Navigating the Web3 Revolution with Trust Wallet
Dubbed the next era of the Internet, Web3 promises more privacy, resilience against censorship, and data control than its predecessors. This groundbreaking innovation is powered by blockchain technology and promotes inclusivity on the World Wide Web. Trust Wallet is a self-custody wallet that serves as a gateway to the world of Web3, and in this article we’ll have a deeper look at the Web3 revolution and how the next generation in Web evolution will enhance your experience.
The Dawn of a New Era: The Advent of Web3
To understand how Web3 will revolutionize the Internet, we need to look at the history and discover how Web3 will improve upon the earlier versions of the Web.
The first generation of the World Wide Web, Web 1.0, was a collection of read-only websites that offered people limited ability to interact with each other.
Also known as static web, Web 1.0 existed roughly from 1990 to 2004. Most websites offered little beyond static data with little interaction on the web page.
The second version, Web 2.0, began around 2004 due to increased demand for interactivity, improved fiber optic infrastructure, and faster Internet speed. Web 2.0, also known as the read-write web, saw companies moving beyond providing content to creating platforms where people could generate and share their content.
The emergence of social media platforms allowed people to share content, communicate with each other, and interact with web pages. Web 2.0 is the Internet as we know it today, with a foundation of centralized systems that collect and exploit people’s data for profit.
The third generation of the Internet, Web 3.0, is a vision that addresses the flaws of Web 2.0 and gives power back to content creators and people who use the Internet.
What is Web3?
Web3 is the next generation of the World Wide Web powered by blockchain technology. This version of the internet reinvents individual control of personal data through decentralization and makes content more immersive.
As a developing concept, there is no rigid definition of Web3, but it can be explained through its core features; decentralization, semantic web interactivity, artificial intelligence, and ubiquity.
Web3 is considered the read-write-own version of the internet because it's building off past generations and improving data management.
The Evolution: From Web2 to Web3
While Web2 was designed to improve community development and for people to create content, Web3 attempts to customize data for each individual and enhance cybersecurity.
Web2 data ownership is tied to whatever network or platform you use, whereas Web3 gives you direct data ownership and prioritizes your security and privacy.
Additionally, the applications (apps) in Web2 are powered by a single entity, different from decentralized applications (dApps), protocols powered by blockchain technology that bring Web3 to life.
The Power of Web3: Why it Matters to Everyone
Web3 prioritizes the needs of content creators and Internet users over those of centralized institutions currently running Web2 platforms. The power shift derived from using the decentralized system will give you more control over your data. You will be able to access Internet services without trading your personal information in return. Web3 aims to be censorship-resistant, and you can create content without centralized network limitations.
Web3 is inclusive and built on the idea that the Internet should be permissionless for everyone to access.
Trust Wallet, available as a mobile app or the Trust Wallet Chome Extension is a secure platform that lets you connect to various decentralized Web3 applications. Used by over 60 million people worldwide, it’s a secure multichain crypto wallet that serves as a gateway to Web3. The Trust Wallet dApp Browser allows you to easily access decentralized applications while storing and managing tokens to use on the apps.
Although it’s still in the early stages of development, we can learn a lot from Web3’s foundational technologies; decentralization, peer-to-peer networks, and blockchain.
Let's look at what roles these technologies play in the Web3 ecosystem.
Web3 and the Role of Decentralization
The primary mission behind Web3 is to give more power to people using the Internet, and to give them the freedom to own. It also aims at more data ownership by content creators across different platforms.
Decentralization allows for the power of governance and ownership of data on the Internet with the expansion of DAOs. Companies will no longer grow by hoarding your data. Instead, you will have full control of your information.
It also reshapes digital ownership through NFTs and provides more earning opportunities through blockchain gaming, trading, lending, borrowing, and more. Decentralization also gives developers a larger platform to create more meaningful apps specific to real-world problems using open-source code
From Centralized Servers to Peer-to-Peer Networks: The Web3 Revolution
Peer-to-peer (P2P) networks enable a direct exchange between two parties without a central authority as an intermediary.
In Web3, P2P interactions have several advantages, including lower transaction costs, higher transaction speed, more security and privacy, and scalability. P2P interactions eliminate intermediaries and encourage safer spaces to interact through distributed nodes, creating fewer chances of cyber attacks or data loss.
The P2P Web3 revolution will create censorship-free platforms to share ideas, issues, and more while remaining anonymous.
Blockchain: The Backbone of Web3
Blockchain is the technology shaping Web3. However, the technology’s relevance in Web3 goes beyond decentralization. There is a new age of the Internet of Things, artificial intelligence, and machine learning that Web3 is opening doors to.
Furthermore, the token structure of Web3 platforms is highly dependent on the cryptographic components of the blockchain. Tokens ensure a thriving economic structure within the applications, allowing you to perform transactions, in-app purchases, staking, and more.
Blockchain technology in Web3 solves the issues prevalent with centralized applications and Web2, including downtime, privacy, anonymity, security, costs, and more.
The Era of Decentralized Applications (dApps)
Web3 is introducing decentralized applications (dApps) to replace centralized apps in the older versions of the Internet. Let’s take a look into what these apps are, how they work, and their advantages over centralized apps.
A New Frontier: What Are dApps and How Do They Work?
Decentralized applications run on peer-to-peer networks, offering “regular” app functions with the benefits of decentralization. They depend on blockchain technology and Web3, differing from centralized applications that run under a single entity or company.
That said, how do dApps work?
dApps work like regular centralized applications but are controlled by distributed nodes instead of a single server. Peer-to-peer networks allow dApps to eliminate third parties from their processes.
Decentralized applications use smart contracts in their functions. Smart contacts are programs on blockchains with automatic execution, depending on whether all the rules are met. They add to the transparency of blockchain, making dApps more open than centralized apps.
Some notable ways dApps differ from centralized dApps are:
- dApps are open-source, unlike most centralized apps, meaning the code and computing power involved in making the apps aren’t owned by one person or group.
- dApps depend on blockchain technology; all information is immutable and stored on a public ledger. This factor makes them more transparent than centralized applications
- Unlike centralized applications, dApps have tokens to support their functions.
- dApps are largely immune to the censorship present in most centralized applications.
From App Store to dApp Store: The Changing Landscape
Big tech companies like Google, Apple, and Amazon own a significant percentage of the centralized applications on the Internet today. However, with dApps, people could transition to using dApp stores more. Trust Wallet gives you access to dApps through the Trust Wallet Chrome Extension and the mobile wallet’s built-in dApp Browser.
Getting Started with dApps on Trust Wallet
The Trust dApp Browser connects people with all the apps running on Ethereum, BNB Smart Chain, and around 70 other blockchains. The fully integrated mobile interface allows you to access all decentralized applications on your phone.
The easiest way to explore the dApps available on Trust Wallet is by the following steps:
- Download the Trust Wallet on your mobile phone or desktop browser.
- Next, you can buy crypto and store it with your Trust Wallet.
- Start exploring all the dApps available through your Trust Wallet dApp Browser.
Popular dApps: A Glimpse into the Future
dApps are poised to become the future of the Internet. In the last couple of years, decentralized applications have taken off and continued to gain traction in their respective industries.
Leading the Charge: Top dApps Transforming Different Industries
DApps are leveraging the power of blockchain to transform different industries, including finance, gaming, trading, and many more. Here are the top dApps in several industries.
Compound is a leading decentralized lending platform that enables you to borrow and lend crypto assets operating on the Ethereum network. In addition to enabling you to borrow crypto, you can also earn interest on your long-term crypto asset investment by depositing them in a lending pool, replacing the role of traditional lenders.
Uniswap is an automated market maker protocol that enables you to create liquidity and trade ERC-20 tokens on Ethereum. The market-leading DeFi application is one of the largest decentralized crypto exchanges, regularly trading higher volumes than their leading centralized exchange counterparts. It’s an excellent example of DeFi disrupting traditional and centralized finance with innovation.
dYdX is a decentralized derivatives exchange that enables you to trade perpetual swap contracts. The platform was built on the Ethereum layer-2 StarkWare and stands out as one of the biggest crypto derivatives exchanges in terms of trading volume, highlighting the dirusptive quality of DeFi application in the financial markets.
OpenSea is one of the largest and most popular Web3 marketplaces for NFTs, offering a large digital collectible library with categories such as art, music, sports, and many more. On the platform, you can mint and sell your own NFTs, take part in NFT drops to purchase the latest collection, and buy and sell NFTs in the secondary market.
Axie Infinity is a play-to-earn blockchain game where you breed, trade, collect, and battle creatures called Axies. The Ethereum-powered metaverse game enables you to earn tokens for winning battles, making it one of the most competitive blockchain games in the market.
The Role of Trust Wallet in Facilitating dApp Usage
Trust Wallet is your gateway to decentralized applications and the entire world of Web3. The market-leading crypto wallet has an integrated web browser that can connect to virtually any decentralized application.
The dApp Browser is crafted to provide a seamless transition between your wallet and the decentralized application and is fully optimized for mobile phones.
The Power of DeFi Wallets: Trust Wallet at the Forefront
Decentralized finance (DeFi) refers to Internet-native financial products and services that you can access from anywhere in the world. To use DeFi applications, you need Internet connectivity and a secure non-custodial DeFi wallet like Trust Wallet.
Beyond Traditional Banking: What is a DeFi Wallet?
A DeFi wallet is a digital wallet that enables you to manage all your digital assets and seamlessly interact with DeFi applications and protocols. DeFi wallets are non-custodial, providing you with complete control over your finances as you interact with different DeFi platforms.
Trust Wallet: Your Gateway to DeFi and the Web3 Ecosystem
Trust Wallet is the most trusted self-custody crypto wallet that gives you full control over your digital assets. It's a multi-chain wallet that offers secure Web3 access and connects you to decentralized applications.
Trust Wallet aims to be an open, seamless gateway to DeFi and the Web3 ecosystem to build a secure and decentralized world.
The Unique Benefits of Using Trust Wallet in the DeFi Space
Trust Wallet has many unique features that set it apart from other DeFi wallets.
Here are a few:
- Trust Wallet has multi-cryptocurrency support for over 9M digital assets and tokens across 70+ different blockchains.
- The Trust Wallet gives you access to thousands of Web3 dApps, putting all supported blockchains at your fingertips.
- The Trust Wallet Security Scanner is a in-built feature in the app that informs you about risky transactions that could result in a loss of funds. The app alerts you via warning messages of the potential risk of a transaction while keeping you in complete control of your funds.
The Road Ahead: Trust Wallet's Vision for the Future
Trust Wallet has established itself as the market-leading Web3 wallet, bringing millions of people into the next era of the Internet. But the work doesn’t stop here.
We’re working hard on further integrations and the development of new features to make accessing Web3 even more seamless. Keep an eye on Trust Wallet’s official social media channels to stay up to date with the latest feature roll-outs!