17. Examples of the use of WEB3 on the blockchain
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 – the familiar cute creatures that we buy, breed and earn from. Axie Infinity is a Web3 project that falls into the play-to-earn category. While playing, you acquire cryptocurrencies, then you can successively cash them in. The project attracted a slew of investors in 2021. The game allows users to create their own economy, earn money while trading NFTs and entertain themselves. The ever-increasing adoption of cryptocurrencies and the relatively rapid growth of play-to-earn games will only result in more Web3 play-to-earn games.
∙ Polkadot – an example of a Web3 project built on the blockchain that increases interoperability. The aim of Polkadot is to connect different networks and allow them to communicate uncomplicatedly between them. Such projects enable users to benefit from cheaper, faster and more accessible products and services.
∙ Polygon, a Layer 2 Web3 solution. Polygon is referred to as the ‘Ethereum Internet of Blockchain‘. It is intended to help scale the Ethereum network. How. It provides developers with the tools to build Layer 2 scaling solutions. Independent developers can then build rollups and link them to other projects on Ethereum. Polygon is another Web 3 project that leaves added value for project developers as well as users.
∙ The Sandbox. Another Web3 project in the play-to-earn category. However, it is built on the usability of NFT. By combining NFT with the Sandbox Marketplace, it can monetise real estate and our other virtual activities.
∙ Harmony, which is a sharding solution for Web3. Project, is such a combination of the interoperability of Polkadot with the scalability of Ethereum. It solves one of the blockchain’s problems – it helps strike a balance between scalability, decentralisation and security. This is all made possible by the implementation of a sharded Proof-of-Stake Blockchain.
∙ Arbitrum. In the crypto world, we will hear that this is a Web3 project that leads the way in the optimistic rollup category. It gives Web3 developers the tools to build applications and solutions that are fast, cheap, and compatible with other Ethereum-based tools.
∙ Ocean Protocol. Another Web3 project. Built on the Ethereum network, it facilitates the exchange of data between companies and individuals. Purchasers purchase so-called datatokens and use them to access data. Providers, on the other hand, share the collected information and in return receive a native OCEAN protocol token.
∙ Theta. Its purpose is to serve industries related to video streaming. It is based on the Proof-of-Stake consensus and encourages content creators to make their content available on video platforms.
∙ Basic Attention Token (BAT). As the native token of the Brave Ads ecosystem, BAT tokenises user attention. Based on Web3 solutions, BAT connects advertisers and publishers. The project’s users monetise their attention and earn tokens, for…watching ads. Publishers are happy because they receive attention from their target audience. A win-win solution.
∙ Brave Browser. Web3 browser, using the InterPlanetary File System (IFPS) and peer-to-peer networking. The browser is available for Windows, Mac and Linux. It allows users to access URLs without an extension. This makes users less concerned about censorship, connectivity, and downtime issues.
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.
Commence your adventure with cryptocurrencies on Kanga Exchange