In the coming year, power will continue to shift from centralized companies to users and content creators who respect the principles of decentralization and blockchain technology.
In this article, you will learn what first-level solutions support Web 3.0, what role such coins play in the metaverse, how Web 3.0 is supported by distributed networks, and where to buy trending cryptocurrencies.
Web 3.0 is the newest generation of the World Wide Web, which is distinguished by the possibilities of using decentralized networks and is aimed at increasing the usefulness for ordinary people and online services.
The history of development
You can think of Web 3.0 as the Internet of the very near future. First, let’s remember what his predecessors were like:
The initial generation of the world wide web. The Internet was mostly personal pages, static websites, search tools, but there were also user-driven decentralized protocols. Most of the users were content consumers, not content providers.
This is the kind of internet we are used to today – it includes a lot more user-generated content as well as use cases. This is not only the study of information, but also interaction in social networks, online shopping.
Popular examples of such services are Wikipedia, Facebook, Twitter. Numerous payment companies can also be included here – they have the right to open or close access to services for users at their discretion.
The most advanced state of the internet, featuring blockchain and a decentralized industry where participants can interact without the involvement of centralized databases. This will ensure content is not censored and payments are more inclusive. Cryptocurrencies related to Web 3.0 are also called Web 3.0 tokens.
The concept seeks to give participants a greater degree of control over their content through a decentralized infrastructure, as transactions are no longer controlled by a central authority. This opens up amazing opportunities for economic solutions for content creators.
Users can earn monetary rewards when they possess digital data or pass value on to the community. Although there are already a few working Web 3.0 applications, the full potential will only be realized when there is a majority.
In order for the “third version of the Internet” to work successfully, it needs networks that provide decentralization, scalability and security. As the concept provides more opportunities to interact with users and applications, scalability is essential – it is the key to fully supporting future ecosystems and operations.
While Web 3.0 is largely synonymous with distributed blockchain architecture, currently decentralized networks are facing a previously unknown problem called the “scalability trilemma.” It greatly hinders widespread adoption.
Blockchains of the first level as a solution to the problem
Most often, decentralized applications currently run on the Ethereum network, a layer 1 blockchain. Such blockchains are a set of solutions that improve the underlying protocol in order to achieve better scalability and global adoption.
In addition to Ethereum, Binance Smart Chain, Cardano, Polkadot, Terra, Litecoin are quite actively used – all of them are trying to solve the “scalability trilemma” in one way or another.
How a particular network scales depends on the consensus algorithm. There are others, for example:
Proof of Work (PoC)
Each of them has its own strengths in terms of improving scalability. The key is to use Tier 1 solutions that are highly scalable.
Relationship between Web 3.0 and Metaverses
If you look at recently launched blockchain projects, you can easily see that blockchain technology, in particular NFT, can allow users to use virtual reality.
in particular metaverses. These are three-dimensional or two-dimensional digital universes that run on the blockchain and offer anyone who wants to create assets, have fun, communicate, earn money, etc. These virtual worlds are highly scalable and interoperable thanks to the blockchain.
Since the concept is a wide range of applications and user interactions on a decentralized platform, it has a high level of interoperability and is well suited for trading and communication services. We can say that Web 3.0 aims to create more open and interoperable sites that will bring increased value to participants.
Let’s take Axie Infinity as an example: it is a complex game metaverse that connects the gaming industry with DeFi (decentralized finance). The game is NFT-enabled and requires the user to initially purchase the Axie character in NFT form.
The game mechanics, where participants can earn income for game actions, was called Play-to-earn (play to earn). This is one of the features that will improve the community experience, and there will be more DeFi and NFT metaverses running in the Web 3.0 era in the future.