K
Kathleen Martin
Guest
By Sergey Gorbunov, Co-founder and CEO of Axelar
With the evolution of blockchain technology, there are many lessons we can glean from how the first global communication networks evolved, particularly when it comes to connecting distinct systems and protocols. While the Internet enables users to seamlessly share and exchange information across geographic regions and timezones, it has failed to deliver many fundamental properties such as authentication, traceability, and inclusivity required to establish trust and secure information exchange between users. These are just some of the properties that Web 3.0 and blockchain technology aims to deliver. As we’re building these new decentralized networks, it’s crucial that we learn everything we can from the Internet’s evolution.
Although the term “blockchain” is now widely used across industries, the concept remains enigmatic to many. Simply put, a blockchain is a decentralized ledger of information that is stored and maintained across a distributed network of computers, rather than with one centralized authority. A key distinction compared to classical distributed protocols, is that the blockchain protocol remains secure even when some of the computers on the network act maliciously. The result – the records of information recorded on the blockchain are virtually tamperproof and hence anyone can verify information recorded in it. Though hard to believe, three decades ago the term “the Internet” stirred similar feelings of confusion among the general public – who had not yet realised the potential of the technology.
Today, most have gained a thorough appreciation of the Internet’s capabilities and we take this technology for granted. For many, the Internet is now as indispensable as electricity. However, the execution of the simplest tasks we perform on the Internet relies on multiple layers of infrastructure, protocols, and APIs that were built over decades.
Continue reading: https://www.nasdaq.com/articles/lessons-learned%3A-the-internets-evolution-as-a-blueprint-for-blockchain-interoperability
With the evolution of blockchain technology, there are many lessons we can glean from how the first global communication networks evolved, particularly when it comes to connecting distinct systems and protocols. While the Internet enables users to seamlessly share and exchange information across geographic regions and timezones, it has failed to deliver many fundamental properties such as authentication, traceability, and inclusivity required to establish trust and secure information exchange between users. These are just some of the properties that Web 3.0 and blockchain technology aims to deliver. As we’re building these new decentralized networks, it’s crucial that we learn everything we can from the Internet’s evolution.
Although the term “blockchain” is now widely used across industries, the concept remains enigmatic to many. Simply put, a blockchain is a decentralized ledger of information that is stored and maintained across a distributed network of computers, rather than with one centralized authority. A key distinction compared to classical distributed protocols, is that the blockchain protocol remains secure even when some of the computers on the network act maliciously. The result – the records of information recorded on the blockchain are virtually tamperproof and hence anyone can verify information recorded in it. Though hard to believe, three decades ago the term “the Internet” stirred similar feelings of confusion among the general public – who had not yet realised the potential of the technology.
Today, most have gained a thorough appreciation of the Internet’s capabilities and we take this technology for granted. For many, the Internet is now as indispensable as electricity. However, the execution of the simplest tasks we perform on the Internet relies on multiple layers of infrastructure, protocols, and APIs that were built over decades.
Continue reading: https://www.nasdaq.com/articles/lessons-learned%3A-the-internets-evolution-as-a-blueprint-for-blockchain-interoperability
