Point Network Launches Full Web3 Architecture – Press Release Bitcoin News


PRESS RELEASE. That was the title of a recent talk by Serge Var, CEO and co-founder of Point Labs, at the Web 3.0 2022 conference in January.

Serge presented arguments that despite many projects calling themselves “Web 3.0” and “decentralized”, we are not there yet: we still rely too much on centralized systems, using centralized domains that can be confiscated by governments or pirated, unreliable. centralized storage where the user interface is stored and browser extensions that may disappear tomorrow at the whim of Google.

The only decentralized part of a typical “decentralized application” turns out to be the smart contract, everything else can be compromised.

These monsters of Frankenstein crossed over from Web2 and Web3 parts (what many dub as Web 2.5) not only lead to multiple security fiascos, such as BadgerDAO which recently lost $120 million in participant funds due to a centralized user interface that had been hijacked, but also gives a premature bad name to the Web 3.0 concept itself, when people don’t know how their NFTs on the supposedly censorship-resistant and decentralized Internet can be censored on OpenSea and then disappear from their Metamask wallet.

A new paradigm

After months of intensive research and development, the Point Labs team came up with an architecture that allows complete decentralization of the technology stack and named it Network of points. For the first time, instead of attempting to introduce blockchain into the Web2 paradigm, there is a completely separate network that can finally be called Web3.

The way it works is to leverage a combination of several decentralized technologies, replacing vulnerable components of the old Internet: decentralized browser (just as you would use Tor Browser to access the Deep Web, you use Point Browser to access to real Web3), decentralized domains live on blockchain and decentralized storage (Point Labs has partnered with Arweave and uses their network for the decentralized storage component).

“What’s the point?”

All the decentralized applications you know and love can easily be deployed on Point Network, and at first glance they look exactly alike: just instead of uniswap.orgyou would access uniswap.pointand instead of Metamask or Phantom, a Point confirmation window would appear (Point mimics their APIs so deployments are as easy as possible).

However, under the hood, apps are now completely decentralized: UI, smart contracts, domains, identities finally live on the blockchain, making dApps completely censorship-resistant and publicly auditable. The fact that every update to a website is a transaction on a blockchain offers some intriguing use cases, one of them being multisig domains (where an update to a website must be approved by multiple developers, so an attacker would have to compromise all of them, which would be a much more difficult task).

Point Network also offers several demonstration dApps: Point Social (a web3 social network), Point Mail (end-to-end encrypted mail), a multi-channel Point Wallet, etc.

“When Web3?

Point Network is still in an early stage of development, but already looks promising to potentially become the leading Web3 standard in the near future.

Point Labs released a public alpha in October last year for the Solana Ignition hackathon, where they landed on the honorary list of project judges, after which they raised several rounds of venture capital from companies. such as Sino Global Capital, Arweave, Solar Eco Fund, Zoomer Fund, Definitive and Chorus One.

Now their goal is to leverage their growing team of engineers to release the beta and launch it in mid-2022 (a few months away), making Web 3.0 accessible to everyone.

Web 3.0 is obviously here to stay, and it will be as important as the birth of the Internet. The sooner you become familiar with this booming field, the better positioned you will be to become a valuable part of it. You can learn more about Point Network’s role by joining the conversations of their growing community of early adopters on Telegram: https://t.me/pointnetworkchat, or on their website https://pointnetwork.io/

This is a press release. Readers should exercise due diligence before taking any action related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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