A Brief Guide To Web 3.0 Decentralized Application Development
Posted By : Priyansha Singh | 20-Jul-2022
Web 3.0 Decentralized App Development
As Web 1.0 and Web 2.0 made their widespread impact on the global economy, everything still does not seem perfect. In fact, in the existing Web 2.0 systems, user data have been exposed to various vulnerabilities in a lot of cases. Such information is stored on centralized servers where sales of data and potential hacks happen almost casually. Also, being in the stronghold of centralization and governance gives companies and a few people the authority and opportunity to suppress data they consider might substantially affect the harmony. Moreover, governments and financial institutions have been able to shut down accounts and websites of many people they consider suspicious or rupturing restrictions.
In order to combat all the issues mentioned above, a decentralized web, or in other words, Web 3.0 serves to be the apex solution that is backed by blockchain technology. The existing Web 3.0 decentralized applications have already reflected colossal promises as to why the decentralization of the internet could potentially benefit the world.
Multiple industry players all across the globe are currently conceptualizing and developing Web 3.0, with Ethereum making concrete foregrounds in terms of breadth of scope and early user adoption.
While the underlying infrastructure of Web 3.0 is still in its nascent stages, its decentralized nature is proving to be a game-changer in constructing the core of its proposed architecture. In this blog, we will explore what a decentralized web or Web 3.0 means and how it is powering decentralized app development at many levels. So, let’s get started.
Understanding Web 3.0
Web 3.0 is a next-gen, intuitive, and possible future version of the internet based on public blockchain technology. The inducement of Web 3.0 is that it is open, accessible, interoperable, and decentralized, meaning that users can themselves own and govern segments of the internet rather than accessing the internet via services managed and mediated by companies such as Google, Bing, Meta (earlier Facebook), and Apple.
Moreover, Web 3.0 doesn’t necessitate ‘permission’, which means that central authorities or third-party governance do not get to decide who gets to access or navigate any services, nor does it need any ‘trust’, meaning that an intermediary is not necessarily required for facilitating virtual transactions to take place between two or more parties. Since these intermediaries and agencies are doing most of the data collection and garnering private information from the users, Web 3.0, on the other hand, technically protects user privacy in a better way.
In this context, Decentralized Finance, or DeFi is a pivotal part of Web 3.0 that is swiftly gaining dominance and momentum in the new-age digital transformation. It encapsulates executing real-world financial transactions on the blockchain without the need or help of any banks, governments, or financial institutions.
Technologies Powering Web 3.0 DApps
- Decentralized app development obviously does not entail centralized servers. Therefore, it is best to eliminate and forget anything related to servers as well as server storage protocols before continuing with the blog further.
- Blockchain networks form an inseparable part of any DApp or DeFi platform development. While Ethereum is the current most preferable and popular network used by a large number of DeFi DApps, other blockchain networks such as EOS, Polygon, Hyperledger Fabric, Hyperledger Sawtooth, and more can be used.
- Smart contracts development also forms an integral part of decentralized finance application development. These are lines of codes written in languages like Solidity, Rust, etc, that execute automatically when the predefined conditions are met. They also record transactions and the related histories, which ultimately makes smart contracts an attractive option for DeFi companies.
- The technology behind the seamless execution of smart contracts and also updating information on the blockchain accordingly is Ethereum Virtual Machine (EVM). Although based on Ethereum, it enables the functioning of smart contracts in various blockchains.
Also Read: GameFi Explained: How Will It Evolve In The Future
What Are The Benefits of DeFi DApp Development?
- Because of the inherent nature of DeFi DApps, the security and privacy of user data are preserved, and along with it, the monopoly of a few powerful companies is truncated. Now, with Web 3.0 decentralized apps, users dictate how their data is used, therefore, inadvertent advertising based on the purchased data sets will eventually not be possible.
- With blockchain networks hosting these decentralized apps, security will never be compromised at any level as data gets distributed to devices all over the world, and trying to steal user information or data might end up as an expensive affair.
- Since there is no involvement of any centralized servers, all the data that user generates subsequently belong to themselves. If any agency needs specific user information, it should have to pay the user beforehand, meaning that everything takes place with the user's consent.
- Interoperability is another one of the most important features of Web 3.0 DeFi DApps as it allows users to access multiple applications from a single platform, hence ruling out the total time taken while switching between apps.
Looking For Web 3.0 Decentralized App Development?
At Oodles Technologies, we provide end-to-end digital transformation solutions including metaverse development, blockchain app development, AR/VR app development, NFT marketplace development, and more. As an established blockchain development company, we have gained extensive experience and expertise in several blockchain networks such as Solana, Cosmos, Ethereum, Hyperledger, IPFS, Polygon, Matic, and EOS, just to name a few. We have also assisted several businesses and startups across the globe to harness the power of Web 3.0 and build interoperable, scalable, secure, decentralized, and robust DApps related to DeFi, GameFi, metaverse, etc. If you are looking for Web 3.0 decentralized application development services, feel free to drop us a line. Our experts will get back to you within 24 hours.