Can 2022 become the first year of the web 3.0 age? Can it, as Analytics Insight foresees, build the fundamentals for “the Internet’s latest development”, i.e. web3? Who knows. But if it happens, all the blockchain companies need to be well-prepared to face this new reality. The first step, in this respect, is to be able to comprehend the essence of web3. So let’s summarise what we already know!
Web3 In a Nutshell
It is safe to say that the concept of web3 (aka web 3.0) was proposed by the father of Polkadot as early as in 2014. Back then, Dr. Wood posted ‘Dapps: What Web 3.0 Looks Like.’ Almost 10 years ago, he envisioned a world characterized by a sort of ‘re-imagination of… things we already use the web for, but with a fundamentally different model.’ He meant a different way for Internet users to interact with each other, in terms of messaging, publishing, consensus, and front end. That is to say, in 2014, a new idea of the Internet was born: a new digital world where users, not platforms, get the upper hand.
This picture, displayed by Google Trends, shows the enormous popularity of the concept! As Gizmodo puts it, ‘…you may have come across a phrase growing in popularity: Web3… For Web3 evangelists, it’s a revolution; for skeptics, it’s an overhyped house of cards.’ The Evercode Lab team certainly is one of the teams that feels enthusiastic about it. The web3-dominated world is a place where our White Label Crypto Wallet for companies suits bets. So, here is our understanding of what web3 is all about, in comparison with its predecessors:
- Web 1.0 meant static pages and passive consumption of info displayed by those static pages
- Web 2.0 was (and still is) a different matter. It is a platform-based phenomenon that makes it possible for end-users not only to consume content but also to generate it. This digital domain is known to be dominated by giant tech companies and service providers. They are the key players that have full control over servers, and the back end parts. Without them, it is almost impossible to be present on the Internet.
- Web 3.0 is going to be a deconcentrated cyber world fueled by blockchain. Its users will dominate it themselves, not providers, moreover they might be able to define its policy and execute contracts. As Investopedia puts it, more formally, Web 3 will be determined by “decentralization, openness, and greater user utility.”
Going further, here are its key properties:
- Decentralization – a specific state of the web when data is stored and processed simultaneously in several co-existing and independent locations. Such locations might be cell phones, PCs, connected vehicles, IoT sensors, and appliances, etc.
- Users can interact with each other directly. They need no authorization from intermediaries to operate in cyberspace.
(No third parties are involved with no permissions needed. As long as data is dispersed over countless storages and not controlled by a giant provider — with Web 3.0 constituents being built via open-source software -)
Web 3.0: Implications for Evercode Lab and Our Customers
We envisioned our current flagship product, our WL wallet, as an all-in-one tool perfectly adapted to this new Web 3.0 world. The most advanced edition of the Evercode White Label Wallet includes:
Decentralized finance can be viewed as a generic term referring to alternatives to traditional finance. DeFi is a P2P environment making it possible to process transactions without banks and government agencies.
2020-2021 saw a huge increase in terms of cryptocurrency held in DeFi. That amount rose from $934 million in Jan 2020 to $93.397 million in Oct 2021. At the same time, DeFi had 3,450,000 users. This figure will get much greater, as totally, the global crypto world had 220,000,000 users in Oct 2021. All those millions are a natural target audience for DeFi.
Our White Label Crypto wallet, with its custom edition, will provide you with a chance to engage those crypto owners not covered by DeFi yet.
Decentralized applications are the backbone for the web 3.0 world. Potentially, their reach extends way beyond DeFi. dApps is an application that is built on, maintained, and run on a blockchain-supported network of devices instead of a single authority. Gradually, this segment is proliferating and conquering new domains.
- As of Jan 2020, there were 3016 dApps. In Dec. 2021, there were 3850
- dApps are functioning on different blockchains. Right now, most of them, almost 3000, run on ETH
- Usage of dApps is not limited to dApps. Quite the contrary, in terms of transactions, the breakdown was as follows in Sep 2020:
- Development – 54K
- Exchanges – 468
- Finance – 598K
- Gambling – 51K
- Games – 100K
- Governance – 14K
- Identity – 3K
- Media – 5.5K
- Property – 10K
- Security – 227.5K
- Social – 28K
- Storage – 17K
- Wallet – 126K
Your business will be in the right position to operate in this multifaceted dApp world, as its top edition can be integrated with decentralized applications.
Basically, a non-tangible token is a block-chain based “cryptographic asset” that cannot be exchanged or traded at equivalency. It contains unique “identification codes and metadata” that separate and distinguish it from other NFTs. It is another buzzword of 2022. According to Forbes, the NFT market size was $23 billion in trading volume. However, Bloomberg has recently cited a much higher estimate, $40 billion.
Most people associate NTFs with digital art but this is far from so. They are getting more and more popular and expensive across a range of segments, including:
- Collectibles – $7,130 million
- Games – $2,153 million
- Art – $2,107 million
- Metaverse – $630 million
- Utility – $75 million
- DeFi – $18 million
Needless to say, Evercode’s White-Label Wallet is capable of storing your NFTs.
Thus, there is no need to waste time. Contact us to obtain your advanced edition of the Evercode White Label wallet and get prepared for the Web 3.0 era. In addition to DeFi, dApps, and NFTs, you can also get:
- over 300 coins are available
- more than 50 000 exchange pairs
- lightning support
- and much more