Since the Web has been invented, people have considered it a continuous pillar of life, however, the web we know today is quite different and has evolved over a period of time. Its current, historical, and projected evolution is divided into three different stages i.e. Web1, Web2, and Web3.
Web1 initially provided us with static websites and text-based web pages to provide users with information, and web1 did not place much emphasis on user-based input. Consequently, this online version is often referred to as the “read-only” web, as it provided users with no opportunity to interact or contribute, eventually making them passive consumers. While Web1 was about accessing information, Web2 focused on creating and contributing, making it a “read/write” web.
Web2, the version of the web that we currently use (the internet infrastructure), was developed as the web’s next iteration. It may be open, simple to use, and compatible with a range of services, platforms, and software solutions. Although web2 allowed users to contribute and made them active consumers but unlike web1 which was decentralized, web2 was centralized and had the potential to hurt user privacy. Users had to hand over the rights to their personal data to corporations to get permission to use various platforms.
The solution to this problem is Web3. The “next-iteration” of the internet is represented by web3, which gives people ownership and is all about reading, writing, and owning. Gavin Wood, a co-founder of Ethereum, came up with the idea to combat the dominance of a centralized web in which tech behemoths like Facebook, Google, and Twitter have access to and authority over user data.
The Web3, which embraces decentralization and is being built, operated, and owned by its users, is not a Web that is monopolized by big tech companies. Web3 gives people the ability to make decisions rather than corporations. Blockchain, self-sovereign identification, and decentralized storage are some technologies and ideas that power Web3, transforming the notion of data ownership and giving people ownership.
How Web 3 Benefits Our Lives?
Ownership is one of the most important benefits of Web3. As it is powered by blockchain technology and decentralization, democratizing content creation and eliminating the middleman. Therefore, unlike Web2, Web3 allows users to earn tokens that have monetary value, for their activity directly and gives meaningful ownership to the users for their projects.
The decentralized identity system in Web3 makes it trustworthy and allows users to control their online identity and personal information. Moreover, blockchain technology is tamperproof and secure; data cannot be hacked or changed without interference being detected. Web3 also gives its users a more personalized browsing and richer app experiences, allowing websites to automatically adapt to the user’s device, location, or any other accessibility requirements they may have.
Use Cases of Web3
The following are the use cases of Web3:
A virtual reality-based environment called Metaverse seeks to combine the real and virtual worlds. Although metaverse initiatives can be centralized or decentralized, decentralized metaverse projects are more in line with future needs due to web2. The metaverse initiatives may use the web3 ecosystem and its networking properties to improve the decentralized experience for consumers. With technologies like IoT and artificial intelligence, Web3 further strengthens the metaverse and enables realism inside it.
Privacy & Data Management:
The most well-known technology with the potential to decentralize the future is undoubtedly blockchain. However, “full transparency” occasionally raises privacy concerns in consumers. Web3 makes it possible for blockchain infrastructure to use cutting-edge ideas like zero-knowledge proof and cryptography to maintain total secrecy for improved privacy in decentralized digital infrastructures.
DeFi uses web3 features to enhance its current infrastructure and related capabilities as one of the main use cases for web3. Businesses may create cutting-edge DeFi solutions and apps by fusing the DeFi technology with the robust and open web3 ecosystem. DeFi gains from Web3’s various advantages, which include easier access to an open source ecosystem, cheaper transaction costs, quick transaction processing, and more automated, transparent governance.
Blockchain technology is used by decentralized apps, which are not owned or managed by a centralized authority. Web3 offers sophisticated development that is both features- and usability-rich. Web3 dApps include those for metaverse, DeFi, NFT, and gaming. Web3 projects benefit from the true decentralization and interoperability of dApps. However, unless the project specifically calls for it, dApps for the blockchain ecosystem are not required to be compatible.
Advance NFT use cases:
NFTs are a crucial piece of equipment utilized in the blockchain. On the web3 ecosystem, NFTs have a wide range of applications, including rewarding viewers, granting users digital ownership, and storing immutable data on the blockchain. Tokenizing their firms, promoting exclusivity and ownership on the blockchain, or establishing DAO communities are some of the ways that corporations have started to raise money (a decentralized autonomous organization or an online community owned by its members).
A new generation of social media networks powered by Web3 highlight the creator-driven economy with a primary focus on giving users content ownership instead of any centralized institution. Social networking apps like Facebook, Instagram, and Snapchat will be replaced with the Web3 version, which would also require users to provide their data to a designated party. Web3 apps allow for anonymous access to users through wallet addresses and private keys which is a huge development.
With the introduction of NFTs, blockchain, and metaverse, the real estate sector has already seen significant change. A variety of “contemporary” web3 real-estate initiatives have been created that leverage NFTs, virtual reality, and 3D technologies to verify ownership and transfer NFT-based real estate properties as web3 is now offering a more robust and broad ecosystem for real estate. Additionally, the transaction is documented in the blockchain’s immutable and open ledger.
Play-to-earn, NFT, and play-to-own games are examples of blockchain-based games that have evolved into Web3 games. The creation of next-generation games that enable players to own, sell, and manufacture in-game assets to earn revenue from the game is facilitated by the usage of technologies like blockchain, NFTs, and underpinning gaming infrastructure in these web3 games. The ideal illustrations of web3 games that have attracted widespread player acceptance are Axie Infinity and Decentraland. Web3 games will also experience significant changes in the future due to developments in the web3 environment.
Companies are using web3 technologies to create 3D realistic workplaces that transform their physical workplaces, allow employees’ avatars to work inside the virtual workplaces, interact with their coworkers, and engage in fun activities just like the real workplaces because web3 supports the development of high-end metaverse projects.
The above-mentioned most popular web3 use cases demonstrate how it may completely alter online experiences. Web3 has a lot in store for the entire globe, from DAOs to the metaverse to DeFi. Other web3 use cases are still in development, but some of them have already begun to make an impact. Although, web3 is still developing, still, OptimusFox tries to provide the best web3 services to its customers and will continue to do so in the future too.