What are some of the unique use cases of web3? |
Posted: September 22, 2022 |
To understand web 3 we need to first review earlier iteration of web. This star what is called web 1? This was when internet was primarily read only and as a user your role was limited to reading information provided by the content producers. There was not any option given for you to interact or to communicate back information with the content producers. One example of this is old news websites like the CNN web page. These type of site dominated the internet in the 1990’s. Then around the year 2000 we began to new a new version of web which was web- 2. This version of web allowed to read and write. For example, social media. You could contribute and receive data from the internet. Specific examples of these are facebook, youtube, reddit and your flickers. One key characteristic about this is that all the data in the exchange that takes place on these types of websites is owned and hosted by the single entity. So, facebook own your chat history, google owns browsing history and these companies can take a big profit from this information and data. Now we get to web 3, on the face of it many sites and applications look exactly the same as they did n web 2. However the key difference is in the execution of these sites. With web 3, instead of running on a single server, stunning your date in centralized database. Web 3 runs on blockchains which are decentralized networks of many peer-to-peer servers referred to as nodes. By recruiting many nodes you have less chance of failures and increased capacity. You are capitalising on a pool of resources instead of just using one. In addition, web 3 allows for higher security since all data and information is kept on multiple nodes. It’s much harder to corrupt that information. The real power of web 3 comes from decentralized apps. These apps employ smart contracts which are basically pieces of software that are processed on a blockchain such as ethereumblockchain. Whenever a specific set of terms are met these smart contracts automatically run.
A decentralized autonomous organization, also known as DAO, is like any traditional organization like uber or google. The big difference is that it’s autonomous. It operates completely transparently and independent of any human intervention including its original creators. DAOs are run by programming code written on a collection of smart contracts written on ethereum. DAOs just like everything else connected to cryptocurrencies, are an extremely new and to some extent, revolutionary technology.
A rapidly growing financial trend is attempting to turn traditional banking on its head. It’s called decentralized finance, or DeFi. And it promises to bring digital banking for cryptocurrencies to the masses, but with no middleman and almost no barriers to entry. DeFi is next iteration of grand experiment in cryptocurrencies, which is basically just to recreate the financial system in a digital online format. The DeFi services run on blockchain, similar to how apps run on your phone. And the mechanism that allows them to work is called a smart contract. Smart contracts are designed to give DeFi transactions more transparency and security. Check out ANQ Finance an India startup building DeFi Freindly Digital Bank. Link : anq.finance
Blockchain games are games which are built using the blockchain technology or deployed on the blockchain so that not only one entity hold a copy of the game but everybody, the whole cluster of computers which is playing the games. In order to do that, we need a smart contract. A smart contract is a digital contract that decides the actions on the blockchain. This means that if you play a game or you battle any kind of action that you take in the game such as a sword fight or anything like that, maybe a quest or may be an achievement, you generate a transaction. That transaction is then created on the blockchain and everybody who has a copy of this block chain can see the transaction.
Metaverse is a massively scaled and interoperable network of real-time-rendered 3D virtual worlds which can be experienced synchronously and persistently by an effectively unlimited number of users with an individual sense of presence while supporting continuity of data, such as history, identity, communications, payments, entitlement and objects. Meta and other companies tout the metaverseas an evolution of the internet, a virtual world that parallels our lives in the real world. Metaverse projects can be implemented in a whole range of industries like gaming, ecommerce, real estate, media and entertainment, tourism, education and many more. By allowing people to interact via their digital avatars, the metaverse will definitely change the way people work, learn and communicate with each other.
Creator economy in context to web 3 is a way for people to monetize their time and creativity in a more effective way. It is a way to make web more evenly distributed in its ability to monetize. Creators of economy could be artist, coders, writers, musicians etc. in web 1 companies created content and earned money, in web 2 we created content and companies made money off it but in web 3 we create content, we own it, we control it and we monetize it. NFT is one of the example which provides many opportunities to creators.
World is changing with web 3. It is considered as future of internet which is more secured and beneficial. Where Defi and blockchain games are easily available, meteverse is still under development. After complete development it will be a different world. And the way of internet experience will change.
|
|||||||||||||||||||
|