The technological advancement over the years has achieved some remarkable milestones, one of which is the creation of the web3 space. Web3, in essence, is the newest version of the internet which is a result of an evolution, driven by the market.
Previous versions of the web space are web1 and web2. Web1 is static and is directly linked to the beginning of the digital era. Web2 is the upgraded version - a centralized space, in which social media platforms, e-commerce, payment platforms and other types of platforms are in the hands of centralized companies. The centralization is often used as a tribune for propaganda and limiting the right to free speech, which is one of the main disadvantages.
To combat the limitations of web2, web3 was established with its decentralized infrastructure, which provides several distinctive features to set it apart from web1 and web2. It is user-centric, allowing control on online and offline presence and privacy. As part of the decentralization, the use of blockchain protocols, peer-to-peer transactions, interoperability, tokenization and digitalization of arts and non-fungible assets as well as transparency, are shaping web3 as the newest era of Internet.
However, note that if you are actively participating in the Web3 space as a builder, there are ways to help you create your decentralized application (DApp) or platform easily through Web3 APIs.
Because we are still in the early days of web3, there is not a standardized blockchain terminology that is widely accepted which can help us define what web3 infrastructure is.
Despite that, it is commonly agreed that web3 infrastructure consists of different blockchains, devices and different blockchain layers which interact with each other. They are all attributed to the establishment of two key sectors within web3, which play a crucial role in the web3 infrastructure - computing and smart contract platforms.
According to CoinDesk`s digital asset clarification standard (DACS), the computing industry encompasses protocols that are concerned with creating and sustaining the Web3 and distributed computing infrastructure. They therefore want to decentralize and remove middlemen for services like cloud computing, networking, databases, and storage. These protocols have the ability to give network users back control of data and information by effectively fulfilling their objectives. Additionally, some of them let users make money by helping run these Web3 technologies.
As outlined in DACS, there are five industry groups which run as part of the computing sector - IoT, Oracle, private computing, shared network & shared storage.
IoT is concerned with the creation of the internet of things, in which blockchain interoperability is often enabled. Oracle refers to blockchain oracle used for data collection, management and data transmission, normally powered by native tokens, and used for covering transaction costs. Private computing is a set of data which aim is to safeguard the confidentiality and privacy of data and computations. Shared network is concerned with decentralization of storage servers comprised of multiple devices, exchanging information between them. And shared storage refers to a centralized data repository accessible by multiple users or devices, enabling efficient data sharing, collaboration, and access across a network.
Many of the technologies and tools have already been made readily available to web3 builders. We are not going to discuss all of them; instead we`ll focus on several of the most important that you need to be aware of:
Web3 API providers: there is a major difference between what one provider can supply to the client when compared with other API providers. In essence, what web3 APIs allow you to obtain is on-chain data which is consistent, precalculated and ready for deployment by you and your technical team. Finding a reliable web3 provider is a must for the success of the development of your decentralized project or app
Node providers: nodes enable accessing particular blockchain data which maintains a copy of the blockchain ledger and validates transactions. There are companies on the market, including Crypto APIs, which can assist with the nodes provision, instead of having to run your own nodes.
Web3 wallets: Different web3 wallets exist, but the purpose of all them is the same - they let you store, manage and transact your digital assets. They are a great tool to complete web3 authentication and test dapps, confirm transactions, etc. A good example of wallet that can be of great use to your organizational demands is the non-custodial wallet service that we offer.
Web3 Use Cases: All technologies and tools that we mentioned above, when purposefully used, can assist with the development of payment and lending applications, custodians, crypto wallets, crypto exchanges, accounting solutions, block explorer and more. Block explorers can also be seen as an instrument that allows collecting on-chain data and find its place as a technological web3 tool.
Regardless of the type of web3 business that you are building, securing a leading provider can save a lot of time, effort and of course - money. Crypto APIs web3 blockchain suite is very comprehensive, with a list of services to cater for all of your needs. Аs a leading web3 APIs provider, our clients can get access to the following:
- Blockchain data - Gaining access to complex and ever-changing blockchain information through REST APIs from a singular location. The impeccably synchronized and organized database ensures a rapid response rate of 25 milliseconds.
- Blockchain events - Observe and receive alerts for specific occurrences on leading blockchain protocols through streamlined requests and callback mechanisms. Our sturdy framework guarantees prompt notifications to your authenticated endpoint as soon as the event takes place. Enroll for updates on new blocks, recent transactions, token transfers, internal transactions, and other events. The elapsed time between the event occurrence and the delivery of our callback is under 100 milliseconds.
- Node as a service - Our globally distributed node services are meticulously crafted for reliability, scalability, and rapid performance. You can use shared or dedicated nodes.
- Non-custodial wallets - Use our HD wallets to keep all of your transactions in one place. Complete transfers, conduct tests on your applications via test payments, make testnet transactions and many more options to choose from
- Blockchain tools - Blockchain tools comprises a valuable package of API endpoints that offer a convenient means to interface with blockchains and execute specific tasks. These REST API endpoints streamline development, cutting down on time and server expenses.
Crypto APIs provides additional services to those that we mentioned above as part of our comprehensive blockchain infrastructure suite. As each company has different requirements and organizational goals, we strongly suggest booking a consultation with our experienced Business Development team, to help you find the right solutions for your business.