Web3, also called Internet 3.0, refers to what’s thought-about the subsequent part of the web: a decentralized, permissionless, blockchain-based net that will probably be managed and supported by particular person customers who can preserve their privateness. The Web3 revolution goals to disrupt the present Web2 part managed by centralized entities and tech corporations like Google, Fb, Netflix, Amazon, and so forth.
On this article, discover out what Web3 is and be taught in regards to the greatest Web3 initiatives in 2022.
Web3 is taken into account the third stage of the web revolution.
Web1, or Internet 1.0, was the primary iteration of the web, and centered round a fundamental construction that was principally used to supply data to customers. It consisted of static flat footage or net pages with restricted interplay and was distinguished until the early 2000s.
Then got here Web2, or Internet 2.0, which challenged the way in which we appeared on the web. It permits real-time data sharing, encourages participation from customers, and on-line interplay. With the appearance of social media, folks can like, remark, and share footage on platforms like Fb and Instagram, whereas incomes income by way of social media platforms like YouTube. However, one of many greatest challenges of those platforms was the shortage of privateness and rising scrutiny of corporations like Fb and Twitter, who had free entry to folks’s private knowledge.
One of many greatest challenges of Web2 was that it compromised the privateness of web customers. Large companies now have energy over large chunks of information and in consequence, many customers have been victims of economic loss and identification theft.
Web3 goals to resolve the problems surrounding privateness, safety, and centralized energy. Web3 is a decentralized, blockchain-based net resolution the place customers are the house owners. It’s the next-gen web resolution that takes away energy from giant companies by way of permission-less platforms the place customers have the fitting to share data. All personal knowledge is encrypted to forestall unauthorized entry.
The Web3 motion led to the rise of many decentralized purposes and Web3 initiatives. Let’s take a look at among the hottest Web3 initiatives in 2022.
Constructed on the Ethereum community, Ocean Protocol facilitates knowledge alternate amongst companies and people. Purchasers can redeem “datatokens” and get entry to the information. Information suppliers can share their knowledge and get “OCEAN” tokens, the native token of the Ocean Protocol, in return.
The OCEAN token is a multipurpose coin that can be utilized to commerce knowledge in addition to to participate within the platform’s governance protocol. All purchases and gross sales of “datatokens” are completed on the Ocean Market. The Ocean Market is an AMM (automated market maker) that helps to mint and alternate these “datatokens”.
The Polkadot protocol is a cross-chain interoperable platform that enables seamless switch of information between two unrelated blockchain networks like Bitcoin and Ethereum. DOT is the native token of the platform, and can be utilized for getting, promoting, and staking, and likewise permits token holders to participate within the governance protocol of the Polkadot platform.
Polkadot is a scalable and quick community that operates on a number of parallel blockchains, or parachains. These parachains enable greater than 1,000 transactions inside one second. The Polkadot platform additionally operates on the NPoS (Nominated Proof-of-Stake) consensus mechanism, the place customers can participate in staking relying on the information and funds that they contribute to the Polkadot ecosystem.
The Theta blockchain protocol is a decentralized ledger that goals to serve video streaming industries. Primarily based on the Proof-of-Stake consensus mechanism, it encourages and incentivizes content material creators for sharing their bandwidth and content material on video platforms.
Theta employs a BFT (Byzantine Fault Tolerance) consensus protocol for prime transactions all through the platform. The platform helps a micropayment pool by way of a pay-per-byte mechanism to help the video streaming content material creators. The ecosystem is powered by “Theta”, the native token of the economic system. The platform is constructed on sensible contracts to maximise person expertise and help different DApps.
The Courageous browser takes one step nearer to Web3 by integrating to InterPlanetery File System (IFPS), a P2P (peer-to-peer) file-sharing community. Courageous has all the time targeted on privateness, and now its current integration with IFPS will additional make sure the efficacy of a totally decentralized net. At the moment, the browser is on the market for Home windows, Mac, and Linux.
The set up of the brand new system will allow customers to entry URLs with out the extension. It should enhance the shopping expertise, lower prices, and customers can fear much less about censorship, connectivity, and downtime issues.
BAT is the native token of the Courageous Adverts ecosystem that tokenizes person consideration. Primarily based on Web3 options, BAT connects publishers and advertisers. It eliminates mediators or intermediaries, and publishers can ship BATs on to the advertiser’s pockets by way of the Courageous browser.
Customers can monetize their consideration and earn BAT rewards for viewing advertisements. Advert creators and publishers earn revenues. Advertisers additionally get related consideration from their goal audiences. Customers preserve their privateness and provides their distinctive consideration to the advertisements. It’s a win-win resolution for customers, advertisers, and publishers.
Information safety has been a significant disaster for web customers. There have been alarming charges of information theft over the previous years the place customers have misplaced their precious knowledge and their identification has been hacked. Web3 focuses on user-centric knowledge storage and privateness. It should redefine how customers, in addition to companies, work together with the web. It additionally goals to launch new initiatives and purposes which are extra clear, protected, and worthwhile for people and companies.