How Web3 is being used and what problems does it solve?
Even though Web3’s killer features aren’t isolated and don’t fit neatly into neat categories, I’ve tried to separate 3 of them for clarity.
Ownership
Web3 gives you unprecedented control over your digital assets. Let’s pretend you’re playing a web2 game. When you buy something in-game, it’s linked to your account. These items will be lost if the game’s creators delete your account. Alternatively, if you stop playing the game, the value of your in-game items will be lost.
Through non-fungible tokens, Web3 allows for direct ownership (NFTs). No one, including the game’s creators, has the authority to take your ownership away. You can also sell or trade your in-game items on open markets to recoup their value if you stop playing.
Identity
Each platform you used in the past required you to register for an account. You might, for instance, have accounts on Twitter, YouTube, and Reddit. Do you want to alter your display name or profile picture? This has to be done for every account. You can use social sign-ins in some circumstances, but this brings up the subject of censorship. These platforms can instantly lock you out of your entire online existence. Even worse, you must give many platforms your personal information to create an account with them.
By enabling you to manage your digital identity using an ENS profile and an Ethereum address, Web3 addresses these problems. You can access social media safely by using an Ethereum address.
Native Payments
The Web2 payment infrastructure, which is based on banks and payment analysts, excludes people who do not have bank accounts or who live within the borders of the wrong country. Web3 uses tokens like ETH to send money directly to the browser, removing the need for a trusted third party.
2 Popular Web3 Applications
Storj
Storj is a decentralized storage solution that allows users to store their data securely, redundantly, and fault-tolerantly. Storj is one of the most widely used decentralized storage systems. It’s also one of the most historically significant. Storj allows anyone to store data.
It employs blockchain technology and offers many of the same benefits as cloud storage, but on a more distributed network. One of Storj’s advantages is that you can upload and download as much as you want at any time. It’s also open-source and free to use.
With just a single click, anyone can get started. Because they can pay as they go, users are at the center of the payment mechanism.
LivePeer
It is an Ethereum-based decentralized peer-to-peer video streaming service that offers a free streaming service that can be used to build a Web 3.0 streaming stack.
LivePeer is a two-person, real-time communication tool. Additionally, users can view streaming videos and record screencasts of their computers to download as videos or save as GIFs.
One benefit of these applications is that LivePeer enables you to send live streaming video directly from your phone to the platform. The first advantage is that by renting out ad space in your stream, you can raise your income.
Future outlook of Web3
Apart from the fact that Web 3.0 has the power to surpass walled gardens and return power to human hands, there has been criticism of such reasonable ideas. Many blockchain networks, for example, are evenly distributed across the board.
Instead, many of these principles are owned solely by beginners or supported by business investment, which means that real power remains centered in the hands of a few. Similarly, the influx of technology bearers like Meta and Microsoft into Web 3.0 Fray has raised fears that it will simply become another walled garden.