Have you heard that 2022 is predicted to be the first year of web 3.0? For example, Analytics Insight has recently written that this year blockchain and crypto are becoming a basis for “the Internet’s latest development”, i.e. web 3. But what does it actually mean, without buzzwords and slogans? Which of the current trends are likely to weigh in on? In this piece, we are presenting Evercode’s vision of them.

What is Web 3.0?

In its current shape, the notion of web 3 or web 3.0 was introduced by the founder of Polkadot in 2014. In his post, “Dapps: What Web 3.0 Looks Like,” Dr. Wood warned us that Web 3.0 would be a “re-imagination of… things we already use the web for, but with a fundamentally different model” concerning such interactions between different parties as messaging, publishing, consensus, and front end. Or, simply put, Web 3.0 is the Internet where everything is defined by users, not by platforms.

This graph provided by Google Trends illustrates how popular this idea has become. Gizmodo has recently summarized this trend:

“…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

We at Evercode Lab certainly belong to those who treat this new phenomenon with enthusiasm. That is why we would like to enlarge upon this concept. Here’s a long story short:

– Web 1.0 was all about static pages one could only passively consume. 

– Web 2.0 was a more platform-based thing that enabled Internet users not only to consume content but also to create it. Its key characteristic is domination by giant providers exercising full control over their servers and back end in general.

– 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:

1. DeFi

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. 

2. dApps

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
    – Gamling – 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. 

3. NFTs

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