For many, Web3 is a concept that is equal parts promising and off-the-shelf. Of course, as the conversation continues to grow, many are now confused about where to access Web3, especially with the plethora of self-proclaimed “dApps” better pitched as “dApps” that are supposed to be functional and available. The caveat is that many of these projects are not fully decentralized, they claim, and often rely heavily on Web2 components such as centralized storage. The result is that at any time, a central party can disable access leaving users unable to access associated apps or, in extreme cases, hack dApps, which could result in the loss of funds and private data.
At the recent AMA, Cointelegraph’s chief correspondent Rachel Wolfson sat down with Serge Farr, CEO and co-founder of Point Labs. Point Labs is the company that builds the Point Network, which the team describes as the world’s first truly complete Web3 application where everything is decentralized.
Looking at the historical market, Serge is quick to share that “many projects are pushing towards decentralization for one thing or the other, and they’re doing really well.” To give some context, he shares the example of file sharing. “There was Napster and Mega by Kim Dotcom, which ended when the government shut down these platforms. Then someone created Bittorent, and finally, file sharing became decentralized. A lot of people wanted to shut it down, but they couldn’t.”
Although there is only one example, Serge reminds viewers that this is just the beginning. In his words, “There was always a dream that maybe we could decentralize the entire internet starting with domains, storage and scaling everything.” The implication, he continues, is that “we can get rid of censorship and mass surveillance and all that stuff, that’s the idea of Web3 out there”.
Unfortunately, he went on to admit, “We were looking at other projects trying to do this, and couldn’t find anything close, which is why we started working on Point Network.”
For now, Serge points to the large number of hacks as an indication of the lack of decentralization in the current infrastructure and create a major use case that Point Network can fill. Highlighting the Point Network roadmap, Serge shares that their solution looks at both the infrastructure their team has built but also “all the projects that could be upon completion of real Web3,” which includes a completely decentralized social network, from start to finish. Encrypted email and file storage system similar to Google Drive.
He comments, “Currently all Web3 projects call themselves Web3, but the only decentralized party is the smart contract,” leaving the door open to hacking because the rest is “totally central.” He continues that these platforms will often say, “Sorry, our name servers were hacked, and they changed it.” For this reason, Point Network shares that full decentralization is the only way that works since domains on the blockchain that point to regular browsers are not set up in a way that protects users.
This raised the question for the audience, where will the applications that fill this use case be located?
MORE INFORMATION ABOUT POINT NETWORK HERE
In a fully decentralized way, domains on the Point Network will reside on the blockchain, with storage in Arweave, a peer-to-peer decentralized storage solution. Practically speaking, Serge shares that Point Network will become “just another app that people download.” Therefore, “within the Point browser [users] will only be able to use Point domains and decentralized storage,” making it “completely isolated from Web2.”
So, along with the Web3 discussion that is topping up in the minds of the world today, Var shares the mainnet launch date to be just a few weeks away, September 1, 2022.
Given that the network is about to launch, Serge described the infrastructure, though implemented, as a “pilot project,” meaning “there is still some time before the platform and API are mature.”
However, unlike other projects that compete with each other, Serge hopes Point will be able to simply integrate all the different dApps into the browser rather than being isolated. The intent is that with a clear path to Web3, the Point Network can be the starting point for bringing everyone together in a truly decentralized way.