Why is Web3 So Crucial for Avalanche Dapps?
03 Gennaio 2022 - 06:27PM
NEWSBTC
With the rapid pace of progress and innovation, blurred together
with at least as much buzz-word saturated hype, it can become easy
to get lost in the growing wave of news, advertisements, and social
media blasts around the next big thing. Two of these buzzwords
driving conversation are “Web3” and “Dapp”. What makes it
more difficult is that you can’t just dismiss the news on either
term. There are genuinely world-changing innovations that are
being developed, and entire ecosystems are growing so rapidly that
they feel like they are appearing overnight. It might be worthwhile
to pause, review these buzzwords, and take a sample snapshot of how
they are being used—not next month, not years from now, but
today—in ways that show just how important Web3 is, Dapps are, and
just how interconnected the two have become. While there are many
large ecosystems that could be examined, we’d like to target the
Avalanche Blockchain ecosystem here because of its architecture,
which makes it require the innovations Web3 offers even more than
competing ecosystems. However, that dependency also leverages
even more benefits through its client platform Dapps. Why Web3?
While you can find a number of great in-depth descriptions of Web3
characteristics (and what exactly Web1 and Web2 were), we are going
to assume you know the basics here and will focus on a few key
elements that make Web3 truly unique over the current version of
the internet. A key feature—and key promise—for Web3 is its
decentralization. This seems interesting on the surface, but
just keeps getting better the further you dig.
Decentralization means users can’t be easily censored because
control is decentralized; though if the dispersed community all
felt the same way, a member of the community could indeed be
censored. The difference is that the control is highly
democratized, and coercion to conform simply has no teeth.
Decentralization means that a payment service can’t be denied or
restricted; payments can often be completed with no personal data,
and can’t be shut down because the payments are conducted
peer-to-peer. Decentralization means robustness; Web3 servers
are nearly immune to crashing because it is made of a network of
many, many computers worldwide. Why Avalanche? The Avalanche
ecosystem is similar to competing ecosystems, such as Bitcoin and
Ethereum, in many ways. However, we wanted to look
specifically at Avalanche Dapps because it is built not just on one
blockchain, but on three interconnected blockchains. The
Avalanche Exchange Chain (X-Chain) focuses on creating new digital
assets for the platform; the Contract Chain (C-Chain) focuses on
maintaining the ecosystem’s smart contract and its Ethereum Virtual
Machine (EVM) implementation; and the Platform Chain (P-Chain)
works to build the foundation for validators, platforms, and
subnets. This complex coordination of interlocking and dependent
chains is incredibly important, and relies heavily on the
characteristics of Web3 to operate. Without true
decentralization, the ecosystem would not be able to scale up to
its massive 4,500 transactions/second capacity—compared to
Bitcoin’s 7 Tx/sec and Ethereum’s 14 Tx/sec. The three chains
working in harmony, using an advanced smart contract and a
wider-than average consensus distribution, create a decentralized
ecosystem nearly impervious to hacks, censorship, and downtime.
These elements firmly cascade to Avalanche’s many Dapps, where they
utilize Web3 to operate in ways impossible with Web1 or Web2.
Namely, they are able to thrive autonomously using programmable
business logic by building on the smart contract, which saves
development time and ensures a stable, predictable system.
They benefit their customers greatly through direct ownership
(self-custody), where there is no need for an intermediary to hold
a user’s assets on their behalf. And they are able to operate
without the threat of censorship or a centralized body targeting a
user. Colony What it is: Colony brings Ecosystem Farming solution.
As viable projects across the ecosystem are cultivated, and the
invested members of the DAO are able to reap the yield. Colony is a
platform that combines the elements of DeFi, token-based economy,
and yield-bearing investment; with a DAO-based approach that
utilizes and is driven by the community. Colony uses these
elements for the purpose of supporting early platforms through
venture capital (VC) programs raised and determined by the DAO. You
think early- stage #airdrops are the coolest thing about
@Colonylab‘s staking mechanism?🤔 Airdrops are just 1 out of the 5
features staking gives you access to! We didn’t call it
#EcosystemFarming for nothing!#CLY provides exposure to the entire
#Avalanche ecosystem. pic.twitter.com/RWvEiiQesL — COLONY 🔺
(@Colonylab) December 13, 2021 Why Web3 is critical: Normally
(Web2), none of these elements would be possible. Traditional
VC’s are highly centralized structures, with often oblique
decision-making processes that eliminate many great platforms from
ever getting off the ground. This platform enables normal
investors of all sizes to become part of the VC, generating capital
for the projects they vote on, and sharing in the rewards when
those platforms bear fruit. And without a Web3-enabled
wallet, users would not be able to connect, invest, and reap the
high yields possible with a community-driven VC platform. NFTrade
What it is: NFTrade is a wide-ranging NFT marketplace, which
opens the possibility for users to create a fully decentralized
NFT, or decide to create an entire collection of NFTs for
sale. Once listed on the marketplace, users can attract
buyers, conduct peer-to-peer transactions using Web3-driven
wallets, and keep those assets in their own hands instead of having
to delegate their custody to the platform. Why Web3 is
critical: The platform relies heavily on the Web3 aspects of
decentralization and smart contracts to empower anyone to build
their own NFT, which is a complex process without the proper
tools. The average user can utilize the platform to create a
unique digital asset, connect it to a smart contract, and make that
asset available for sale on a fully decentralized platform that
connects them to many other buyers/sellers around the world.
Cryptoblades What it is: Cryptoblades is an immersive,
battle-style blockchain game where users can buy characters,
weapons, and fight other players for real rewards. The heroes
and weapons they purchase are NFTs, and they are purchased using
tokens in order to ensure a decentralized platform and
marketplace. When players sell assets for tokens, they can
even stake the tokens to exercise DeFi style yields. Why Web3 is
critical: As with the other two Dapps, Cryptoblades relies on
its smart contract to manage the various players, their marketplace
interactions, and token purchase/sale/stake actions. Users
have Web3 wallets in order to maintain protection and custody of
their NFTs and tokens from the game, and certain gaming elements
are recorded on-chain to ensure fairness and transparency despite
the decentralized nature of the game. Wrapping Up Though Web3 and
Dapps are all the buzz right now, it’s rewarding to see examples
where they are hard at work supporting real platforms, real users,
and real ecosystems. Without Web3 none of this would be
possible, and as Web3 matures, Avalanche and other blockchain
ecosystems will continue to find use cases and support platforms
that will bring further innovations leveraging Web3 on their dapps.
Photo by Shubham Dhage on Unsplash
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