Web 3.0 Archives - Infrablok

Web3 And AI: The Dynamic Duo Transforming Industries For The Better

Posted on March 3, 2023February 13, 2024 by Monica

Web3 and AI are catalyzing the pace of innovation, and their combined power is showing signs of promising radical shifts in almost every industry. Web3 empowers us with trustworthy decentralized data, while AI enables us to analyze large amounts of data; the two technologies combined can provide enormous scope for analyzing data and inferring results in ways previously unimagined.

Moreover, the scope will increase from analyzing centrally stored data, especially in areas that require higher privacy, such as healthcare sectors, to accessing an exponentially high amount of data that is present in a decentralized fashion but still maintains high privacy and security.

By leveraging Web3 technology and AI algorithms, you can access a vast network of nodes that hold a copy of the blockchain’s data. This approach provides more reliable and secure data access since data is stored in multiple locations and cannot be altered by a single central authority.

Additionally, since Web3 technology enables users to control their data and grant access selectively, businesses can ensure their data remains secure and private, even when its usage is to train AI models.

Another benefit of using AI with Web3 technology is its ability to improve machine learning models. Machine learning algorithms rely on large datasets to train their models, which means the current models are trained on particular data sets of one organization.

However, with Web3 technology, data is secure as its aim is to store data in a decentralized fashion. This means it is more likely to be representative of a broader population than data held by a single centralized authority. It provides models with an opportunity to learn from the more diverse dataset, thereby giving them the power to create more accurate models.

Jump to section

Know How AI With Web3 Is Benefiting Various Industries

A lot of work is happening around AI in blockchains to provide users with the most efficient solutions using the best technologies available. Some sectors that are benefitting from the use of AI and Web3 include –

Finance

Web3 and AI are transforming the financial industry by enabling secure, decentralized transactions and advanced data analytics. For example, decentralized finance (DeFi) platforms use Web3 technology to enable secure, transparent financial transactions and use AI to analyze market trends and make predictions about future financial performance.

Moreover, various dApps aim to provide real-time solutions to clients. An example of a decentralized application (dApp) that uses Web3 and AI in the DeFi sector is Alethea AI. Alethea AI is a decentralized platform that uses AI and blockchain technology to create synthetic financial instruments traded on decentralized exchanges (DEXs). The platform uses AI algorithms to analyze market data and create optimized financial derivatives for specific trading strategies.

Healthcare

Web3 and AI are being used to develop decentralized healthcare platforms that enable secure, private data sharing and personalized medicine.

For example, AI chatbots employ to provide virtual medical consultations, while decentralized data-sharing platforms like Medicalchain are using blockchain technology to enable the secure, transparent sharing of medical data.

Supply Chain Management

Web3 and AI are transforming supply chain management by enabling transparent, secure tracking of goods and services. Supply chain management platforms like Provenance use Web3 technology to enable secure tracking of goods from source to destination. At the same time, AI algorithms employ to analyze data and optimize supply chain operations.

Similarly, IBM’s Food Trust is using AI to provide insights and analytics to improve food safety and quality across the supply chain. It provides features like predictive analytics, product authentication, quality assurance, and supply chain optimization with the use of AI and ML algorithms.

Social Media

Web3 and AI are looking to transform social media by enabling secure, decentralized platforms that provide personalized content and improved privacy.

Decentralized social media platforms like Steemit use blockchain technology to enable secure, transparent content sharing. In contrast, AI algorithms employ to personalize user preference content.

Another example is Sola.ai, which spreads information among the most interested users based on AI algorithms combined with their responses. Quality content can easily reach the whole Sola user base. Users post news, stories, and entertainment cards; Sola takes care of the rest.

Education

Both Web3 and AI use to develop decentralized educational platforms that enable personalized, data-driven learning.

AI chatbots are being employed to provide personalized tutoring and support, while decentralized platforms like ODEM use AI to personalize the learning experience for each student based on their learning style and preferences. TeachMePlease uses AI to match students with the most suitable tutors based on their learning objectives and preferences.

Popular Blockchain Platforms Using AI

As various industries are coming up with solutions that are creating powerful AI models combining the two most powerful technologies (Web 3.0 and Artificial Intelligence), there are several blockchain platforms that are focused on enabling the development & deployment of AI and machine learning applications in various industries. Some of these examples include the following –

1. SingularityNET

It is a decentralized platform that uses the creation, sharing, and monetization of AI algorithms and services. It is built on the Ethereum blockchain & uses smart contracts to facilitate transactions between AI agents.

2. Ocean Protocol

This is a decentralized data exchange protocol that allows data owners to share and monetize their data with AI and machine learning algorithms. It uses blockchain technology to provide a secure and transparent marketplace for data sharing.

3. Fetch.ai

Fetch.ai is a decentralized platform that aims to create an open economic ecosystem for AI and machine learning applications. It uses a combination of blockchain technology and machine learning algorithms to enable autonomous agents to interact and transact with each other.

4. Endor Protocol

This blockchain-based platform uses AI and machine learning algorithms to provide predictive analytics for businesses. It allows users to ask complex business questions and receive predictive insights in real time.

5. Neuromation

Neuromation is a blockchain-based platform that provides synthetic data and machine learning services for businesses. It allows users to generate high-quality synthetic data to train AI models and provides a marketplace for machine learning models and services.

Final Thoughts

The integration of AI and Web3 has the potential to create even more powerful and innovative applications that can revolutionize several industries. The challenges of interoperability, privacy, and security must keep in mind to ensure the successful integration of these technologies. As Web3 continues to evolve, we can expect to see even more exciting applications that leverage the power of AI.

Moreover, if you are also interested in integrating AI into your existing Web 3 project or want to develop amazing and unique software using Web and AI, share your ideas with Infrablok experts, and we will help you bring your imagination to the real world.

Web3 With Genomics Transforming Healthcare Sector For Better

Posted on April 3, 2023 by Monica

The complete set of genes or genetic material present in a cell or organism is known as the genome. The study of the structure, function, evolution, and mapping of genomes is known as genomics. Genomics technology is the set of techniques and tools used to study an organism’s entire DNA sequence, including its genes and other genetic material. These technologies enable researchers to analyze and interpret the vast amount of genomic data generated from DNA sequencing technologies.

The vast amount of data needs to be handled securely and carefully, and that is where Web3 comes in. These two technologies are Genomics and Web3 handshake to keep the data secure and private yet maintain transparency to achieve innovations that can lead to better healthcare.

The Benefits of Combining Genomics And Web3 Technology

There are various benefits associated with using Genomics and Web3 Technologies; some of them are –

1. Security

Genomic data is highly sensitive and valuable and needs to be secured from unauthorized access or manipulation. Blockchain provides a secure and tamper-proof infrastructure for storing and sharing genomic data.

2. Privacy

Individuals who provide their genomic data for research need control over their data and privacy. Web3 enables individuals to maintain control over their genomic data and share it on a need-to-know basis while still receiving incentives for sharing their data.

3. Transparency

Using blockchain (Web3) in genomics enables transparent and auditable transactions of genomic data, ensuring that data is being used ethically and for its intended purpose.

4. Collaboration

Genomics research requires collaboration among researchers, clinicians, and other stakeholders. Web3 can facilitate collaboration by providing a decentralized infrastructure for secure and transparent genomic data sharing.

5. Innovation

Web3 can help to spur innovation in the field of genomics by enabling the creation of decentralized genomic data marketplaces, where individuals can sell their genomic data to researchers and companies, driving the development of new therapies and treatments.

With the key benefits listed above, Web3 technology helps in many ways in the field of genomics by providing it with a decentralized infrastructure for storing, sharing, and analyzing genomic data and facilitating secure and transparent transactions of genomic information.

How Is Web3 Assisting Genomics Technology?

Here are a few examples that will let you understand how Web3 technology is helping genomics:

DNA Sequencing

It is the process of determining the order of nucleotides in a DNA molecule. There are different DNA sequencing technologies available, including next-generation sequencing (NGS) and third-generation sequencing (TGS) technologies.

Web3 can help in DNA sequencing by enabling the secure storage of large amounts of genomic data on a decentralized network, such as the blockchain. It can ensure that the data is tamper-proof and immutable while allowing for secure and easy data sharing among researchers and healthcare providers.

For example, Shivom is a blockchain-based genomics platform that uses Web3 technology to securely store and share genomic data.

Bioinformatics

Involves the use of computational tools and techniques to analyze and interpret genomic data. It includes data storage, retrieval, and analysis methods that allow researchers to make sense of the vast amount of genomic data generated from sequencing technologies.

Web 3.0 technology can also facilitate the development of decentralized bioinformatics tools and platforms, allowing researchers to analyze and interpret genomic data securely and transparently.

For example, EncrypGen has created a decentralized marketplace for genomic data called Gene-Chain, which uses blockchain technology to enable secure transactions of genomic information and provide transparent access to data for researchers and companies.

Genome Editing

Enables researchers to modify the DNA sequence of an organism. It can be used to study gene function, create disease models, and develop new therapies for genetic diseases.

Web 3 can help in genome editing by enabling the secure and transparent sharing of genetic data and the development of decentralized platforms for gene editing research.

For example, Nebula Genomics has developed a blockchain-based platform that allows individuals to share their genomic data securely and transparently for research while maintaining control over their data and privacy.

Functional Genomics

Is the study of how genes function and interact with each other. It includes techniques such as gene expression analysis, epigenetics, and proteomics.

Web3 can facilitate functional genomics research by providing a decentralized infrastructure for sharing and analyzing gene expression, proteomics, and other functional genomics data.

For example, Luna DNA has created a blockchain-based platform that enables individuals to securely share their genomic and health data for research purposes while ensuring that they maintain control over their data and receive incentives for sharing.

Genome-Wide Association Studies (GWAS)

Involves the analysis of genetic variations across large populations to identify genetic risk factors for complex diseases.

Blockchain technology can create decentralized GWAS platforms that enable researchers to analyze large amounts of genomic data securely and transparently.

For example, Zenome has developed a blockchain-based platform that allows individuals to share their genomic data and participate in GWAS studies while receiving incentives for sharing their data and contributing to research.

Wrapping Up

Web3 enabled the creation of decentralized genomic data marketplaces, where individuals can sell their genomic data to researchers, pharmaceutical companies, and other interested parties. These marketplaces incentivize individuals to share their data while ensuring that it is used ethically and transparently.

Moreover, it also facilitates the development of decentralized genomic applications, such as genetic testing and personalized medicine. These applications leverage the decentralized infrastructure to provide secure and reliable access to genomic data while enabling individuals to control their data and privacy.

Thus, the combination of Genomics technology and Web3 can revolutionize how we generate, share, and use genomic data, leading to improved healthcare outcomes, scientific discoveries, and economic benefits.

So, to make your healthcare business wiser, focus on developing software that includes Genomics and Web3 technologies. Additionally, to get innovative ideas related to it, get in touch with Infrablok experts!

How To Implement Web3 Login With MetaMask Using NodeJS & ReactJS?

Posted on January 6, 2023January 6, 2023 by Ashwini Singh

Whenever we look up any service over the internet, it requires us to authenticate ourselves as valid users. To prove one is a valid user, he or she needs to sign up for that service using email/password or other social login strategies, which then stores the user’s Web3 login details at that company’s respective server. It means a centralized location on web2.0 that hosts such servers contains our personal information, thus, making user data privacy a primary concern.

On the contrary, Blockchain or Web3.0 provides us with decentralized access, which means nobody has access to any personal information of the user, therefore, mitigating the risk of user privacy and making users the owner of their own information. To authenticate users over Blockchain wallets like Metamask, methods like public key encryption are used, thus, making it a safe & secure platform for accessing services over the internet.

So, let’s begin and know how to execute Web3 login with MetaMask using NodeJS & ReactJS.

How Does User Authentication System Work In Web3 While Using MetaMask?

The concept of a user authentication system with web3 using MetaMask is as follows:

1. The backend provides a random message for the user to sign in with his or her private key in the MetaMask wallet. The signed message is then returned to the backend, together with the user’s public Ethereum address.
2. The backend uses its inbuilt cryptographic methods to check if the message was signed with the same private key to which the public address belongs. If the signed message and public address belong to the same private key, it means that the user who is trying to log in is the owner of the account.

After the successful validation, the backend creates a JSON Web Token (JWT) and sends it to the frontend to authenticate further user requests.

Now we are going to form an authentication solution that enables a user to login with MetaMask. Their public Ethereum address will be utilized as a unique identifier, and we will employ the private key management tools that MetaMask discloses to provide a mechanism for a user to verify they own that particular address and have permission to login as that user.

Let’s Build It Together

The technology stack we are using is:

Frontend – React.js
Backend – Node.js, Express.js, PostgreSQL
MetaMask Wallet

Frontend Flow

In our frontend of ReactJS, if MetaMask is installed as a browser extension, then we can access it using window.web3. Moreover, we can get the current MetaMask account’s public address using web3.eth.coinbase.

When a user clicks the login button, frontend calls the backend API

GET /api/users?publicAddress=${publicAddress}

We can get the public address by using the following code:

<code>  

const coinbase = await web3.eth.getCoinbase();  

const publicAddress = coinbase.toLowerCase();  

 </code>

If the request of the above API call does not return any result, it means the user did not sign up, so we will call POST/users route with publicAdress params in the body, which will create the user as a new user in the database, else API will return nonce with user publicAddress which means user already exists in the database.

Once the frontend receives nonce in response to the previous API call, it executes the following code:

<code>  

web3.personal.sign(nonce, web3.eth.coinbase, callback);   

</code>

It opens MetaMask to show a confirmation popup for signing the message. This popup will display the nonce so that the user knows he or she isn’t signing something malicious data.

When the user signs the message, the callback function is called with the signed message (signature) as an argument

The frontend then makes another API call to POST /api/authentication, passing a body with both signature and publicAddress.

POST /api/authentication request will first check the user using publicAddress given in the request body in the database to fetch the associated nonce.

Using the nonce publicAddress and signature, we use a helper from eth-sig-util to extract the address from the signature once signature verification is successful.

If the address is found with sigUtil.recoverPersonalSignature matches with the initial publicAddress that is saved in the database; this API returns a JWT token that may be saved into the localStorage or cookies that can be used by frontend for further secure communication with the backend, and the user will be logged in successfully.

To prevent the user from logging in again with the same signature, update the nonce with a new random value.

Backend Flow

On the backend side, we are using ExpressJS with Sequalize for the rest endpoints.

The database layer creates a user table in PostgreSQL, and the User model defines its configuration.

<code>  

import {Model } from 'sequelize';  

 export class User extends Model {  

public id!: number;  

public nonce!: number;  

public publicAddress!: string;  

public username?: string;   

}  

</code>

Sequalize will create a user’s table as below in the database using this model configuration.

To the complete code for the backend, click here.

We have created two routes, one for auth and the second for users.

User routes have all routes for the crud operation of users, and auth routes have routes for authentication.

<code>  

import express from 'express';  

  

import { authRouter } from './auth/authRoutes';  

import { userRouter } from './users/usersRoutes';  

  

export const services = express.Router();  

  

services.use('/auth', authRouter);  

services.use('/users', userRouter);  

</code>

The important login code is inside the authcontroller & that we are explaining here. The rest crud operation for the user model inside the code is pretty explanatory. Moreover, the authentication logic we describe here is in the code base.

<code>  

export const login = async (req: Request, res: Response, next: NextFunction) => {  

const {signature, publicAddress } = req.body;  

if (!signature || !publicAddress) {  

return res  

.status(400)  

.send ({message: 'signature and publicAddress is required'});  

  

}  

  

// Get the user with the given publicAddres  

const user = new User();  

const userExists = await User.findOne({ where: { publicAddress }});  

if (!userExists) {  

user.nonce = Math.floor(Math.random() * 10000);  

return user.save();  

}  

else {  

// if user exists then verify user signature  

const msg = `nonce: ${userExists.nonce}`;  

const msgBufferHex = bufferToHex(Buffer.from(msg, 'utf8'));  

const address = recoverPersonalSignature({  

data: msgBufferHex,  

sig: signature,  

});  

  

//match stored address with address found after verifying signature  

  

if (address.toLowerCase() === publicAddress.toLowerCase()) {  

//create jwt token  

const token = jwt.sign({  

payload: {  

id: user.id,  

publicAddress,  

},  

},  

config.secret,  

{  

algorithm: config.algorithms[0],  

})  

return res.json({ accessToken : token });  

} else {  

res.status(401).send({  

error: 'Signature verification failed',  

});  

  

}  

}  

}  

  

</code>

The frontend sends a request on the POST /auth route with parameters publicAddress and a signature in the body; it can fetch using req.body. If both parameters exist, then we move on. If it shows an error, it means a signature and publicAddress are required.

In the next step, we find the user using publicAddress; if a user does not exist in the database, we create a nonce and save the user using the user.save();

If the user exists, then set the message msg as “nonce” exactly like in the frontend with the user’s nonce.next, we pass this message and signature to the recoverPersonalSignature() method of eth-sig-util. This method will return the public address after verifying the signature.

In the next step, match the stored address with the address found. If the signature is verified, return a JWT token using the jwt sign method. Else return message signature verification failed.

Give our msg (containing the nonce) and our signature; the recoverPersonalSignature() method returns the public address used to sign the msg. If it matches the publicAddress we fetched in earlier steps from the request body, then the user who made the request successfully verified their ownership of publicAddress. We consider them authenticated users.

Ending Words

This article was a short and practical guide to quickly implement a Web3 authentication flow using MetaMask, NodeJS, ExpressJS, and ReactJS with PostgreSQL in your application. If you are facing issues related to Web3 login or its authentication or want to create a Blockchain-based project, get in touch with one of the best Blockchain development companies (Infrablok).

Moreover, if you want to see the complete code, visit at GitHub repo.

Ethereum Vs Ethereum 2.0: Will ETH 2 Replace Ethereum Classic?

Posted on September 23, 2022January 4, 2023 by Samita Tiwari

Cryptocurrencies’ invention provided a new way to make investments and payments. With cryptocurrencies, Blockchain technology came into reality, revolutionizing the global markets. Blockchain, with cryptocurrencies (Bitcoin and Ethereum), is empowering various industries like healthcare, agriculture, banking, and more. It offers secure transactions at an affordable rate.

Moreover, Bitcoin is the very first cryptocurrency in the crypto space. Ethereum is the 2nd largest cryptocurrency and is home to several NFTs, DeFi, and dApps projects. In 2015 Ethereum’s first version came into existence.

But as we all know, timely updates enhance the working of technology and make it more user-friendly, and to meet the current market standard, Ethereum decided to roll out Ethereum 2.0 in 2022. Ethereum 2.0, or you can say “Serenity,” “Eth 2.0,” or the “New Ethereum,” aim is to give users sustainability and faster transaction speed.

Well, now you might be thinking about Ethereum vs Ethereum 2.0 which to buy? To help you make a suitable decision here, we have compared several factors that will help you get a clear understanding of Ethereum and Ethereum 2.0.

So, let’s get started!

Ethereum Overview

Vitalik Buterin, a Canadian-Russian programmer, launched Ethereum’s first version in 2015. It is an open-source, free, decentralized Blockchain platform that works on smart contract functionality and specifies a peer-to-peer network among its users.

With the popularity of smart contracts by Ethereum, worldwide programmers are able to use Blockchain to form dApps. Ultimately resulting in giving way to some of the significant crypto innovations, such as NFTs & Blockchain-based games.

Key Features

Data Coordination
Permissioned networks
Private transactions
Tokenization

Ethereum 2.0 Overview

Ethereum 2.0 is not completely a new Blockchain but an upgraded version of Ethereum. The governance mechanism of the network is modified from proof-of-work (PoW) to proof-of-stake (PoS). Whereas the new Ethereum update will help catch up with some of the newer Blockchains, including Polkadot, Cardano, Solana, etc., already using the PoS model.

Moreover, the PoS model is not sudden or unexpected. This update has been a part of Ethereum’s roadmap for a long time to attain more security, sustainability, and scalability.

Key Features

Sharding
Faster Transaction Speed
Secure

If you want to know more about ETH 2.0, connect with the expert working in the reliable Ethereum app development company. By doing so, you will be able to get a clear understanding of how Ethereum can help you grow your business.

Difference Between Ethereum And Ethereum 2.0

The below-stated crucial features will help you know the difference between ETH and ETH 2 and analyze which one is better (Ethereum vs Ethereum 2.0).

Consensus Mechanism Modifications

Ethereum works on the proof-of-work (PoW) mechanism, whereas Ethereum 2.0 works on the proof-of-stake (PoS) mechanism. Moreover, the PoS mechanism helped Ethereum 2.0 become more decentralized in comparison with older Ethereum.

Since using the latest version of Ethereum, users don’t have to buy expensive rigs, and anyone with a specific amount of ETH can partake in mining new tokens. Resulting in more user participation leads to more decentralization.

Sharding

Another important update that makes Ethereum 2.0 different from the classic Ethereum is sharding. Sharding is a phenomenon in which data is distributed in various machines to enhance processing speed. Likewise, in Ethereum, it has been accomplished by orienting 64 shards.

Each shard is a new chain connected to the older Ethereum chain to link with the previously recorded data. Moreover, all work the same as the old one, but the difference is that Ethereum 2.0 workload has been distributed onto multiple databases.

Sharding directly manages Ethereum’s scalability issues. The classic Ethereum can only handle 15 transactions, whereas Ethereum 2.0 is much more efficient and can complete 100,000 transactions per second.

To make this point clear, consider the older Ethereum Blockchain as a one-lane highway with a lot of traffic. However, following the recent upgrade (Ethereum 2.0), 63 new lanes have been added. By doing this, the flow of traffic has been smoother, while its speed has increased.

Beacon Chain

We already discussed that the new Ethereum version that is Serenity, or Eth 2.0, is divided into 64 distinct chains and how validators are fixed to add a new data block to them. In addition, one Blockchain connects all 64 sharded chains to control the same, enabling transactions throughout the network. This central element is a major part of the entire ecosystem and is known as Beacon Chain.

Beacon Chain’s main functionality is that it randomly nominates the next validator and monitors its activity. Moreover, it’s also liable for slashing the staked amount if an exploitative trial is witnessed. The randomness in validator selection is crucial to guarantee that the system is not biased toward a specific participant.

Cryptocurrency

Both networks, Ethereum Classic and Ethereum 2.0 have a native cryptocurrency with accounts & balances that can be transferred. On Ethereum Classic, it is known by the name of ether or ETC, and in Ethereum 2.0, it is known as ether or ETH.

In both networks, the currency can be split up to 10^18, making the smallest unit, the “Wei,” 0.000000000000000001 of 1 ETH or ETC.

Ethereum vs Ethereum 2.0: Comparison Table

Ethereum 2.0 vs Ethereum: Which One Is Better?

The factors stated here will clear all your doubts related to Ethereum Vs Ethereum 2.0: Which One Is Better? Ultimately aiding you in picking the best one for your business activities.

1. High Performance

Ethereum 2.0 utilizes PoS as a consensus mechanism and has a flexible monetary policy with no supply cap, and the database is fragmented, so more shards can process more transactions collectively. As a comparison, ETC currently has a throughput of ~680,000 transactions a day. This is perfectly comparable to high-value systems such as Fedwire (US) and Target2 (EU), which settle ~$11 trillion a day.

However, Ethereum 2.0 will handle many times the number of transactions. This means ETH 2.0 will be perfectly comparable, in small transaction performance, to PayPal, Visa, or even the proposed Libra currency by Facebook.

2. High-Level Security

The main goal of the new Ethereum community is to ensure high-level platform security for developers and investors. If I talk about older days, then each day, several hacking incidents on different Blockchains emerge, resulting in people losing their money. But moving toward a PoS system will surely minimize the threat of cyberattacks.

Moreover, Ethereum 2.0 can also deal with a threat that comes with a 51% attack risk. Being a decentralized platform, Ethereum’s developers must ensure that no single party tends to take over the bulk of the network.

3. Sustainability

Eco-friendliness is the most important thing a new project can do to gain a foothold in the Blockchain world. Ethereum’s Blockchain was dependent on mining under the old PoW consensus model.

To mine bitcoins, miners needed highly complex computing devices that consumed large amounts of electricity. But, the newer PoS model makes Ethereum 2.0 more eco-friendly and sustainable by eliminating the entire mining network.

4. More Scalability

Ethereum 2.0 has the capability of hosting numerous DApps and DeFi services. According to research, it has been found that Ethereum is home to nearly 80% and 90% of the total DeFi apps and NFTs, respectively. This activity generates a great deal of traffic and thousands of transactions every single day.

However, the classic Ethereum Blockchain can only manage 15 transactions each second. This resulted in users paying high transaction fees and dealing with delayed transfers.

Wrapping Up

After considering all the facts and figures related to Ethereum and Ethereum 2.0, we can clearly say that in the war of Ethereum vs Ethereum 2.0: Will ETH 2 Replace Ethereum Classic?, ETH 2 is the winner.

New Ethereum updates have made the crypto market more strong. The modification in the consensus mechanism proposes transparency, scalability, and enhanced security on the network. It will be a remunerative deal for enterprises and individuals.

Moreover, if you are finding a reliable partner to work on Ethereum-based projects or need any suggestions related to Blockchain-related projects, connect with the best Blockchain company (Infrablok).

Frequently Asked Questions (FAQs)

Ques 1. What are the 3 Phases of Ethereum 2.0?

Ans 1. Ethereum 2.0 is planned to be launched in 3 phases:

0 Phase: Beacon Chain

1 Phase: The Merge

2 Phase: Sharding

Ques 2. What is Sharding?

Ans 2. Sharding is the procedure in which one Blockchain diverges into different Blockchains. Therefore, one network works as a particular validator. Instead of executing all transactions via a single Blockchain, it can be done across various side chains. It makes the process more energy-efficient.

Web 3.0: How It Will Help Businesses Gain Competitive Benefits?

Posted on September 15, 2022January 10, 2023 by Samita Tiwari

We live in a digital world where new cutting-edge technologies directly impact every aspect of our lives; be it business or personal experiences, everything is constantly evolving with technological advancements. In recent years, one of the most important technologies that brought technical disruption into human life has been the Web.

With every new iteration of the Web, businesses have opportunities to grow. Currently, Web 3.0 is the latest and trending stage in this evolution, and it provides numerous advantages for businesses that will eventually help them grow.

Moreover, nowadays, Web 3 is the hot topic in each industrial sector as it has the power to make revolutionary changes to the entire digital world. However, so many people are unaware of Web 3.0: How it will help businesses gain competitive benefits. In order to understand Web 3.0 entirely, it is crucial to look back at its predecessors – Web 1.0 and Web 2.0.

So, let’s begin by knowing about the Web, all versions that are Web1.0, Web2.0, and Web 3.0…

Evolution Of Web From Web 1.0 To Web 3.0

Web 1.0

Web 1.0 is also known by the name of Internet 1.0 or Server/Client Model. It utilizes a centralized computing & information storage model. Web 1.0 involves using a single computer system for storing and managing data without real-time communication between computers.

Web 2.0

It is a web-based platform that allows users to form and share content via the internet. It uses a decentralized data model and a large-scale network of computers and allows real-time communication between them. Moreover, it makes sharing information possible through blogs, media sharing, social media platforms, and collaborative strategies.

Web 3.0

We can say that Web 3 is a web application that offers users a great experience; one of them is navigating between pages or engaging with content across various devices. Additionally, Web 3.0 allows you to reach customers on any platform, app, or device.

Web 3.0 includes decentralized applications (Dapps), smart contracts, and Blockchain; it transforms how we access information and decentralizes the internet to form a web.

Well, now let’s move further and talk about Web 3.0 crucial features…

Web 3 Key Features

After knowing about the world wide web’s latest version, it’s important to know the latest web version features. It will help you know how Web 3.0 can be utilized by businesses.

Decentralization: Data Stored On The Blockchain

Web 3.0 supports a decentralized model; data is stored directly on the Blockchain and can be accessed from any device. As I have told it supports a decentralized network, so there is no need to rely on the third-party service provider for any ask as all things can be managed via computer.

Independent: Self-executing Smart Contracts

Using Web 3.0, firms can independently set their conditions and automatically run them without glitches, without involving any intermediaries or lawyers. The product developed using Web 3.0 easily understands the transaction between two parties, ultimately making contract execution simpler.

Permissionless: No Access Restrictions

Computers and smart devices will automate everything in Web 3.0, eliminating the need for any service provider. Therefore, companies will not have to pay hefty fees for the services they need, lowering their operational costs and enabling them to deal with customers and suppliers more efficiently.

Secure Data: Data Cannot Be Deleted Or Stopped

Data stored on Web 3.0 cannot be deleted or stopped by any third party, and this makes it more reliable for users looking to convey their data securely. Thus, enterprises won’t have to spend extensive money rescuing information/ content from being hewed by cybercriminals.

Do You Know?

More than 2,500,000,000 users on Web 3.0, and 43% of users want to become its early adopters. (European Business Reviews)

Business Benefits Of Using Web 3.0 Technology

There are several benefits of using Web 3.0; some of them are stated below:

1. Streamlined Business Processes

Businesses using Web 3 can easily maintain a transaction ledger for people or other parties involved. Moreover, it will enable corporations to create and manage the supply chain effortlessly. By using this trending technology, businesses can automate contracts with smart contracts.

2. No Third Party Is Required

Using Blockchain, smart contracts, and dApps, you can directly manage all the thing means you don’t need to involve any third-party service provider. It will eventually help businesses save money and be more competitive. Moreover, Web 3.0 technology allows direct interaction between the business owner or in-house and customers.

3. Highly Secure

Web 3.0 is more secure because it is a decentralized technology, and due to this nature, hackers cannot hack the network without any permission. Moreover, Blockchain data cannot be changed or manipulated; businesses can get tension free about data theft and breaches.

4. Improved Customer Relations

Utilizing Web 3.0, each and every transaction is recorded in a decentralized ledger for all people and other parties involved, making firms directly responsible to their customers. Web 3.0 can offer businesses more transparency, which helps build trust and long-lasting relationships with their clients.

5. Enhanced Regulation Compliance

Blockchain is an immutable record of transactions visible to all on the chain. Thus, it makes it simple for businesses to yield to their governance needs by maintaining transparency.

6. Cheaper And Fast Access To Data

For corporations, the most valuable acquisition is data which they employ for their product & service development process. With decentralized architecture and unchangeable systems, web 3.0 technology helps them access more patron data across numerous channels at a relatively inferior cost than before.

Some Existing And Upcoming Use Cases Of Web 3.0

A few existing and upcoming use cases of Web 3.0 technology are shown here.

Web 3.0 Real World Popular Projects

There have been many real-world Web 3.0 projects implemented in recent years. Here is an example of some of them.

Polkadot – Blockchain App

It is a decentralized Web 3.0 blockchain project designed to achieve the multichain vision for the decentralized Web. This Blockchain app includes multiple features such as interoperability, parachains, high energy efficiency & user-driven governance.

Polkadot’s ecosystem enables developers to design and deploy dApps that support diverse web3 projects seamlessly.

Axie Infinity – Gaming App

Players can play, earn and trade NFTs-based game assets like weapons, cars, etc., and collectibles on Axie Infinity’s new-age web3 gaming platform. Axie Infinity requires users to complete a multi-step process, which includes setting up an account and connecting their wallets.

Uniswap – DeFi Application

It is a Web 3.0 DeFi exchange protocol that employs an open and decentralized network protocol to render ownership entirely to the users instead of a single entity.

Wrapping Up

Web 3 is a futuristic concept, but it’s in the expansion stages and yet to become mature. Blockchain, DAOs, and Metaverse are the two main examples of web 3.0 use cases that are assisting corporations in unlocking the factual potential of their business.

Several industry verticals have started implementing Web 3.0 use cases to revamp their business. With time and rising technological evolution, the usage of Web 3.0 will increase to resolve existing inefficiencies of the enterprise.

Moreover, if you want to help businesses gain competitive benefits, focus on Web 3.0 development, and for this, connect with a reliable Web 3.0 development company (Infrablok). It will help you get Web 3.0 experts and get innovative solutions matching your business needs!