Today's X Space session with Ice and the corresponding Threadcast on INLEO featured an interesting discuss that bothers web3 and it's a very informative communication that every web3 participant andenthusianst need to know. The wisdom captured in the shoow would interest those who are not even interested in web3 not want to learn about the innovations that's happening around the internet space and causing a lot of positive disruptions.
A chainlink article defines web3 as a new evolution of the Internet based around the principles of decentralization. It adds that web3 combines the rich and interactive digital experiences that exist today with infrastructure that offers users ownership and cryptographic guarantees. Key feature that distinguishes web3 from the existing web2 is the ownership on the part of users who are seen as guests in the web2 world.
Web3 is a broad term that encompasses various categories and technologies related to the decentralized web. Some of the key categories and concepts within Web3 include blockchain technology, cryptocurrency, decentralized finance (DeFi), Social Finance (SocialFi), Non-Fungible Tokens (NFTs), Decentralized applications (dApps), Decentralized Autonomous Organizations (DAOs), InterPlanetary File System 9IPFS ), Web3 Development Tools and more.
Without a doubt, web3 is the present buzz in the internet space and there are a lot of debates ongoing that seek to clarify what it represents and what the future holds for this innovation. It is important therefore to have a peek back into the history of web3 and its evolution.
The term “Web 3.0” was first used during the dotcom era by HTTP pioneer Tim Berners-Lee to describe an integrated communication framework in which Internet data is machine-readable across different applications and systems—a concept he also referred to as the Semantic Web.
Later, in his 2014 blog post DApps: What Web 3.0 Looks Like, Ethereum Co-founder Gavin Wood repurposed Berners-Lee’s expression, using it to refer to the ability of blockchain technology to define a “fundamentally different model for the interactions between parties” based on “a zero-trust interaction system.”
Today, a lot has happened and many creations have been tagged as web3 but some are so different from others in terms of principles. It was thrilling to have @anomadsoul and @khaleelkazi speak during the session where they shared a lot of deep insights on Web3 and what the future holds for it as well as unraveled the uniqueness of INLEO as the the Ultimate Web3 Experience. I attempt to share thoughts on what I learned capturing them in the light of key Indicators and red flags as we all look forward to the Next Big Catalyst for Web3.
Pairs of indicators/Red flags were identified that will catalyze mass adoption into the web3 world. They are as follows:
1. Use Cases vs Speculations
Some web3 projects have well-defined use cases while others have ambiguous or no defined use-cases. The latter are only based on price speculations and interested investors should be careful in responding to speculations.
2. Value vs Hype
Some web3 participants would get drawn to project hype rather than those projects that provide value. Ideally, the "value for value" ideology should be imbibed for every we3 community. There must be an intentional creation of value. Hive blockchain is a known place for multiple use cases and value options for all and sundry. Look out for value and not price hype.
3. Long Term vs Short Term
Investing in crypto is not a short-term adventure, every participant needs to know this. Long-term is better. Web3 is not a place for get-rich-quick spree, but a place for BUIDLing.
The Next Big Catalyst for Web3
Some say SocialFi, others say NFTs, DeFi, GameFi, and the list goes on. Either of these or all of them would bring mass adoption to the web3 world if the right use cases are delivered. The mode of marketing of these web3 products and communities matters. Money should not be the central point, after all, users of web2 are not doing so primarily because of money. Facebook, Twitter, Instagram and more are just serving the people. They provide significant use cases and solve the teaching users' problems. More good use cases equal more mass adoption. Is your favorite project offering a tangible use case in the web3 world?
INLEO: The Ultimate Web3 Experience
INLEO was presented as the ultimate web3 experience. As a decentralized application (dApps) that is user-friendly and intuitive, INLEO offers compelling use cases that could drive adoption to web3. It is an application that solves everyday problems for its users and using it does not require a deep understanding of blockchain technology. Key in the features that make INLEO stand out are:
- Built on Hive Blockchain with fast feeless transactions, scalability features
- Usability of web2 but the principles of web3
- Account Ownership
- Learning and Earning
- A hub of engagement among users in many phases.
- A place where a user can build his/her unique brand with the least of budget.
Everyone presently active in web3 wants to know the category that will successfully onboard the masses. This category must offer value. Such a category or use-case must provide tangible benefits, be user-friendly, and address real-world needs. Let's watch to see how it all unfolds...
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INLEO is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: Inleo.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
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