Web3 Use Cases
Can we start with the fact that the internet has changed so much since it was discovered? It is understandable because for users to enjoy the full-blown benefits of the internet, there is a need for it to expand and grow to make itself more accessible and valuable. Hence, the evolution of the web.
From Web1 down to Web2, and now, Web3, it has been a crazy transformation. The best part of this evolution is that it gets better every time, but some people might argue the case when comparing Web2 and Web3. That’s a discussion for another time.
Let’s check out Web3 use cases as we proceed in this article.
The Evolution of the Web
The first of the Web models was Web1, and you can just relate it to a bland salad, just cabbage, nothing more. It was highly characterized by its lack of emphasis on user input and its emphasis on static websites and text-based web pages for information delivery. That’s why it’s commonly referred to as the “read-only web” on the internet. It can only display and doesn’t welcome your opinion as a user.
Then, the web gurus and scientists thought about how they can make Web1 better, and this birthed Web2, with many more use cases. The current web format most of us got to know. It had a lot of changes and underlying internet infrastructure. It set the foundation for the next step in the web’s evolution. Web2 showed that the web has much more potential than we explored. It can access a wide range of users and work in tandem with a wide range of systems and applications. Web2 brought the era of a merger between the web and social media apps.
This foundation gave rise to the birth of Web3. The internet development efforts are focused on Web3, a decentralized web infrastructure that has sparked a revolution in the online community. Many people are still trying to understand what Web3 has to offer them. It’s not only individuals. Companies are also looking for Web3 use cases to assist the growth and development of their businesses.
So, what exactly is Web3?
What is Web3?
Web3, called Web 3.0, is the name for the latest World Wide Web revolution. The core goal of Web3 is to create a decentralized network for the World Wide Web. No single entity controls the hub where most Internet traffic originates and terminates. No external factors are involved. Thus Web3 offers much wider use cases than its predecessors.
The Internet is and always has been a decentralized network. It’s made up of a plethora of networks that are, in turn, linked to one another. It is usually sufficient if the route to an online destination goes through additional nodes in case a node fails. If your local network or the remote server of the desired Internet service is experiencing difficulties, the link between the two will be disrupted.
Furthermore, the only issue is that a small number of multinational conglomerates now host most websites and online services. The Internet has risen to the forefront because of how crucial its server infrastructure is. On top of that, these businesses often amass customer information, to sell them or use them for advertising. Social media platforms like Facebook and search engines like Google are prime examples of this model because they rely on advertising revenue to sustain themselves.
In addition, current applications of blockchain technology include digital currencies, NFTs, etc. It allows for platform-independent, private data transmission. By the way, this article explains how a blockchain operates.
What are the features of Web3?
One of the things to consider, as we go through this Web3 use case, includes the features and benefits of this latest evolution of the world wide web. We can fully grasp what Web3 is all about.
Although, one of the major features of Web3 is decentralization which has birthed a lot of other benefits. Let’s dig into this.
The theoretical benefit of blockchain decentralization is data privacy. If things are protected by blockchain, then no one can access them without permission. Of course, how far huge firms are authorized to collect data about you remains a question in the implementation, and that data will be utilized to continue displaying targeted advertisements. In contrast, Web3 provides a safer environment for users in terms of security against cyber threats.
However, cryptocurrencies are now also not completely risk-free. Possible entry points for an attack include malware on the user’s PC or the crypto platform’s website. The Internet’s security could be much improved if it were migrated to the blockchain.
Unfortunately, the internet’s flaws have been there for a long time and show no signs of being fixed soon. Online video games are a prime example of this phenomenon. Even though it didn’t come out until 2004, World of Warcraft was a major step forward for massive online games with many users doing different things simultaneously. Long lines and choppy gameplay weren’t enough to dampen people’s interest in the phenomenon in major cities.
The Web3 network solves this by spreading the workload throughout the whole network; Web3 may grow nearly indefinitely, as new participants always add more processing power. If the game world is not overly crowded, there is no need to split it into multiple servers. Big, virtual game worlds might be the way of the future.
A lot of people consider metaverse to be the idealized version of Web3. With the help of the metaverse, we may include more virtual aspects into our everyday lives. We can also use the vast online world as an interface, that incorporate apps and other virtual worlds effortlessly.
Furthermore, an additional tenet is that all users sharing the same virtual location have the same impression of that location. Therefore, scalability is vital so that a few thousand users can congregate in the same virtual space across numerous instances but still be able to interact with one another. Since the blockchain serves as Web3’s foundation, virtual goods and services in the metaverse can be purchased using cryptocurrencies or Non-fungible tokens (NFT) more easily.
What does the future hold for Web3?
Web3 is the bedrock of so many developments and a more promising future for the web. The potential and use of Web3 have been planted deeply in the future, the Metaverse. The term “metaverse” refers to the collective and long-lasting digital space made possible by VR and AR technology.
The world is embracing the virtual world, although it is still in its early stage. It also embraces decentralization and autonomy.
What are the real-life applications of Web3?
There are a lot of Web3 applications, and we’d discuss some in the article below to get a closer idea of Web3 use cases:
- Blockchain Applications: It has been implemented into several blockchain-related projects because of its uniqueness like great energy efficiency, user-driven governance, parachains, and parathreads. Other platforms include Pokadots, Uniswap, Aave, etc.
- Gaming platform: With Web3, there is an opportunity to implement play-to-earn models, connection to crypto wallets, and proof-solid security. e g., Axie infinity, Splinterland, Illuvium, etc.
- DeFi Apps: DeFi Apps operate a network that is open and decentralized. Users on this network do not operate a central authority to the legal owners of all data and services. Developers, traders, and liquidity providers work together in a free and open financial market.
- Web3 Domain and TLD: It has a major influence in the crypto-verse. It helps bring simplicity to the process involved in sending and receiving cryptocurrency using human-readable addresses. With Web3 domain and TLD users can also create a blockchain-based, decentralized, ad-free website. The strength of these websites is their anonymity and security.
You might want to check out Cloudname
Cloudname is the hub where you can choose to either sell or rent web3 domain names. There are also options to tokenize any domain name of your choice on the blockchain or win one when you play lotteries. The domain names up for grabs are of high value. There is also an option to earn passively by trading NFTs. Your journey into Web3 is just a step away.
Web3 use cases have proven that this model of the world wide web holds so many promises and strongholds in the future. It is a foundation for greater accomplishments on the world wide web. There are many benefits, one of which is decentralization and another, is anonymity. These two are most cherished among users on the internet.