Here are the best examples of Web3 in practice

Web3 is the term used to describe the “next level” of the internet – following web 1 (HTML, or “world wide web”) and web 2 (social media and the user-generated web).

While exactly what defines a website, service or web3 application is still the subject of some debate, it is generally accepted that it will be decentralized, with infrastructure owned by users and creators. It will also be deeply connected to the real world by being built on the Internet of Things (IoT) technology and the concept of immersive and connected environments (also known as the “metaverse”).

It’s fair to say that as I’m writing this post, web3 is a work in progress, and different people have very different ideas about what it will look like. However, the core principles are very operational today and are being used to create a new generation of digital platforms and services that are already pioneering the concepts. Here’s a look at some of the most interesting and innovative ones you can try today:

Bitcoin

Some people might be surprised to see Bitcoin make a list like this, but the fact is that despite being over a decade old (much older than the term web3), it was the first decentralized digital currency, the first app to popularize Bitcoin. use of blockchain and is still the most used. New cryptocurrencies and blockchain platforms like Ethereum or Solana may be more sophisticated and geared towards web3 use cases such as driving metaverse e-commerce, but Bitcoin itself still fits the definition of web3. Today, 36% of small businesses in the US are said to accept Bitcoin payments, and it is even recognized as legal tender in one country – El Salvador.

Ethereum

The blockchain network that powers the world’s second most popular cryptocurrency – Ether – and furthermore acts as a platform for many of the decentralized applications that make up the current iteration of web3. The Ethereum network is built on the work done by Bitcoin in creating a decentralized, encrypted digital ledger, adding the ability to run software code, known as decentralized applications (dapps), and even groups, companies, or corporations – known as organizations. distributed autonomous systems (DAO).

Pancake Swap

Pancakeswap is a popular exchange for trading and investing in cryptocurrencies and other decentralized tokens. It is built on Binance’s smart chain – an intelligent blockchain network similar to the Ethereum network that can be used to build, launch and host other decentralized applications. As cryptocurrencies and blockchain tokens are themselves decentralized, web3 applications, it makes sense that users would want to trade them on networks that are decentralized rather than the original cryptocurrency exchanges, which were centralized and prone to disappear overnight. and take users’ funds with them. In theory, no person or organization has control over a decentralized exchange, making it impossible for something similar to happen.

secret

This is a decentralized messaging app aiming to become the web3 version of WhatsApp or WeChat. It aims to prioritize privacy and security by allowing users to connect without an email address or phone number, which can often be traced back to individuals due to the centralized nature of the service providers that host them. It also has built-in trading functionality for securely trading cryptocurrencies and blockchain tokens such as NFTs.

decentralization

This is an online virtual world – commonly referred to today as the metaverse – where users can meet, chat, play games, socialize and participate in events. Users can buy or rent virtual land using the platform’s own cryptocurrency, called MANA. In recent years, it has become popular with global brands and celebrities including Samsung, Morgan Stanley, PwC, Adidas and Snoop Dogg, all of whom are keen to have their own stake in the metaverse. Decentraland is governed by a DAO comprised of users and landowners within the platform, which implements rules and regulations through a democratic process.

DTube

Essentially a decentralized YouTube-style video streaming platform. Instead of a centralized corporation (in this case, Alphabet, which owns YouTube) controlling which videos can be viewed and when they appear in users’ feeds. Importantly, they also decide which videos can be monetized and therefore which users can earn money from their videos. All of this is done according to a set of rules and regulations that the website owners have full control over. DTube tries to put that power in the hands of its users, with all decisions about video visibility governed by views, shares and likes. There are no “owners” in the traditional sense who can censor uploaded content simply by removing it from their servers.

filecoin

This is decentralized cloud storage for personal files – like a decentralized Google Drive or OneDrive. It’s completely open source, so anyone can examine the source code to determine if it’s actually doing what it says it’s doing, and that there aren’t any potential security holes that attackers could use to get the stored data. Users can offer their own spare storage space to the network and get paid for it in the service’s own cryptocurrency.

Steemit

A decentralized social blog site, similar to Reddit, where users can get paid for their content based on community voting. Steemit is built on its own blockchain, called Steem, and uses its own cryptocurrency of the same name. To date, 1.7 million accounts are registered on the platform.

Everledger

Everledger is a private, centralized company that offers various decentralized solutions operating on private blockchains. They aim to provide transparency, accountability and provenance in supply chains across a range of industries including art, luxury goods, diamonds and fashion. It is slightly different from other web3 application examples in that it is built on the Hyperledger Fabric, originally developed by IBM, and its focus is on building industry-specific proprietary solutions. This demonstrates the fact that there are many different views on what constitutes web3 and where the future of the decentralized internet is headed.

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