What is web3 and how did it evolve over years?

Web3 is one of the leading and trending topics to talk about. It is one of the most secure, decentralized, and trust-building,  referred to as, the planet Wide Web. Here, we will discuss the web3 use cases.
Web2 is the internet version that the majority of people are aware of. Moreover,the sole issue is that it’s a central power that controls the participants.
Now, with a central authority handling the users, it proves to be one point of failure which will end in the entire network hacking by attacking the central authority. Hence,watching these issues, Web3 was launched. Finally,with more technologies expanding, web3 use cases have increased more.

Web3 has the most powerful features which anyone ever had experienced. In addition,it comes with a complete boon of a decentralized network with more trust-building and a secured network.
Let’s be careful about more web3 applications and use cases.

WEB3 USE CASES

1) Metaverse and Metaspaces
The metaverse is the next big evolution of the net. So, What does metaverse mean?
In metaverse, you’ve got your digital avatar who is virtually present on the screens of the pc. Hence, It’s a virtual world that is designed and geared toward the merging physical with the virtual world.
Metaverse provides you with the element of decentralization. The metaverse works on open source protocol where you may have control of all of your powers. Moreover,with its decentralized, open, and shared, Web3 entitles the metaverse to be the long-term of the economy.
But, at this moment, the metaverse is way from reality. Additionally,  a number of the businesses like Facebook Metaverse, Microsoft, etc. have already started the applications of Web3 whilst others are still within the ongoing process.

2) Decentralised Apps (dApps)

Decentralized applications or dApps are the applications that run on the blockchain networks rather than on one computer.Also, dApps by Web3 are completely decentralized and may be worked internally. The dApps include gaming, NFT, etc.
The dApps have their backend code referred to as smart contracts. These contracts work on peer- a to- peer network that’s completely decentralized.
The dApps have major advantages of user privacy, and lack of censorship, and further also , because of the flexibility of development.

3) Decentralized Finance
‘What is the use of web3 ?’ This is often the sole question that lingers within the minds of everyone.
Defi or decentralized finance are the financial services of the blockchain network which provide identical services as that of banks. The services offered are borrowing, lending, buying insurance, asset trading, etc. The Defi doesn’t require any third-party permissions hence, it is  safer and faster than traditional banks . Besides, the Defi is transparent which suggests that everybody including those within the network can see the transactions. The transactions are peer–to–peer.
The enterprises can combine the Defi with the web3 to form it even more powerful.
The combination of Web3 with Defi brings many benefits: an open-source network, reduced cost of transaction fees, and transparency.

Some more of web3 use cases are as below:

4) Decentralized autonomous organizations
Decentralized autonomous organizations or DAOs are community organizations . Besides,the members of the community own the organizations.
These organizations provide community governance which is one of the foremost highlighted topics to speak about. The governance depends upon the consensus of the members of the organization.

To know more about DAO , have a look at What is DAO in detail.

 

5) NFT- Non-fungible tokens
NFT are the tokens which work on the Ethereum blockchain. The tokens have only one owner. The tokens are non-fungible, which suggests that you can’t trade or exchange them equivalently like other assets.
These tokens are unique. Moreover,the NFTs can store extra information like music, videos, and art.
Web3 has helped the industries to form use of NFTs by tokenization, started taking ownerships on the blockchain network, and even started a DAO community.

 

 

6) Gaming and web3
Web3 has made gaming technology that may have tremendous effects down the road. Additionally, the tokenization in web3 has given rise to a spread of games like puzzles, 3D virtual games, play-to-earn games, crypto-based games, and more.
Web3 has made the gaming experience a special level. The users can rejoice and also earn while building it. The players own, trade, and build the assets for games.
Axie Infinity is one such company that has successfully launched the web3 games. the long run of web3 games lies within the innovations of the web3 network.

7) Privacy and data management
Web3 is decentralize in nature. This suggests that the users have full power over their data. Additionally,the users connect via decentralized applications.
More and more users are switching to more transparent platforms. The sole reason for this can be the entire ownership and privacy of their data.
Web3 uses the concept of cryptography to make sure the whole privacy of the users.

 

8) Social media
This is often the time for appreciating the decentralized apps for engaging most of the users. Most of the platforms on the web3 are open source, increasing the probabilities for the governance of the information. Also,the information  extremely protects for the community. This ensures that nobody can hack the system easily.
Lastly,the users can anonymously access the decentralized apps via private key and wallet use.

The following are the most trending web3 use cases of all :

9) Virtual or metaverse land /real-estate
Virtual land or real estate is the land of the digital world. Secondly,these lands are programmable. People should buy those lands and might sell, play games, socialize, and might even have meetings.
After the pandemic, with the increase of digital technologies, metaverse has gained popularity too.
People can connect virtually as well as monetize with the utilization of NFTs.
Now, with the introduction of web3,launching of multiple projects are seen. What’s more,the projects include the utilization of NFTs and 3D technologies with greater transparency and more safety. Further,Synthetic assets also play a vital role in virtual web3 assets projects.

10) Remote workplaces
With the introduction of web3 technology, people are more going toward virtual remote workplaces.
Also,these workplaces are 3D remote workplaces where employees have their digital avatars. Further,the workers, similar to in traditional workplaces.

Where does the real-world web3 projects applied?

Some of the projects like POLKADOT, AXIE INFINITY, UNISWAP, etc. have already started to work on web3.

Moreover,the projects are based on a decentralized web, tokenization with the use of NFTs, open source, and high transparency.

 

CONCLUSION

While many new projects are already in launch phase and some are in development phase , web3 is still in the process. It might take a few more years to mature completely. With more growth in the tech world, web3 will revolutionalize businesses.