn hopes to open the way for more to harness the potential of blockchain and the metaverse.
Additionally, Sangmin Seo says that one of Klaytn’s advantages is that it offers a more sustainable alternative to traditional blockchain technology:
“A proof-of-work blockchain can consume a lot of energy due to the computing power required to effectively run consensus algorithms, which help keep blockchain data secure and functional. At Klaytn, we use a different consensus algorithm known as Istanbul Byzantine Fault Tolerance, which requires less energy when operating our blockchain.”
With the Klaytn blockchain working in a more energy-efficient manner, David Shin also says there are new opportunities for the metaverse, which he describes as “an open world virtual environment”:
“The metaverse gives people the ability to interact in virtual environments and create economic activities. The metaverse is really important because really you can be whoever you want to be in it. Due to this, we believe that there could be a lot more evolution around the socioeconomic development in the metaverse versus where we are today in the traditional economy.”
Shin says there are many positive use cases waiting to be implemented with the metaverse:
“For example, governments could one day run national elections to ensure that they have transparency by having votes represented by NFTs being confirmed over blockchains. We are at a transition where global GDP won't grow much more, because GDP is dependent on imports and exports. The opportunity is to create a new digital economy, creating a new digital GDP, and having digital transactions occur over the internet. Klaytn wants to be the blockchain of choice, integrated into all the important and relevant metaverses in the world.”
Shin says that the mission for Klaytn Foundation is clear:
“Whether it's metaverses that are being developed by corporates or governments, we want to provide the technology so that they can scale whatever digital virtual environment they want to create.”
