Web3 Evolution: An Overview of the Top Web3 Platforms

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Last updated on November 17th, 2022 at 12:12 pm

Web3 is changing the way things are done in various industries, particularly in terms of business models and the system of data collection and usage.

Various organizations are researching ways to incorporate this innovative technology into their business model because it is a revolutionary concept.

Web3 is expected to disrupt traditional business models by improving the consumer experience, marketing activities, organizational fundraising, e-commerce, organizational style, and other aspects.

This article examines the definition of Web3 and explores the top platforms for developing innovative Web3 projects.

What is Web3?

Web3 is a term commonly used in the blockchain community to describe a better version of the internet. Web3 is the offspring of the traditional internet infrastructure known as Web2.

Web3, also known as the semantic web, is a new internet model that promises improved functionality by incorporating innovative features into apps and websites, such as AI, blockchain technology, machine learning, and much more.

This new version of the internet was conceptualized to address the issues identified in its predecessor, Web2, such as centralization, censorship, and illegal data use, among other things.

Decentralization is a key feature of Web3, allowing data to flow freely while giving users complete control. It starkly contrasts with Web2, which was characterized by centralization and dominated by a few tech powerhouses such as Facebook and Google.

Individuals in Web3 can make money in various ways, including trading NFTs, purchasing and holding cryptocurrencies, staking coins, and investing in metaverse real estate. When engaging in any Web3 activity, it is crucial to conduct due diligence and consider the associated risks.

What are the Top Web3 Platforms and Concepts?

Soulbound Tokens

Though not a Web3 platform, this concept is expected to change how identity management is done in the Web3 space. At the time of writing, this concept is being explored by Ethereum co-founder Vitalik Buterin and other leaders in the blockchain space.

Soulbound Tokens (SBTs) are tokens that serve as a resume for their owners, allowing them to manage their identity. It includes the owner’s accomplishments and can be used across multiple platforms. They are non-transferable NFTs that users can’t sell or transfer to others.

This technology is intended to be a critical component of Web3, especially in identity management, allowing individuals to easily sign up or log in to different platforms, show potential employers their accomplishments, and much more.

Individuals can use their SBTs to verify their identity rather than signing up and going through Know Your Customer (KYC) processes on multiple Web3 platforms, which corrodes user experience.

Polygon

This list would be incomplete without mentioning Polygon, the Layer 2 scaling ecosystem. Polygon is a Layer 2 scaling solution designed to improve scalability and reduce congestion on blockchains like Ethereum.

This Web3 scaling network has become well-known because it provides users with faster transaction speeds and lower gas costs. With the help of this scaling network, projects can easily build innovative decentralized apps.

Optimism

Scaling solutions are an important part of the Web3 ecosystem due to their impact on congestion, transaction fees, and transaction speed. The Optimism Network is an open-source Layer 2 chain built on the Ethereum blockchain.

Because of its Layer 2 feature, the Optimism Network enables faster transaction execution and lower transaction costs while keeping Ethereum decentralized.

It employs roll-up technology, which works by combining data from multiple transactions into a single transaction and submitting it to the Ethereum chain.

Polkabridge

Some Web3 platforms have a wide range of features, while others may be more focused on specific niches. Polkabridge is a revolutionary Web3 platform built on the Polygon network. This web3 platform belongs to the former and offers multiple features to its users.

Listed below are some of Polkabridge’s notable features.

Polkabridge offers users access to a crypto launchpad. A crypto launchpad is a platform where new crypto startups can showcase their innovations to a community of potential investors. It acts as a bridge between potential investors and innovative crypto startups.
Polkabridge offers a yield farming option, which is analogous to depositing money in a bank and earning interest.
This web3 platform also includes an AMM exchange, where users can supply liquidity and earn rewards, while the liquidity fuels the exchange process.
Polkabridge also hosts a prediction market, in which users speculate on the outcome of an event and, if correct, are automatically rewarded by the smart contract.
Polkabridge has a lending feature that allows users to deposit their idle tokens and earn returns while borrowers access the funds and pay interest.

Axie Infinity

The rewards may come in the form of cryptocurrencies or non-fungible tokens (NFTs). Axie Infinity’s business model is based on gamers benefiting from the in-game economics, which allows them to earn returns when they play the game and trade their NFTs.

Currently, the game is being played partly or on a full-time basis. The concept of Play-to-Earn (P2E) gaming has influenced the development of novel concepts such as P2E gaming guilds like Yield Guild Games.

Goracle

Oracles are critical to the long-term viability of blockchain and smart contracts. Smart contracts typically govern decentralized apps (dApps). The smart contract may need to automatically trigger an activity when an event occurs, and the smart contract’s only way of knowing if the event has occurred is through the data fed by oracles.

Web3 platforms are incorporating smart contracts into their architecture, which means they require the services of an oracle system. Goracle is a remarkable oracle system that is changing the face of Web3.

Goracle is a decentralized oracle network that is revolutionizing Web3 communication. It is constructing a decentralized oracle architecture that will allow various smart contracts to access accurate data. Data feeds are provided from multiple networks.

SolChicks

SolChicks, like its counterpart Axie Infinity, is a Play-to-Earn (P2E) gaming ecosystem.

Players in the game are rewarded for breeding their avatars and using them in various gaming activities, with the option of selling them to other players.

On this Solana-based P2E gaming platform, there are numerous ways to earn money.

Gamers can earn by rising through the ranks in real-time by engaging in activities such as raising their chicks or staking the utility token.
Players can earn money using the in-game reward system. By engaging in regular activities such as competing against other players, players can earn a variety of in-game rewards such as NFT items, Shards of Love (SLC), and other collectibles that can be traded in the ecosystem or on other real-world exchanges.
Breeding SolChicks, the avatars in this P2E game, brings the gamer higher returns. After breeding their SolChicks and tending to their needs, players can sell them in the marketplace.

Polkadot

Polkadot is a highly scalable blockchain that employs parachain technology to prevent network congestion. Parachains are autonomous blockchains.

Developers can tailor custom chains to their preferences. They actively validate and ensure transactions’ accuracy using computing resources.

Polkadot can be used by Web3 startups looking for highly scalable blockchains to develop their projects.

In Conclusion,

Web3 is a new internet model that promises improved functionality by incorporating innovative features such as AI, blockchain technology, machine learning, and much more into apps and websites.

Soulbound Tokens (SBTs) are tokens designed to serve as a resume for their holders, allowing them to manage their identity.

Polygon is a Layer 2 scaling solution designed to improve scalability and alleviate congestion on blockchains like Ethereum.

Optimism Network is an open-source Layer 2 chain that utilizes roll-up technology and is built on the Ethereum blockchain.

Polkabridge is a revolutionary Web3 platform on Polkadot offering several services, including a crypto launchpad, an AMM exchange, a prediction market, and a lending feature.
Goracle is a decentralized oracle network that is revolutionizing Web3 communication. It is constructing a decentralized oracle architecture that will allow various smart contracts to access accurate data.

Players in the SolChicks P2E game are rewarded for breeding their avatars and using them in various gaming activities, with the option of selling them to other gamers.