We have many newcomers adopting Web3 Layer due to its vast approach to shaping many deficits inherent in L2-Web2. Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web. It incorporates concepts such as decentralization, blockchain technologies, and token-based economics.
Web3 is a collection of JS libraries that lets you interact with an Ethereum node remotely or locally. Simply, it provides us with an API to use so we can easily work with the Blockchain. Web3 works as a wrapper for JSON RPC to connect to a remote or local Ethereum node with either an HTTP or IPC connection.
How Does Web 3.0 Work
Ethereum Foundation— amplifies that;
Web3 has become a catch-all term for the vision of a new, better internet. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership.
Web3 is deeply rooted in unlocking opportunities, securing data, and solving critical challenges for society. Investing in the Infrastructure is like being able to invest in the early Internet protocols like TCP, FTP, HTTP, SMTP, etc.
The difference is, you can actually monetize them. Imagine owning part of the early email protocol? And earning money on every email sent, that’s how huge it going to be.
Imagine if we could all have invested in Linux, SSL, or HTTP with a token that incentivized their development. Now that would have been fun. However, the difference in Layer2 Chain is that the property right belongs to a particular interest organization but Web3 solves this problem of inclusion. We have an opportunity now with ChainLink link token— Chainlink is connecting the world to the blockchain.
A notable example of a Decentralized Web3 playbook is ENS. It is the most widely integrated Blockchain Naming Standard protocol. The native name suffix for ENS is ETH, which has the full security benefits of being blockchain-native, You can also use ENS with DNS names you already own. ENS supports most DNS names.
Also, you can set an NFT to your ENS name to be your avatar. Your ENS on the open sea will update with the NFT and other websites (like Uniswap) which will use the NFT you set to your ENS as your pfp.
Going by the recent developments made by the Fegtoken Team through the announcement of the bridging of Feg/Rox Protocols as SmartDefi, one would come to terms with that Web3 is here to stay.
Facebook and Instagram introducing Meta is a sure way to predict the eminent progress and green candlelight of Web3. It is definitely going to make a huge impact on Cryptocurrency. A few of the alternatives that web3 is building to web2 giants.
Even if Web2 projects don’t migrate to Web3, it’s a good sign that alternatives already exist. However, only when Web2 companies that have secured a large number of users enter the Web3 market can they secure a greater growth engine for the Web3 market.
When we look at user onboarding into the crypto ecosystem and Web3 in general, CEXs tend to do a greater number than DEXs largely due CEXs integrating fiat on-ramps” and “off-ramps. Vertex Protocol could be the game changer for DEXs in terms of onboarding into Web3.
Closing Thoughts
Web3 is garnering growth and adoption despite endemic Insolvency ravaging the Crypto Industry. More ‘Web2 Protocols’-integration into the Web3 Interface will be prominent in early Q1, 2023.
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