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Whether you’re a trader or investor, entrepreneur or employee, technology has reinvented the economy over and over. Web3 might be the next big thing, although it’s still more of a theory than a reality. And if it’s already hard to understand blockchain, metaverse, and NFTs, a WEB 3.0. definition doesn’t make it any easier.
How do you define this abstraction at such an early stage? When the Internet came out in the 80s, did anyone expect it to become what it is today? When Bitcoin started in 2009, who would expect it would evolve into standard payments, DeFi apps, or NFTs?
In about a decade, each of these transformed the world. New trading opportunities, business models, and careers that didn’t exist before. Now, what happens when you put together the Internet and blockchain innovations?
This synergy creates the WEB 3.0. definition—and what makes it so anticipated.
Web 3.0. (or WEB3 for short) is a broad term to include all Internet technologies that result from blockchain applications.
Gavin Wood (co-founder of Ethereum and Polkadot) coined Web 3.0. in 2014 as a “new iteration of the Internet” on blockchain Infrastructure. It would include both the replacement of existing websites and all new platforms that come from this synergy.
For a clear, specific WEB 3.0. definition, let’s instead define each component briefly:
For a detailed explanation, it helps to understand Web 3.0. with this structure:
2.1. Foundation dApps
2.2. Implementation dApps
2.3. Innovation dApps
The infrastructure includes the distributed devices (network) and layer protocols. For example, the layer-1 blockchain Ethereum has smart contracts (autonomous, decentralized, ETH-powered code). Which makes possible dApp development.
Foundational dApps (primitives) are similar to WEB3 infrastructure. They offer basic features and work as “building blocks” for complex, user-oriented dApps. e.g.:
Implementation dApps are traditional applications that either replace or expand with blockchain features. e.g.:
Innovation dApps (dApps per se) apply new features that didn’t exist separately on the Internet or blockchain. And while it’s the broadest category, our domain trading platform is a good example.
Cloudname introduces features that didn’t exist before WEB 3.0.:
As for Web 3.0., what new features come up from this Internet-blockchain synergy?
The goal of web 3.0. is to create a network that’s trustless, ubiquitous, transactional, identity-focused, and decentralized. This may sound abstract at first, also because the WEB 3.0. definition is still work-in-progress. How do you envision something that doesn’t yet exist?
You can get an idea of what to expect by looking at the transition from Web1 to Web2. Here’s an overview of the three World Wide Web iterations:
On the transition from Web 1.0. to Web 2.0., interaction makes the difference. Users got more creative freedom while browsing the Internet, which expanded its features tremendously.
For example, modern search engines make it easy to find websites by typing any words. Back in Web1, the only way would be to either type the exact domain or search in some ‘digital yellow pages.’ As for Web3, you might find the right websites without typing them at all.
We’ll later define what technologies make these innovations possible. When it comes to differences:
For example, any Cloudname domain you buy is an NFT you can store in an Ethereum wallet. Anyone can visit the website, but you control it from whatever device has your wallet signed up. Assuming you don’t share your private key, only your phone.
Web 3.0. has at least five improvements that previous webs don’t:
Decentralized networks (AKA public blockchains) distribute the workload and governance among their users. Unlike centralized networks (which may be distributed), all users interact within the same hierarchy level.
The goal is to empower communities based on their engagement while preventing anyone from dominating. Not director boards, not angel investors, but any contributor who wants to participate.
Of course, no Web3 is 100% decentralized. It depends on your dApps rules and the underlying blockchain.
Bitcoin may have a decentralized DAO. But mining certainly isn’t. Whoever has the highest computing power (see proof-of-work) wins most of the blocks.
Owning Bitcoin in 2011 wasn’t that different from owning digital money. Today, owning crypto might mean digital art, virtual land, voting power, a website domain, or some in-game assets. Web3 currencies have redefined ownership.
Web3 can tokenize any digital asset as NFTs, which hold value in crypto and (indirectly) fiat. And because of the potential utility on Web3 platforms, NFTs have boomed in the past two years. Not to mention the $69m picture.
Maybe you think buying NFTs today is as useless as buying domains in the 90s. Those who did, however, are today’s largest tech companies. Not only do NFTs have investment potential and Web3 utility, but unlike domains, you can own them without paying annual fees to a company.
Just like buying NFT domains on Cloudname.
Private ownership falls under the definition of capitalism. If Web3 is identity-focused, it’s by consequence transactional. Pay-to-own makes sense, but does that mean that Web3 isn’t free?
Consuming and sharing are Web2 features, which remain free. As for Web3, there are two directions:
e.g., Axie Infinity is a video game where players earn crypto rewards fighting with NFT creatures. The creature picture isn’t a “secret:” you can view or download it. But to use it in the game, you need the NFT on your Web3 wallet.*
e.g., Users can earn BAT tokens (Basic Attention Reward) on Brave Browser. Based on your browsing activity, relevant ads will show up organically and non-intrusively. Not only it’s a better-performing browser but also rewards users.
Only Brave (and Opera) can run blockchain domains like .btc and .eth, which you can trade on Cloudname from <$100 to $10,000.
So while Web3 adds price tags to seemingly worthless pictures, it also creates a new way to monetize your time, content, and skills. Whether it’s a play-to-earn game, a virtual land earning from AR ad space, a domain rented to a website or any metaverse business.
Explaining ubiquity to everyday people is like explaining water to a fish. It’s so often used that we don’t notice, and Google is the easiest example because it is possible “connect” to any website newsletter with your Gmail address.
Google is everywhere and widely used. Not because it’s essential, but because it makes everything easier. Once you’re connected:
What’s the Web3 wallet corollary?
Traditional platforms are trust-based. Even though there are terms of service, the user has to trust that the owners will follow them. But as administrators, people can hide information and change rules without notice.
Web3 platforms can be trustless when built on public blockchain layers. For example, Solana, Bitcoin, and Ethereum. Peer-to-peer trading is possible because:
As for the limitations of trustless finance:
The features of Web 3.0. have more applications beyond investing. It can apply to finance, entertainment, VR e-commerce, and any sector that can benefit from decentralized websites. But how can Web3 extend this far?
Four technologies in development make possible both its features and use cases:
IoT extends ubiquity ‘beyond the screen.’ This comes down to Augmented Reality (AR) and smart devices. And what makes IoT possible is Web3 blockchains.
To demystify IoT, let’s reimagine the Google example. If Google implemented IoT, we may see things like:
e.g., AR for locals on Google Maps. As you walk on the street, your phone detects a nearby restaurant you may like. You get a notification alert with their daily special.
e.g., AR for ad space. Advertisers might pay for playing ads on virtual spaces like Maps. Or rent ad space on Times Square, which you can only see from your camera (like Pokémon Go).
e.g., Google devices. Fit watches, doorbells, speakers, cameras, thermostats. All controllable from your mobile account.
While Web2 added interaction, it wasn’t nearly as immersive as real-life interaction. Not only does Web3 improve immersion but allows interactions that wouldn’t be as easy physically:
e.g, Meet office coworkers for virtual presentations
e.g., Visit websites and games in 1st person without interfaces
e.g., Explore in real-time other cities miles away
e.g., Visit malls, hotels, or real estate without traveling yourself
Blockchain applied to 3D tech (VR and AR), creates this 3D Internet, also called Metaverse.
As the Internet becomes broader, it becomes harder to find what’s relevant to you. The semantic web would be a decentralized data network that updates in real-time to keep up with your preferences. But that’s not how our Web2 works:
– Open-source TCP, SMTP, and HTTP.internet protocols from the late 70s and during thext decades.
– Designed as read-only in the spirit inclusiveness and openess.
– One can build without the permission of a regulatory.
– Open source is not easy to monetize.
– Web 2.0’s are on top of the internet’s open protocols with a business model relying on building proprietary,
– The companies who actually disposing with the open protocols are among the most valuable. We use their services often for free and in revanche, we need to trust them while they sell our data and opaque code.
– Open-source protocols like Web 1.0, but owned collectively via crypto-economics.
– Independent, not linked to the traditional bodies, with the code executed while written.
– Data owned by the users.
– Shared spirit of collaboration and identity..
Search engines show us either literal or popular pages, which may not be what you looked for. AIs can’t show relevant pages until they learn human language. The problems are:
Because Web3 is trustless and open-source, this data becomes accessible and updates in real-time (like blockchains). Users get relevant page results and marketers get reliable organic traffic.
Web 3.0. comes down to hard-coded blockchain rules. But community consensus isn’t black or white. How do you create a trustless platform that benefits everyone while allowing flexibility?
That’s the role of Blockchain AI:
Web2 platforms may have AI features, but not governance-wise. On Web3, users can both interact and manage the platform.
While Web 3.0. is more of a theory than reality, it’s already used in at least four ways:
Web3 Finance (DeFi) has become a $77B market since 2020. Some investors have gone bankless, as traditional finance doesn’t offer as many perks. For these reasons, decentralized finance is gaining popularity every year:
Today, you can find Web3 exchanges (Uniswap), marketplaces (Opensea), lenders (Aave), aggregators (Yearn Finance), even fiat DeFi (Terra).
Ecommerce VR is more than just 3D online shopping. For e-product sellers (books, plugins, courses…) it offers new product opportunities. As for physical products, VR can help reduce the inherent e-commerce risks:
The value of VR in e-commerce relies on how accurately it can reflect the real assets. Right now, it might exist in the form of interactive websites. Next decade, maybe VR glasses. Either way, big brands have started implementing VR already.
Mind that commerce can be as broad as creating a VR marketplace, in-game commerce, or owning land for rent. The more traffic, the more valuable.
Any transactional website can upgrade to Web3 regardless of the niche. Those that do will be able to accept more international customers, provide fast payment methods, and regain control from web providers. To do so, there are NFT domains, Web3 apps, and decentralized browsers.
The ideal Web3 website grants full control to the owner and users:
Digital entertainment makes ownership (and thus monetization) so complicated. Users can download assets without buying, reupload copyrighted media, and crack any paid software. And if you somehow avoid these problems, there may be dozens of account-sharing groups.
Web3 media can create NFTs, which are unique tokens attached to an asset. A Cryptopunk is a unique ERC-721 token in your wallet attached to a picture. NFTs help creatives protect their work while rewarding loyal followers.
While Web3 has already started, it will take years to complete. Semantic web, AI, IoT, and VR have been in development since before Bitcoin, so it won’t happen overnight. As for when Web3 will replace Web2, it can take around a decade.
But you don’t need to wait that long. The first expression of Web3 has already made the Internet better. Whether it’s private wallets, public governance, or metaverse NFTs.
Whatever direction it follows, Web3 starts the same way Web2 did. A domain.
Whether it’s a traditional or NFT domain, they all support Web3 features. Both are available on Cloudname, where you can check real-time prices and flexible trading options. Find your domain by exploring our growing marketplace.
You need a wallet to use Web3 apps, which is risky the bigger the balance. Dapps trade cryptocurrencies, which can be volatile. As for security, many fraudulent websites can steal your funds once you connect your wallet.
To make matters worse, there’s no-one able to help if you make a costly mistake. Web3 apps are still new, and regulators haven’t included them legally yet, which adds to the risk.
You create a Web3 wallet like Metamask from any device. After you save the private key and seed phrase, you can start using all Ethereum dApps. If the website uses BSC or others, you’ll need to add the network manually.
Likewise, you can use Bridge apps to transfer funds between blockchains.
It’s easy to confuse Web 3.0. with blockchain, dApps, or metaverse. That’s because Web3 is the environment that includes all these. Blockchains are the foundations, dApps the use cases, and metaverse the 3D extension of Web3.0.
Cloudname is the innovative platform for online domain trading. Discover the world of cloudname and everything you didn’t know about domain trading.
On 28/01/2023 a whitelist of eligible wallets will be published (any wallet holding $CNAME since before 27/01/2023 – NOTE: the tokens needs to be in a WALLET and not for example in an exchange)
Whitelisted users will be able to Redeem $CNAME directly on the Cloudname website.
The application page will allow users to connect their wallet and choose how many $CNAME to redeem.
Once the $CNAME are sent, users will immediately receive an email with a Freename promo code. Every promo code will be $100 max, and is not cumulative (e.g. if you redeem $1,000 in $CNAME, you will receive 10x $100 promo-codes)
Happy Web3 TLDs and Domains Shopping!