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The Best Web 3.0 Examples Out There

Ever heard of web 3.0? Also referred to as “Web 3,” web 3.0 is basically a glance at the internet of the future πŸ‘©β€πŸ’». Nobody can guess the precise form web 3.0 will take since we are currently somewhere between Web 2.0 and Web 3.0 eras. So, what are some web 3.0 examples that are already in play πŸ‘€?

In this article, we’ll take a gander at several specific technologies that are a great example of web3 as it stands right now! You might be surprised 😱 to learn you’re already familiar with some of these. If you need a primer on web 3.0 first, check out our blog post on the definition of web 3.0

Non-Fungible Tokens (NFTs)

You’ve undoubtedly previously heard πŸ‘‚ about NFTs, which have made a big splash among internet users recently. In essence, NFTs are a type of cryptocurrency. Like all crypto, they’re built on blockchain networks, but they’re different from other cryptocurrencies in that they are entirely distinct and cannot be traded for one another. In the same way, that a paper title deed for a house signifies ownership, NFTs are connected to digital assets.

One major drawback is that NFTs are not always recognized by legal authorities. As a result, all you are really purchasing at this stage is power πŸ’ͺ over a collection of letters and numbers stored via blockchain applications. That might alter when NFT technology develops and perhaps gains from regulation.

Initial Coin Offerings (ICOs)

When you create a brand-new cryptocurrency (perhaps with an interesting innovation), you need start-up capital πŸ‘Œ to get things going. Initial Coin Offerings are associated with cryptocurrencies since the “coins” that are being offered are digital assets.

People that invest in ICOs do so in the hopes that, like Bitcoin and Ethereum, the value of cryptocurrency will skyrocket and enable them to become wealthy overnight. However, it’s still unregulated, making it a target of numerous scams 🚫 and costing people their money. In other words, don’t sink all your savings into this blockchain technology-based asset.

Decentralized Apps (dApps)

Cloud-based services like Google Docs πŸ—‚ are examples of centralized apps. This is because your documents contain information that Google has access to and can read and manipulate. The benefit of this trade-off is that we can quickly work with others and save our data on the cloud.

What if, though, you could benefit from these cloud services without having to adhere to a centralized authority like the all-powerful Google 😲? That’s the concept of Decentralized applications, or “dApps.” The majority of dApps do their online computation on the Ethereum blockchain, and as a result, these computations are funded by Ethereum “gas” fees.

As blockchain projects, dApps adhere to Web3 specifications by being open-source, public, and cryptographically secured. Therefore, dApp users have control over their dynamic content and who can access it. Even with this control, they gain access to cloud computing resources and can carry out the specific tasks that a given dApp is intended for. It’s sort of like having your cake and eating it too.

Smart Contracts

Smart contracts are decentralized network contracts that occur without a middleman. Instead, they’re run by computer programs on decentralized data networks.

Smart contracts make it far more economical to supply financial services or to create legal agreements βš–οΈ between parties. Additionally, once engaged, they cannot be altered. They’re already being used by major companies on a daily basis to organize and streamline business deals on the decentralized blockchain. 

Machine Learning and Artificial Intelligence

Machine learning technology and other key branches of artificial intelligence πŸ€– are all over our smart devices (Apple’s Siri is a great example). Basically, an individual user can speak to an intelligent agent like Siri, which uses natural language processing (NLP) to comprehend the stuff we say in our everyday lives.

Machine learning processes enormous volumes of data in real-time to forecast human needs and behavior. Everywhere we go, there are intelligent network-connected gadgets πŸ“² thanks to the Internet of Things (IoT). This may seem creepy, but it offers numerous chances to collect data and turn it into a worthwhile user experience.

That’s how it seems as though our mobile computing devices are almost reading our minds when we see an ad on a social media platform for something we thought of. It’s not a coincidence: what we do on a mobile device, like visiting social networking sites or shopping πŸ›οΈ, gives away quite a lot about our daily lives.

A great example is a tool like Wolfram Alpha, which creates knowledge 🧠 from data using artificial intelligence. Wolfram Alpha‘s search function is already live, and it gives us a glimpse of what a democratic online decentralized platform with publicly available data may be like (yes, that’s a mouthful!)

Web 3.0 Examples Will Keep Expanding

Now you know that these names that are quite popular in this day and age are an example of Web 3.0! However, they are still quite young, and there’s a lot more room for growth. So let’s see where this can take us on your mobile phone, desktop, and beyond!

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