Source: Observatorioblockchain / Jose Maldonado
As with Web2 in the 1990s, it is businesses that are helping to shape Web3, which is the new Internet. More than 2 million users are already using Web3 applications, thanks to products and services built by companies to exploit the capabilities of the new web. These are support services, development platforms or decentralized applications focused on new and innovative developments. In turn, all these products and services are being used by companies from different sectors to innovate in their business areas and thus be able to get closer to the new generations of consumers. Web3 is laying its foundations on a number of technologies, including AI, Machine Learning, IoT, and blockchain. Its purpose is to build a more decentralized and secure website.
The basis of the operation of Web3 lies in decentralization. And it is there, where blockchain technology makes its appearance to build secure and highly available services. The blockchain thus becomes the best ally to serve as a decentralized database. A base that allows Web applications to interact with users and that operations can be verified at all times.
Over 2 million Web3 users
To get an approximation of how large and relevant the Web3 ecosystem is, it is worth remembering that decentralized Web3 applications began to be developed after the birth of Ethereum, in 2015. According to DappRadar, there are currently some 11,052 deployed dApps. A figure that demonstrates the extensive development of the Web3 ecosystem in just 7 years.
This huge growth is in tune with the market they move. The following image shows us a market volume of more than 5,000 million dollars per day, 28.8 million transactions and 2.19 million users distributed throughout the Web3 ecosystem.
The numbers may seem small, but they were collected in the midst of the UST/LUNA meltdown. Thus, considering that we have been immersed in a bear market for more than two weeks, the data is impressive. In fact, the number of users during the last year has not stopped growing, with a peak of almost 16 million. And another peak of 2.7 million daily active users, with a market exceeding $300 billion, according to the latest DappRadar report .
Large companies in the Web 3.0 world
These numbers help us better understand the interest of large companies in Web3 developments. Names like ConsenSys and Infura are well known in this space, thanks to their long and intimate relationship with projects like Ethereum or IPFS. But the universe of companies experimenting with Web3 continues to grow. Meta, old Facebook, is one of them. Meta-owned Instagram will allow its users to interact with NFTs and the Web3 space.
When this happens, Instagram would allow its more than a billion users to access blockchain technology and all that dApps can offer. Meta is one of the big companies already making the transition to Web3. The construction of its metaverse and the introduction of NFTs on Instagram is proof of this. Last week we also learned that Meta had filed five trademark applications for “Meta Pay. According to attorney Josh Gerben, a trademark specialist, Meta’s filings indicate that it plans to launch «Meta Pay,» a platform for users to exchange money and cryptocurrencies. The company will change the name of Facebook Pay to Meta Pay, as announced by Meta fintech manager Stephane Kasriel.
Twitter already allows its users to generate NFTs, interact with them and make payments in cryptocurrencies. Although both social networks are still centralized, it is clear that they have already begun the transition to Web3
Likewise, Coinbase has just introduced a Web3 wallet for its users, which will allow direct integration with its services. Coinbase wants to carve out a niche within the Web3 ecosystem by becoming a bridge between users and Web3 applications that exist and will exist in the future. It is important to note that Coinbase will make this wallet non-custodial. For this, it will use multi-party computing (MPC) technology, which will allow them to create a highly secure wallet.
Innovation and new ideas driving the future of Web 3.0
The advance towards Web3 is not only a matter of companies with large and well-known developments, new developments and tools dedicated to facilitating the development of Web3 are also making their way. One of the most recent examples is the company Fireblocks, known for providing cryptocurrency custody services and blockchain services. The company has just announced that it includes the development of Fireblocks Web3 Engine to its portfolio of products and services.
It is a complete Web 3.0 dApps development suite. Among the tools, libraries for the development of DeFi, NFT and GameFi dApps stand out. The objective is to facilitate the development and integration of these services with its well-known security infrastructure. Undoubtedly, a very relevant news, since Fireblocks is one of the most used services in blockchain. The services of this company are trusted by exchanges such as Celsius, Parafi, GSR, Elliptic or AAVE, among others.
Everything described above underlines how Web3 is taking shape before our eyes. The Internet changed the world forever and its first iteration, Web1, was technologically limited. Ten years later, after the dotcom crash, its evolution took us to the next level with Web 2.0 developments. Sites like YouTube, Facebook, Twitter or Instagram are a clear example of the power of this new iteration. Now, with Web3, we have the opportunity to make the Web a more intelligent, secure, private, semantic and decentralized space. Which will allow our interaction with the Web to take a huge leap. Blockchain and many of the projects mentioned here will be part of the new Web3 reality.