Everyone would agree that Web 3.0 is a topic of prominent discussion right now and one does not have to look far to find interesting conversations and debates about cryptocurrencies, NFTs and the metaverse. However, until recently, apps labelled “decentralized” and “Web 3.0” were often not up to the standard. For numerous projects, the blockchain is the sole decentralized component, while the rest is still hosted on Web 2.0, making it extremely centralized and vulnerable to a variety of hacks and assaults.
Point Labs decided to decentralize every aspect of the tech stack, which included storage, identities and domains in order to get closer to Web 3.0’s ultimate objective of a truly decentralized Internet. It’s a lofty goal, but is it feasible?
Understanding Point Network
Point Network may best be understood as an initiative which seeks to reimplement all major components of the “old Internet”. Cloud storage is strictly replaced by decentralized storage on Arweave, centralized domains are replaced by ENS-like domains that live on the blockchain and cannot be taken away, and rather than storing passwords on servers, users would instead log into Web 3.0 with one 12-word secret phrase and they are instantly logged into all decentralized websites and applications.
Moreover, as every component is indeed decentralized, there is no single point of failure which can be taken down or attacked (as with Bittorrent or Tor Network), considerably improving the safety, privacy, and censorship-resistance aspects of Point Network decentralized apps and websites.
‘Web 3.0’ implementation soon?
The design proposed for the Point Network is interesting, but can it be implemented? At the start of 2021, it was simply a concept, but after months of rigorous study and development, the team submitted their prototype at the Solana Ignition Hackathon where they discovered their first users and were placed #2 on the Honorary Mentions list. This enabled them to obtain Seed and A rounds of funding from interested venture capital companies, which supported the creation of the next alpha version that is being discussed in their Telegram channel with various early adopters.
With that in mind, the Point Network public sale and following beta mainnet release are scheduled to begin in Q2 of 2022, so only time will tell if we will finally see a competent full Web 3.0 implementation soon. Regardless, the future does indeed seem to be bright for Point Network as we get closer to the inevitable shift to Web 3.0 on a global scale.