The Internet is one of human history’s leading and most promising technological advancements. Since its inception, Internet has co-existed in different versions. These include web1 and web2, and now the new version called web3 is about to come. Many intellectuals believed that moving beyond web2 is necessary to discover new ways to create, manage, and distribute user-generated data.
Web3 is becoming a one-stop solution for making the impossible possible. The main objective behind introducing this blockchain-based web is to reduce the outside influence and make the Internet a more democratic and secure place to be. Such potential caused outraging demand for web3 development and its services. Thus, it becomes significant for us to understand the technology and different kinds of web3 development services offered by companies. This blog will guide you through all the aspects of web3 development.
What is web3 development?
Web3 is a term coined by Gavin wood, the co-founder of Ethereum. It was introduced with a mission to make the Internet more decentralized and secure. This version of the Internet mostly runs on the technologies like blockchain and decentralized networks that have strengthened their capability for data privacy, availability, and transparency.
Users with the web3 era will have full ownership of their data with no middlemen involved. Immutability, trustless environment, self-governing, permission less, and connectivity are some of the key features of web3 development.
Different kinds of web3 development services
New and existing businesses have started relying heavily on web3 development services. This is due to the distinguishing features of web3 demonstrating its ability to facilitate efficient solutions through a diverse range of development services. Let’s have a look at some of them.
Web3 gaming
The gaming sector is expected to benefit the most from web3 solutions. By utilizing web3, the gaming industry has expanded its potential. Web3 games use modern technologies like blockchain to facilitate a play-to-earn model and NFT trading within the gaming ecosystem. The gaming infrastructure has been improved by providing players with monetization options and an opportunity to buy, sell and trade in-game assets represented as NFTs.
Metaverse Development
Metaverse is a highly immersive 3D world focusing on merging the physical world with the virtual one. It is one of the greatest applications for web3. This is because the connectivity attribute of web3 provides users with an enhanced decentralized experience. On top of that, web3 empowers the metaverse landscape with modern technologies like IoT and AI. These technologies help the metaverse serve realism and provide a feature-rich environment to its users.
dApp development
Web3 development services are widely used by businesses to build advanced dApps in terms of features and usability. Leveraging the power of web3 technology, many decentralized applications are being developed across verticals. These applications are advanced with interoperability and decentralization in the bigger picture.
Web3 development services have a lot in store for the developing world. There are many other fine solutions that web3 provides for smart contract development, NFT development, DeFi development and self-sovereign identities.
Technology stack for web3 development
A full suite of the technology stack is required to successfully deploy web3 development services into a business project or decentralized applications. These are:
Web3 Libraries
Web3 libraries include web3.js, ethers.js, and web3.py extensions. Those are helpful for the efficient development of decentralized applications. Additionally, such libraries are useful for engaging with smart contracts and easily making transactions.
Nodes
Web3 providers or nodes are an important part of the web3 stack. This is because, without these nodes, smart contracts cannot interact with each other, and fetching data from the blockchain is impossible. Basically, they serve as an entry point into the web3 world.
Web3 wallet
Web3 wallets are online wallets that store funds digitally. These wallets serve as the identity of a specific person. Thus are important for identity verification at the time of making any transaction.
Conclusion
Web3 is taking over the tech space as it enables users to govern their data using dApps, and earn rewards by participating in web3 gaming. There will be a steep rise for the apps around blockchain, smart contracts, and NFTs as web3 development services mature. Thus, the more people get into web3 development, the more the explosion of new and intriguing use cases of the technology will take place.
