In step with the Web3.0

Hello hello!
Web3 sure is getting a lot of people riled up.

You can ask: Why?
Because Web3 hasn’t formed yet. Generally speaking, web3 has been more like a buzzword, also, Elon Musk wrote about it in his twitter. That’s designed more to confuse than to illuminate, and it’s causing something like an identity crisis for the tech industry — with implications for the rest of us. The tech industry is racing toward something that might be a third stage of the internet’s development. But no one knows for sure.

What is this Web?

It’s short for Web 3.0. It’s sometimes spelled with a capital “W,” but usually it’s not. For the most part, Web 1.0 was the first World Wide Web that took off in popularity through web browsers in the 1990s, and that Web 2.0 followed a decade later with the rise of mega platforms like Google and Meta.

Web3 technologies can be broadly categorized into the following categories:

• Blockchain networks — These are decentralized networks that use a distributed ledger technology (DLT) to record and verify transactions. For example, the Bitcoin network and the Ethereum network.
• Decentralized Applications (dApps) — These are applications that are built on top of a blockchain network and use smart contracts to automate complex processes. Apps can be used for a different variety of purposes, such as finance, supply chain management, and identity management.
• Decentralized Autonomous Organizations (DAOs) — These are organizations that are run using smart contracts on a blockchain network. They are designed to be decentralized and autonomous, allowing decisions to be made by the collective will of the members.
• Interoperability protocols — These are protocols that allow different blockchain networks to communicate with each other and exchange data and assets. Examples include the Interledger Protocol (ILP) and the Cosmos Network.
• Decentralized Identity (DID) systems — These are systems that allow users to securely control their own personal data and manage their online identity using blockchain technology.

If web3 is unproved, does it have potential?

The cause of the potential is the development of blockchain technology and for cryptocurrencies. Bitcoin, Ethereum and other digital forms of money are the most concrete examples that exist of an all-online, no-one-in-charge, blockchain-based system.

Also, as the perceived value of those coins took off last year, with the total value of the market passing $3 trillion in November, so has the expectation that the decentralized model can be applied to other areas of online life. On the whole if Bitcoin can work, so the thinking goes, why not other blockchain-based financial products like insurance or loans?

It looks so good for different products.

“Crypto is not only the future of finance but, as with the Web in the early days, is poised to transform all aspects of our lives,” Andreessen Horowitz, a representative firm that’s betting big on web3, said this not so long ago.

Most relevant Web 3.0 examples

1. Siri.
   According to automatic natural language processing, the intelligent assistant can analyse, speak and interact with users. Over the years, Apple’s voice-controlled AI assistant has grown more intelligent and has expanded its abilities since its first appearance in the iPhone. Siri uses speech recognition and artificial intelligence, a key component of Web3, to be able to perform complex and personalized commands. Today, Siri and other AI assistants like Amazon’s Alexa can understand requests such as “where is the nearest Starbucks joint” and immediately come up with the right information or action.
2. Brave.
   Brave is a web browser focused on improving data privacy and browsing experience by natively suppressing ads. The payment is in a cryptocurrency of the Brave ecosystem called BAT, short for Basic Attention Token. Now, Brave added connectivity to the Gemini exchange, so it can easily move BAT in and out of the app seamlessly. At the same time, users in select countries can now sell their coins for fiat, including Ethereum, Solana, USDC, and Basic Attention Token (BAT). The company said that a big quantity of cryptocurrencies can be sold via the off-ramp service.
3. Metaverse.
   The metaverse is another application that will interface with this semantic web, as it is an overview of what the Web 3.0 interface will look like. Primarily, it will rely heavily on Virtual Reality, VR, and Augmented Reality, AR, to create an immersive experience, blending digital elements with the natural world.
4. Integration in exchange.

• Now, we can use Web3 wallet browser extension to log in to exchange. For example in WhiteBIT for more simple to log in users can try a more simple option. In addition, data security is the basic principle of their work. There are also updates in the depositing methods. Now you can top up the balance of ETH tokens and related networks such as Polygon, Arbitrum, Optimism, etc., using your Web3 wallet.
• As well, cryptocurrency exchange Huobi has announced a strategic partnership with P2E project Gala Games to work together on Web3 initiatives. The Gala Games gaming platform provides developers with the ability to create cryptocurrency and non-fungible tokens that allow players to buy and sell in-game items. Huobi called the creation of the Web3 ecosystem an “important” long-term goal and said the new partnership will accelerate this process.

I sure you never knew this facts about Web3.0

• The Web3 market cap currently sits at $27.5 billion.

Web3 is still in its early days, but the leading crypto networks using the technology have already reached a sizable market cap. However, it pales in comparison to the market cap of Meta ($900 billion) and the games and esports industry ($1.99 trillion). It is also far behind the market cap of the companies still relying on Web 2.0 ($14.8 trillion combined), but all these companies will likely have to switch to Web 3.0 in the not-too-distant future to remain relevant.

(Grayscale)

• 46% of finance apps are based on the Web3 technology.

The Web3 trends in 2022’s first half show that most apps relying on this technology fall into the finance category. As for the other categories, 8.9% of apps in the social category and those in the tools and utilities category also use Web3. However, 5.8% of business apps and 5.7% of games are described by their developers as Web3.

(Statista)

• Men are twice as likely as women to be aware of Web3.

According to Web3 stats, 17% of men and 8% of women have heard the term.

It’s not surprising , younger generations are more aware of Web3–20% of Gen-Zers and 18% of millennials have heard the term, compared to 11% of Gen-Xers and just 8% of baby boomers. The highest awareness rates were measured among Gen-Z men (27%) and millennial men (24%). In both cases, the rate was twice that of their female counterparts (13% and 11%, respectively).

(SurveyMonkey)

The future is always uncertain, but the tech industry is generally on the leading edge and the buzz around crypto is unmistakable, whether it’s a scam or not. The future remains bright, and remains tied to blockchain and crypto, if you know where to look.

The development of Web3 keeping in step with the times. We should try to keep up with the trends in the market. May the Force be with you. :)