Now Ethereum network-based DApps & NFTs can be accessed through “web3://” instead of http:// use, under a fully decentralized environment.
In the present time, all internet users are required to type “http://” as a prefix to access any internet website. This traditional system to access the internet world is the most popular method, which allows websites to provide backend server data to the webpage with full security. The main issue with the http:// system is its centralized nature & it can be used to censor people easily.
To solve the censorship issue & allow access to decentralized crypto exchanges under a fully decentralized ecosystem, ERC-4804 was approved by the Ethereum community in Q1 2022.
More than a year later, ERC-4804 was approved and finalized on the mainnet on 1 March 2023. Under this new Ethereum standard, Defi Crypto exchanges like Uniswap, Decentralized Apps (DApps) & NFTs can be accessed through “web3://” .
This proposal was co-authored by ETHStorage founder Qi Zhou, Ethereum researcher Sam Wilson, and Chao Pi. With the help of this new Ethereum standard, Ethereum devs aim to bring highly decentralized crypto focussed services to people.
However, this concept is looking promising for the privacy of the crypto investors but here the cost to manage this new standard under a decentralized medium is very high.
ETHStorage founder Qi Zhou said:
“1 Gigabyte of on-chain data will cost roughly $10 million. (…) That is unacceptable for a lot of Web2 applications and even a lot of NFTs.”
So here we can conclude that the new Ethereum standard will take a huge time to get a better level of adoption among the crypto companies because not all Crypto companies can afford this high-cost services.
Read also: Now Fidelity Digital Assets provides commission-free crypto purchases
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