Towards a Foundation of Web3

Abstract

Abstract The Web3 vision takes blockchain disintermediation to a next level by making it ubiquitous, encompassing not only payments and financial services but also digital identities, data and business models. Recently, Web3 has gained massive attention by major analysts such as Gartner, Forrester, Forbes Technology Council and the Harvard Business Review. Albeit the current enthusiasm about Web3, we are lost in a state of confusion about what Web3 actually is – or could be. In this paper, we take an engineering approach. We discuss a potential foundation of Web3 in terms of fundamental components, architectural principles and a Web3 design space. We conclude that, from an engineering viewpoint, the Web3 can be characterized as the integration of digital rights exchange into the (application layer) internet protocols. Finally, on the basis of these findings, we discuss the Alphabill platform as a Web3 enabling technology.