The internet is constantly evolving. With each new development, the way we use and connect to the internet changes as well. Some believe that the next big step in this evolution is web3. What is web3, you ask? Simply put, it’s a platform that promises to bring about a new era of connectivity and transparency. But what does that mean for businesses and consumers? We’ll explore those questions in this blog post.
What is web3?
The first thing to understand about web3 is that it is decentralized. That means there is no central authority controlling the platform. Instead, it is run by a network of computers around the world. This has a number of advantages. For one, it makes the platform more secure. Because there is no central point of control, it is much harder for hackers to take down the entire system.
What are the Potential Benefits of web3?
It also has the potential to make the internet more efficient. With a centralized system, all data has to go through a single point. That can lead to bottlenecks and slowdowns. With a decentralized system, data can be routed through different computers, which could help speed things up.
Another advantage of web3 is that it could make the internet more transparent. Today, a lot of our data is stored on centralized servers. That means companies have a lot of control over what we can see and do online. With a decentralized system, that data would be spread out across a network of computers. That would make it much harder for companies to hide things from us or manipulate what we see.
So what are some of the potential use-cases for web3 and its decentralized systems?
One obvious use-case is for financial transactions. Today, most of our financial transactions are processed by central banks or other financial institutions. With a decentralized system, those transactions could be processed by a network of computers. That would make it harder for governments to freeze accounts or seize assets. It could also make it easier to send money around the world without having to go through a bank.
Another use-case is for data storage. Today, our data is stored on centralized servers. That means companies have a lot of control over what we can see and do online. With a decentralized system, that data would be spread out across a network of computers. That would make it much harder for companies to hide things from us or manipulate what we see.
Another use-case that we’re seeing take hold of the web3 internet is decentralized and non-fungible real-estate contracts and ownership. The current definition of property ownership is soon to be a thing of the past. The way we interact with properties, both digital and physical will see a dramatic change in the very near future as a result of web3.
These are just a few of the potential use-cases for web3. As the community continues to develop, we’re sure to see even more innovative and exciting uses for it. Now that we have an understanding about what web3 is, what are the most popular decentralized protocols and their utility that they provide?
The two most popular protocols that power web3 are Interplanetary File System (IPFS) and Ethereum.
Interplanetary Files System is a content-addressed, peer-to-peer hypermedia protocol. IPFS enables the creation of completely decentralized applications. With IPFS, there is no need for a central server. Instead, files are stored in a distributed manner across a network of nodes. This makes IPFS very resilient to censorship and attacks.
Ethereum is a decentralized platform that runs smart contracts. Ethereum is powered by its own cryptocurrency, Ether. Ethereum enables developers to build decentralized applications. With Ethereum, there is no need for a central server. Instead, applications are stored in a distributed manner across a network of nodes. This makes Ethereum very resilient to censorship and attacks.
Let’s take a look at the user adoption of IPFS and Ethereum.
IPFS is still in its early stages of development. However, it has seen significant adoption among developers. Ethereum, on the other hand, has seen widespread adoption and is currently the second largest cryptocurrency by market capitalization.
If we take a look at the usage statistics of IPFS and Ethereum, we can see that IPFS is currently being used by a number of high-profile projects. Some of these projects include Filecoin, Protocol Labs, and IPFS Gateway. Ethereum is being used by a number of high-profile projects as well. Some of these projects include Augur, MakerDAO, and 0x.
How many contracts are currently launched to the Ethereum blockchain?
As of September 2018, there are over 500,000 contracts deployed on the Ethereum blockchain. Every day, about 1,700 new contracts are being created.
What is the estimated value locked in all Ethereum smart contracts?
As of September 2018, the estimated value locked in Ethereum smart contracts is about $4.9 billion.
As we can see, both IPFS and Ethereum are being used by a number of high-profile projects. However, Ethereum has seen much wider adoption than IPFS. This is likely due to the fact that Ethereum has a more developed ecosystem and is better suited for building decentralized applications.
Of course, web3 is still in its early stages. It will likely be a few years before it is fully developed and ready for widespread use. But the potential benefits are significant. If web3 lives up to its promise, it could usher in a new era of connectivity and transparency. That would be a huge win for businesses and consumers alike.
So, what does the future hold for web3? Only time will tell. But one thing is for sure, it has the potential to drastically change the way we use and interact with the internet. So whatever the future may hold, we will be sure to keep an eye on web3.
Do you think web3 will have a big impact on the internet? Let us know in the comments!
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