Web3 is the latest generation of the World Wide Web (WWW) and focuses on decentralization and blockchain technology. Some of the most popular Web3 use cases are Decentralized Autonomous Organization (DAO), Decentralized Finance (DeFi) and Metaverse. In recent times, many big brands across industries have shown trust and interest in the Web3 sector. These include American Express, the New York Stock Exchange and McDonald’s. In fact, big companies like Microsoft, Google and Apple have started adding Web3 experts to their respective teams. I am extremely bullish on Web3 for 2022.
What is web3?
From the late 1990s to around 2004, Web1 was the first generation of the World Wide Web. During this phase, most of the websites were stable. These websites were created by businesses and consumed by users like you and me.
Web2 is the current second generation of the World Wide Web. A large amount of content is user generated, including social media content, blogs and reviews. Much of this data is controlled and monetized by large companies such as Google And metain the past Facebook,
web3 It is the latest generation of the World Wide Web and its focus is on decentralization. Web3 is expected to provide personalized content and enable people to control and monetize their own data.
Web3 use cases
1. Blockchain-Based Game
2. Central Bank Digital Currencies (CBDC)
3. Cryptocurrencies and Privacy Coins
4. Decentralized Autonomous Organization (DAO)
5. Decentralized Finance (DeFi)
7. Non-Fungible Tokens (NFTs)
8. Security Token
9. Fixed Coins
10. Wrapped Property
Web3 is also promoting extensively ‘producer economy’ By enabling artists, writers, filmmakers, musicians and other content creators to connect directly with their supporters and collaborate without middlemen.
Web3 project to watch
The Aakash network is called the “Airbnb for Cloud Compute”. It leverages “85 percent underutilized cloud capacity across 8.4 million global data centers, enabling anyone to buy and sell” Cloud Computing“. The platform claims to provide cloud computing at 1/3 the cost of providers such as Amazon, Google and Microsoft.
API (Application Programming Interface) is a software that enables two applications to talk to each other. It is like a waiter in a restaurant who delivers your order to the kitchen and brings your food back to you. API3 enables trusted data providers to provide crypto, stock and commodity prices for Web3 smart contracts.
Aragon makes it very easy for anyone to make DAO On open-source infrastructure with governance plugins. It is used by many virtual worlds, subreddits, hacker groups, DeFi ProtocolAnd even fashion houses.
Arweave is “a collectively owned hard drive that never forgets”. It allows permanent storage of data with a single upfront fee. At its core is ‘PermaWeb’ – a “permanent, decentralized web containing applications and platforms such as user interface (UI) hosting, database rights and queries, and smart contract.
basic attention token
Basic Attention Token (BAT) is disrupting the $330 billion digital advertising industry. Brave Browser is at the heart of the BAT ecosystem. Brave blocks ads and trackers. It makes your browsing three times faster and very private.
How can a smart contract receive data from the outside world? That’s the problem Oracles solve. They act as middleware between smart contracts and external sources of data. chain link An independent oracle is a decentralized network of node operators.
ethereum name service
Ethereum Name Service (ENS) Ethereum is a decentralized naming system based on the blockchain. It converts human-readable ethereum addresses such as sanya.eth crypto addresses Like 1Mk13r5uu51F5jQ6yGuBPxkuZw91nM4MeY and vice versa.
Filecoin is the Airbnb for data. It is a decentralized data storage network where additional storage can be bought and sold. It is also the incentive and security layer for the Interplanetary File System (IPFS). In simple words, it is a market for untapped storage – in consumer hardware and data centers.
Internet of Things (IoT) It is a billion dollar industry with billions of connected devices. For proper functioning, most IoT devices need to be connected to the Internet.
For this the traditional technologies (cellular, WiFi and Bluetooth) are expensive, power hungry, or have limited range. Helium Network is a decentralized wireless network. It enables IoT devices to connect wirelessly to the Internet and geolocate themselves without satellite location hardware or cellular plans.
Video streaming, especially live streaming, is very expensive because the video has to be transcoded first. It is the process of reformatting a raw video file so that it can be viewed well on all devices and bandwidths. LivePeer is a protocol to reduce transcoding costs by up to 50 times. This is achieved by a peer-to-peer infrastructure that interacts through an Ethereum-based marketplace.
NuCypher is a decentralized encryption, access control and key management system for the masses blockchain, NuCypher provides end-to-end encrypted data sharing on public blockchains and decentralized storage solutions.
Ocean Protocol enables individuals and businesses to monetize their data via ERC-20 based datatokens. The dataset can be searched and sold on Ocean Market.
Ontology is a high-speed, low-cost public blockchain to bring decentralized identity and data solutions to Web3.
Render Network is a distributed Graphics Processing Unit (GPU) Rendering network built on top of the Ethereum blockchain. It connects artists and studios in need of GPU compute power with mining partners who are willing to rent out their GPU capabilities.
Sia is a decentralized cloud storage platform and data storage marketplace. It encrypts and distributes files in a decentralized network.
Users control their private encryption keys and own their data. This is the opposite of traditional cloud storage the provider. Sia’s storage costs can be up to 90 percent lower than those of major traditional cloud storage providers.
Steemit is a blockchain-based blogging and social media platform. Users earn crypto for publishing and curating content.
Graph is a decentralized protocol for indexing and querying data from the blockchain.
Theta is like Airbnb for video streaming – viewers earn rewards for sharing additional bandwidth and computing resources.
Rohas Nagpal is the author of the Future Money Playbook and Chief Blockchain Architect at the Wrapped Asset Project. He is also an amateur boxer and a retired hacker. you can follow him linkedin,
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.