5 Technologies Powering the Web 3.0 Movement

By November 16, 2022NFT
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The internet has evolved from static images and text (web1) to fostering interaction with web applications, marketplaces, user-generated content, and social media platforms. This evolution has paved the way for more technological advancement in the human race. However, some challenges big tech companies pose regarding data security and targeted advertising foster fears in users’ hearts.

Web 3.0, often called the future of the internet, is another version of the internet that takes care of these challenges. It aims to reduce the concentration of power among the big tech companies in the industry and restore potency to the creators’ hands.

It has four core principles which are: it is decentralized, permissionless, supports native payments, and it is trustless. These principles enable it to fulfill its aim and work seamlessly. As the concept of Web3 becomes more popular, specific individuals take it upon themselves to build technologies that give power to faster adoption of Web3. Let’s have a look at some of these companies.

1. ShareRing

ShareRing is a blockchain-based platform enabling the creation and use of self-sovereign verifiable credentials across Web2 and Web3. It is catered to secure the digital future of individuals and businesses. It is a digital identity blockchain ecosystem with features that enable users to create and utilize their digital IDs in the real world. Its core purpose is to remove friction in the world, and digital identities help pave the way forward. It is embodied with a mission to build a global blockchain ecosystem that embraces trust, privacy, and diversity for people of all backgrounds and communities.

2. Theta Network

Theta Network is a media and entertainment blockchain-focused project. It has an extensive infrastructure that enables existing video and media platforms to drive more revenues and reduce content delivery costs while rewarding end-users for sharing their storage and bandwidth. It is a dual network consisting of two complementary subsystems: the Theta blockchain and the Theta Edge network. The Theta blockchain provides payment, reward, and smart contract capabilities, while the Edge network is responsible for storing and delivering media assets. Theta network is not a decentralized YouTube. Instead, the underlying blockchain powers the next-generation Web3 video streaming and media entertainment platforms.

3. Brave

The current internet user is prone to hacks and is flooded with several ads daily. Brave is a company that focuses on protecting internet users’ online privacy. It comprises several suites of internet privacy tools, such as a browser and a search engine that shields users from ads, trackers, and other online privacy challenges. It also has the Brave wallet, a secure crypto wallet built directly into the browser that saves users from the hassles of several extensions and additional downloads. Users can buy, store, send and swap assets from their Brave Wallet.

Other features from Brave include Brave Firewall + VPN, Brave Talk, Brave News, Brave playlist, and Brave Rewards.

4. Point Network

Point Network is a collection of software tools allowing you to access Web 3.0. It is an Open-Source software evolved by a community of like-minded individuals that care about the principles of early Web 3.0. It comprises several decentralized features which contribute to its unique nature. These decentralized features include decentralized domains, decentralized storage, and decentralized identities. It also has its particular browser, which is the Point Browser. Point Browser is a decentralized browser that allows users to access only decentralized websites and content. It interprets and executes incoming data however a user wants and can rapidly propose or develop Web3 standards leading to a less chaotic user and development experience.

5. The Ethereum Name Service (ENS)

ENS is a distributed and open naming system based on the Ethereum blockchain. Its job is to map human-readable names like ‘ruth.eth’ to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata. With ENS, users no longer need to worry about copying and pasting long addresses; they can use their ENS name to store all their addresses and receive any cryptocurrency, token, or NFT.

ENS has similar goals to the Internet’s Domain Name Service. Like DNS, ENS operates on a system of dot-separated hierarchical names called domains, with the owner of a domain having complete control over subdomains.

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