The Impact of Web 3.0 and How One Company is Helping Businesses Make the Transition
Web 3.0 refers to the next generation of the internet, in which websites and applications will be able to handle data in a clever human-like manner using technologies such as machine learning (ML), Big Data, and decentralized ledger technology (DLT), among others. Tim Berners-Lee, the creator of the World Wide Web, dubbed Web 3.0 the Semantic Web, with the goal of creating a more autonomous, intelligent, and open internet.
Web 3.0 is not a new concept. Back in 2006, Jeffrey Zeldman, one of the early inventors of Web 1.0 and 2.0 apps, wrote a blog post expressing his support for Web 3.0. However, discussions on this subject began around 2001.
CEOs and business executives from a variety of industries are excitedly anticipating and debating the impact of Web 3.0 on their everyday operations and the opportunities it may provide. Web 3.0 is the internet’s third iteration, promising a free and transparent flow of digital information and data, as well as privacy and decentralization. In this context, numerous Web 3.0 firms are leading the charge to transform the web for a brighter, more tech-driven future. Decentralization, transparency, and tremendous consumer utility have become distinguishing qualities of cryptocurrencies and blockchain, driving client loyalty and enhancing user experience. To assure the most accurate and satisfactory outcomes for the end-user, most firms seek to integrate Web 3.0 technology.
Web 3.0 Development and what it means for businesses across the globe
Similar to any new technology and advancement, Web 3.0 has its challenges. With concerns around accessibility and scalability, there is also a growing concern around the lack of resources available particularly around decentralized web development.
For example, the Web3 SDKs, or libraries, are required for the development of any dApp (decentralized app). These libraries enable interaction with a blockchain, such as Ethereum, and allow transaction processing. Web3.js, web3.py, and ethers.js are the most important of these SDKs that are tied to smart contracts as well. So how do businesses ensure they are hiring the right developers with the right skills and experience?
“We have been dabbling in the fintech and defi space for some time now and one of the more recurrent topics of discussion with business owners is their fear of “missing out on this opportunity”. And most people simply don’t know where to find the right developers or what tech stack to look for when hiring for their Web 3.0 project” — Ahmed Muzammil, VP of Tech, Gaper.io
Certain languages are more popular when it comes to web 3.0 development such as Solidity and Rust. For example, Solidity programmers design and deploy smart contracts on Ethereum-based programs using the Solidity language. Solidity’s syntax is comparable to C and Javascript, so developers who are already familiar with those languages may pick it up fast.
Because of its implementation in the Solana blockchain which is a possible contender to Ethereum as the dominant platform for decentralized applications, Rust has gained a lot of traction. Solana is now rated ninth in market value on CoinMarketCap as of March 2022, making it the highest-ranking Rust-based blockchain platform.
A Dedicated Marketplace?
So it’s no surprise that Web 3.0 and its applications are slowly making their way into the mainstream. According to Plexus, Google trend data showed a slow but gradual increase in interest in keywords like “solidity developer” and “solidity developer jobs”.
“Gaper has been vetting developers for the past 2 years and has so far vetted over 10,000 applications. When you are in the middle of the supply chain it’s easier to spot trends and we knew there would soon be a need for dedicated marketplaces for Web 3.0 and that is exactly what we are doing” — Mustafa Najoom, VP of Growth, Gaper.io
Infura, a ConsenSys product that delivers blockchain development tools, stated in November 2021 that its user base had grown by 250 percent in less than a year, from 100,000 to 350,000 developers. Data from State of the Dapps also show similar trends. As of today, there are over 4k decentralized apps with Ethereum being the most popular platform and we are only just getting started.
“This is where Gaper comes in. We are helping companies by connecting them to the right resources so they can develop and deploy their projects on time. This has not only allowed businesses to transition to web 3.0 more seamlessly but has allowed them to launch new projects and generate employment”
Conclusion:
The web’s transformational potential continues to benefit the globe however, user empowerment remains a concern for a growing part of society. Many people have begun to question the status quo at a time when centralized institutions and governments assert control over personal data and privacy. Web 3.0 is allowing individuals and businesses to move to a more decentralized approach to data management.
Companies may also implement new, potentially lucrative business models by exploiting Web 3.0 technology. Regardless of sector, the new web offers a chance to move away from old income streams in pursuit of more efficient alternatives.
