Blockchain, NFT, tokens… The Web3 ecosystem is a world apart, with its own logic and language! At the same time, AI is on everyone’s mind. As a professional, how can you make the most of these new technologies to keep abreast of the latest developments? Le Connecteur is here to help! In this article, we decipher for you the key notions of Web3. And if you’d like to get to grips with these topics in even more concrete terms: come along to the Shaka Biarritz !
The web 3 revolution deciphered: its origins and what it’s all about
Decrypting Web3 means decrypting… an encryption system. Quite a program, you might say! Don’t panic, we called on Franck Dupont, co-founder ofOpenGem (a decentralized code auditing company, known as smart contracts), and instigator of the Shaka Biarritz event since 2021, to guide us. He has worked hard to make the field of NFT and blockchain accessible to us with a great deal of pedagogy. In so doing, he has made a resolutely abstract universe more concrete, but one that is shaping the economic and entrepreneurial world of today… and tomorrow. Interview.
Le Connecteur: How can you introduce Web3 to us in the clearest possible way?
Franck Dupont: at its origin, the web is infinitely duplicable. It’s the realm of “Ctrl+C/Ctrl+V”. So the notion of uniqueness doesn’t exist. But Web3, thanks to the blockchain created in 2015, has changed everything by making it possible to create unique data. It makes it possible to identify digital data. Now, when we can make digital data unique, it comes closer to a physical object, an “asset”. This introduces the notion of scarcity and possession.
Le C.: To put the digital revolution back into context, could you remind us of the definition of Web1 and Web2, which preceded Web3 and blockchain?
F.D.: Web1 arrived at the beginning of the Internet. It was a digital world where users could only consume and consult information. Back then, the Internet was like a giant directory.
Web2 introduced the ability to create (social networks, cloud…). We could deposit things on the Internet. Finally, Web3 is considered to be the third digital revolution, because it enables possession. Because we can see, on the blockchain, where this data is located.
Le C.: How did blockchain and bitcoin come about?
F.D.: It was conceived in 2009 in the wake of the subprime crisis in the United States. Under the pseudonym Satoshi Nakamoto, a person or a group of people were outraged by the 2008 crisis, during which banks were able to print money at will and create inflation, with the consequences for many individuals. To get away from this dependence on banks, some developers wanted to imagine a decentralized monetary system where it’s not a person, bank or state that has control over money creation, but an algorithm. The aim is to guarantee “neutrality”.
Le C.: What are the fields of application for Web3 and blockchain today?
F.D.: Blockchain is useful in all sectors where there is a need forauthentication, identification verification and traceability. This helps prevent fraud. Because blockchain addresses these issues by locking down every piece of data. While its initial use was in the monetary sector, blockchain is now being applied in fields such as art (to certify works of art), events (to prevent ticket fraud at festivals), medical (to identify and track files) and industry (to trace a part on a production line).
Le C.: Another interesting use for blockchain is in the authentication of works of art. Can you explain?
F.D.: Indeed, a whole area of blockchain is being developed to certify physical works of art. To do this, we scan works of art in ultra HD and transpose these high-definition images into the blockchain. This is known as “tokenizing” a work of art. The idea is to be able to authenticate physical art to reinforce ownership and also traceability. Artworks traveling around the world for exhibitions pass through free ports. Thanks to blockchain, the condition of the work and its authenticity can be checked there.
Le C.: What’s the link between Web3 and Artificial Intelligence (AI)?
F.D.: AI is not a kind of Web4, but rather a tool that adds to the technological revolutions of our time. In computing terms, it doesn’t represent a radical change in Web protocol. But it does challenge the way we work, and opens up new perspectives.
Web3 mini-lexicon for businesses
Need some insight into the terms most commonly used in Web3? Here’s our mini lexicon of the words you need to know to better understand this world.
Blockchain
> “distributed digital register”. Its name derives from the data it stores in “blocks” that are “chained” together. Together, these blocks form an immutable database for recording transactions. Each block is added to a blockchain in chronological order, with a time-stamping system. An essential notion: data registered in the blockchain cannot be altered, modified or deleted, thus guaranteeing its non-violability.
Cryptocurrency
> The term “cryptocurrency” refers to a technology that enables secure payments to be made and money to be stored without going through an intermediary such as a traditional bank. Cryptocurrencies are placed on a blockchain, which guarantees their inviolability and authentication.
Bitcoin
> it’s not only the world’s first cryptocurrency, but also the best-known and most widely used today. Nicknamed “digital gold”, it is considered a safe haven. Its anonymous inventor, known by the pseudonym “Satoshi Nakamoto”, defined the currency in his 2008 white paper A Peer-to-Peer Electronic Cash System. The creation of bitcoins is not infinite, and is set at 21 million.
NFT
> “Non Fungible Token” is an authentication digital certificate, i.e. a unique, non-exchangeable digital asset such as a work of art, a medical record, a ticket to a show, etc. It enables the traceability of each object it represents. It enables the traceability of each object it represents.
Token
> it enables the creation of a digital twin of a physical object (luxury car, jewel, artwork, apartment… even a racehorse!). To do this, we create a unique token on a blockchain that represents the value of that object. From a monetary point of view, this creates value on the object, which can be sold or exchanged on the blockchain. But tokenization can also be used for traceability and authentication purposes. A distinction is thus made between “utility tokens” (non-monetary, as it were) and “security tokens” (naturally speculative).
Asset
> term used to designate an asset on the blockchain, be it a token, cryptocurrency or NFT.
Shaka Biarritz: definition and state of mind
Shaka is an event that popularizes Web3 and shows how AI is evolving. We take the time to offer a week-long program of workshops, shows and talks…. Everything is done to make these technological subjects accessible in a lively and dynamic way. And all this in a relaxed spirit: conviviality around meals and aperitifs, entertainment (yoga, meditation, sneaker tournaments and music)…
Thanks to a constant concern to make Web3 concrete, this year the first day is dedicated to live showcases: tokenization of a work of art, consultation with a physiotherapist, prompt battle…
Practical info
August 26-30 at Le Connecteur and other venues detailed in the program. Admission includes meals and drinks. Families welcome in a kid-friendly spirit with activities.
All practical info and ticket reservations on the Shaka Biarritz website.
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