Blockchain adoption is becoming mainstream, more than just the hype for crypto trading. Businesses are now centred more towards the utility that comes with web3.
Security, Applicability and Privacy are the major factors driving the companies’ mass adoption of blockchain. Reports suggest that in 2022 and Q1 of 2023, 315 brands have launched 526 projects, representing the speed at which web3 is widely embraced.
It’s time to reflect on why companies are interested in investing in web3.
Contemplating The Difference Between Web2 And Web3
Web2 revolutionised the internet by making it exceedingly simple for users to collect, generate and distribute huge amounts of data. With hundreds of new apps introduced every day on the online store, web2 allows users to create content and share it easily on global networks.
In that regard, web2 requires users to log into the websites or apps with usernames and passwords to gain access. Now you see the problem here is the website storing users’ login credentials in central databases. This creates an easy way for hackers to steal privacy information by hacking the centralised servers.
Contrarily, web3’s design endows full control over all the handling to the users. When the web3 version was making its way into the internet, users were logging in to trade, buy or sell cryptos. Notably, many Dapps came at the time were finance-based.
Accessing these Dapps in web3 is unlike web2, where users log in using user names and passwords. As web3 deals with money, users need to have a crypto wallet for navigating the dapps. Signing up into the wallet generates a seed phrase. Every seed phrase generated will be unique and imparts the utmost security.
The Dawn Of Web3
Web3, a gateway to a decentralized world, is phenomenally structured for users to have complete control over their data and digital identities. How web3 achieve this?
In the place of centralized databases in web2, web3 tech uses protocols for decentralised data storage and smart contracts for the execution of transactions. This helps to secure digital identities accounting for greater privacy.
The market scenarios are evolving to clutch onto the privacy perks and security brought by web3. Here are a few game-changing things happening along the way in web3 adoption.
Corporates are more likely to integrate NFTs: The Significance of NFTs is understood so well with many big shots such as Gucci, Samsung, and Nike jumping on board to avail the possibilities of the new digital verse. Starbucks has already started to leverage the advantage of NFTs through their loyalty programs.
Gaming clears the fog for mass crypto adoption: Experts anticipate the gamers population will boundlessly grow between 2023-24 with many new high-quality games barging in. The amusement of acquiring crypto in-game assets would drive the market growth manifold.
Traditional companies to adopt transformative technology: Companies find web3 holding immense potential and trying to incorporate blockchain elements. As a part of this, many organisations have introduced crypto payments and NFT offerings into their services.
Union of Web2 and Web3
It’s high time to talk of the browsers with the growing acceptance of web3. We are in an era where web2 dominance still exists while we move towards web3. But how is Web2 making amendments to cater to the web3 evolution?
Traditional browsers like Microsoft and Google have extensions to connect users to the blockchain world. They don’t have the inherent capabilities of supporting the interaction with dapps, but crypto wallet extensions help establish the connection between web2 and web3.
Typically, the user needs to install a crypto wallet like Metamask as a browser plugin or app on a mobile device. If a user wants to utilise web3 capabilities, such as visiting a Dapp site, the browser prompts to connect with the crypto wallet. Giving the unique wallet address the user can access across web3.
What is it to explore the blockchain world through web3-specific browsers? Let’s find it out in the upcoming passage.
The finesse of Browsing through web3
Web3 browsers are the same as it sounds, linking users to Web3. Web3 browsers allow seamless interaction of users with the blockchain network, transacting and engaging with decentralised apps. It is in-built with wallet options to smoothen transactions without negating security. It has a browser interface that facilitates engagement with decentralised apps and employs smart contracts to execute functions.
On that note, here is a list of some well-known web3 browsers.
Metamask– MetaMask is a top-notch Web3 browser with wallet integration to store and manage cryptocurrencies safely. It comes with multiple account support enabling users to switch between various accounts. Metamask puts security and privacy first when communicating with other dapps. Plus, it’s compatible with traditional browsers, making it even more accessible.
Brave– Brave is one of the top performing web3 browsers widely adored by business people and content creators due to its privacy-preserving features, anti-ad blocker, integrated crypto wallet, etc. A noteworthy attribute is the Brave Rewards feature, where users can earn BAT (Basic Attention Tokens) by watching private ads. Private ads don’t track the data and respect the privacy of users.
Opera crypto–The Opera Crypto Browser offers distinctive functionalities such as a Cross-Chain crypto wallet to store tokens and facilitate interactions with other blockchain networks. Opera Crypto Browser allows access to Web3 via Metamask or Binance wallet or creates a new, non-custody wallet from Opera for signing transactions on the web.
Some Fine Touches On Web3 Security
While decentralisation prioritises security, it is still in the developing stages that provide room for wicked vulnerabilities. They appear as smart contract vulnerabilities, rug pulls, honeypot scams and many others.
As a Web3 security firm, we actively engage our forces to get rid of the attack vectors in web3 protocols to restore the overall security of the decentralised ecosystem. Our broad-gauged service offerings, from code audits and due diligence to scam detection tools, make security accessible to anyone in web3.
