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4 successful experiments based on web3


4 successful experiments based on web3

You have most likely heard of the web3 like a new version of the internet that we know now, but much more advanced in terms of technology and, above all, in terms of privacy. Web3 is based on blockchain technology, the same system used by cryptocurrencies or even NFTs, and is notable for its promise of being a decentralized network in which it is the users who have total control of their data.

The blockchain, in particular, allows any type of information to be stored privately, such as cryptocurrency transactions, DeFi contracts or non fungible tokens (and all the details related to non fungible tokens). Also transfer this type of assets to any other user, and all this without relying on third party services.

In fact, web 3 or the new decentralized web model is on the lips of those users interested in cryptographic assets, but the truth is that it goes much further, and despite the fact that this new version of the internet is still in its infancy, there are experiments based on this technology that are being successful and that anticipate what this system could be like in the future, and here we show you five clear examples.

NFTs: the most successful web3 based experiment

One of the most successful experiments based on web3 are the Non Fungible Tokens, also known as NFTs. These assets are a kind of digital works that the user can only possess online. They are unique works, so they cannot be exchanged. In addition, the information of that token, such as the author, the collection to which it belongs or the price, are encrypted and cannot be modified, although they are fully visible in those places where they support the preview of NFTs.

NFTs are purchased through cryptocurrencies such as Bitcoin, which also use blockchain technology. Telefónica, for example, has a collection of NFTs designed together with Ferrán Adrià that can be purchased through the Ethereum network and are available at OpenSea, one of the largest portals for buying and selling these assets.

Proof that NFTs are being a success, despite their ups and downs in the market, is its rapid implementation in platforms and services that users use in their day to day. Twitter, for example, allows some users to include a non fungible token they own as their profile picture. Instagram, on the other hand, is also making its app compatible to display these assets in posts, stories or direct messages. NFTs are also used as items that users can purchase in games, the metaverse, or other platforms to interact with or simply possess, like a painting.

Decentralized storage: a great idea that can be carried out thanks to the collaboration of users

Cloud storage can also be decentralized and therefore web3 based. A clear example Storj DCS. This service offers a developer storage system in which the data is encrypted and distributed in a global network in the cloud. That is, without depending on large platforms like Facebook or Google. The portal is also open source. Therefore, users can check how the data is processed or how it works, thus demonstrating one of the keys to web3: transparency.

Now, how can Storj DCS (Decentralized Cloud Storage) store millions of data without relying on companies like Google or Meta? This is, without a doubt, the most interesting thing about this platform. And it is that to offer a decentralized network, Storj DCS makes use of the hardware and bandwidth of particular users. Anyone can use their computer as a storage node and give space to Storj DCS. The service will use it to store —remember, in a completely private and encrypted way— the files of its clients, and in exchange, the user will receive remuneration.

Browsers have to prepare for web3, and Brave is already doing it

There are browsers that are also preparing for web3, and one of them is brave, an alternative to Safari or Chrome that offers a multitude of functions that guarantee the user’s privacy. Brave defines web3 as “a completely new philosophy of how the web should be managed and how users should access it,” starting with not depending on the big companies and monopolies that are dedicated to doing business with our data.

This definition is put into practice with your browser, which offers a multitude of options for worry free browsing. Among them, the possibility to block invasive ads, such as those that occupy a large part of the screen or do not allow the content to be seen. It also offers protection against redirect tracking or the ability to block cookies, something Safari also offers.

Another interesting feature of Brave and showing that it is a successful experiment based on web3, is your cryptocurrency portfolio. This is also integrated into the browser, so there is no need to download additional applications or extensions. It also offers all the security and privacy options that Brave boasts and allows the exchange of assets with other digital wallets.

At LBRY, creators choose how much their content costs

There are plenty of platforms that offer streaming content, but none comes as close to web3 as LBRY. It is a portal where users can sell own content such as books, videos, songs or images, in a completely decentralized way.

Unlike, for example, Spotify, which sets a price per song, in LBRY it is the creators who choose the cost of the items they sell on the platform. The entire buying and selling process is also carried out through a own cryptocurrency called LBRY Credits or LBC. Consumers win, too, because they can not only purchase original content and give back to creators; they also receive rewards on the platform for viewing that content.