The use of the Internet is continuing to grow in terms of practical uses and daily participation by people all over the globe. While the Internet has been a major part of people’s lives for more than 20 years, it is continuing to evolve. One of the largest changes and advancements regarding the Internet is the incorporation of Web3, which generally focuses on creating an internet that is open, decentralized, and user-focused. In the coming years, there are five innovations that people are looking forward to, which will continue to enhance the user experience.
DeFi
One of the more considerable advancements with Web3 is the continued development and use of DeFi technology. Broadly speaking, DeFi refers to a category of applications and other financial services and tools that will use blockchain technology. It allows people to transfer funds and crypto, purchase products and services, and complete other transactions without the use of traditional banks. This can include lending or borrowing funds, staking crypto, and making certain investments in a less regulated and more anonymous fashion.
NFTs
The use of NFTs has continued to grow in recent years. While there has been a lot of volatility in the value of NFTs over the past few years, there continues to be a significant value and functional use of this technology. The use of NFTs allows someone to identify ownership and authenticity of a digital asset, improve the security of an asset, and create more control and empowerment. The use of NFTs will likely continue to grow considerably in coming years through Web3.
Liquidity Staking
For those that invest in and hold crypto, liquidity staking can be a great way to make some money without having to sell their currency. With liquidity staking, you will deposit tokens into a pooled account. In return, you can receive rewards or other coins in exchange. The benefits of staking without losing liquidity are that you can diversify your risk, earn additional income, and continue to have the ability to withdraw your stake when necessary.
Social Finance
Social finance is continuing to provide value to users in Web3. This generally refers to the combination of both DeFi and social networks. In a social finance platform, it allows a user to complete decentralized transactions with other users. This can include buying and selling crypto, trading NFTs, or completing a number of other transactions. It will continue to use blockchain technology, smart contracts, and other features to ensure anonymity when necessary and improved security. Social finance will likely continue to grow as there are more functional uses for the technology.
Stablecoins
Many people continue to see value and a future for the use of Bitcoin and other forms of crypto. However, one concern that many people have is that coins can move rapidly in value over time. This can make it difficult to hold a position or rely on value in the future. However, stablecoins are designed to maintain a stable value. These are often tied to traditional fiat currencies, such as the US Dollar. The use of Web3 is opening up more opportunities to purchase and use these digital coins.
Web3 has continued to have a major impact on daily Internet use. While this technology is still in its infancy, there continue to be new and exciting innovations each year. There are various exciting innovations, in particular with Web3, which will have a large impact on the Internet moving forward. Read more exciting articles on Tech new master
