• Team Sygnum

Promising Web 3.0 Applications

In our last blog post we introduced the concept of Web 3.0 as the next evolution of the internet. Other than projects building the infrastructure of the distributed internet and working on interoperability and connectivity (prominent platforms such as Polkadot, Cosmos, DFINITY, etc.), protocols are being built that increase the efficiency of resource allocation and improve the user experience. Below we highlight some of the applications that are getting good traction.


Sharing Computing Resources

Using the internet relies on computational resources which today are primarily sourced from centralised entities. Projects such as Golem, Ankr, iExec RLC aim to offer decentralised alternatives which can improve reliability, throughput, and lower the cost. These projects tap into the excess computing resources of their users and allow them to rent these out to other users peer-to-peer. Other projects such as Theta and Livepeer focus on video streaming and sharing users’ computing resources and bandwidth to transcode and distribute videos.


Decentralised Data Storage

Decentralising the cloud also includes sharing data storage space. Projects such as Filecoin, Storj, Sia, and Arweave are challenging the dominance of centralised cloud service providers by offering decentralised platforms for data storage. Most of these projects tap into the unused and available storage capacity of their users and share them across the network. Arweave on the other hand offers economic incentives to miners to create a decentralised data storage network. Other decentralised data projects such as The Graph focus on improving the efficiency of data retrieval.


Decentralised Bandwidth

In addition to the above mentioned video streaming projects, several other projects offer decentralised platforms to share bandwidth and data transfer capacity. Helium is creating a global wireless network that is owned and operated by its users that may ultimately include IoT devices. Helium Hotspots act similarly to WiFi modems, increasing the reach of the network. Another project, DENT is a decentralised platform to share mobile data.


Closing Thoughts

There are also a number of Web 3.0 projects that focus on data privacy and digital identity, as well as projects aimed at improving the experience for content creators in social media, music sharing, monetising videos, and so on. Web 3.0 applications are increasingly delivering usable services but the sector is still at a very early stage, with much of the innovation and growth lying ahead.


Disclaimer

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