What is Web3?

Most of us already use the internet on a weekly, if not daily, basis. We shop, communicate, and work using the connections built through thousands of websites that keep us in touch with each other.

Web3 is meant to make the infrastructure of the web more secure and our lives on it more independent. It covers the web we have today with blockchain technology for easier exchange of money and more secure processing of data. Creators of digital content can also monetize their data by tokenizing it and sharing a closer and more profitable relationship with their followers.

Characteristics of Web3

Blockchain - as the basis for Web3 - goes beyond simply involving crypto; the mechanics of the technology play a big part in developing the future internet:

  • Decentralization creates greater security through distributing data;
  • Peer-to-peer communication gives greater autonomy to web users;
  • Tokenization of information means people can fully own their online files.

Interoperability - the connection of different applications and protocols together while maintaining decentralization - is also an essential part of Web3 tech. Many layer 1 blockchain projects are working to create a functional interoperability solution, however, we are still a ways away from this goal.

Web3 Projects

There is no lack of Web3 projects being built today. Here are some of the more important ones:

  • Kalipo: Decentralized Autonomous Organizations (DAOs) are community building platforms that allow its users to vote and come to consensus on various topics. Kalipo is a blockchain application that gives Web3 users the ability to create groups and make decisions in a democratic and transparent way.
  • Bancor: This Decentralized Finance (DeFi) system is built to make obtaining cryptocurrency and tokens more accessible. It does this through advanced liquidity pools from which users can buy and sell crypto while still in the decentralized space.
  • Decentraland: This virtual world is made up entirely of tokenized land in the form of NFTs. Blockchain forms the base of this digitized experience where the community can do all sorts of activities as if they were in a real place.

How Lisk Fits into Web3

Lisk is a blockchain application platform that allows developers to create blockchain apps in a simple manner. It is paving the way for Web3 technology by:

  • Making development more accessible through the use of JavaScript;
  • Giving developers a Software Development Kit (SDK) for simpler creation processes;
  • Focusing on interoperability so users can easily go from one app to another.

In this way, Lisk gives developers the canvas necessary to explore and build use cases that are scalable and functional for Web3 technology.

In this article

Characteristics of Web3

Web3 Projects

How Lisk Fits into Web3