The world is quickly advancing toward Web 3.0, which will be the next big thing in technology. In this new era of the Internet, users will manage their data, artificial intelligence (AI) will process queries similarly to humans, and data will be stored and processed across a distributed network. It is not a futuristic concept, and it is currently taking place. Web3 projects are becoming more and more prevalent. This article will explain how to launch your Web3 project so you can capitalize on this trend and benefit as much as possible for your company.
What exactly is Web 3.0?
An upcoming Internet innovation called Web3 will allow websites and programs to understand and process information as people do. It will be made possible by cutting-edge technologies like artificial intelligence, neural networks, blockchain, spatial computations, big data, VR/AR, etc. The future Internet will resemble a video game with intelligent helpers. They will be able to comprehend and satisfy human desires, just like in fictional books or movies.
In his metaverse, Mark Zuckerberg wants to build a parallel universe. Web 3.0, on the other hand, focuses on decentralization and artificial intelligence, whereas the metaverse is more about VR, AR, and spatial interfaces. In other words, Web 3.0 and the metaverse concepts are similar.
The connection between blockchain and Web3
Only decentralized protocols like blockchain, smart contracts, cryptocurrency, the Internet of Things, and DApps will allow Web3 networks to operate. Therefore, we anticipate that Web3 and these protocols will have a strong symbiotic relationship. Additionally, smart contracts will automate them, make them compatible, and enable industry integration.
The operation of the majority of processes, from microtransactions and censor-free information storage, to complete management changes on all entrepreneurial levels, will be guaranteed by Web3 technologies. Web3 and blockchain pairs will soon replace traditional power sources.
The best Web3 and blockchain pairing solutions are listed below:
Decentralization: the use of a blockchain to store data. Data is kept in a blockchain by Web3 solutions. It enables accessibility from any gadget. Since computers process everything decentralized, one does not need intermediaries for specific tasks.
Autonomy: smart contracts that run on their own. The need for banks, lawyers, the government, or other intermediaries is reduced because Web3 applications can create action algorithms and execute them independently.
Content cannot be remove due to censorship resistance. Users who want to share their data without worrying about losing control will find Web 3.0 a more dependable environment because nothing written in it can be delete or stopped by anyone.
Secure messaging prevents message hacking: Thanks to the concept’s secure messaging over blockchain, users won’t need to worry about hackers stealing their conversations or essential information.
Protection against fraud: The transaction cannot be forged. The inability of outside parties to alter the transactions makes Web3 solutions more secure, which is another advantage.
Access cannot be restricted: so it doesn’t need permission. Since intelligent contracts carry out transactions automatically, Web3 solutions are independent. In other words, you don’t have to shell out a lot of cash to get the needed services.
The development schedule for Web3 solutions
Creating a Web3 project, such as a cryptocurrency wallet, NFT platform, or decentralized application, is labor-intensive and involves many steps. Here is a thorough explanation.
Step 1: Opening phase
Creating a Web3 solution begins with an opening phase, just like any other startup or IT product. At this point, you should define the project’s concept and conduct a market, target audience, and rivalry analysis. It enables predicting market trends, comprehending your target market’s needs, and identifying your rivals’ benefits and drawbacks. A business analyst compiles the design and functionality requirements for your upcoming project following the data, enabling the developers to estimate the general scope of the work, required budget, and technological stack.
To put it another way, clearly understanding what you want to develop is the first step before creating a Web3 solution. The developers can put your idea into practice more readily if there is a clear understanding. You can decide on your requirements definition or work with specialized consultants (business analysts, marketers, programmers, designers, financiers, etc.).
Typically, the process goes like this: you explain your idea and the business goals you want to accomplish during a briefing. Next:
- The business analyst researches the demand for the offer, the competitors’ strengths and weaknesses, and the topicality;
- The marketer assists in determining what kind of product consumers will prefer, how to stand out from rivals, and how to enter markets and generate revenue;
- For users to like and use an interface, designers specify how it should look;
- The programmers describe the code development process.
Step 2: Defining the functions
The development team decides what function to add at this point. The project will determine the list of operations. A decentralized exchange and a cryptocurrency wallet have entirely different lists of features. The list of features also depends on how you plan to enter the market; it might be with an MVP (minimum viable product) or a full product launch that provides all features to customers immediately after the release.
The roles that users play within the product must also be taken into account. Administrators and end users typically play these roles. There are a few additional roles, though. For instance, buyers and sellers will be the positions if you want to create an NFT marketplace. Developers, miners, and validators will enhance the code and add new features if you design a cryptocurrency.
Let’s look at the list of functions for cryptocurrencies as an illustration.
The end-user functionality of a wallet is as follows:
Registration. To register a cryptocurrency wallet, a crypto address must be created or retrieved (linked). Some wallets, like BlueWallet, require you to choose between standard, storage, and lightning accounts. The DApp can be use as a standard wallet, a very efficient storage device, or a wallet for lightning transactions on the Bitcoin network, depending on the type. In the future, identity verification will be part of this stage (regulators from the USA and EU start requiring it).
Exchange and conversion factor. A cryptocurrency wallet’s most basic version lets users receive and send digital assets. It resembles MetaMask in some ways. More sophisticated wallets enable token exchanges or display the portfolio’s total token exchange rate as well as the price of the coins, for instance, in fiat currency like dollars, euros, or pounds.
Asset administration (payments). Within their wallet application, users can buy and sell cryptocurrencies using this feature. This function needs to be as simple and straightforward as possible so that anyone unfamiliar with cryptocurrencies can confidently use the program. It will be even simpler to use if QR codes are add and the transactions will go more quickly if there is a list of favorite addresses for frequent transactions.
Integrating a bank account. The user experience will be improved if users are given the option to link a credit/debit card, PayPal, Google Pay, Apple Pay, or other payment systems. The ability to buy and sell cryptocurrencies more quickly without disclosing payment information is frequently helpful.
Notifications via push. It is an optional but crucial feature if you want to design a cozy Web3 wallet. Users will receive messages about payment requests, balance adjustments, approved transactions, security risks, system updates, and other information. Users will return to the application after receiving the notification.
NFT assistance Support for NFT is yet another optional feature. NFTs are currently a trend in the industry, so storage is need. Support for the following standards is necessary: ERC721, ERC1155, BEP-721, BEP-1155, TRC-721, dGoods, and Compostables.
Security. It is essential to support hardware wallets, 2FA, fingerprint or face authentication, TTL, and Seed phrase for the users. The Web3 platform must be protect from DDoS, SSRF, CSRF, HPP, and other threats.
The administrator’s functionality is as follows:
Instrument display: The administrators can use this tab to track the status of the system, the number of users who are actively using it, the volume of transactions (per second, hour, or day), the total number of transactions, new messages, and operational issues, etc.
User administration: Administrators use this tab to track user status, modify, add, remove, freeze, or recover accounts. Additionally, a user chat window should be include on this tab.
The control of the payment system: The administrator has the option to add or remove payment systems here. Additionally, changes can be make to the minimum transaction size required to buy cryptocurrencies with fiat money.
Controlling the fees: The administrators can add, remove, or change fees for cryptocurrency and fiat transactions using this tab. The size and frequency of referral program payments are also adjustable through this tab.
In charge of the content: Your administrators need tools to edit, add, and remove text, images, animations, and other content from your platform’s user interface.
Advertising and marketing: You can include a feature to display advertisements as notifications and banners when creating a Web3 wallet. The administrators will need tools to manage this function if it exists.
documentation for API. These are the services that have been integrate. Learn more about News
Step 3: Developing the architecture
Creating the project’s information architecture is the next phase in developing the Web3 platform. This diagram typically displays the critical elements of the system and how they interact. Future user interface screens and their transitions are frequently the focus.
A diagram is require to analyze and improve user flows and actions to accomplish desired outcomes, such as purchasing cryptocurrency. It is thought that a website or application’s user interface will be more appealing, and the user experience will be better the more superficial the path is.
This architecture is typically develop by business analysts and UX/UI designers. A programmer or other expert can join them if they need their input on a particular matter. For instance, to comply with laws on the storage and distribution of user data, it is now necessary to involve lawyers in developing crypto-projects.