We are entering web 3.0 where we will work on decentralization, AR and VR technologies. Blockchain development starts here. The cryptocurrency market also belongs to Web 3.0. So here you will find the best web 3.0 examples that are worth it for you.
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What are some applications of Web3?
Many builders, developers, hobbyists, and crypto-enthusiasts are experimenting with various web3 technologies that offer more secure, open, and intelligent applications due to the fact that Web3 is still relatively new.
Decentralized Autonomous Organizations (DAOs), Decentralized Finance (Defi), cryptocurrencies (including stablecoins), private and digital infrastructure, virtual digital media such as NFTs and virtual gardens, and blockchain-powered video games are a few examples of web3 applications.
What is Web1?
From the early 1990s to the early 2000s, Web1 was the first generation of the internet. Static HTML webpages with read-only functionality were the hallmark of this generation.
What is Web2?
The web as we know it now is Web2. Web2 was created to solve the flaws of Web1. With the rapid growth of the internet, there was a demand for an interactive, collaborative, and dynamic website that did more than just allow users to access the material.
Web2 instances such as Facebook, Twitter, Pinterest, and Reddit are instances of web2. Websites like Paypal and Square, as well as blogging platforms like WordPress and (Medium) [medium.com], are examples of fintech websites.
Web3 Definition: What is Web3?
The web’s second generation, however, had its own set of flaws. Users of Web2 had no control over how and where their information was saved and used. As a result, big tech and their ad partners bombarded their users with highly targeted ads.
Despite significant progress in the finance technology (FinTech) sector, the transfer of monetary assets has not always been simple. Web3 DeFi websites are attempting to address difficulties such as security, excessive transaction costs, government laws, and unavailability in certain parts of the world.
So, what is Web 3 all about? Web3 is a new version of the World Wide Web that includes decentralised systems, semantic web technologies, ubiquitous DeFi powered by cryptocurrency, and community-owned content.
Benefits of Web3
Decentralized
The web’s second generation, however, had its own set of flaws. Users of Web2 had no control over how and where their information was saved and used. As a result, big tech and their ad partners bombarded their users with highly targeted ads.
Despite significant progress in the finance technology (FinTech) sector, the transfer of monetary assets has not always been simple. Web3 DeFi websites are attempting to address difficulties such as security, excessive transaction costs, government laws, and unavailability in certain parts of the world.
So, what is Web 3 all about? Web3 is a new version of the World Wide Web that includes decentralised systems, semantic web technologies, ubiquitous DeFi powered by cryptocurrency, and community-owned content.
Openness
In this generation of the internet, censorship has been a huge issue. Central authorities have abused their position over time, blocking access to some internet resources based on political, economic, and social inequalities.
No one can abuse decentralised systems for profit or power since there is no central governing body.
Permission-less
The authentication process of web applications is one of the contemporary web’s largest issues (the need to have multiple passwords on every different platform). This is a time-consuming and insecure method of verification.
To participate in the blockchain with decentralised applications (Dapps), all you have to do is establish a crypto wallet and connect it to the application.
Let’s look at some instances of web3 websites from each category.
Decentralized Finance (DeFi)
DeFi refers to a group of financial services that are based on the blockchain network. DeFi is a viable alternative to central bank-controlled financial systems.
DeFi systems are based on the following principles:
Openness- Anyone can be a part of it, regardless of their location, country, area, or financial means.
Fast – Monetary assets are transferred quickly.
Transparency – Anyone can examine a product’s data and the system’s operation.
The market is always open for business.
DeFi web3 websites
Aave is a non-custodial, decentralised liquidity market protocol in which users can take on the roles of a banker and a client. Depositors contribute crypto assets, which are then made available to borrowers as loans, in exchange for passive income.
Consider Aave to be a blockchain-based bank, having the ability to act as both a lender and a borrower, but with digital assets instead of paper currency.
Uniswap is an open-source peer-to-peer cryptocurrency switching technology based on Ethereum (ERC-20 Tokens). The protocol is implemented as a set of non-upgradable, permanent smart contracts that prioritise anti-censorship, security, ownership, and the capacity to operate without the use of intermediaries.
Uniswap includes a web-based user interface that makes it simple to utilise the protocol. Uniswap currently controls over a third of the Defi market, with a market valuation of over $3.5 billion at the time of writing this blog.
Matcha is a peer-to-peer cryptocurrency exchange that runs on the web3. It includes a lot of cool features, such the ability to trade all crypto assets as an ETF (exchange-traded fund) to save time and reduce risk.
Idex is a decentralised exchange platform that trades ERC-20 tokens at a fast speed. IDEX allows traders to get the best spreads, eliminate unsuccessful transactions, and give liquidity by allowing them to use limit and stop-loss orders.
Pancakeswap is a DeFi platform built on top of the Binance smart chain, which is a speedy and cost-effective Ethereum alternative. PancakeSwap allows users to exchange bitcoin assets by tapping into user-generated liquidity pools, collecting NFTs, and winning cryptocurrency in a lottery.
Crypto investors use Compound Finance, a web3 marketplace, to lend and borrow their digital assets. The compound is a community-maintained decentralised system that is open source. You can also help to shape the protocol’s growth and future.
Tendermint and Cosmos-SDK are used to build THORChain, a decentralised cross-chain liquidity network that leverages threshold signature techniques (TSS). It doesn’t bind or wrap assets; instead, it decides how to move them based on the user’s actions.
THORChain keeps track of user deposits in vaults, performs business logic (swaps, adds/removes liquidity), and handles outgoing transactions. THORChain is a decentralised vault manager that ensures fault tolerance at every level of the process.
Akropolis is a yield-generating platform that does not rely just on inflation-based gains to generate returns. The Akropolis returns are not affected by market fluctuations.
Currently, Akropolis offers two primary products:
Vortex is an on-chain trading strategy that aims for long-term, consistent, and profitable returns while being market-neutral. The second is this:
yVaults – In order to enhance yields, access to chosen yearn vaults has been standardised and simplified.
Alchemix is a debt-forgiveness lender. Alchemix loans, unlike regular bank loans, are flexible and quick. Users can earn interest on their crypto assets that are accessible for lending through the site.
Alchemix also includes a decentralised autonomous organisation (DAO) that funds the projects that use its protocol.
Kava is a three-in-one web3 DeFi site. There are three main products on the Kava platform:
Kava Mint – Allows users to borrow $USDX stablecoins with their crypto assets as security.
Kava – Allows users to receive incentives by allowing them to borrow assets from the market.
Kava Swap – Allows users to buy and sell tokens across the Kava protocol while also earning interest.
BiFi is a DeFi platform that allows you to invest, borrow, and transfer digital assets. It’s based on the Bitfrost blockchain middleware, which takes advantage of the multichain DeFi protocol’s power.
Beta Finance, like most DeFi networks, lets you borrow or lend crypto assets and earn interest. What makes the platform stand out is the trading feature: traders can initiate short positions on Beta Finance of most stable coins.
The Fuse network is an open-source replacement for the current global payment system. Fuse allows for gasless, secure, and quick transactions that are verified by other Fuse members. The $FUSE currency of the Fuse blockchain network is also publicly exchanged on decentralised exchange platforms like Uniswap.
Sablier is a DeFi protocol that allows users to manage their digital finances in real time. You can design a payroll using Sablier that pays your staff every 15 minutes, hourly, or per job committed, rather than monthly or biweekly.
DeBank is a dashboard that you may use to keep track of your DeFi investments. With over 800 decentralised protocols analysed over different chains, this tool is a must-have.
Zapper is a DeFi dashboard that allows you to keep track of not only your cryptocurrencies and tokens, but also your digital assets such as NFTs.
Zerion is a website that allows you to keep track of and manage your whole DeFi portfolio in one spot.
DeFi Saver is a dashboard that allows you to manage and track all of your assets in one place. The most notable feature of Defisaver is automated liquidation protection, which protects investors from volatile markets.
DeFi’s venture capital arm is called PEAKDEFI. After you invest your assets in the fund and choose a term, the fund is managed by autonomous managers depending on market activity.
MyCrypto allows you to manage all of your Ethereum wallets in one place. Metamask, Walletconnect, and Frame are among the wallets supported by MyCrypto.
What is DAO?
A Decentralized Autonomous Organization (DAO) is a non-centralized organisation. Its day-to-day operations are managed by a blockchain smart contract. The DAO’s decision-making is based on the voting rights of its members.
DAOs’ Importance
No central authority – Unlike conventional organisations, which feature a hierarchical leadership structure, everyone in a DAO has a vote in the organization’s direction.
A DAO’s financial activities are recorded on the blockchain as open financial transactions. Everyone can see and read how their money was used.
The two major voting techniques in a DAO are Holographic Consensus and Token-based quorum voting, just like most web3 projects are community-driven.
Traditional organisations have a bureaucratic approach to making decisions; for example, because DAOs do not have a centralised governing body, financial decisions must be reviewed by 4-6 people before they are approved.
Let’s take a look at some of the most well-known DAOs now in operation:
The Constitution DAO raised approximately $47 million (almost 10,000 ether at the time) to purchase a rare copy of the US constitution at a public auction.
Though ConstitutionDAO did not win the bid, it was only the beginning for the group.
The goal of DevelopersDAO is to bring on the next generation of web3 makers and users. To become a member of the DAO, you must first mint the Dev for Revolution NFT. The membership is currently closed, but make sure to follow them on social media to find out when it reopens.
CityDAO is experimenting with making digital assets and governance physically readable in order to promote accessibility, openness, and opportunity. Beginning with a single plot of land in Wyoming, the only state with a ‘DAO statute,’ CityDAO is building a blockchain-based network of assets. Each plot of land will be represented by an NFT, which the DAO will be able to hold collectively or individually.
Built on Solana, BabylonDAO is a community-supported decentralised infrastructure that brings stability and transparency to the DeFi space.
PleasrDAO is a collective of early adopters of decentralised finance, NFT collectors, and digital artists that collect rare or one-of-a-kind digital art. They provide funding for DAO-related ideas, movements, and projects.
Social
BitClout is a web3 social network that blends speculative trading and social media, and it was built on its own customised blockchain from the ground up. It has a similar design to Bitcoin, except it can store more sophisticated social network data, including as posts, profiles, and followers.
BitClout is an open-source project and decentralised platform that is not backed by any organisation. The user interface resembles that of Twitter.
Makers can share their NFT collection on Showtime, a web3 social network for creators. Users can bring their whole NFT collection to Showtime while also seeing what other developers are up to.
Mirror is a decentralised web3 platform that uses the blockchain’s capacity to allow people to write, monetize, and own their content in a very simple manner.
Developers can use Livepeer’s blockchain Platform-as-a-Service (PaaS) to integrate live or on-demand video streaming into their applications. It aims to increase the current video streaming system’s dependability while slashing costs by up to 50 times. Livepeer is working on a peer-to-peer infrastructure that will communicate via a marketplace protected by the Ethereum network in order to do this.
gm.xyz is a community-based social network based on the Ethereum network, similar to Reddit. You may easily get started by connecting your wallet and using features like upvote/downvote, communities, and posts.
Sapien is a community-driven, decentralised social network that rewards creators while also supporting ownership and privacy.
Sapien offers a one-of-a-kind feature called Sapien passport, which serves as your NFT ID throughout the Sapien ecosystem.
Linksup.io is a web3 platform that allows you to publish content, tokenize it with an NFT, and distribute it to your audience for free.
The Million Token team created Metafora, a forum-like decentralised social platform. It’s akin to Twitter and Reddit, which are both discussion-based sites.
Dappsy blends the benefits of DeFi with the power of social networking. It’s a one-stop-shop for crypto investors to connect with one another and build communities.
Giveth allows you to raise or donate money for a good cause. All transactions on the platform are made with the $GIV token, and you keep all of the funds raised through your fundraising.
Ethlance is a decentralised web3 job board based on the Ethereum blockchain. You can use the platform as a freelancer or as an employer, and you can pay for services in any currency.
Metagods is a multiplayer online game where you can earn money by playing. This game’s features include NFT art generation, a blockchain-based RPG, and cross-chain gameplay capability.
Ertha is a Binance Smart Contract-based metaverse game (BSC). Its goal is to simulate real-world economies in which people can buy land, labour, and purchase other goods.
DeFi Kingdoms is a game, a decentralised exchange (DEX), a liquidity pool, and a market for utility-focused NFTs. All of these features are packaged in a traditional fantasy pixel graphics style.
Decentraland is a decentralised virtual reality website driven by blockchain technology. On the Decentraland network, users can create, enjoy, and monetise their own content and apps.
Infrastructure and Development
For a complete beginner, navigating the blockchain scenes is difficult; building on the blockchain is even more difficult; however, the community has developed tools to make it easier for developers and hobbyists to build and deploy Dapps. The following are a few of the most notable:
Infura is a blockchain-based application development package that includes everything you need to get started. Etheruem API for connecting your application to the Ethereum network, high availability IPFS API, and archive data are some of the utilities in Infura.
A DNS domain system is analogous to the Ethereum Name Service (ENS) domain. It allows you to translate Ethereum addresses to human-readable language in a decentralised and secure manner. ENS domains are currently seven or more characters long and finish in ‘.eth.’
Status is a private, anti-censorship peer-to-peer chat programme with a built-in cryptocurrency wallet and a web3 browser.
WhoisOx is a website that allows you to keep track of all of your cryptocurrency wallets in one spot. If you have many wallets, this service makes it simple to keep track of your net worth.
DeFi Scan is a DeFi profile explorer for Compound, Uniswap, and SpankChain that is read-only. Any ENS name or eth wallet can be searched.
Etherscan is a blockchain explorer, search, API, and analytics platform for Ethereum, as well as one of the first web3 websites. You can use Etherscan to acquire information about transactions, including the wallets involved and the type of transaction.
Eth Gas Station makes Ethereum network gas prices, transaction confirmation times, and miner regulations more transparent. Eth Gas Station assists you in avoiding high gas prices.
Tokentax is a tool that assists you in filling out your cryptocurrency taxes. Because crypto regulations are still evolving, the site will help you stay on the right side of the law when investing in cryptocurrency.
If you’re starting an NFT project, a marketplace, a DAO, or a game, Thirdweb is the place to go. It’s a free platform where you can construct and monitor your project.
Otoco allows you to form a limited liability company (LLC) using only your eth wallet. This will make it simple for you to register any crypto project you’re working on.
The District0x Network is a collection of ‘Districts,’ which are decentralised marketplaces and communities. Districts are built on top of d0xINFRA, an Ethereum smart contract and front-end framework modular architecture.
EPNS (Ethereum Push Notification Service) is a decentralised protocol that allows Ethereum developers to receive notifications on or off the Ethereum blockchain. EPNS enables developers to build notifications that are triggered by smart contracts, backends, or decentralised applications.
A request is a payment request network. It lets you to submit a payment request, monitor your cryptocurrency transactions, take cryptocurrency payments on your website, and will eventually include an escrow option.
Tornado Cash is a non-custodial decentralised technology that allows users to conduct private blockchain transactions. Tornado Cash smart contracts are built on the Ethereum network, making them immutable by default.
InsurAce is a decentralised multi-chain insurance protocol that delivers dependable, powerful, and secure insurance services to DeFi clients, allowing them to protect their investment assets against a variety of market hazards.
Conclusion
We looked at the evolution of the web and the potential adoption of web3 in this article. We also go over 55 instances of web3 websites and their many use cases, such as DeFi, social networks, DAOs, and infrastructure, in this article.
Hopefully, this essay will serve as a guide and assist you in exploring and experimenting with the new decentralised and open web.
