The long-awaited third iteration of the web (Web3) is upon us. It’s erroneously perceived as the time when the individual takes digital control from the tech companies. Perhaps it’s an expectation wrapped in folktales. However, it’s believed to bring good tidings to a world losing its grip on tech giants.
HALO Network is a blockchain that can support the growth and proliferation of Web3. This piece is dedicated to analyzing the efforts of the public chain in making this latest iteration of the web a reality.
The Evolution of the World-Wide Web
The web has come a long way from its humble beginning. A lot has changed since the internet became a thing. In web1, content creation wasn’t much of a thing. There were few content creators, lots of static personal pages, and a blanket ban on digital advertising. People consider web1 as the stone age of the internet, and it’s not hard to see why. Fear and trepidation reigned supreme, which stifled innovation and efficiency.
Web2 brought about more user content with an improvement in interoperability. Users could create and engage content in web2, hence it’s often referred to as the participative social web. The increased access to mobile devices helped propel the growth of web2.
Despite the evolution of web2, there are lots of areas where it’s not so different from web 1. Censorship is still a thing. Tech firms exert dictatorial-like control on user activities. Donald Trump, the former president of the United States can explain that better. The middleman remains a big player in web 2.
The third iteration of the web (Web3) is bringing decentralization and a trustless system where smart contracts and machine learning will play a major role. Here, issues related to interoperability and censorship are resolved completely. In Web3, tech firms won’t have as much power as they have in web 2. And the middleman is going out of business.
Why HALO Network is Ready for the Web3 Era
One of the reasons why web3 is quite different from the previous iterations of the world wide web is the former’s reliance on technology, especially blockchain and machine learning. These innovations are pivotal towards the realization of Web3 potential.
- Provides a truly decentralized environment
Web3 applications are decentralized apps built on public chains. HALO Network is one of such blockchains. The network has the infrastructure necessary to support Web3 dapps. HALO Network is completely decentralized using a refined form of the popular POS consensus to ensure the blockchain reflects that attribute.
- Smart contract supported blockchain
Since Web3 dapps depend on smart contracts to guarantee a trustless and decentralized arrangement, the right blockchain needs to be supportive of the deployment of smart contract codes. HALO Network uses the improved version of the Ethereum virtual machine (EVM) to deliver in that area.
- Web3-friendly ecosystems
The different ecosystems on HALO Network make it a good fit for Web3 applications. HALO Bridge, an ecosystem on the public chain, helps ensure the blockchain meets the interoperability needs of web3. You can transfer/convert assets between supported chains using the bridge. It’s safe, cheaper and faster than the competition.
Another ecosystem that makes a case for HALO Network’s suitability for Web3 dapps is HALO Oracle. It’s a centralized blockchain oracle that connects HALO Network to data from the real world. Web3 applications rely on data sources to provide users with accurate information; blockchain oracles, like HALO Oracle, meet those data needs. With the accuracy of this blockchain oracle, HALO Network can support Web3 applications, ensuring they deliver on the expectations of users. It’s one of the reasons why the blockchain is the preferred destination of many of these dapps.
Another ecosystem that makes HALO Network right for Web3 dapps is its main DEX, HOSWAP. Typical of most public chains, HALO Network has a decentralized exchange that supports the trading of assets in the absence of any middleman. Web3 dapps with a digital currency can have such tokens traded easily on HOSWAP. Fees are negligible, so users aren’t put off by trading charges.
- Experience with Web3 Applications
If there’s one thing that sets HALO Network apart in the Web3 space, it’s the blockchain’s experience with these decentralized applications. Where other public chains are still testing the waters, HALO Network currently supports a handful of Web3 dapps.
Cosmic, a play-to-earn game is a Web3 dapp that’s built on HALO Network. The blockchain game uses NFTs and cryptocurrencies in disrupting the gaming world – HALO Network is at the center of this dapp. Several other Web3 applications are currently running on HALO Network, which gives credence to the blockchain’s support for this latest iteration of the world wide web.
HALO Network continues to break barriers as the age of Web3 dawns on us. The blockchain has the infrastructure and ecosystems to bring the latest iteration of the web to life. Yet, HALO Network is pushing forward with collaborations and partnerships that can maximize the blockchain’s potential towards making a home for Web3. Will the public chain succeed in its quest to hasten adoption of Web3 applications?
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