Web 3.0 and Decentralized Infura
The Chief Strategist of ConsenSys, Simon Morris, revealed that a decentralized version of Infura will be available by the end of the year, with major Web2 cloud providers joining the network. The trial period will last for around six months, while the network is still under centralized control.
Infura is an access point for most DApps to access on-chain data from the Ethereum blockchain, but as it is controlled by ConsenSys, it is a single point of failure. In November 2020, MetaMask wallet stopped working when Infura went down, and other centralized exchanges and DeFi projects were also affected. Additionally, Infura was criticized for complying with US sanctions against Tornado Cash, as ConsenSys is a US-based company.
Currently, there is work in progress to set up a decentralized marketplace of up to five data providers, who can perform the same function as Infura but are distributed around the world. Infura will then become one of the providers in the network.
Web 3.0 and decentralized technologies such as DAOs, NFTs, and DeFi are transforming the way we do business online. With the launch of the decentralized version of Infura, the possibilities for Web 3.0 are limitless.
Web 3.0: the Next Generation of Online Business
Ethereum will be more reliable and resistant to censorship, as DApps will not be dependent on a single data service provider located in one jurisdiction, according to Morris.
Morris said that the ultimate goal is to create an architecture similar to TCP/IP, which cannot be regulated:
Morris indicated that both traditional Web2 cloud providers and crypto-native companies are interested in joining, but did not confirm that Google Cloud or AWS are in talks with ConsenSys.
“There is interest from both Web2 and Web3 providers. They see this as a potential source of a huge amount of business in the future.”
The emergence of Web 3.0, with its DeFi, NFTs, and DAOs, is transforming the way businesses operate online. This new technology is creating opportunities for innovative business ideas and models.
Web 3.0 and Decentralization
He added that a federated stage was necessary to iron out the bugs and get the system working properly while still under centralized control — whether by Consensys or a new body is yet to be determined. It is expected to transition into a permissionless marketplace of data providers sometime in 2024.
Decentralizing Infura blockchain’s data providers is crucial because monopolies may be shut down by a single court order. For a Web3 wallet like MetaMask that relies on Infura for data, this could have serious repercussions.
The decentralized version of Infura could be governed either by a decentralized autonomous organization (DAO), a foundation, or even nfts, defi, and other Web3.0 companies. Morris added that this is an important step for the next generation of online business.
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