Whether you have used the internet or not, you might have heard of Web3. It’s the latest iteration of the World Wide Web, and it has some big potential. It’s built around the idea of decentralization, using distributed applications and a global network of nodes. It promises to fundamentally change the way we interact with the web.
Web3 incorporates concepts of blockchain technologies and token-based economics. It uses smart contracts to create a decentralized and open ecosystem of financial instruments. It allows users to directly own digital assets and control their own data. It also offers a variety of benefits, including a more secure and efficient payment system and a more equitable way to access the web.
While Web3 hasn’t been around long, many ideas and innovations have only recently risen to the top. One of the most exciting industries for Web3 is gaming. Unlike traditional video games, a Web3 game is completely decentralized, with no middlemen or corporate interests involved. A user can buy in-game items with real money, rent out hard drive space, and even write content. Ultimately, the point of Web3 is to break down the walls of the centralized era and make the web more accessible to everyone.
There are a lot of new Web3 companies emerging in the last year, and they’re rushing to fill in the gaps in infrastructure. These include decentralized apps, a decentralized storage network, and a crypto-based payment system. These all work by leveraging the advantages of blockchain, and are able to give users a more direct ownership of their digital assets. Some Web3 projects are even airdropping free tokens to generate interest. The most effective method to invest in Web3 is through the use of project tokens. These tokens can be sold on exchanges, and are often purchased through an Initial Coin Offering (ICO).
A good example of a Web3 crypto is TARO, the native currency of the RobotEra metaverse-based gaming platform. In the first presale round, TARO is available for purchase, and the project is expected to launch in October 2022. In addition to allowing players to trade in-game items for a profit, TARO can be leveraged to control the in-game economy on RobotEra.
Other interesting Web3 technology includes non-fungible tokens, which are essentially certificates of authenticity. These are also a blockchain-based way to trade in-game items for real value. A wallet is a key component in a Web3 ecosystem, as it provides a means of interacting with funds on the blockchain. The most common types of Web3 wallets are self-custody and trust-wallet. A user can access the wallet’s features through an ENS profile.
Other Web3 technologies include the Chainlink, which is a type of middleware that allows smart contracts to access off-chain resources. A popular chart shared by a top crypto analyst showed a correlation between fundraising totals for Bitcoin and other cryptocurrencies. There are also improvements to the layer 2 scaling solution that have been made in the last year.