A quick introduction. I am a product and content marketer with a particular interest in tech and start-ups. I am currently a marketing consultant to Kearny Jackson and several web3 projects. My list of ongoing/previous clients include: AWS, Dell, Google, Akash Systems, Wallbox, and more.
I’m so excited about web3, and I’m not talking about NFTs.
Yes, NFTs are a part of web3 but they’re a very small part. The amount of press and social chatter around NFTs is not representative of what is actually happening. As many know, there are issues with NFTs, but it’s an evolving concept that has yet to land on its feet.
All the talk around NFTs has overshadowed some of the amazing pieces of technology that are being built in web3.
The technologies being built will enhance user experiences, change the way we build web applications, give the users more control, and so much more. I am lucky enough to be deep enough in this web3 world to see the changes happening before my eyes. It’s exciting, confusing, and inspirational.
During my journey into web3, I’ve come across awesome projects, companies, and technologies that illustrate the power of blockchain. I want to shed some light on them.
In this article, I will talk about three projects that I personally find exciting and think the world should be talking about.
First off, what is web3?
This is a topic I’ve been wanting to write about for a while, but there is already such great content out there that explains it in a very straightforward way.
I recommend checking out Whiteboard Crypto’s video. It provides a great overview of what web3 means and what it might look like in the future. It also points out how web3 is a work in progress. In the past few years, a tremendous amount of money has been invested in the space, and now developers are putting that money to work. As a result this space is constantly changing and evolving, which is why it is regarded with such confusion and skepticism.
Everything has to start somewhere. We are still so early, but that’s one of the reasons why it’s so exciting to be part of it.
From here on out, I am operating under the assumption that you understand the following terms:
Web3
Decentralized
Blockchain / data chain
Now let’s get into some awesome projects/technologies:
Arweave and Bundlr
Arweave is a data chain that allows users to store their data permanently for a one-time fee. It is also decentralized, so no singular entity is in control of storing our data.
What does this mean?
Right now, companies and users pay companies such as Microsoft and Google tons of money to store their data, usually on a centralized cloud system. We trust this provider to ensure that our data is protected, and that they will not revoke our access to our data.
Using companies that have platforms with centralized authorities and store cloud data in physical data centers has many risks for customers:
Because our data is being stored in a centralized manner, it is possible that it can be hacked, manipulated or compromised. It is very common for companies to face data or website hacks. It’s something we see in the news frequently
Since these companies rely on physical data centers to store their cloud data, it is possible that there are outages. If this happens, your website or digital applications that are hosted on these servers would crash. For businesses, this is costly and potentially disastrous. Here is a recent example
We are trusting a company to give us access to our data. Although rare, it’s possible for a company to deny access to our accounts or change permissions to make it more difficult to make account changes. Here is a recent example
If we do not pay every month for these services, our data can be lost
Arweave solves all of this.
It is decentralized, therefore it is significantly more resilient to hacks
The fact that it’s decentralized also means data is not stored in a singular server or data center. This means there will not be downtimes as a result of physical altercations such as power outages
It is not owned by a single entity, therefore there is no singular governing body that can make decisions on your behalf such as blocking you from your account
You pay a one-time fee to store your data forever, and you never have to pay again
That last point is pretty cool. Those monthly storage fees you pay to make sure Apple doesn’t delete thousands of photos collected on iCloud? You won’t get those anymore. Once you pay for it to be uploaded, you never have to pay again, and it is stored forever.
This isn’t a marketing gimmick or sales tactic. This is a scalable business model that is possible because of blockchain’s decentralized nature. It is so effective that companies such as Bundlr are building solutions to make Arweave even better and more accessible.
Bundlr Network is a multi-chain scaling solution (aka: an L2) for Arweave. It offers an easier way to access Arweave that is 4000x faster without sacrificing security.
This is another reason why web3 is so cool. Companies such as Bundlr can build scaling solutions on blockchains such as Arweave to make it even better. We see this every day with companies such as Polygon, who have built an entire ecosystem of scaling solutions on Ethereum.
This would be like a start-up building a program that makes Google even faster. In web2, Google would have to either purchase that solution from the startup or acquire the company to integrate it into their platform.
In web3, you just build it and people can use it if they choose to.
Yield Guild Games (YGG)
I’ve mentioned YGG in a past article where I dive into Axie Infinity, an on-chain play-to-earn game. (Axie is another example of an awesome company doing amazing things.)
YGG is a decentralized autonomous organization (DAO) that invests in NFTs that are used in virtual worlds and blockchain games. They also provide scholarships to gamers to earn in-game yield. The goal is to create the world's biggest virtual economy while being governed by their community.
Think of it this way. If you ever played an MMORPG you might have been part of a guild. YGG is a guild, however, it runs across multiple games and owns pieces of virtual worlds and blockchain games. This allows them to influence decisions being made at these gaming companies, and create value for their guild members.
As of today, YGG conducts the following activities:
It is building a global community of play-to-earn gamers
It is using a profit-sharing model to give new players scholarships so they can participate and profit from these games (This is another really cool concept that I dive into in my past article)
It is governed by the community and passes proposals by voting
It’s basically a guild that turned into a profitable company. This is possible because of the nature of blockchain games. It allows players and guilds to earn as they play, and own their assets.
Blockchain gaming as a whole has the power to disrupt the gaming industry. It is a great example of how web3 is unlocking new possibilities in various industries.
Polkadot Cross-Consensus Message Format (XCM)
This one is a bit in the weeds but it’s super exciting for anyone who is active in web3.
Right now web3 is extremely siloed. For example, it is extremely hard to move your assets from the Ethereum blockchain to the Solana blockchain. It would be like trying to use United States Dollars to pay for something in the UK, or running a PC game on a Mac.
It is extremely frustrating for users. To solve this, blockchain platforms that aim to be multi-chain such as Polkadot have emerged. Polkadot aims to facilitate cross-blockchain trainers of any type of data or asset. In order to achieve cross-chain communications, they created XCM.
XCM is the approach used to facilitate cross-chain communication across blockchains, smart contracts, bridges, and more. XCM cannot actually send messages from one blockchain to another, rather it is a format for how message transfer should be performed. It aims to be the language communicating ideas between consensus systems.1
Using XCM format, a user on Ethereum move their funds to Polkadot or another blockchain. This may sound small, but it’s a big step for web3. It will allow projects on the blockchain to be more interoperable and interactive with each other. It will simplify the user experience. It will break down the silos that web3 users have been enduring for years.
Projects on Polkadot are in the process of implementing XCM so there can be communication between the parachains. (Don’t know what a parachain is? Take a look at this article)
This is yet another example of how web3 continues to be collaborative and open-source. XCM does not only work for Polkadot, but it was created to be generic and applicable to any interoperable blockchains. It would have been easy for Polkadot to hide what they created and give themselves a competitive advantage in doing so, but they make it open and accessible to everyone.
It’s one of the many things I love about web3. This collaborative mindset permeates every inch of the space.
Let’s wrap it up
These are just a few of the awesome companies and pieces of technology out there. They give you a glimpse of how web3 can do things that web2 companies just can’t.
And this is just the tip of the iceberg. This space is growing and changing every single day, and I’m always learning about new projects and companies with a unique vision that can only be achieved by building on blockchain.
If there is a company in web3 building something you’re excited about, please let me know! I’d love to learn more about interesting projects.
https://wiki.polkadot.network/docs/learn-crosschain