Here are the best examples of Web3 in practice

Web3 is the term used to describe the “next level” of the Internet – after Web 1 (HTML, or the “World Wide Web”) and Web 2 (social media and the user-generated Web).

Although what exactly defines a web3 site, service or application is still debated, it is generally accepted that it will be decentralized, with infrastructure owned by users and creators. It will also be deeply connected to the real world due to its construction on Internet of Things (IoT) technology and the concept of immersive and connected environments (aka the “metaverse”).

It’s fair to say that as I write this article, Web3 is a work in progress, and different people have very different ideas of what it will look like. However, the fundamentals are very operational today and are being used to create a new generation of digital platforms and services that are already pioneering in concepts. Here’s a look at some of the most interesting and innovative you can try today:

Bitcoin

Some people might be surprised to see Bitcoin making a list like this, but the fact is that despite being over a decade old (much older than the term web3), it was the first decentralized digital currency , the first application to popularize the use of blockchain and remains the most widely used. Newer cryptocurrencies and blockchain platforms like Ethereum or Solana may be more sophisticated and geared towards web3 use cases like powering metaverse e-commerce, but Bitcoin itself still fits the definition of web3. Today, 36% of small businesses in the United States would accept Bitcoin payments, and it is even recognized as legal tender in one country – El Salvador.

Ethereum

The blockchain network that powers the world’s second most popular cryptocurrency – Ether – and, beyond that, functions as a platform for many decentralized applications that make up the current iteration of web3. The Ethereum network builds on the work done by Bitcoin to create a decentralized, encrypted digital ledger, adding the ability to run software code, known as decentralized applications (dapps), and even groups, businesses or corporations – known as distributed autonomous organizations. (DAO).

Exchange of pancakes

Pancakeswap is a popular exchange for trading and investing in cryptocurrencies and other decentralized tokens. It is built on the Binance Smart Chain – an intelligent blockchain network similar to the Ethereum network that can be used to build, launch, and host other decentralized applications. Since cryptocurrencies and blockchain tokens are themselves decentralized web3 applications, it makes sense that users would want to trade them on networks that are themselves decentralized, rather than the original cryptocurrency exchanges, which were centralized and likely to disappear overnight and take user funds. with them. In theory, no one person or organization has control over a decentralized exchange, making it impossible for something similar to happen.

Secretum

It is a decentralized messaging application aiming to become the web3 version of WhatsApp or WeChat. It aims to prioritize privacy and security by allowing users to log in without email addresses or phone numbers, which can usually be traced back to individuals due to the centralized nature of service providers who host them. It also has built-in trading functionality for secure trading of cryptocurrencies and blockchain tokens such as NFTs.

Decentralized

It is an online virtual world – commonly referred to these days as a metaverse – where users can meet, chat, play games, socialize and attend events. Users can buy or rent plots of virtual land using the platform’s own cryptocurrency, called MANA. In recent years it has become popular with global brands and celebrities including Samsung, Morgan Stanley, PwC, Adidas and Snoop Dogg, all eager to have their own stake in the metaverse. Decentraland is governed by a DAO made up of users and landowners within the platform, which implements rules and regulations through a democratic process.

D-Tube

Essentially a Youtube-style decentralized video streaming platform. Rather than a centralized company (in this case, the owner of Youtube Alphabet) controlling what videos can be seen and when they appear in users’ feeds. Above all, they also decide which videos can be monetized and therefore which users can earn money from their videos. All of this is done under a set of rules and regulations over which the site owners have full control. DTube tries to put that power in the hands of its users, with all decisions about video visibility being governed by views, shares, and likes. There are no “owners”, in the traditional sense, who can censor uploaded content by simply deleting it from their servers.

filecoin

It is a decentralized cloud storage for personal files, like a decentralized Google Drive or OneDrive. It’s completely open-source, so anyone can examine the source code to determine that it actually does what it says and there are no potential security holes that attackers could use to gain access. to stored data. Users can offer their own spare storage to the network and get paid to do so in the service’s own cryptocurrency.

Steemite

A decentralized social blogging site, similar to Reddit, where users can get paid for their content based on community vote. Steemit is built on its own blockchain, called Steem, and uses its own cryptocurrency with the same name. At the time of writing, 1.7 million accounts are registered on the platform.

Everledger

Everledger is a private, centralized company that offers a number of decentralized solutions running on private blockchains. These aim to ensure the transparency, accountability and provenance of supply chains in various industries, including art, luxury goods, diamonds and fashion. It is somewhat different from other sample Web3 applications in that it is built on Hyperledger Fabric, originally developed by IBM, and focuses on building proprietary and industry-specific solutions. . This demonstrates the fact that there are many different opinions about what constitutes Web3 and where the future of the decentralized Internet is headed.

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About Shirley L. Kreger

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