These 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 the “world wide web”) and Web 2 (social media and the user-generated web).

Although what exactly defines a website3, service or application is still a matter of debate, it is generally accepted that it will be decentralized, with an infrastructure that will be owned by users and creators. It will also be deeply linked to the real world because it is based on 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 write this post, web3 is very much a work in progress, and different people have very different ideas about what it will end up looking like. However, the fundamental principles are very much 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 may 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 application to popularize the use of blockchain and is still the most widely used. Newer cryptocurrencies and blockchain platforms like Ethereum or Solana may be more sophisticated and geared towards web3 use cases like powering metaverse e-commerce, but Bitcoin itself still fits the bill. 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.

Ethereal

The blockchain network that powers the world’s second most popular cryptocurrency, Ether, and, beyond that, functions as a platform for many of the decentralized applications that make up the current iteration of web3. The Ethereum network builds 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 distributed autonomous organizations. (DAO).

pancake swap

Pancakeswap is a popular exchange for trading and investing in cryptocurrencies and other decentralized tokens. It is based on the Binance Smart Chain, a smart 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 decentralized web3 applications, it makes sense that users would want to trade them through networks that are decentralized, rather than the original cryptocurrency exchanges, which were centralized and likely to disappear overnight. the morning and take the funds from the users. with them. In theory, no one person or organization has control over a decentralized exchange, making it impossible for anything similar to happen.

secret

This is a decentralized messaging application that aims 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, both of which can usually 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 secure trading of cryptocurrencies and blockchain tokens like NFTs.

Decentraland

This is an online virtual world, commonly known these days as a metaverse, where users can meet, chat, play games, socialize, and attend events. Users can buy or rent plots of 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 interested in having their own stake in the metaverse. Decentraland is governed by a DAO made up of users and land owners within the platform, which implements rules and regulations through a democratic process.

tube D

Essentially a Youtube-style decentralized video streaming platform. Instead of a centralized corporation (in this case, Youtube owner Alphabet) that controls which videos can be viewed and when they appear in users’ feeds. Importantly, they also decide which videos can be monetized, and thus which users can earn money from their videos. All of this is done according to a set of rules and regulations over which the site owners have full control. DTube tries to put this power in the hands of its users, and all decisions about video viewability are 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.

file currency

This is decentralized cloud storage for personal files, like decentralized Google Drive or OneDrive. It is completely open source, so anyone can examine the source code to determine that it is actually doing what it says it is doing and that there are no potential security holes that attackers could use to access stored data. Users can offer their own additional storage space to the network and get paid for doing so in the service’s own cryptocurrency.

Steemit

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

Everledger

Everledger is a private, centralized company that offers a number of decentralized solutions that operate on private blockchains. These aim to provide transparency, accountability, and provenance in supply chains across various industries, including art, luxury goods, diamonds, and fashion. It differs somewhat from other web3 application examples in that it is based on Hyperledger Fabric, originally developed by IBM, and focuses on building proprietary, industry-specific 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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