The expectations of experts rose after Blockchain was introduced as an academic concept. Even web 1.0 and web 2.0 left an enduring impact, but everything was still not the way it should be. After fetching recent Web 2.0 data, it can be seen that these systems are experiencing extreme vulnerability in several situations. This information is stored in centralized systems and is susceptible to hacks. Not only this, even the sales are taking place casually. Since the data is centralized, a few individuals get the opportunity to suppress the data which might create havoc in society. Even the government has permanently shut down the websites and accounts that indulged in suspicious activities or violated or breached restrictions.
Web 3.0 has been able to address these issues as they are backed by blockchain technology. Even though Web 3.0 has been recently introduced, it has demonstrated how the concept of decentralization will benefit the world. Financial technology is going to reap the benefits of Web 3.0 in the future. Also, they will be able to achieve the desired results with the assistance of a Web 3.0 DeFi dApp development company.
What are Web 3.0 Decentralized Applications?
Web 3.0 DeFi (abbreviation for Decentralized Finance) Dapps (or decentralized applications) are the popular technologies that are secured using Blockchain. A DeFi dApp solution helps users perform seamless financial transactions, such as lending, borrowing, mortgaging, loaning, saving, and more. In addition, these platforms take advantage of crypto tenders (cryptocurrencies and stable coins) and collaterals such as NFTs which are an integral part of Web 3.0.
Some Web 3.0 applications have already established a strong market presence, including Sushiswap, PancakeSwap, and MakerDAO. Like these applications, investors can build secure and robust applications under the guidance of a Web 3.0 DeFi dApp development company.
These adopt the concept of decentralization, making the user data susceptible to forgery. The transactions are clearly visible without disclosing the identity of the users. The information is shared with several devices; even the refrigerator working on IoT holds the information.
Technology Operating Behind Web 3.0 Applications
Web 3.0 doesn’t use centralized servers, so no server or server-based protocols are implemented during the process.
Blockchains are an integral part of DeFi dApp solution Most DeFi dApps operate on Ethereum and other networks such as Hyperledger Sawtooth, HyperLedger Fabric, EOS, and Polygon.
Web 3.0 DeFi dApp development is incomplete without smart contracts. Their code is written in Solidity, and the smart contracts execute when certain predefined conditions are fulfilled. These have a complete financial history and have become a preferred choice of decentralized finance companies globally.
Smart Contracts run on Ethereum Virtual Machine and, according to the Blockchain information, are updated. Since they are Ethereum-based, smart contracts can run on various blockchains.
Benefits of Web 3.0 DeFi dApp Development
Web 3.0 DeFi dApp development offers a myriad of benefits to the users and has been listed as follows:
- Safeguards User Privacy
DeFi Apps have an inherent nature, so sensitive user information is protected at all costs. As a result, even powerful companies won’t be able to monopolize the users to extract their personal information.
- Offers Uncompromised Security
This technology takes advantage of Blockchain and distributes data across several devices worldwide. As a result, those planning to steal hefty and confidential information will fail in their attempts.
- Data Usage Requires User Consent
Web 3.0 doesn’t use any centralized servers, so data generated by the users belongs to them. If a firm requires a user, data payment is given to them beforehand to ensure that everything happens with their consent.
The interoperability feature helps users access information from a single platform. Therefore, it minimizes the time to switch between multiple applications.
- Easy to Create & Access DeFi Platforms
A DeFi dApp solution is decentralized and doesn’t require authorization to use the platform. Therefore, one can access DeFi platforms despite gender, location, demographics, and other social barriers.
Examples of Web 3.0 Applications
Let’s look at some of the practical Web 3.0 applications:
The application has been in the industry for more than ten years. It is not the entire ecosystem but the protocol, which is decentralized.
Diaspora is a Non-profit decentralized social network.
All the Blockchain-based blogging and social networking activities take place on Steemit.
All the decentralized exchange trading activities take place in Augur.
Buying and selling NFTs have become simpler than ever with the OpenSea platform. This platform operates on the Ethereum Blockchain.
Sapien is another social networking platform that is created on the Ethereum Blockchain.
Create Scalable & Robust dApps with Leading dApp Development Company
Omatech Web3 has become the leading name and offers scalable DeFi dApp solution to new, small and large enterprises. We have years of experience developing smart and scalable dApp solutions proposed after keeping business requirements in mind. Our experts devise a roadmap offering detailed information on your Web 3.0 DeFi dApp development journey.
Connect with our subject experts to share your business needs.