The Internet Of The Future: Here Are Best Examples Of Web3 In Practice

THE INTERNET OF THE FUTURE: HERE
ARE THE BEST EXAMPLES OF WEB3 IN
PRACTICE

© 2021 Bernard Marr, Bernard Marr & Co. All rights reserved
Web3 is the next evolution of the internet that promises to give us decentralized
and more immersive experiences in the metaverse. Here we look at the best
examples of Web3 today.
THE INTERNET OF THE FUTURE: HERE ARE THE
BEST EXAMPLES OF WEB3 IN PRACTICE

Web3 is the term used to describe the “next level” of the internet - following on
from web 1 (HTML, or the “world wide web”) and web 2 (social media, and the user-
generated web).
Although exactly what defines a web3 site, service or application is still the subject of
some debate, it’s generally agreed that it will be decentralized, with infrastructure
that is owned by the users and creators. It will also be deeply linked to the real world
due to being built on Internet of Things (IoT) technology and to the concept of
immersive, connected environments (aka the “metaverse”).

It’s fair to say that, as I am writing this post, web3 is very much a work-in-progress,
and different people have some very different ideas about what it will end up
looking like. However, the fundamental principles are very much operational today
and are being used to create a new generation of digital platforms and services
that are already pioneering the concepts. Here’s a look at some of the most
interesting and innovative that you can try out today:

BITCOIN
Some people might be surprised to see Bitcoin make a list like this, but the fact is
that despite being over a decade old (far older than the term web3), it was the first
decentralized digital currency, the first application to popularize the use of
blockchain and is still the most widely used. Newer cryptocurrencies and blockchain
platforms like Ethereum or Solana may be more sophisticated and geared towards
web3 use cases like powering metaverse e-commerce, but Bitcoin itself still fits the
definition of web3. Today, 36% of small businesses in the US are said to accept
Bitcoin payments, and it is even recognized as legal tender in one country - El
Salvador.

ETHEREUM
The blockchain network that powers the world’s second most popular
cryptocurrency – Ether – and, beyond that, works as a platform for many of
the decentralized applications that make up today’s iteration of web3. The
Ethereum network is built on the work done by Bitcoin in creating a
decentralized, encrypted digital ledger, adding the ability to run software
code, known as decentralized apps (dapps), and even groups, companies,
or corporations – known as distributed autonomous organizations (DAOs).

PANCAKESWAP
Pancakeswap is a popular exchange for trading and investing in cryptocurrencies and
other decentralized tokens. It is built on the Binance smart chain – a smart blockchain
network similar to the Ethereum network that can be used to build, launch and host other
decentralized applications. As cryptocurrencies and blockchain tokens are themselves
decentralized, web3 apps, it makes sense that users would want to trade them over
networks that are decentralized themselves, rather than the original cryptocurrency
exchanges, which were centralized and prone to vanishing overnight and taking the users’
funds with them. In theory, no one person or organization has control over a
decentralized exchange, making it impossible for something similar to happen.

SECRETUM
This is a decentralized messaging app aiming to become the web3 version of
WhatsApp or WeChat. It aims to prioritize privacy and security by allowing
users to connect without an email address or phone number, both of which
can generally be traced back to individuals due to the centralized nature of
the service providers which host them. It also has built-in trading functionality
for secure trading of cryptocurrencies and blockchain tokens such as NFTs.

DECENTRALAND
This is an online virtual world – commonly referred to these days as a
metaverse – where users can meet, chat, play games, socialize and attend
events. Users can buy or rent plots of virtual land using the platform’s own
cryptocurrency, called MANA. In recent years it has become popular with global
brands and celebrities, including Samsung, Morgan Stanley, PwC, Adidas, and
Snoop Dogg, all keen to have their own stake in the metaverse. Decentraland is
governed by a DAO comprised of users and owners of land within the platform,
which implements rules and regulations via a democratic process.

DTUBE
Essentially a decentralized Youtube-style video streaming platform. Rather than a
centralized corporation (in this case, Youtube owner Alphabet) controlling which
videos can be seen and when they appear in users' feeds. Importantly, they also
decide which videos can be monetized and, therefore, which users can earn
money from their videos. This is all done according to a set of rules and
regulations over which the site owners hold total control. DTube attempts to put
this power in the hands of its users, with all decisions on video visibility governed
by views, shares, and likes. There are no "owners," in the traditional sense, who can
censor content uploaded by simply removing it from their servers.

FILECOIN
This is decentralized cloud storage for personal files – like a decentralized
Google Drive or OneDrive. It is fully open-source, so anyone can examine the
source code to determine that it is actually doing what it says it is doing and
that there are no potential security holes that attackers could use to get at the
data being stored. Users can offer up their own spare storage space to the
network and get paid for doing so in the service's own cryptocurrency.

STEEMIT
A decentralized social blogging site, similar to Reddit, where users can get
paid for their content based on community voting. Steemit is built on its own
blockchain, called Steem, and uses its own cryptocurrency with the same
name. As of writing, 1.7 million accounts are registered with the platform.

EVERLEDGER
Everledger is a private, centralized company that offers a number of decentralized
solutions operating on private blockchains. These are aimed at providing
transparency, accountability, and provenance in supply chains across various
industries, including art, luxury goods, diamonds, and fashion. It is somewhat
different from other examples of web3 applications in that it is built on Hyperledger
Fabric, originally developed by IBM, and its focus is on creating proprietary, industry-
specific solutions. This demonstrates the fact that there are many different views on
what constitutes web3 and where the future of the decentralized internet is heading.

To stay on top of the latest on the web3 and wider business and tech trends,
make sure to subscribe to my newsletter and have a look at my
books, Extended Reality in Practice, Business Trends in Practice and Tech trends
in Practice.
You can also follow me on Twitter, LinkedIn, and YouTube. And don’t forget to
check out my website.

© 2021 Bernard Marr , Bernard Marr & Co. All rights reserved
Bernard Marr is an internationally best-selling author, popular keynote speaker,
futurist, and a strategic business & technology advisor to governments and
companies. He helps organisations improve their business performance, use data
more intelligently, and understand the implications of new technologies such as
artificial intelligence, big data, blockchains, and the Internet of Things.
LinkedIn has ranked Bernard as one of the world’s top 5 business influencers. He is
a frequent contributor to the World Economic Forum and writes a regular column for
Forbes. Every day Bernard actively engages his 1.5 million social media followers
and shares content that reaches millions of readers.

hello@bernardmarr.com
www.bernardmarr.com

The Internet Of The Future: Here Are Best Examples Of Web3 In Practice

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