The Internet is evolving towards a decentralized future with Web3, based on blockchain technology. This creates great opportunities for community-driven innovation. Unlike traditional models where decisions are made from the top down, Web3 empowers people. Through DAOs, or Decentralized Autonomous Organizations, people can collaborate, own, and co-manage projects. These changes create a unique space for innovators to build with communities of interest. By fostering collective ownership, they are driving the Web3 revolution forward. To learn more about the advantages and disadvantages of the Web3 space, I spoke with cognitive designer and Web3 enthusiast Francis Solomon (Blitz in X), who shared his experience in this area.
About the Web3 space
Q: How long have you been in the Web3 space? What drew you to it?
A: I have been on Web3 for three years. I have been attracted to the concept of Web3 since 2010, and have drawn attention to its potential to create a decentralized internet where users have more control over their data, so I’d say the fact there is a possibility of having control over my data is what drew me to Web3.
Q: What do you think are the key features that make Web3 more secure compared to Web2?
A: Web3 introduces a paradigm shift in how data is handled, stored, and secured, fundamentally different from the centralized approach of Web2. Decentralization of Data, Blockchain security, User Data privacy, Governance security, etc. collectively contribute to a more secure and robust framework for digital interactions in Web3, aiming to address many of the security concerns prevalent in Web2.
Q: What are the benefits of Web3 for you?
A: This is the juiciest part. Benefits include ownership of data, increased privacy, and financial opportunities through cryptocurrency and DeFi. This is the part where I get to eat.
Q: What risks do you see associated with Web3?
A: Web3, while offering a range of innovative features and potential benefits, also introduces several risks that stem from its decentralized nature and reliance on emerging technologies like interoperability issues, Data security concerns, etc.
Q: Do you think Web3 can completely replace Web2?
A: Whether Web3 can completely replace Web2 is still a matter of debate. Web3 offers new possibilities, but Web2 services are deeply integrated into the current infrastructure. There is potential.
Experience with the Web3 environment
Q: I saw that you are a member of the Cardano Community. Why did you choose Cardano?
A: People choose Cardano for various reasons, such as its scientific approach to blockchain development and its aim to provide a more secure and scalable infrastructure. I chose Cardano because of the above and its community support. Also, the ecosystem aims to create a more equitable global financial system, with initiatives targeting developing countries.
Q: You have a productivity app. Did you face any difficulties while creating it?
A: It took all of me to get it to this stage, yet I have yet to develop it. Though it was not my best work, it was hard.
Q: You are an ambassador for Bedrock_DeFi. How long have you been involved with them?
A: A few months. And they’re the best retaking protocol I can think of now. Retake your ETH and get exposed to their litany of benefits.
Q: How long have you been involved in crypto, and which exchanges do you prefer?
A: I’ve been in crypto since ’20; it has been rocky, though. I survived 2 brutal bear seasons. Furthermore, I mainly use Binance, and MEXC, OKX, KUCOIN, AND NOW BITRUE.
To create an effective Web3 project, you need to take into account many aspects. One of them is to find your niche. So how do you choose your niche? Here are some quick tips for you.
Finding your niche
Unearth a real need. Web3 is vast. Don’t just throw ideas at a wall. Identify a specific problem or challenge faced by users in the ecosystem. Does your project improve scalability, bridge compatibility issues, or promote financial inclusivity? Be specific, avoiding generic solutions. For example, the company Hiro Systems creates developer tools for the Stacks network and supports applications and smart contracts for Bitcoin.
Embrace Web3 values. Remember, Web3 is about decentralization, transparency, and empowering communities. Ensure your project strengthens these core principles. Building solutions that are user-owned, openly developed, and foster community participation will attract passionate users. SmartMedia Technologies is changing the landscape of customer engagement and loyalty to help some of the world’s largest enterprises achieve better business results. SMT is the only complete end-to-end solution that bridges the gap between Web2 and Web3, making Web3 secure, simple, and valuable for brands, and engaging, open, and useful for consumers. Among the main tasks of this company are a complete analysis of users and their activities on certain platforms and the provision of services to attract new customers.
Validate your vision. Don’t build in a vacuum. Research existing projects in your chosen area and engage with relevant Web3 communities. Roblox is a company that is redefining the way people come together by allowing them to create, communicate, and express themselves in immersive 3D experiences created by a global community.
Building trust in crypto. By actively engaging with the community, you demonstrate a commitment to joint development and build trust from the start. Cryptocurrency exchanges are also trying to build trust among users by conducting several activities and providing enhanced security measures. 2FA, KYC, and AML checks may seem like basic things, but their presence does provide greater trust in cryptocurrencies and exchanges themselves. Storing user assets in cold wallets further increases trust. Examples include exchanges with the highest percentage of cold wallet storage: WhiteBIT - 96%, Kraken - 95%, and Coinbase - 90%.
Conclusion
The potential of Web3 is enormous, but success depends on finding your niche. By addressing specific user needs, adhering to Web3’s core values, and actively building trust within the community, you can take your place in this rapidly evolving landscape. Remember that Web3 thrives on collaboration. Learn from existing projects, participate in discussions, and align your vision with the community you want to serve. With a clear purpose, unwavering commitment, and dedication to the Web3 core principles, you can find your niche and make a meaningful contribution to the future of the Internet.