The internet is a series of computers sharing and storing data. Currently individuals and organizations create apps and websites to gather data and store information in databases they maintain. Private databases were foundational in the development of web 2.0 but there is a new method of data storage, Blockchains, and it is ushering in the next iteration of the internet, web 3.0.
Blockchains are a new method of storing, retrieving, and interacting with data. Instead of keeping data in centralized databases, blockchains anonymize data, make it public, and store the data across several computers in the network.
Decentralized database stored and maintained across all computers in a network.
Database administrator can alter, remove or add data.
Network rejects mismatching data between computers in the network.
Developers and researchers need to request access to data.
Developers and researchers can access data without asking for permission.
One computer validates data resulting in faster processing.
Several computers programmatically coordinate to validate data resulting in slow processing.
Since computers are programmatically coordinating to validate transactions, there are rules on how they operate and reach a consensus.
The need for several computers in a network to reach a consensus before publishing a record is time consuming. As transactions enter a queue to be validated, the congestion of the network spikes the cost to transact. To manage traffic, blockchain teams have developed several layers that compartmentalize the process in more efficient ways.