After functioning for years in the centralized system, the internet is about to experience a breakthrough with the help of blockchain and its decentralization nodes. The move to Web 3.0 represents the next step in the internet, with new data rights, activities, and normal avenues of action becoming the standard.
Web 3.0 technology gives rights back to its users, focusing on peer-to-peer interaction, and pushing them away from having to interact with centralized bodies. However, as this change is hard to fathom, let alone accept, many tech entrepreneurs and everyday internet users are still uncertain about what exactly Web3 means.
From the development of DAO (decentralized autonomous organizations) regulating NFTs & DeFi (Decentralized Finance) to the growth of social investing platforms, Web3.0 has seen a range of projects launched into the system. In this article, we’ll be exploring what Web 3.0 is, where it came from, and its big developments thus far. Let’s get into it!
What is Web 3?
History of Web 3.0
To understand the great evolution of Web 3.0, let’s dive into the present web infrastructure and the one before it.
During the early 1990s, websites were built to only give information – each was a static page that relayed a set structure to its users. At this stage, the internet was called Web 1.0, demonstrating that this was the first iteration of the internet as we know it today.
Later, a newer version of the internet appeared which not only allows users to share and create on the internet, but also to actively sell it. This experience is termed Web 2.0, which brings an increased emphasis on user-centric and user-generated content along with the interoperability between multiple platforms and applications.
Web 3.0 is the stage that follows Web 2.0, focusing itself on the following principles:
* Trustless and permissionless
* Machine learning
* Artificial intelligence (AI)
* Ubiquity & Connectivity
How Does Web 3.0 Work?
Web 3.0 depicted a paradigm reversal. Its underlying logic completely changes how users communicate, interact and share content over the internet. The first revolutionary change is making users independent; they are able to interact even without a central body in the middle.
Secondly, while being active on the internet, users do not need to reveal true identities. This anonymity allows them to browse, interact, and discuss without revealing their personal details.
With the rise of technologies involving distributed ledgers and storage on the blockchain, Web 3.0 allows a decentralized and transparent environment to operate. It overtakes the centrally controlled infrastructure of Web 2.0.
In the near future, decentralized applications are likely to overrule the centralized tech giants, making the users own their data. However, the mass adoption of Web 3.0 is just about to start. At present, only 10% of the global population owns cryptocurrency, which is closely tied with Web 3.0 DeFi infrastructures.
Although progress has been made, with Web 3.0 applications having millions of users, it has not yet started to surpass the number of users of Web 2.0 systems.
The Venture Capitalist Landscape
While not breaking through to the mainstream just yet, WEb 3.0 has started to gain popularity in the venture capital landscape. According to Statista, blockchain startups, in the first quarter of 2021, gathered 2.6 billion U.S. dollars in venture-capital funding.
In November 2021, VC invested $30 billion globally across 1,278 deals. According to PitchBook, on average, the blockchain-related startups amassed $20 million.
What Is Happening In The Web 3.0 Space
The key decentralization feature of Web 3.0 with Blockchain integration spurred up the development of many advanced platforms. Moreover, the Blockchain’s global market is predicted to reach $69.04B (market size) by 2027.
Here is a list of soaring platforms and startups, integrated with Blockchain technology, that are making significant progress in the Web 3.0 space.
We’ll be discussing:
Each of these represents leading technologies in the blockchain space. Let’s break them down further.
Founded in 2018, Mintable is progressing on the NFT boom by providing an avenue for users to mine, sell, and manage NFTs. NFTs have hit the market like no other digital asset, currently having achieved around 6600% increase in search growth.
This Web 3.0 platform has a total of 3,618 Mintable NFTs. At present, over 900 owners own a minimum of one Mintable NFT. This platform allows users to trade, collect, and build their own NFTs.
NAGAX, a leading Web3 social investing platform, was founded back in 2015 and disrupted the highly competitive FX/CFD industry. Making a turnover of EUR 255 million in 2021, the platform is committed to offering content creators the finest digital asset trading platforms. The platform offers an integrated staking facility, education and learning avenues, and a newer exchange for crypto trading.
Alongside having a launchpad for creators, its comprehensive and secure NFT marketplace is catching the eye of many investors.
NAGAX offers content creators a cutting-edge avenue to create and monetize content. Using NAGA Protocols, users can mint every post and even set rules of monetization – determining how much they’ll earn from revealing that post to the public.
The post accessibility is integrated with the ETH-based wallet, ensuring security and stable payment pathways. This interesting system seems to cover everything that one would need to trade digital assets on Web 3.0.
Algorand is based on a technology that accelerates the convergence between traditional and decentralized finance. This platform was founded by Silvio Micali, the Turing Award-winning cryptographer.
The platform aims to usher in the Future of Finance (FutureFi) by establishing a unified system between old and new. Its long-term dream is to create an inclusive, secure and frictionless system for the users.
The firm has developed a Blockchain infrastructure that provides the capacity and interoperability to manage transactions required for financial institutions, decentralized finance (DeFi), and governments ensuring uninterrupted transitions into FutureFi.
Ape Board is a cross-chain DeFi dashboard that aggregates the DeFi portfolios of users, including their snapshots and other farming assets in a single connected platform. You’ll be able to select and view your online portfolio for any DeFi asset, from Solana and Ethereum to Cardano and Polygon.
It helps calculate the net worth of a user and bring all of your holdings to one secure location. The platform has gathered funding of $1.2M and 100% search growth over the last five years.
Although over 106 million people use cryptocurrencies around the world, there is a huge population who fears and clings to the traditional finance market. They either are fearful of the crypto-geek or get overwhelmed by the tech-driven crypto-environment, or are in need of guidance.
With the developments of Web 3.0 social trading platforms, users get an avenue to explore, monetize and grow in the cryptocurrency market along with exploring the fascinating world of Web 3.0.
As this technology becomes even more developed over the next few years, who knows where it will take us.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.