What is Web3?
Web 3.0 (Web3), as the name signifies, is the third generation of web technologies evolution. The web, also known as the World Wide Web, is the foundation of how the internet is used worldwide.
Web 3.0 is still evolving to update itself to the final version. Although there is no clear definition of Web 3.0, it still holds powerful emphasis over decentralized apps, in short, utilizing blockchain-based technologies. Undoubtedly, the invention of Web 3.0 & applications would look into and enhance the use of machine learning and artificial intelligence (AI) to empower more innovative and brilliant applications.
Blockchain solutions Bitcoin laid the initial groundwork for Web3- this is a classic case of advancing technology. The invention of Bitcoin made it easier to store money in safe and secure places both in a digital and decentralized manner- it is a work of intricate layers that can be integrated into the internet over time.
Web3 services and development is somewhat a mirror of Bitcoin- it is decentralized from generating content to distributing and owning it. There is still a level of distrust among people with Web3, which is understandable. Every new technology face backlash until wider audiences uses it and its results are confirmed with enough evidence. According to HubSpot’s blog research, nearly 51% of consumers do not understand the concept of Web3.
Web3 is built on blockchains using existing infrastructure to make the internet more accessible, private, and secure for users. Co-founder of Glypta.org, Anna Seacat, says that a significant benefit of Web3 is ownership over data.
How Does Web3 Works?
As we defined earlier, Web 3.0 makes decentralization happen; in many ways, it contributes to Web 2. Below we have mentioned four ways in which Web 3.0 binds blockchain to the end-user experience;
Smart Contracts
Smart contracts are embedded into data blocks, one at a time. As they can be chained together with ease- it makes them immutable-which increases the value of NFTs and cryptocurrencies. Thus, making cryptocurrencies so valuable in comparison to other assets. Smart contracts are deployed via Ethereum in solidity.
Web3 Libraries
Web3 libraries help in linking smart contracts to dApp interfaces: ethers.js, web3.js, or web3.py.
Nodes
As clear as it is- it is one step ahead of old methods that keep modernization at bay. Blockchain networks are distributed across computer nodes instead of depending on traditional centralization. For instance, Bitcoin has over 14,000 nodes, while on the other hand, IPFS (Interplanetary File System) has storage has over 200,000 nodes.
Wallets
Wallet that is attached to blockchain networks should not be considered as containers. Instead, crypto wallets such as MetaMask can deliver access to the blockchain through the medium of private keys.
How can Web 3.0 Development Relate to People?
You might be wondering as to why consumers can relate to Web 3.0. How does it hold value in people’s lives?
So, let us find out how Web 3.0 has become a part of consumers’ minds and lives. One of the prime and familiar aspects of Web 3.0 is decentralization.
Now Decentralized finance shares the same goals linked to Web 3.0. Let us explain- Decentralized finance utilizes the same blockchain technology as cryptocurrencies on a large level when people have complete ownership over their money via safe mediums such as a digital wallet instead of relying on traditional methods. Just as cryptocurrency, Web3 gives people the chance to have authority over their major tech corporations, control over their data, so and so.
Nowadays, many big brands, such as Microsoft, give customers the option to purchase products with bitcoin, which is excellent as it shows that big brands trust bitcoin payment. Thus giving a wider look into the bitcoin world to other businesses.
So much technology has changed how people purchase products that bitcoin is now paving its way to traditional markets. Sooner or later, bitcoin would become a much bigger deal than it is now, as many more people would use it.
So decentralized finance can be a game changer here in this entire scenario.
- Cryptocurrencies,
- Bitcoin, and
- a Decentralized finance system.
Cryptocurrency, bitcoin, and a decentralized financial system are three components that could flourish on web3. But all three exist in much the same way the dollar does: as a fungible token. In other words, you can trade one dollar of bitcoin for another identical dollar of bitcoin. They are interchangeable.
All of the three above-mentioned components can blossom with Web 3.0 development. All three exist in the way a dollar (currency) does – in the form of a fungible token. In simple terms, you can only trade a dollar of bitcoin for another identical dollar. They are plainly interchangeable.
People Would Get Empowered to Purchase NFTs
NFTs are inspiring for people. They are unique in every shape, you can’t touch them or see them in the real world, but still, somehow, they are a part of the time we all are breathing in; NFTs are evergreen, as some of you guys must know by now that NFTs are minted on many different blockchains and have become a treasure hunt over the past few years.
However, NFTs are not bound only to digital artwork- it’s much more than that! And it can be a part of any industry- fashion, music, healthcare, food, or others. But there are still some myths attached to purchasing NFTs. How can one buy NFTs?
How does one Own NFT?
A person purchases the digital certificate, which further verifies that they are the single owner of the original work.
There are so many examples that can be given to explain NFTs’ popularity. Some of them are listed below;
- Beeple digital NFT artwork “Everyday” was sold for $69 million.
- William Shatner’s personal memorabilia was sold under 9 minutes only.
- Nyan Cat GIF was sold for 300 ETH, which was equivalent to about $852,300 million.
Interested in Web 3.0 Development?
Web 3.0 comes with ample scope for the future. It comes along with hope and nurturing for a better and positive tomorrow. Every enterprise and business, whether small or big, is taking measures to create, to develop something innovative with Web 3.0, and you can too. If you have an idea stuck in your head- whether it is relevant to Web3 development services – we can surely guide you. Seasia Infotech has seasoned developers that have expertise in Web3 partnering with our organization.
Reaching out to us is super easy- all you need to do is drop an email at info@seasiainfotech.com and our team will contact you shortly.
