Web3 is a much-discussed term when it comes to blockchain technology. However, the time when start-ups used the term as a buzzword to draw attention to themselves is over. This is according to Lars Boe (Senior Partner at Bain & Company) who believes now is the time for Fortune 200 companies to adopt Web3 practices, as he pointed out at last year’s London Blockchain Conference.
While Web2 enabled Internet users to create their own content and allow more interaction instead of static websites, Web3 went a step further. It allows users to act more autonomously and not only create their content but also own it. Additionally, it allows users to interact with each other peer-to-peer or at least more directly than currently, as apps and platforms dictate the conditions of exchanges, communication and interaction.
The basis for users’ new relationship with content and other users is the blockchain, which enables the exchange and ownership of digital assets and tokens. These can represent not only digital content but also real existing objects and have a yet unexplored amount of possibilities for apps and services. As a result, not only can completely new business models be developed, but existing business practices can also be completely digitised.
However, a theoretical discussion can easily get lost in unrealistic speculation and idealisation. It therefore makes more sense to present companies that are working on Web3 solutions. But first, let’s introduce the requirements for Web3 solutions.
What is required to realise Web3 solutions – Blockchain
If we divide the structure of Web3 into its essential components, the blockchain would be the foundation of Web3, while connected APIs and wallets can be seen as the second layer, which in turn are connected to the third level, the apps and services.
For all processes to run smoothly, the blockchain must be scalable. With Teranode, the BSV blockchain can process more than one million transactions per second, with a single transaction costing only a fraction of a cent on average and is therefore the most scalable blockchain technology there is.
But other factors such as security or compliance with regulations also need to be addressed. Since BSV, unlike other blockchains, does not require an off-chain infrastructure to scale, there are virtually no attack vectors. In addition, the BSV blockchain is built to work within the legal system and is fully compliant with all current regulations.
Showcasing the power of Web3 solutions – Project Babbage
Many, but not all, projects that work with the blockchain can be labelled as Web3. Most companies and projects that offer blockchain- and token-based solutions are not keen to call themselves Web3. This includes Project Babbage, which can serve as a showcase for Web3 solutions in the BSV ecosystem.
Project Babbage has a strong vision to build a comprehensive infrastructure that emphasises user-centric practices, transparency, and collaboration. Exemplary for this vision is Babbage’s idea that users should not log into apps and websites, but rather that they should log into user accounts.
Founder Ty Everett has worked on a couple of solutions that help to develop digital contracts, identity management, secure payments, and messaging systems. His vision is to make users autonomous and independent of platforms.
By building a digital ecosystem where individuals own their digital identities, Project Babbage seeks to empower users in their online interactions, ensuring security and control over their information and is thus a good showcase for how Web3 as a concept could improve the current status of the internet.
