WHAT IS WEB 3.0? SOME WEB 3.0 PROJECTS DOT, LINK, FIL, ICP,……..

INTRODUCTION

During the past three decades, under the relentless development of digital technology, we have witnessed dramatic and revolutionary changes to the Internet, especially with the benefits that cyberspace offers. bring. Although there are still certain limitations, with the desire for data to be connected in the most decentralized way, where users can connect and interact with each other in the digital dimension, web 3.0 has been and is being developed to take one step closer to the future, bringing people into the digital age.

WHAT IS WEB 3.0?

Definition: Web 3.0 (Web3) is the next generation of the Internet applying artificial intelligence (AI) and blockchain technology. The term was defined by Gavin Wood – founder of Polkadot and co-founder of Ethereum. Web 3.0 will allow users to have more control over their online data, which is also defined as decentralized data not controlled by an organization or individual.

Basically, we can understand that Web3 is an upgrade of blockchain-based decentralization compared to Web 2.0, where users can completely decide on cyberspace.

Note: There are various ways to define Web 3, this is just an individual definition of the reporter.

HISTORICAL DEVELOP

For a more accurate and intuitive view, we will go through the history of the formation of each period up to the present time.

Web 1.0: this is the first version of the Internet, consisting of a set of links and unique home pages, applications, and user interactions in this space that are only use for reading or reposting of inherent content, the core technology of web 1 is:

  • HTML (HyperText Markup Language)
  • HTTP (Hypertext Transfer Protocol)
  • URL (Uniform Resource Locator)

Web 2.0: With the next development, it is the development of social networking sites, where users can create content and post it on sites like youtube, Facebook, and Google,…Web 2.0 Consists of 3 layers:

  • Social media platforms
  • Cloud Computing (Cloud Computing)
  • Mobile use

Web 3.0: This is considered the stage where users really own the gray matter or the content they create such as articles, videos, etc. In addition, users are directly involved. on the management of their data instead of going through an intermediary platform and trading personal data. The current architecture of Web 3 will include 3 parts:

  • Blockchain: a decentralized network that is not owned by any one party, for example, Ethereum, or Binance,…
  • Smart Contracts: smart contracts are programmed in advanced languages ​​such as Solidity, EVM, or the latest is Move
  • Dapp: are applications that integrate with smart contract language and blockchain.

WHY WEB 3.0 IS FOCUSED ON BY MANY VCs?

  1. Decentralization: Users can participate in Web 3.0 publicly and privately without the intervention of an intermediary. These operations take place in a decentralized space, thus providing users freedom and control over their own data.
  2. Anonymity and privacy: Users can completely choose to reveal their true identity or not because the mechanism works by the blockchain network and the smart contract does not require the user’s identity.
  3. Independence: Now based on technology, decentralized platforms are created, and content creators or users can earn their own money by owning project coins/tokens.

SOME WEB 3.0 PROJECTS:

  1. Infrastructure: BICO, DOT, LINK, FIL, ICP, THETA, GRT, HNT, CSPR, STORJ, REEF, DIA, BAND, POND, AR, AIOZ, BAT….

The most noticed projects in the current: DOT, LINK

The development team and investment team of projects:

DOT

Member

  • Former CEO – Gavin Wood: Co-founder and former CTO of the Ethereum network.

Information: https://www.linkedin.com/in/gavin-wood-88843316/ 

  • CEO – Bjorn Wagner: New CEO of Polkadot

Information: https://twitter.com/bjornwgnr

  • Robert Habermeier: This Polkadot co-founder is a member of Thiel Fellow – the investment fund of “Silicon valley tycoon” Peter Thiel – who is the godfather of the social networking platform Facebook.

Backer

  • Web3 Foundation: Large investor, has joined the organization to support and develop many technologies for the blockchain industry founded and run by CEO Gavin Wood of Polkadot.
  • Binance: Officially invested in projects on the Polkadot ecosystem platform with an amount of up to 10 million USD, and also changed transactions on the system from ETH/BUSD to DOT/BUSD.
  • MathWallet: Invest capital in the DOT.

LINK

Member

  • Founder – Sergey Nazarov: An early owner of the domain Smartcontract.com, and now this domain name is directed to the homepage of Chainlinklabs. He has more than 10 years of working experience in Blockchain projects.

Information: https://www.linkedin.com/in/sergeydnazarov/

  • In addition, the members of Chainlink are all very strong people in the blockchain field.

Adviser

  • The project’s advisory board are professors, directors, founders, leaders of large communities, companies and projects.
  • Reference link: https://chain.link/team

Investment funds

In 2017, Chainlink (LINK) raised a total of US$32 million through 3 rounds of funding by investors: FJ Syndicates, Richard F. Dulude,Nirvana Capital, Limitless Crypto Investments, George Burke, Andreas Schwartz , Fundamental Labs, 8Decimal, Anmi OECD, Consensus Capital, Framework Ventures, Outlier Ventures.

Partner

  1. Dapp
  • Music: AUDIO, CO, VIB
  • Metaverse & GameFi: MANA, SAND
  • SocialFi: VRS

Whích problems are web 3 projects solving?

For the current development, Web 3 is facing problems such as stability, scalability, and connection as the benefits that this field should be, and other outstanding problems such as expensive costs. Therefore, in the previous uptrend season (around the end of 2021), many Dapp Web 3 projects were launched but it was difficult to develop because the above problems had not been well solved. Currently, when the market enters the re-accumulation phase, projects related to development and solutions. Therefore, these current projects have not really brought real value to the end users but are only in the development stage of extending the infrastructure and technologies to support future Dapps.

So it can be clearly seen that the projects built up mainly revolve around the problem of solving the problem called “infrastructure” for Web 3.0, for example, data storage, and payment tools, blockchain, Oracles, etc

ROADMAP

For 2 projects such as LINK and DOT, the progress of the projects are not public to the community.

For the remaining projects, the projects are only issuing tokens in the early stages, paying tokens according to the progress, launching products at the early stage and continuing to improve in downtrend time however, there are still many projects left and drifting.

At TGE, most of the roadmaps were built quite short and were updated about 6 months after their launch, so it can be said that at present, all projects have completed their roadmaps but have not been updated with new roadmaps versions for the upcoming time, yet.

It can be concluded at the moment, projects that have not had a boom in development progress, and tend to build in silence waiting to overcome the downtrend phase and unlock tokens.

TOKENOMICs

Usually in the Crypto market, projects which attracted investment need to have an effective tokenomic design, because this is how investors will evaluate the development and economy of a project.

The community cares about the inflammation of the token every quarter/year. There should be a reasonable allocation for the team, initial investment funds and advisors. In addition, contingency funds, community funds and airdrop activities for marketing must be developed with a small total supply to avoid inflation.

Token vesting and total supply at the time of launch as well as in the project development life cycle also need to be designed to calculate the buying and selling pressure at times.

Moreover, the investors also care about the use case of tokens, the real use case that provides benefits for them in a long-term hold.

For example: The Biconomy project is a very good project in terms of ideas and technology, there are many funds behind the investment, such as Coinbase Venture, Binance, Ledger Prime, the developer team is also highly appreciated in experience. The time to sell early fundraising rounds from retail investors, the project was hyped and the FOMO from the community was huge, but until now the project has almost no intention of further development. This comes from the wrong design supply of tokenomic in the beginning and overvalue market cap which led to the project not being able to collect tokens to push the price up and floating until now.

WHICH MARKET WEB 3.0 PROJECT FOCUSED ON?

According to google trends, the phrase Web 3 is the most mentioned in Ecuador and Peru.

Web 3 projects are mostly developed in developed countries, but have received a lot of attention from Asia, especially countries like Singapore, Korea and Vietnam.

Which Web 3 projects have attracted VCs?

Some projects that are interested in and invested by large funds in the crypto market: AR, BICO, CSPR and AUDIO, etc

The common feature of these projects is to build infrastructures to serve future Dapp applications, tools such as blockchain, data storage, payment or transfer tools asset through networks.

In terms of technology, what Web 3 needs most right now is stability when building Dapps, tools to connect data from the outside real world to the blockchain market. To do the above, building a blockchain network with good technology is a top priority, followed by the need for Oracle to transmit real data to that network.

Therefore, the DOT and LINK platform projects are the two most valuable projects, the most complete built products and the most practical value for long-term investment.

First, the Polkadot (DOT) project is a blockchain with a strong programming language – Solidity platform, moreover, projects built on the platform also need a lot of factors to be built on this (passing the testing phase on Kusama, having to auction on the DOT platform), which requires the projects made on this not only to be good in terms of technology but the team also needs a lot of money to be able to successfully bid on the DOT platform.

Secondly, ChainLink (LINK) project is the project of building the Oracle tool that can be considered the largest, providing data and information from non-blockchain sources to smart contracts. LINK’s company alone has gathered a lot of people around the world, and the influence of LINK’s Oracle tool so far has not been able to be surpassed by any project in terms of both technology and financial resources. In terms of practicality, LINK tokens are mainly bought by operators and businesses with the aim of increasing access to data contracts, which means increasing the speed of data transmission on the project network.

Moreover, The Graph (GRT) is also a very good project, this is a project that supports querying data sources that have been used on Dapps applications through the Ethereum network. Basically, for a blockchain, the irreplaceable and counterfeiting of data is an outstanding and necessary feature in the future, but the data exported from the Blockchain is rarely stored in a format to be used directly in Dapps. It needs analyzing, sorting, and reprocessing so that Dapps can be handled more easily and smoothly. And The Graph is a decentralized application that provides tools to handle this problem, support for Dapps that can get data from the main network quickly and use it more conveniently without spending too much time for data retrieval and import, some other web 3 projects are also working with the support of The Graph, reference link: https://thegraph.com/explorer/ 

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