Table of Contents
- What are Web3 Projects
- What are the Best Web3 Projects
- Grants for Web3 Projects
- Getting into Web3 Development
What are Web3 Projects
Web3 is an evolution of Web2 technology. Web2 allows you to purchase items online and engage with other people on the web, among many other things. Projects that have defined Web2 technology include PayPal, Facebook, and Spotify.
Web3 incorporates the essences of decentralized ecosystems built on blockchain technology. The focus of this development is to bring the web back to the people in a safe and balanced way. This includes concepts like DeFi (Decentralized Finance), GameFi (Gaming Finance), NFTs (Non-Fungible Tokens),DAOs (Decentralized Autonomous Organizations) and a broader idea of NFT- based metaverse technology.
This could provide more security for our data and finances, while also providing a scalable yet private framework for our online lives.
What are the Best Web3 Projects
So what are some Web3 projects that really stand out? Looking first at the basics of a decentralized financial system, we can see the implications that Web3 could have on a wider scale. Here are some notable projects listed in categories.
The genesis of blockchain technology came from the need for a more independent monetary system. Bitcoin brought the idea of permissionless systems to the world; a network of users that could send and receive funds directly and pseudonymously. This first model was resource intensive and not particularly fast, but this did signal the start of a move forward.
After that we saw the expansion of cryptocurrency that focused on a wide variety of necessities. Ecologically more sustainable coins like Peercoin were developed, banking and remittance brought us hybrid coins like Ripple, and the Ethereum network brought about dApps (decentralized applications) and smart contacts.
Smart Contracts and DApps
This extension of traditional crypto networks allowed for applications to be built within the blockchain ecosystems. A dApp built onto the Ethereum network, as an example, would still comply and rely on the foundational protocol, but would have some liberty to elaborate use cases and specifics.
Smart contracts are the basis of dApps and are programs to set up the functions and stipulations in which network participants go by. These algorithmic agreements oversee processes and ensure that all steps are being taken fairly and without default.
The ideas set out by these two new facets of blockchain allowed for deeper exploration of Web3 technology.
Decentralized Finance was a continuation of the original prospects of the blockchain industry. How can we bring traditional financial processes on-chain? Things like lending and borrowing were offered by projects like UniSwap, and Compound, which steadily grew into more complex ideas like tokenized commodities, as is the case with Synthetix.
NFTs play a similar role and give true value to digital items. This could be simple things like JPEGs that are backed by crypto, or off-chain items like NFTs for tickets to events. The difference between NFTs and traditional cryptocurrencies is the fact that each NFT is unique and does not have the same value as similar smart contracts.
One of the fastest growing concepts in Web3 today is that of DAOs. DAOs allow for voting and decision making within a community through the blockchain. This gives greater equity to those who are more highly invested in the community, and whomever wants a say over changes being made to the system in question.
Though the first active DAO was on the Ethereum network back in 2014, much had to be improved as this young tech was still very vulnerable. The first functional DAO was MakerDAO, and many others have since been developed and expanded upon.
Unlike other systems that are utilized for dApps, Lisk allows developers to build blockchain applications. These applications are far more flexible and give greater autonomy to developers. The simplicity comes from a modular approach to blockchain application development.
With a working framework that executes the chosen modules, developers have easy access to a dynamic toolkit. These modules can be accentuated or omitted according to the required use case, making it simple for developers to get into Web3 programming.
Digital storage is a very important part of the web because data has become so vulnerable over time. NeatBox offers advantageous benefits in the world of data storage, and has both hardware and software options available to users. The aim is to hold and secure the information uploaded in a way that can be reliably accessed, and give users the confidence to hold and send that data across the network freely.
Topas City is an example of GameFi that is built on Lisk. GameFi is quickly making a name for itself in Web3, utilizing the financial aspects of blockchain and combining them with the rise in interest in gaming. Topas City incorporates VR into the gaming experience and allows users to earn while they game. This is a giant leap from mini-games we may have played online as kids.
Grants for Web3 Projects
Opportunities to get into blockchain are abundant. Using node.js removes one of the great barriers from blockchain development, but grants serve a huge boon to developers who may have big ideas but not the money to produce them. The Lisk Grant Program helps developers produce blockchain projects without the need for huge backing from ICOs or learning new programming languages.
The Lisk Grant Program is an initiative spearheaded by Lisk. Its goals are to provide scaffolding for newer projects and allow blossoming developers to explore the Lisk solution without the same immediate concerns that a development team may have.
Getting into Web3 Development
It may sound like it is a world away, but blockchain projects and Web3 concepts are not as far as you may think. You can now create with web3.js so that you don’t need to concern yourself with the stumbling blocks of new languages or hefty entry expenses. Take your big ideas and push them to the next level with Lisk.
In our tutorials, you can read all about how to develop your own blockchain application. The exciting world of Web3 is just around the corner and you can start your journey towards a career in Web3 development.