Key Points

1. Web 3 is a combination of new technologies that may alter the way people interact digitally over the Web
2. Combines technologies like: metaverse, blockchain, AI, digital assets, tokenomics, DAO, NFT etc
3. Web 1 - was basic web content
4. Web 2 - the web is a full blown application platform with centralized apps and services
5. Web 3 - a decentralized platform with digital identity, assets, ownership, token economy, open content creation
6. Web 3 contexts may include DAO, semantic web and more features for specific use cases
7. Depending on the use case, Web 3 versions may have challenges on: decentralization, security, identity, scale, privacy etc
8. https://en.wikipedia.org/wiki/Web3

References

Key Concepts

Web3 Concepts - Jerry Cuomo

https://www.linkedin.com/pulse/practically-web3-jerry-cuomo/

Web3 Fundamentals - Benigni - covers basic DeFi blockchain concepts

Web3 Fundamentals-2024-Benigni

Web3 Fundamentals-2024-Benigni.  file

The report by Bertelsmann Investments aims to delve deep into the technological novelties of Web3, elucidating the cornerstones that form the basis of emerging business logics. It starts by familiarizing the reader with fundamental terms in the blockchain space, progressing into detailed discussions on various aspects like blockchain ecosystems, cryptocurrency value propositions, and their diverse applications

<<Jim

Good report explaining basic crypto and blockchain concepts in the DeFi space only. Doesn't cover governance, identity, traditional finance, integrations, services and more. For solutions limited to DeFi space it's complete on concepts

web3-summary-is-web-blockchain-keir-finlow-bates  link

https://www.linkedin.com/posts/keirf_web3-primer-activity-7138217685145874432-jlik?utm_source=share&utm_medium=member_desktop

web3-summary-is-web-blockchain-keir-finlow-bates.pdf. file

What's missing?  VCE, Governance, Digital Assets, Custody.Services, Markets, Trusts ( other than data provenance )

Web3 Models and Opportunities article - McKinsey

Web3 beyond the hype article - McKinsey - 2022

web3-beyond-the-hype-2022-mckinsey.pdf link

web3-beyond-the-hype-2022-mckinsey.pdf file

The core distinctive feature of Web3 is the decentralization of business models.

Web3, the next iteration, potentially upends that power structure with a shift back to users.

Open standards and protocols could make their return.

The intent is that control is no longer centralized in large platforms and aggregators, but rather is widely distributed through “permissionless” decentralized blockchains and smart contracts,

JIM>> the KEY features to better, fairer, sustainable solutions for all community roles are better trust, transparency, incentives and governance to the new operating model ( see VCN )

JIM>> can't assume disintermediation is always the right answer

disintermediation a core element. Intermediaries may no longer be required with respect to data, functionality, and value.

OFTEN roles change on what and how an intermediary adds value in new business network value model ( see VCN - value chain networks )

Potential Value Opportunities

web3-innovations-list-2023-andermatt.pdf  url.   swtc-link 

Indian founders are actively leveraging blockchain technology in versatile ways to solve a multitude of problems across segments—payments, social media, communication, SME credit, gaming, governance, and certifications, among others.

Disruption on intermediaries with automation

state governments are actively collaborating with Web3 startups to ensure regulatory compliance

The Web3 sector globally is preparing and building for multi-chain and cross-chain possibilities where blockchains and decentralised apps can be used interoperably

Web3 startups are turning to platform and infrastructure plays across segments in a bid to attract Web2 audiences through larger B2B partnerships and integrations with traditionally non-crypto firms

Blockchain firms in India in 2023 -Only 17% are generating over $250,000 annually

candidate use cases for blockchain

1. develop a trust protocol using blockchain and artificial intelligence (AI) to make commerce and supply chains more transparent.
   1. product is for consumers who are conscious about the source of the product and people who are unsure about the authenticity of the products they are purchasing
2. NFT market analytics - helps people make purchasing decisions on NFTs, by enabling them to decide which ones to buy and which ones to avoid.
   1. uses AI to identify wash-traded transactions, estimate the price of NFTs, and detect copycat or forged ones in the marketplace
3. With Bytekode, decentralised apps can convert transaction data into simple messages in-app, increasing user retention and improving UX
4. Copperx is developing a blockchain payments gateway to streamline crypto payments for businesses. Businesses can integrate the gateway into their systems using just a single line of code, enabling customers to make hasslefree crypto payments without worrying about currency or conversion issues.
5. Its hardware wallet, Cypherock X1, is designed to allow individuals to self-custody their crypto and improve crypto security by mitigating any single points of failure in private key management.
   1. first hardware wallet without a seed phrase backup, and it never stores private keys in a single place, making it the most secure wallet. It also offers the most convenient and secure hardware-based multisignature wallet, adding a layer of security to cryptocurrency asset storage
6. aim is to make Web3 seamless for the end user, making it easy to use and discover the apps. It also empowers developers with tools for identity, interoperability, commerce and communication, keeping them open-source and programmable.
7. Fact protocol is a decentralised fact-checking system that uses crowdsourcing and advanced technologies such as AI, machine learning (ML), and deep learning to give users accurate and reliable information in a bid to counteract the problem of fake news and misinformation present today
8. FanTiger is a music NFT marketplace that helps independent artists build fan communities. It helps fans of these artists have a greater role in their growth by buying music NFTs that give fans access to exclusive communities, get special privileges, and earn royalties.
9. Glip is a leading mobile gaming video recorder and Web3 wallet, with eight million downloads across 100+ countries. It offers a creator economy tool suite for gamers to publish and monetise on existing social media and content platforms.
10. Huddle01 is a decentralised video conferencing platform that enables synchronous and asynchronous communication for wallets, dApps, DAOs, communities, and users for free. It also gives users access to secure, real-time communication through tools like video conferencing dApp, infrastructure (SDKs), and dRTC protocol. It has Web3-rich features like token gating, NFTs as profile pictures, decentralised storage for meeting recordings (on IPFS and Filecoin), decentralised live streaming (on Livepeer) and more. It is currently working on Project Divergent–a decentralised communication (dRTC) infrastructure to facilitate open, trustless, borderless communication. Huddle’s platform is chain agnostic.
11. IndiGG seeks to unlock the value of gamers by making them owners of their identity and enabling their identity on-chain. This way, game developers can pay users for their skills and time with engaged communities and higher ROI. IndiGG does this by leveraging Web3 for asset and identity ownership, and disrupting the traditional model of in-game asset purchases where gamers do not own these assets.
12. The platform allows users to run all growth campaigns, including giveaways, collabs, influencers, airdrops, and crypto-native ads, from a single dashboard. Additionally, it provides users with tools to optimise their return on investment,
13. Komet is an NFT aggregator where traders can find, collect, and trade NFTs across marketplaces. It aggregates the accessibility and ownership of brands across categories, enabling collectors to make quick, efficient, and data-driven decisions in a single click.
14. Lighthouse allows users to store files in a decentralised manner, where customers pay only once and store files forever. The startup facilitates permanent storage of files on Filecoin—a system of persistent data storage built on IPFS (InterPlanetary File System)—a decentralised network to store, request, and transfer data. The complementary networks are built by Protocol Labs.
15. Obvious is a self-custody wallet, which brings together assets across EVM (ethereum virtual machine) chains and powers users’ cross-chain transactions by giving them safe, fast, and affordable bridging and swapping routes within the app. Unlike other EVM-only wallets, Obvious’ Android and iOS apps show users’ balances across EVM and non-EVM chains such as Solana and Cosmos
16. Phyllo is a data gateway to access creator data from hundreds of source platforms such as YouTube, Twitter, TikTok, Substack, Discord, Twitch, OpenSea and Shopify. The startup builds the underlying infrastructure that connects to every creator platform and maintains a live data feed to the systems used by these platforms to manage the creator’s data using normalized data sets
17. Polkassembly is the primary governance forum for substrate chains, where blockchains can use the forum for discussions, polls, and on-chain governance proposals. The open-source platform helps users to discover and participate in substrate-based chain governance. They can also browse proposals made on-chain, discuss with the community, and vote directly from the website using a browser extension
18. more

Potential Challenges

Candidate Solutions

Step-by-step guide for Example

sample code block

Recommended Next Steps

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