Is it a hoax? Or is it hope for future internet?
From its birth to today, web 3 has attracted a large number of loyalists while at the same time being rebutted as the “hyperfinancialization” of human existence. Nevertheless, web 3 still stands out as the next-generation hopeful, becoming real after witnessing the monopolistic power of internet giants and centralized governmental authority. At the same time, building on the rationale of data decentralization and the technological base of blockchain, web 3 is bringing the ethos of web 1, which advocates the democracy and autonomy of bloggers and page creators.
Web 1 is the stage when every picture, and text is static and read-only. Internet users are hard to interact with each other and everyone can build a webpage by using “open protocols”. This concept shares some similarities with web 3, which staunchly support the idea that everyone can be a producer and creator of it.
In total contrary to the web 1 and web 3 ideas, web 2 allows intermediary arbitrator between creators and end-users. Internet conglomerates such as Facebook and Twitter have great leverages over content production and interactivities among people. Gavin Wood, who coined the word “web 3” in 2014, said that regulators are clumsy in following up with the change, and authorities are always late to “retaining a really strong influence all the time everywhere.”
Therefore, the emergence of web 3 become nothing but logical. People’s call for decentralization only became real once technologies such as blockchain were developed, and blockchain allows decentralized finance (DeFi) to come to pass. In a realm like this, every creator is aiming for building a secure with the best services. As an incentive, decentralized finance provides cryptocurrencies to creators or participants in the governance and operation of the protocols. Under the protocol, content providers can have peer-to-peer connections with other providers on the basis of software such as Ethereum.
Exemplary projects
One of the most successful pioneers in web 3 is Project Galaxy. As the largest Web3 credential data network in the world. Project Galaxy helps Web3 developers and projects leverage credential data to build better products and communities. At the same time, data curators are rewarded for their behaviors and interactions on the platform.
Another one is the Lens Protocol which aims to build a fully composable, user-owned social graph. The protocol ensures immutable user-owned content and social relationships. Each application using the Lens Protocol benefits the whole ecosystem, turning the zero-sum game into a collaborative one. Additionally, Lens Protocol and its content are powered by dynamic NFTs, giving the power and control over content directly to the users, allowing for native content monetization.
5Degree is a Web3 social network protocol deployed on a multi-chain. It aims to enable content creators to connect with their communities and friends through the compatible ERC-1155 protocol Token, forming a simple and easy-to-use, permissionless, composable, user-owned decentralized social network, allowing users to take control of their social data.
Sticking to the virtue of web 3, Audius is a blockchain-based decentralized music streaming platform, which gives artists and curators more control over their music creations. Audius removes the middlemen in the traditional music industry by connecting artists directly to their fans. Artists have the sole ownership of their music and can decide how to monetize them on the platform.
Problem solver
In the era of blockchain, it allows the strengthening of privacy and decentralization, but at the same time lacks a uniform and universal way for users to access all data on the chain, creating different data silos and trapping people in the activities of each chain. In other words, blockchain is still at the development stage of scattering data and chaotic space.
In 2010, Meta developed a meta-tagging protocol, Open Graph. It reflects people’s social network and status in social life, helping users to build and maintain their relationships. Later, then Facebook started the process of typing Open Graph in developers’ native mobile games, promoting people’s social relationships in the gaming space.
However, Open Graph meets challenges when social relationships are not limited to interpersonal relations. In group activities, complex social relationships are hard to be illustrated and described. Identifying an issue as aforementioned, Web3Graph came into being.
The essence of Web3Graph is to provide graph information to web 3 users and accurate data and information for web 3 applications. It is able to provide event-driven open graphs for developers to realize decentralized applications.
Web3Graph allows developers to build their own project features and provides data foundation for applications in different scenarios such as DeFi, GameFi, DAO and SocialFi.
Based on on-chain and off-chain event data, Web3Graph provides infrastructure services for web 3 applications, and bridges gaps between web 3 and web 2. According to the specification of Web3Graph Protocol, all of the event data will be integrated into the database and all software and ecology must adhere the protocol, making it the bolts and nuts of the entire ecology.
The powerful event engine of Web3Graph is divided into on-chain and off-chain. The engine integrates on-chain resources such as AAVE, Compound, Uniswap, and off-chain events generated in web 2, such as Gitcoin, Github, and other platforms such as Discord, Twitter, and Snapshot.
Developers can obtain those rich and comprehensive web 3 data by accessing the API components on Web3Graphs. Based on the APIs, provided by Web3Graph, apps and developers can easily form an ecological base and launch their own application communities. Web 2 developers can access web 3 data without advanced knowledge of web 3 technologies. Besides the API, developers can query complex data structures by defining GraphQL query statements.
Another feature of Web3Graph is the SDK provided for developers to bring web 2 data sources to their applications. Web3Graph also allows the evaluation of DAO members’ contributions in applications so that their contributions can be rewarded accordingly.
Web3Graph also provides developers and users the convenient and practical browser plug-ins to facilitate their access and adaption to the event-driven web 3 Open Graph.
Different from the social graph, Web3Graph builds graphs with full regard of both dimensions of events and time, allowing the illustration of richer indirect relationships and providing time dimension to represent behaviors and processes. Web3Graph meets the requirements from a variety of application scenarios instead of focusing merely on social scenarios.
In the ecosystem built by Web3Graph, producers provide Web3Graph with user behavior data, and consumers develop and customize dApps; the operation manager conducts analysis and generates corresponding labels, graphs and relationships on the graph data for the use of graph consumers; end users can utilize the services provided by the ecology and obtain unified personal data services. All participants, in the end, will be rewarded with tokens for their contributions to the ecosystem. End users will also be rewarded for enriching the data completeness of the ecosystem. In Web3Graph, W3G$ will be used as an incentive token, and it can be also used as the governance token of the ecological DAO.
Conclusion
With the aforementioned features and comparisons with other projects, the event-driven Web 3 Open Graph can provide an open graph infrastructure for web 3 and web 2 social, gaming tools. It not only has a smarter and more powerful engine, but also a more comprehensive label graph and graph ecology.
More than that, more technologies and applications will be added to the ecology and in more web 3 application scenarios and the protocol will certainly become a web 3 mainstream in the near future.
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Lweis Web 3.0 Co-founder NoWhereDAO丨Focusing on #WEB3 and #NFT #MeMe holders, #BTC miners Crypto will eventually change the world