// Web 3.0
10 WEB 3 Projects Ideas
// Web 3.0
The upcoming advances in Web 3.0 will go far beyond cryptocurrencies. Thanks to a wide range of applications and global integration, Web3 will connect almost all processes, from purchasing products and services on the internet to production chains and space technologies. Those who hop on this fast, speeding train will get the maximum advantages and benefits. This article will tell you about the ten most promising business ideas for launching Web3 projects.
Simply put, Web3 or Web 3.0 is the term for the future iteration of internet development based on decentralization principles, publicity, freedom from control, and censorship. As Gavin Wood, Ethereum, Polkadot, and Kusama founder claims, open source code, protecting personal data, token economy, and blockchain technology will become the fundament for Web3. Gavin Wood was the first to combine Web 3.0 with blockchain and cryptocurrency technologies.
“Web3 is sort of an alternative vision of the web, where the services we use are not hosted by a single service provider company, but rather they’re sort of purely algorithmic things that are, in some sense, hosted by everybody. So it’s like, it’s very peer-to-peer, right?… The idea is that all participants contribute a small slice of the ultimate service,” Wood said in Beyond the Valley podcast.
“And thus, no one has any advantage over anyone else… not in the same sense, at least as, as you know, when you, for example, go to Amazon or you go to eBay or Facebook, where the company behind the service really has absolute power over what it is that they do in providing the service.”
Furthermore, Wood believes that Web3 will bring the ownership right for content and personal data to creators (sources). Currently, Instagram, Facebook, YouTube, and TikTok claim all rights and monetization for content and data made by users of the platforms.
‘’Watching baseball is Web1, playing baseball is Web2 while voting whether we have to play or own a baseball team is Web3… Web3 provides more opportunities and control over your actions on the internet (and baseball),’’ says the Ventive CEO.
It requires significantly more freedom and opportunities for user control over personal data and content. Yet, it doesn’t mean that Meta (former Facebook), Google, Apple, and Amazon will disappear or lose their influence on Web3. They will probably continue to dominate the internet since they have colossal capital, technologies, and data). Still, Web3 implementation will limit its influence.
Accountability. One of the primary blockchain and Web 3.0 advantages is transparency since the technologies employ open-source code, and all information about transactions, smart contracts, etc., is typically public. Thus, businesses and clients can track each transaction, and all business processes become more protected. Furthermore, transparency is an excellent instrument for building a solid relationship with users on trust.
Security. The enhanced protection of blockchain technologies is undoubtedly the most significant opportunity for business in Web3. Decentralized and distributed data are the only means to fight traditional cyber-attacks and phishing schemes. For instance, distributed denial of service (DDoS) is the biggest threat to privacy for Web2 users. DDoS sends many pings (information) to one server to slow or shut down.
With Web 3.0, this attack will not work since the blockchain has no single point of denial; all users in the network are servers. Only 51% of attacks on the servers can stop such a network, which is hardly possible for large networks. For instance, Bitcoin has 13 900 servers (nodes), and Ethereum has about 8000 nodes. It is practically impossible to hack them. Furthermore, it is irrational since the hack will not profit from such a massive attack.
The smart contracts function on open-source code, and all actions are recorded in a blockchain. As a result, any user can view and verify them. Moreover, the contract conditions can’t be changed after both parties sign it with a digital signature.
In what concerns automatization, numerous companies like Microsoft, IBM, Visa, FedEx, Walmart, and JPMorgan automatized their financial operations in logistics, insurance, eCommerce, and taxes with smart contracts. Hence, they made these processes faster and cheaper.
Easier compliance. The transparency and publicity of Web 3.0 make it an excellent instrument for complying with laws, privacy regulations, contracts, and sanctions. The authority organs and interested parties can verify the transaction history, all smart contract specifications, and decentralized applications (DApps). Not only would this reduce red tape, but it could also reduce corruption since these records would always be open for inspection and could not be changed.
As we know Web 3.0 ideas and advantages, we can view some good business projects involving decentralized internet, blockchain, and other Web3 elements.
The first thing that comes to mind speaking about promising Web3 ideas is a musical platform. Imagine an application where each song is an NFT, while each album is an NFT collection. You can buy and listen to these NFTs or rent, sell, or gift them. Apparently, it is much better than Apple Music or Google Play Music with their limited opportunities and single service (if you buy an album on Apple Music, you can’t listen to it on Google Music, and vice versa).
Furthermore, a Web3 musical platform also:
This is terrible news for the players. But not for you, because you can launch your P2P platform where players can trade NFTs from one game for NFTs from another (with or without a surcharge). Implementing such a trading platform in a relatively simple version is possible - as an ordinary bulletin board. Or, as a more complex one, bulletin board + smart escrow contracts for depositing tokens.
Social networks are fantastic because they allow us to interact with others, share our feelings, and even make money on content. Still, these platforms collect much personal information, from full name and birthdate to relatives, locations, and searches. Moreover, social networks manage our data according to their needs without asking us. The security of storing data is not too inspiring; we are used to constant data leaks.
A Web3 social network will not have these disadvantages. It will be secure and collect your data only if you agree (you can delete the data or deny access). Also, you will have rights to all content you create.
Social trading is when an experienced trader trades on the cryptocurrency or forex market while other traders automatically repeat their deals. Trades are usually copied through various centralized platforms, which take a small percentage of each transaction, regardless of whether it was successful, or the trader lost the investment.
The issue of these platforms is in closeness and a bad reputation. Numerous examples on the internet show which platforms distorted market data to steal users’ funds through fees. Frequently, they will not even trade on the market; they will just imitate it to steal the traders’ money. Not only that, but the user can’t verify the platform's transparency since all operations and codes are secret.
The blockchain will solve these issues. Open source code allows traders to see how the platform works, while smart contracts guarantee the security and transparency of copy trading. Since data on the blockchain can’t be changed, there will be relevant information on the trader's efficiency that offers their strategies.
The other niche that will benefit from Web3 instruments like anonymity, security, and transparency is online elections. It can be either voting for the president of France or voting to select the weekly menu at school. The blockchain will do perfectly well for both. It is essential to trust the development of such a platform to a highly qualified team of programmers like Merehead.
Another way to employ blockchain is to create a website or application for pending actions on the internet. For instance,e sending an email to specific addresses after a certain date, publishing a video on YouTube, or automatically calling the police and launching audio. This service can help announce meetings, publish important news (if it requires anonymity and avoiding leaks between the staff), etc.
There are similar platforms, yet they are centralized; therefore, you can’t rely on them. Blockchain and smart contracts will fix it.
It is not surprising that many people do not trust lotteries and giveaways on the internet. People can’t verify the lottery mechanisms; hence, they avoid it even if the lottery gives books or tickets to a concert to the bloggers’ audience. Web3 lottery on open source code and blockchain technology will not have this problem. Everyone will be able to check its functioning, therefore, trust the mechanism.
The only possible issue is developing the algorithm that will randomly give the numbers, symbols, letters, or words. The thing is that these lotteries (and other randomizing systems) are prone to showing not random results. They provide some random numbers according to Gauss or other systems.
No one has managed to fix it yet. However, the problem can be tricked by taking random information from the real world.
You might have probably used Airbnb services or heard of the platform allowing you to lend or rent apartments worldwide. It is highly comfortable and helpful, yet it has considerable disadvantages: high fees, lack of transparency, and poor security. These are typical issues for all centralized systems; only decentralization can solve them.
In the Web3 world, these platforms will function on the blockchain, making them significantly more secure and cost-effective. It concerns not only Airbnb and analogs but also such services as Uber (taxi), BlaBlaCar (finding car companions), Car2Go (car sharing), BCycle (bicycle sharing), Le Tote (sharing clothes and accessories), and Girl Meet Dress (sharing designer dresses). All these services can be implemented on the blockchain; they will become more transparent, secure, and cheap and will function only faster.
DAO (Decentralized autonomous organization) is a digital organization, company, or group of people with a common aim. In this case, all issues (from the charter to the search for contractors) such an organization decides by voting with the help of cryptocurrency tokens. A smart contract organizes and conducts such voting and calculates its results, making voting in DAO anonymous, transparent and honest.
There are many such decentralized autonomous organizations out there right now. Still, no platform makes it easy to run your DAO with a specific focus, whether a PTA or an investment fund. If you create such a platform, it could become trendy.
The last type of Web3 project that will likely become successful is NFT video games. Indeed, there are many NFT games, yet the market requires more since almost all NFT games now are boring and have poor graphics, so no one is excited about playing them. The only point to playing them is to make some NFTs and sell them for actual money.
If you create an awesome NFT game like Call of Duty, League of Legends, or at least RimWorld, Hotline Miami, or braid, you will make a lot of money, and even more if it is a mobile game.
Web3 is a road to the bright future of the internet, where regular users will govern instead of large corporations. It's also the way to big profits and domination of the new market. Be sure to take advantage of this chance.