The internet is always evolving and changing, and we can expect to see some major changes with the arrival of Web3. Check out these Web3 trends you can expect in 2023!
In this digital era, recent tech innovations will be the torchbearers as we accelerate forward. One of the most exciting things that are happening right now is the emergence of Web3.
Web3 is the next evolution of the internet, and it is expected to break through in the coming years. This concept will bring about many changes, especially in terms of security, privacy, and how we interact with websites. In addition, this new version of the internet has been in development for quite some time, and it is only now that we are starting to recognize its full potential.
In this article, we will share the top five trends that we can expect with Web3 in 2023.
Top Web3 Trends to Expect in 2023
With Web3, we can expect to see a more decentralized web, crypto-economic incentives, interoperability, improved scalability, and immutability. Naturally, now is the time to discuss each of these features and trends that we can anticipate in 2023. Let’s get started.
1. A wider use of decentralized web
To its core, Web3 aims to decentralize application development and incorporate more blockchain-related technologies.
With Web3, the web is expected to become more decentralized than ever before. This would mean that web servers will no longer be controlled by one central entity. Instead, nodes located in multiple locations around the world can facilitate the hosting of web servers.
This will bring about a much higher level of security and privacy as each node will have its own set of data. As such, users can expect security as the decentralized web makes it nearly impossible for hackers to access stored data. Furthermore, this decentralization is likely to vastly improve latency issues as webpages are served from multiple locations at once.
2. Crypto-economic incentives
The rise of Web3 also means the rise of blockchain technologies, especially cryptocurrency. Currently, more than 20,000 cryptocurrencies are in the market, each with its own value and behavior. Another trend we expect to see with Web3 is crypto-economic incentives.
Applications can use cryptocurrencies to reward users for performing certain activities online. For example, web users can be rewarded for performing searches, leaving feedback, or even just watching ads. This could be a great way to incentivize web users and help web developers monetize their web pages.
Speaking of crypto-based incentives, we can’t complete this list without talking about NFTs.
One of Web3’s latest byproducts has been the use of NFTs. NFTs or non-fungible tokens are unique tokens or cryptographic assets that exist in a blockchain. But unlike cryptocurrencies, NFTs cannot be replaced or interchanged.
Non-fungible tokens each have a unique set of properties. For example, you purchased digital art. How do you claim ownership over it? NFTs solve that problem. Sellers give you a unique token that attributes the artwork you purchased. Now, the NFT you got is unique and cannot be exchanged with another NFT.
With Web3, we can expect NFTs to be certificates of the digital products we buy. And we are not just talking about artwork, music, games, etc. NFTs can be used to tokenize items that exist in both digital and physical domains.
4. Interoperability for web-based applications
Web3 will make it easier for different web pages and web technologies to interact with one another. How? Web3 offers web developers the opportunity to create web-based APIs that can connect with blockchain-based technologies.
As a result, web developers can create more complex web applications by combining the features of multiple websites in one application. Furthermore, it will be easier for web pages to communicate with each other and exchange data securely. With more web pages using blockchain-based applications, more businesses and developers can maximize the potential of Web3.
What does this mean for the future of web applications?
Web3 will provide better scalability than ever, allowing websites to handle larger traffic volumes without any performance issues. This is especially important for websites with large user bases to manage web traffic easier.
5. Web3 with a cause
One of the downsides of the crypto-economy is that it could be more environmentally friendly. At the beginning of 2022, Bitcoin’s energy consumption peaked at an estimated 204.50 TWh/year. But the trends show that it has dwindled as the year progressed. Its impact is seen in the rising tech innovations that we will see moving forward.
ReFi, or regenerative finance, is a product of greener Web3 efforts. This concept explores using blockchain technology as a tool to combat climate change and promote the preservation of energy resources for a better planet.
These are just some Web3 trends we can expect to see in 2023. Remember that web development is always. So, it’s best always to be updated with the changes and innovations in the field.
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