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Web Ecosystem 3. Credit: Blockchain: Research and Applications (2023). doi: 10.1016/j.bcra.2023.100173
Web3 represents the next evolutionary stage of the Internet, with an emphasis on decentralization and user empowerment. It is built on blockchain technology, and aims to transform the digital landscape by providing improved data ownership, privacy and security.
This new era of the Web offers a paradigm shift toward a democratic Internet, where users have more control over their data and interactions. Through its innovative infrastructure, Web3 seeks to create a more open, transparent and accessible Internet, challenging traditional centralized models and potentially reshaping the digital economy and social interactions.
In a study published in Blockchain: Research and Applicationsresearchers have delved into the decentralized Internet, providing important insights into how Web3 projects are ranked and received within the digital sphere, and highlighting important developments and user engagement in this burgeoning technological space.
In this pivotal study, researchers carefully analyzed the Web3 technology landscape, breaking new ground by classifying it into infrastructure and application layers. The infrastructure component lays down the basic framework, which consists of blockchain networks and protocols that enable decentralized operations.
On the applied side, the study delves into diverse areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), and the Metaverse, demonstrating how these innovations are reshaping online interactions and transactions. By examining 200 leading Web3 projects, the study not only maps the current ecosystem, but also assesses the popularity and adoption trends of these technologies.
This in-depth analysis reveals emerging patterns and growth trajectories within the Web3 space, providing valuable insights into its potential to disrupt traditional internet models and foster a new era of digital interaction that prioritizes user sovereignty and decentralized governance.
“The results of our study highlight the enormous potential and current state of Web3 technology. By dissecting the infrastructure and applications that form the backbone of Web3, we can better understand its trajectory and the areas ripe for innovation,” said Rinke Huang, lead author. the study.
Web3 decentralized finance (DeFi), non-fungible tokens (NFTs), and Metaverse applications are not only redefining user interaction within the digital space, but also heralding new business models and opportunities for innovation.
more information:
Renqi Huang et al., Overview of Web3 Technology: Infrastructure, Applications and Popularity, Blockchain: Research and Applications (2023). doi: 10.1016/j.bcra.2023.100173
