The Verifiable Web and the future of the Internet

In this article I want to explore a concept I already briefly addressed in my past articles. I want to discuss the concept of the “verifiable web”, what it is, what it promises and some discussions about pros and cons regarding this paradigm shift. First of all, I want to briefly go over how I was introduced to this concept and what my background is in order to help you understand what my motivations are in writing this article. I want to preface this article by saying, that I hereby want to help people new to Web3 get a QuickStart in the most important concepts. I also want to highlight use cases of Blockchain technology and Web3, which go past simple tokenomics and pump and dump schemes, to real use cases which can improve our lives. I have a background as a Solidity Developer and was first introduced to this concept around the middle of 2023, when I visited the Conference “SmartCon” by Chainlink. There I had the chance to listen to several very interesting panels talking about web3 and blockchain as well as how they can improve our lives. There I listened to a talk by Sergey Nazarov, Co-Founder of Chainlink, talk about the topic of this article.

FYI: Before I want to go into this topic, I want to let you know, that I am not affiliated with Chainlink Labs and that this article contains my own opinions. This article is neither legal, technical, nor financial advice.

The Problem

Firstly, I want to go over the problems, which this solution I am writing about promises to solve. The internet in its current state has brought many developments and achievements. Without it, our lives of today would not be possible. With ever increasing speeds and ever more content to choose from, it became more and more difficult to discern between facts and opinions, or even outright wrong information. Just look at what we are facing right now. The advancements in Large Language Models and AI have brought many benefits. Now you can create images, and with a rather good quality at that, just with the power of your words.

You can also let LLMs like ChatGPT and others generate text mass, which you can tune to your liking. Of course, what these models produce can be used in many ways. Do I want to create a banner for my latest blog post, so I don´t have to spend time coming up with ideas? Of course I can. Is it possible to generate a summary of a text so that I can absorb information faster, can I let LLMs write whole texts for me in order to fill certain requirements? All possible, although maybe not advisable in some situations. But these are harmless or even beneficial use cases. And these are not really the use cases I am focusing on. What I want to focus on are the dark sides of these developments. The sides, where this concept I am writing about in this article, the “verifiable web”, is needed to be part of the solution.

Picture this: With the advancements and ever-increasing quality these AI Models manage to create, we are now facing the point where many people are unable to distinguish what is real from what was thrown together by someone asking ChatGPT to write them. This can also reach from more harmless incidents, to full on manipulation and possible uses for exploitation of people. For example, it should be obvious what dangers hyper realistic AI videos and photos can do. They can, and are used, to harass, bully and blackmail people. Just think of the term “Deep Fake”. A couple of years ago it would have been unthinkable how far these could reach and how indistinguishable from reality they could become. The victims of these reach from politicians, to celebrities to ordinary people. And everyone of us can be the next. I think it goes without saying what vile things could be done with a bad intention to hurt people and a now common and also free of charge and publicly available AI Model. And currently, there is not much to stop the people behind these malicious abuses from continuing their operations.

This is exactly the problem, the concept of the “verifiable web” should solve. By managing to verify the source of information, we could have the benefits of AI, but also the safety of knowing where the information truly comes from. If everyone can easily see, that something was generated by AI, then it will deal a great blow to actors who are trying to manipulate people into following their agenda. But there is of course another problem. Who gets to decide, what is real and what is not? Isn´t it the same like giving an entity the power to dictate, what is true and false? It certainly is and has the potential to also be abused. Labeling everything, which goes against your own agenda as wrong is not really different from telling what is AI generated and what is not. Of course, there are instances, where truth and lie are a binary. Of course, there are cases, where it is clear what is true and what is false. But here we are not talking about moral issues, but the source of data. But that is not what I am advocating for. The power over information is maybe the greatest power one can have, and one that is easily abused, as we can see every day when looking out into the world.

Another problem we face right now is the manipulation of financial transactions. Every single day people fall prey to financial scams, be it big or small. On the smaller end individuals lose a lot of their money and in the bigger picture billions of financial assets get stolen, are said to have a different value than they actually have or are not even real at all. The current operational mode of the financial system is reactive. When these systems inevitably collapse, it is the end-users who bear the brunt of the resultant costs. Historical instances, ranging from the Enron scandal to the collapse of Lehman Brothers and the recent challenges encountered by SVB, underscore the massive failures inherent in centralized financial systems. These events are examples of the consequences of systemic vulnerabilities, showing the importance for a paradigmatic shift towards more resilient and transparent financial infrastructures.

In my opinion, the use for a source of verification for the origin of information is definitely needed. But as I outlined in the paragraph before, there would also be massive problems if this entity which controls this source of verification is centralized. It is, in my opinion, obvious that only a decentralized network can take up this task. In my opinion the clear favorite for a solution is blockchain technology and web3. Although still shackled by a lot of problems and still some way to go to achieve what it promises, it can be the solution for the problems and cases outlined before.

The Blockchain Trilemma and its connection to the Verifiable Web

Before I want to go into the concept of the verifiable web, it is important, that you understand the blockchain trilemma. AS all other systems built by humans, it has its limitations. These limitations are outlined in the concept of the “Blockchain Trilemma”. Here is a short explanation of what it means.

The blockchain trilemma refers to the challenge of achieving decentralization, security, and scalability simultaneously within a blockchain network. Decentralization ensures no single entity controls the network, promoting transparency and trust. Security involves safeguarding data and transactions from unauthorized access or manipulation. Scalability refers to the network's ability to handle a growing number of transactions efficiently.

However, achieving all three goals simultaneously is difficult. Increasing scalability may compromise decentralization or security, and enhancing security might hinder scalability. Blockchain developers strive to find a balance among these factors, often employing various consensus mechanisms and scaling solutions to address the trilemma while maintaining the core principles of blockchain technology.

The blockchain trilemma holds significant relevance for the development of the verifiable web, a concept aimed at enhancing trust, transparency, and authenticity in online interactions and data exchange, all points we touched upon before.

1. Decentralization: In the context of the verifiable web, decentralization is essential for reducing reliance on centralized authorities or intermediaries to verify the authenticity and integrity of online information. By leveraging blockchain technology, decentralized systems can empower users to independently verify the validity of data without the need for trust in any single entity. This decentralized approach fosters greater transparency and accountability, mitigating the risk of data manipulation or censorship by centralized authorities.

2. Security: Security is paramount in the verifiable web to ensure the integrity and confidentiality of data exchanged and verified across decentralized networks. Blockchain's robust security features, including cryptographic hashing, consensus mechanisms, and immutable ledger technology, provide a strong foundation for securing online interactions and preventing unauthorized access or tampering with verified data.

3. Scalability: Scalability is a critical consideration for the verifiable web to accommodate the growing volume of data and transactions exchanged within decentralized networks. Especially once the number of users or participants in a network increase, scalability becomes essential to maintain the efficiency and responsiveness of online verification processes. Blockchain developers and researchers are exploring innovative scaling solutions, such as layer 2 protocols, sharding, and off-chain computation, to address scalability challenges while preserving the decentralization and security features of the verifiable web.

In summary, addressing the blockchain trilemma is indispensable for realizing the verifiable web. By prioritizing decentralization, security, and scalability, the verifiable web can revolutionize online interactions and data exchange, empowering users with greater control over their digital identities and transactions while fostering a more trustworthy and resilient online environment.

Finally, I also want to clarify one final thing. The verifiable web is not supposed to shield from false data. It is merely here to verify the origin of data. Which in turn can be used to find out who is behind it and this also would make it possible to take legal action if needed.

The Concept and its Implementation

Now I don´t want to let you wait any longer, and finally go into the solution of the problems outlined before. While it is still in it´s infancy, it is well likely, that this concept can be a huge milestone in achieving a decentralized, secure and scalable solution for the verification of the origin of data. As I mentioned in the introduction I was first introduced to this vision, and also grasped its possibilities in October of 2023.

It is a vision of an ideal societal framework where individuals possess a comprehensive understanding of various systems, be it financial, informational, or otherwise, both before their engagement and throughout their participation. This aspiration encompasses the desire for transparent elucidation of a system's mechanisms, deterministic assurances of its operations, and delineation of exit parameters. The technological landscape is evolving to realize this vision through the integration of blockchain technology, smart contracts, decentralized oracle networks. These innovations facilitate the establishment of a verifiable web where users are empowered and able to make informed decisions by virtue of their ability to determine and validate the precise functionalities of the systems they engage with. This advancement contains three fundamental enhancements:

Enhanced Preemptive Understanding: Individuals can comprehensively evaluate the inner workings of a system prior to their involvement, with the assurance that its parameters remain immutable.

Facilitated Real-time Awareness: By leveraging verifiable cryptographic mechanisms, users are shielded from misinformation and equipped to gain accurate insights into the operations of the system in real-time.

Empowered Decision-making: The system is designed to be user-centric, affording individuals the agency to proactively assess whether continued participation aligns with their preferences, facilitated by clear protocols delineating exit strategies.

The verifiable web isn't meant to replace the regular web, but to add new abilities on top of it. It gives apps a way to work in a secure, fair, and decentralized system. This means they can do things like calculations, store data, control operations, and connect with other systems in a way that's protected by cryptography. When parts of an app's backend are on the verifiable web, users can be sure about the app and its data. They can know it's secure, always available, can be accessed without permission, accurate, genuine, private, and its history can be traced. Instead of just trusting that an app will keep its promises, the verifiable web uses technology to make sure it does what it says. Knowing how an app works and that it can't change unexpectedly lets users decide if they want to use it or not. They can also decide to stop using it whenever they want, because they can always know what's going on with it. The verifiable web doesn't rely on trust like the regular web does. It's built on a way of designing things that's like playing a game, where everyone has to follow the rules to make sure things are fair. Users can check to make sure these rules are being followed. The verifiable web is what crypto is really about! Fixing money and financial markets should only the start, before expanding into other industries to bring greater proof and transparency to the digital interactions that determine our lives. If trust in institutions continues to decrease, demand for technologies that provide verifiable proof about the world will only increase.

Final thoughts on the Verifiable Web

As you can see, this vision has the potential to not only fix current issues with the internet, but revolutionize it. But empowering people also requires more individual responsibility. Currently, you mostly still need to remember and safely store your secret pass phrase when you want to restore your crypto wallet. As most of us can probably tell from conversations with people not involved in the Web3 space, they are terrified of the idea of losing access to an account and not having someone who can help them. In terms of user experience, I see this as one of the biggest barriers in more adoption of a decentralized web.

But there is also a solution on the horizon. With Account Abstraction becoming more and more widespread, we could very well see a large number of users, which in turn could drive the change towards a decentralized internet forward. But this is a topic for a future article.

In my opinion the vision I presented you here has a lot of potential. Maybe some of it might sound too idealistic. Also, even the solution to a problem can become a problem in and of itself. And with this there are sadly also opportunities for possible abuse. It is of course not necessarily the case that this becomes true. But in order for this vision to play out in a beneficial manner for all, there needs to be insurance, that in the end we do not become citizens of glass, where every little detail of our lives is on the blockchain. But I do not want this final paragraph to end with a negative undertone. In the end there are many possible ways for this to play out and the web3 space is moving at a rapid pace.

In the end this decentralization and opening of the internet to all people, also makes it possible for people to participate who previously could not do so. The journey towards this decentralized future is one of both excitement and responsibility, and only time will reveal the true extent of its impact.