What is Web3 Foundation?
Let's find out Web3 Foundation meaning, definition in crypto, what is Web3 Foundation, and all other detailed facts.
Web3 Foundation is a blockchain-based organization dedicated to promoting new decentralized web software protocols, technologies, and applications. It was founded in 2017 by Gavin Wood, Ashley Tyson, and Peter Czaban. Cryptographic methods are used in the web software protocols to provide decentralization, which is for the benefit and stability of the Web3 ecosystem.
The organization focuses on Web 3.0, which is intended to be a decentralized and more equitable internet in which individuals have ownership over their personal data and identity. The Web3 Foundation envisions an internet in which users, not companies, own their data, where worldwide transactions are secure, and information and value are exchanged online in a decentralized manner.
There are several layers to the Web 3.0 technology stack that include:
- Layer 0 that consists of meta protocols with a zero or low level of trust (e.g., Polkadot), internet overlay protocols for peer-to-peer (P2P), and a platform natural language.
- Layer 1 that consists of parachains, data distribution protocols, and transient data pub/sub messaging, as well as zero or low trust interaction protocols like Ethereum or Bitcoin.
- Layer 2 that consists of plasma protocols, state channels, distributed secret management, encrypted storage, oracles, and heavy computation.
- Layer 3 that consists of APIs and languages for developers that are protocol-extensible.
- Layer 4 is the protocol-extensible user-interface cradle (known as the browser).