With the rapid pace of progress and innovation, coupled with at least as many buzzwords saturating the hype, it is easy for people to get lost in the ever-growing wave of news, advertising, and social media surrounding the next big thing.
Two of the buzzwords that promote dialogue are “Web3” and “Dapp”. What’s more difficult is that you can’t ignore the news of any semester. Innovations that are truly changing the world are being developed, and the entire ecosystem is developing so quickly that they feel that they appear overnight.
It might be worthwhile to pause, review these buzzwords, and take a sample snapshot of their usage—not next month, not a few years from now, but today——In order to show the importance of Web3, Dapps and the way of interconnection between the two.
Although many large ecosystems can be examined, we hope to target the Avalanche blockchain ecosystem here because of its architecture, which makes it require Web3 to provide even more innovation than competing ecosystems. However, this dependence also gains more benefits through its client platform Dapps.
Although you can find many in-depth descriptions of the features of Web3 (and what exactly Web1 and Web2 are), we will assume you understand the basics here and will focus on a few key elements that make Web3 truly unique. The current version of the Internet.
A key feature and key promise of Web3 is its decentralization. This may seem interesting on the surface, but as you dig deeper, it will get better and better. Decentralization means that users cannot be censored easily, because control is decentralized; although if decentralized communities all exist in the same way, then members of the community may indeed be censored. The difference is that control is highly democratized, and forced obedience has no teeth at all. Decentralization means that payment services cannot be rejected or restricted; payments can usually be completed without personal data and cannot be closed because payments are made peer-to-peer. Decentralization means robustness; the Web3 server will almost never crash because it is a network of many computers all over the world.
Why is it an avalanche?
The Avalanche ecosystem is similar to competing ecosystems in many ways, such as Bitcoin and Ethereum. However, we want to specialize in Avalanche Dapps because it is not only built on one blockchain, but also on three interconnected blockchains. The avalanche transaction chain (X-Chain) focuses on creating new digital assets for the platform; the contract chain (C-Chain) focuses on maintaining the smart contract of the ecosystem and the implementation of its Ethereum Virtual Machine (EVM); the platform chain (P- Chain) is committed to laying the foundation for validators, platforms and subnets.
The complex coordination of this interlocking and dependency chain is very important, and heavily relies on the characteristics of Web3 to run. If there is no real decentralization, compared with Bitcoin’s 7 Tx/sec and Ethereum’s 14 Tx/sec, the ecosystem will not be able to expand to its huge capacity of 4,500 transactions/sec. The coordinated work of the three chains, the use of advanced smart contracts and a consensus distribution that is wider than even distribution, creates a decentralized ecosystem that is almost immune to hacker attacks, censorship, and downtime.
These elements are closely connected with many of Avalanche’s Dapps, which use Web3 to operate in ways that are not possible with Web1 or Web2. In other words, they can develop autonomously by using programmable business logic based on smart contracts, thereby saving development time and ensuring that the system is stable and predictable. They greatly benefit customers through direct ownership (self-management), without the need for intermediaries to hold user assets on their behalf. They can operate without censorship threats or centralized agencies targeting users.
What it is: Colony brings ecosystem agriculture solutions. As feasible projects in the entire ecosystem are nurtured, DAO’s investment members can reap benefits.
Colony is a platform that combines elements of DeFi, a token-based economy, and income investment; using a DAO-based approach that uses and is driven by the community. Colony uses these elements to support the early platform through the venture capital (VC) plan proposed and determined by the DAO.
Airdrop is only 1 of the 5 functions that staking allows you to access!
-Colony🔺 (@Colonylab) December 13, 2021
Why Web3 is important: Usually (Web2), none of these elements are possible. Traditional venture capital is a highly concentrated structure and often has an inclined decision-making process that prevents many great platforms from getting started. The platform enables ordinary investors of all sizes to become part of VCs, create funds for their voted projects, and share the rewards when these platforms achieve results. If there is no wallet that supports Web3, users will not be able to connect, invest and obtain high returns through the community-driven VC platform.
What is it: NFTrade is a wide-ranging NFT market, which provides the possibility for users to create a completely decentralized NFT or decide to create a complete NFT collection for sale. Once listed on the market, users can attract buyers, use Web3-driven wallets for peer-to-peer transactions, and take these assets in their own hands without having to delegate their guardianship to the platform.
Why Web3 is important: The platform relies heavily on the decentralization and smart contract aspects of Web3 to authorize anyone to build their own NFT, which is a complex process without proper tools. Ordinary users can use the platform to create unique digital assets, connect them to smart contracts, and sell the assets on a fully decentralized platform that connects them to many other buyers/sellers around the world.
What is it: Cryptoblades is an immersive combat blockchain game where users can buy characters, weapons and fight with other players for real rewards. The heroes and weapons they buy are NFTs, and they use tokens to buy them to ensure a decentralized platform and market. When players sell assets with tokens, they can even pledge tokens to exercise DeFi-style income.
Why Web3 is important: Like the other two Dapps, Cryptoblades relies on its smart contracts to manage various participants, their market interactions, and token purchase/sale/equity operations. Users have Web3 wallets to protect and custody their NFTs and tokens in the game, and certain game elements are recorded on the chain to ensure fairness and transparency, despite the decentralized nature of the game.
Although Web3 and Dapps are both popular now, it’s worth seeing examples of their efforts to support real platforms, real users, and real ecosystems. Without Web3, this would not be possible. As Web3 matures, Avalanche and other blockchain ecosystems will continue to look for use cases and supporting platforms, and use Web3 on their dapps to bring further innovation.
Photo by Shubham Dhage on Unsplash