From our previous lessons, you know what the next-generation Internet – Web3 – is characterized by. The idea, combined with blockchain, gives us a list of projects worth looking at, or at least associating with.
Web3 – a definition
We will not explain once again what Web3 technology is. We will just remind you that it is the next-generation Internet, created by independent developers, non-profit organisations and businesses. Its goal is full decentralisation. It is the user who has full control over the data shared. Web3 effectively moves away from the old versions of the Internet. It brings together a wide range of technologies like NFT, DeFi, blockchain and cryptocurrencies.
Blockchains are a key element for decentralised Web3 projects. It is thanks to blockchain that they are decentralised and devoid of oversight by individuals three. They do not steal value. Instead, they focus on rewarding participation, development, and commitment to a project.
As we will discuss in the section (of a law) below, the range of Web3 projects on the blockchain is wide. From applications to even interoperability protocols. So, which ones are worth paying attention to? We will discuss the most – in our opinion – valuable ones for you below.
Web3 projects on the blockchain – analysis
Axie Infinity:Axie Infinity is a Play-to-Earn Web3 project that allows players to earn cryptocurrencies as they play. It became particularly popular in 2021, but its popularity has declined due to a changing market and security issues such as the Ronin Bridge attack that occurred in 2022. Despite this, the game still exists and allows users to create their own economies, trade NFTs and enjoy entertainment, but faces challenges in innovation and maintaining player interest.
Polkadot: Polkadot is an example of a Web3 project that enhances interoperability between different blockchains through its unique parachain architecture. The platform facilitates communication between blockchains to offer cheaper, faster and more accessible products and services. At 2024, Polkadot remains one of the largest and most valued Web3 projects in terms of market capitalisation.
Polygon: Polygon, often referred to as the ‘Ethereum Blockchain Internet’, is helping to scale the Ethereum network through the development of tier-2 solution tools such as rollups. The project continuously supports the development of scalable applications and solutions for developers, which attracts many developers looking to avoid the problems associated with high transaction fees on Ethereum.
The Sandbox: The Sandbox is a Play-to-Earn project that is blockchain-based and uses NFT for virtual real estate and other activities. The project allows users to buy, sell and build on their virtual plots of land, as well as monetise the experience by creating interactive content. The Sandbox continues to be a popular platform in the Metaverse space, but has to compete with other growing metaverse sites.
Harmony: Harmony is a sharding solution that combines the interoperability of Polkadot with the scalability of Ethereum. The project aimed to address the balance between scalability, decentralisation and security, but in 2024 Harmony no longer has such a strong presence in the main roster of Web3 projects due to financial difficulties and limited updates.
Arbitrum: Arbitrum is one of the leading Optimistic Rollup solutions for building fast, low-cost applications in the Ethereum ecosystem. The project continues to attract developers due to its high compatibility with Ethereum tools, allowing them to use existing smart contracts while reducing transaction costs.
Ocean Protocol: Ocean Protocol is a Web3 project on the Ethereum blockchain that facilitates the exchange of data between businesses and individuals using data tokens (datatokens). The project continues to operate, attracting interest from organisations seeking privacy and control over the data they share. Ocean Protocol offers decentralised data exchange, promoting transparency and enabling monetisation of data assets.
Theta: Theta Network is a blockchain project that focuses on video streaming. It uses Proof-of-Stake consensus and rewards users for sharing their bandwidth and computing resources. The project has support from large technology companies such as Google and Samsung, making it one of the leaders in the decentralised streaming space.
Basic Attention Token (BAT): Basic Attention Token (BAT) and Brave Browser is a popular solution within Web3 that rewards users for watching ads and protects their privacy. Brave Browser is evolving rapidly with new features such as integration with the InterPlanetary File System (IPFS), allowing users to view content without the need for centralised servers, eliminating censorship and downtime issues.
Brave Browser: The Brave browser continues to be one of the more popular options within Web3. It uses IPFS technology and Peer-to-Peer networking, allowing users to access content in a decentralised manner. Brave has introduced additional integrations with other Web3 platforms in 2024, increasing browser functionality and further supporting user privacy.
Summary
Combining the blockchain ecosystem with Web3 gives us direct control, mainly over our finances. As you will have noticed in the examples above, we do not use centralised payment systems in these examples, and we still make money. Moreover, Web3 and related projects give us more control over the data or information we share. We are combating the inconveniences of Web2. Finally, we will just remind you that Web3 is a substitute for the next-generation Internet, which has also not yet fully developed.
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