Web3 Is Evolving Faster Than Anyone Had Expected, As Are Its Potent Use Cases

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Blockchain
Web3 Is Evolving Faster Than Anyone Had Expected, As Are Its Potent Use Cases

Gavin Wood, an Ethereum co-founder and founder of Polkadot, introduced the idea of Web3 in 2014, predicting the need for a zero-trust interactive system where people have more control over their data and information. 

To that extent, the transition from Web2 to Web3 is happening faster than anyone expected. At the same time, the tech space is littered with opinions about the future of the internet. In the last few months, high-profile social media spats have become common as tech industry leaders and developers openly debate the advantages and drawbacks of much-hyped Web3 initiatives.

A month ago, Jack Dorsey, ex-CEO of Twitter, took the microblogging platform by storm when he claimed that Web3 is becoming the same thing it once aimed to destroy. In his tweet, Jack hinted that Web3 is quickly becoming the playground of the rich and is just another “centralized entity” but with a new label.

Then there’s the recent blog post by Signal’s co-founder Moxie Marlinspike where he has criticized the increasing dependence of Web3.0 applications on centralized platforms. According to the Signal CEO, existing dApps (decentralized applications) are usually running on servers that are monitored (and controlled) under the “centralized” internet structure, defeating the core principle of Web3, which is a “fully decentralized” internet.

While both industry leaders are entitled to their opinions, the Web3 ecosystem stretches far beyond deep-pocketed investors or the excessive reliance on existing infrastructure. A flurry of promising next-gen projects has taken over the crypto ecosystem, unlocking new use cases that will ultimately transfer the power back to the hands of the users by obliterating intermediaries. Here’s a quick look at some of the most promising Web3 projects of 2022.

Bringing Privacy Across Web3

The current version of the internet is ridden with intermediaries and controlling authorities that often neglect basic aspects like content ownership and freedom of speech. Almost every Web2 platform indulges in unwarranted content censorship, limiting creators’ reach and reducing their corresponding revenue.

To solve all these problems and much more, Creaton, a fully decentralized content sharing platform, has devised a novel approach that enables content creators to seamlessly distribute their content directly to their fans using existing standards. Hosted on the Polygon blockchain, Creaton offers extremely low gas fees and fast transactions while ensuring multi-chain compatibility.

On the platform, creators can mint NFTs for their content for eventual storage in Arweave’s decentralized storage solution. All the content is encrypted using NuCypher technology, which means that only users who subscribe to the creator can decrypt and view it. At the same time, the platform also offers subscription payment services via Superfluid’s decentralized gateway, enabling creators to receive continuous income instead of monthly payments.

Manta Network is another privacy-focused solution for the Web3 ecosystem. Built on Polkadot, the platform uses zkSNARKS to ensure end-to-end anonymity, faster throughput rates, and full interoperability across different Substrate-based blockchain networks. On top of it, Manta Network also integrates with Polkadot’s other parachains.

With the increasing need for privacy in DeFi (decentralized finance), Manta Network has positioned itself as a layer-1 solution that is well equipped to offer enhanced privacy for the entire DeFi ecosystem. Manta’s extensive product suite includes an AMM DEX and a payment protocol with built-in privacy. The Manta development team will also roll out additional products in the coming months, including a private lending feature and a synthetic asset protocol. 

Ensuring Data Integrity For Web3

Data-related problems have been a constant in the technological landscape for ages. Web2 is filled with data integrity problems, primarily due to its reliance on centralized models. On the other hand, blockchain technology is well-equipped to overcome the data integrity problem for good. Still, most traditional organizations don’t have the necessary expertise or resources to leverage blockchain technology.

Authtrail solves this problem with its blockchain-based data integrity SaaS platform and range of applications. By integrating real-world operations with blockchain-powered data security, immutability, traceability, and decentralization, the platform offers enterprises, organizations, and corporations worldwide proof of product authenticity and compliance along with the relevant data.

As a blockchain-agnostic solution, Authtrail offers fast and cost-effective transactions by leveraging the inherent features of public ledgers and distributed ledger technology (DLT). It includes an easy-to-use API and ensures seamless pluggability across individual blockchains, paired with a fully agile infrastructure that fits the varying needs of enterprises. 

To further optimize its services, the Authtrail development team recently migrated to the Moonbeam network, a parachain on Polkadot, which gave them access to the expanding Polkadot ecosystem. Currently, the applications offered by Authtrail are compatible with leading centralized platforms like AWS, SAP, Salesforce, Shopify, Microsoft, and Oracle, among others. 

Talking about data-related problems, KILT Protocol is another promising project that provides verifiable certificates and decentralized identifiers for the entire Web3 ecosystem. 

Data theft and data privacy issues have become a regular thing in the Web2 ecosystem due to the centralized infrastructure. To stop similar problems from seeping into the nascent Web3 ecosystem, KILT Protocol has developed an open-source blockchain protocol for issuing verifiable, revocable, anonymous, and claims-based credentials in Web3.  

With KILT, users can share only the required information with service providers when registering for the first time. The underlying protocol uses a claim-based approach where users can be authenticated without needing them to provide their confidential information. 

Developed by BOTLabs GmbH, KILT offers a JavaScript SDK, making it easy for traditional businesses to embrace blockchain technology. The platform recently launched SocialKYC, its first product aimed to offer a decentralized alternative to existing KYC verification processes.

While it originally started with a core group controlling the development process, KILT Protocol has transitioned into a fully decentralized and community-led ecosystem. In addition to offering revocable and verifiable identifiers, KILT can also be used to create identifiers for machines, services, and anything that requires a user’s identity-related information.

A New Leap For DeFi And NFTs

There is no denying that the DeFi ecosystem has expanded manifold in recent years. With DeFi 2.0 around the corner, the ecosystem needs innovative features, especially ones that replicate real-world financial primitives.

Just like DeFi, NFTs have also experienced surging popularity in recent years. Yet, creators mostly miss subsequent royalties amid the increased number of NFT marketplaces. Simultaneously, the existing smart contracts and token standards are no longer capable of ensuring that creators get their fair share of royalty from every sale. For now, creators only earn royalties if all subsequent sales occur on the same platform where the NFT was originally minted. 

CXIP has introduced the first-ever minting-as-a-service (MaaS) protocol that ensures NFT creators receive their royalties every time their NFT is sold on any marketplace across the blockchain ecosystem. The platform’s PA1D smart contract enables seamless interoperability across individual chains, thus offering end-to-end NFT transaction monitoring for creators. 

To date, CXIP has rolled out a diverse range of personalized smart contracts alongside its plug-and-play API to ensure creators receive their fair share of royalties, irrespective of where the original NFT was minted or sold. To further spearhead Web3’s core vision of a fair, transparent, and equal ecosystem, the platform is set to launch the largest ever decentralized autonomous organization (DAO) for NFT creators.

Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.