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Web 3.0 – How the New Iteration of the Web Is Evolving

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Web 3.0 – How the New Iteration of the Web Is Evolving

StrategiNext

Web 3.0 is gradually taking over the Internet, in the past few years after the debut of blockchain technology and cryptocurrencies, both business and society have highly appreciated the potential of a decentralized web. Currently, most of the platforms that exist on the Internet are built on top of Web 2.0; this includes social networking sites as well as centralized applications offering a variety of services.

Unlike its predecessor, Web 3.0 is changing the landscape with its distributed architecture. This new iteration of the web is based on a decentralized ecosystem, giving users more control over their content and data. In Web 2.0, things were different, large corporations were often accused of violating the privacy of their customers’ data for monetary gain. This is possible because the Web 2.0 platforms are managed by a single authority.

Due to the ever-evolving nature of technology, Web 3.0 has created community-driven ecosystems. Clients/Users can participate in the management of a particular ecosystem and profit from their content or personal data. Simply put, Web 3.0 is a decentralized version of the Internet that focuses on returning power to users. This trend resonates with most people around the world given its privacy and data security value proposition.

While Web 2.0 still dominates the web and app development, it may soon be disrupted by decentralized innovation. Web 3.0 is becoming a force to be reckoned with, showing clear use cases in the crypto industry and other sectors such as gaming and data storage. Let’s take a look at some of the innovative Web 3.0 startups that are having a significant impact on the new Web industry.

5 Successful Innovative Web 3.0 Startups

Infinity

Infinity is a Web 3.0 based NFT Marketplace, a community driven ecosystem where users can find, buy and sell other digital collectibles. The platform is a fork of the Opensea code, however, it has enhanced functionality, offering a new experience for NFT enthusiasts. One of the distinguishing features of Infinity is its compatibility with programmable NFTs.

With Infinity, NFT owners are not limited to basic digital collectibles whose value depends solely on their exclusivity. Programmable NFTs are more flexible, allowing creators to customize them to their own preferences. For example, you can enable custom settings that allow the NFT to change or adapt over time based on certain triggers. This boosts their value proposition and solves existing liquidity problems.

As a Web 3.0 innovation, the Infinity ecosystem is managed through a DAO. As part of this project, it is planned to launch its own $NFT token, the role of which is to facilitate chain management, discount fees, encourage the community, and access exclusive NFT ethers. The Infinity market is barely a year old, but during this time, about $8 million has been registered on the platform as a result of more than 2,000 NFT purchase / sale transactions.

QuickNode

QuickNode is a blockchain-as-a-service (Baas) solution designed to simplify the deployment of blockchain applications. The platform is equipped with advanced developer tools that enable users to build and scale Web 3.0 based DApps. Notably, the QuickNode BaaS solution is based on a multi-chain infrastructure currently integrated with the Solana and Ethereum blockchain ecosystems.

As NFTs are on the rise, this BaaS platform has also introduced the NFT API to make it easier to navigate the digital collectibles market. Despite the growing ecosystem, it is difficult for prospective users to find NFTs given the fragmented nature of blockchain networks. QuickNode simplifies this process with its API, which allows users to perform various functions, including searching for specific NFTs based on their preferences.

In terms of achievements, QuickNode has risen through the ranks quite quickly after graduating from Y-Combinator Spring Course in 2021. The project’s seed funding round has attracted big names from traditional finance and cryptocurrencies; among them are Michael Arrington (founder of TechCrunch), Alexis Ohanian (founder of Reddit), Anthony Pompliano and Softbank’s Opportunity Fund. QuickNode is also behind Twitter’s recently launched NFT profile picture feature.

Chingari

Chingari is the Indian version of TikTok, the app was launched in 2018 and has since grown to over 32 million active users. Although Chingari started out as a centralized ecosystem, it is now moving into the Web 3.0 community; they recently launched the native $GARI token on the Solana blockchain, allowing creators to have full control over their content. Unlike the first app, Chingari’s DApp on Solana will be managed through a decentralized autonomous organization (DAO).

After this move, Chingari received massive support from the Web 3.0 community around the world. The project has raised $19 million in funding from Alameda Research, Galaxy Digital and Kraken as part of its Web 3.0 efforts. In addition, $GARI has been listed on six major cryptocurrency exchanges, including OKEx, FTX, Huobi, MEXC Global, KuCoin, and Gate.io.

Chingari CEO Sumit Ghosh previously commented on his move to Web 3.0, noting that “$GARI will allow 30 million monthly active users of the Chingari short video app to enter the chain. For the first time in blockchain history, the app will connect millions of users to the network from the day it was launched.”

Creaton

Creaton is another Web 3.0 innovation targeting the growing social media market. The platform allows authors to monetize their content using NFT technology. Ideally, Creaton removes the barrier that exists between creators and their fans; this Web 3.0 ecosystem allows creators to mint NFTs that can be accessed directly by fans. Creaton-created NFTs are encrypted, but can be decrypted and viewed by fans if they are subscribed to the specific creator’s content.

In addition, Creaton offers a flexible subscription payment model. Fans don’t need to pay monthly subscriptions to view content; instead, they can use Creaton’s decentralized payment channel for real-time experiences. Like most Web 3.0 innovations, Creaton is DAO-driven, which means there is no single authority controlling content or interaction within the platform. Stakeholders (creators and fans) have full control autonomy. This value proposition has attracted strategic investment from NuCypher, ExNetwork and ZBS Capital.

Authtrail

Data management is often a big problem given the amount of information that companies have to register. Authtrail is a Web 3.0 innovation designed to bridge the gap between centralized databases and blockchain technology. Powered by the Moonbeam blockchain, Authtrail contains tools for developers to integrate existing data management systems with distributed ledgers. At the same time, the project seeks to introduce a verifiable and immutable data recording system.

While it may be tempting for companies to stick with the old model where data can be manipulated, history shows that this can lead to legal problems. Large corporations such as Volkswagen, Coca-cola and Toshiba are among the companies that have found themselves in conflict with the authorities over data manipulation. A decentralized data management system like Authtrail could save these companies millions of dollars while improving the integrity of their financial statements.

Conclusion
Web 3.0 may only be in its infancy, but its potential is far greater than many realize. Judging by the speed with which people realize the benefits of the new Web, the next few years will be marked by a paradigm shift towards decentralized ecosystems. Among the main trends to keep an eye on are NFTs, the metaverse, and decentralized data management services.

Source | StrategiNext

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