Web3 is a new open internet architecture currently being developed by a diverse coalition of stakeholders. Its main goal is to make the web more open and decentralized than it is today. The aim is to democratize access to the internet and to eliminate the monopolistic power of large ISPs. Web3 has many potential applications.
Web3 consists of various technologies that are built on top of blockchain technology. Each contributor has their own ownership of the project, and smart contracts have been developed on top of it. Some of these applications have already been used in the real world to verify the authenticity of diamonds and speed up Walmart’s supply chain. Another potential application of this technology is the development of bridge applications that allow transactions between two or more blockchains. This process is also known as cross-chain swapping.
The API3 token is the native currency of the API3 network, a Web3 cryptocurrency project that aims to create a decentralized version of APIs. It also serves as the governance token for the API3 DAO community. Holders of API3 tokens can participate in discussions about project development and vote on cryptocurrency projects.
The Bicnomy protocol solves four main problems associated with Web3 infrastructure. First, it streamlines the process of onboarding users. Second, it eliminates the need to pay gas fees. In contrast, Ethereum infrastructure requires users to pay gas fees in ETH, whereas Biconomy allows them to pay in any ERC-20 token. This eliminates the need for intermediaries and speeds up transaction verification.
A Web3 application can be built by any organization. Many projects are run entirely by volunteers who put in their time without any pay. In addition, some projects raise money through an Initial Coin Offering, wherein crypto tokens for the project are sold to investors. The money raised is used to pay for development and may increase in value in the future. Many venture capital firms have also been keen to fund Web3 projects. Many VCs are familiar with software development and know how to build successful project roadmaps.
While the web has become so deeply integrated into people’s daily lives, the Web3 ecosystem is poised to give ordinary internet users more control over their online experiences. Web3 is an open, decentralized platform that lets ordinary users make decisions about how they use the internet. This new system may ultimately lead to more privacy and security for all users.
Livepeer: A Web3 decentralized project, Livepeer, aims to take video streaming to a higher level. Livepeer does not work like traditional video streaming companies, but uses blockchain technology to harness the excess computing power of a network of computers. It enables broadcasters to transcode their video products, while minimizing the need for costly technical expertise. The Livestream blockchain is used to power the Livepeer network. The network of orchestrators then transcodes the streaming.