Web3 Protocols. It may be unsafe to take those initial steps into the web3 world. In recent years, Web3, widely hailed as the next generation of the Internet, has been trending online and in the media. Curiously, web3 is predicted to revolutionize internet usage by notable figures, including celebrities and CEOs of IT companies. If you don’t have a thorough understanding of web3 protocols and their features, it could be challenging to transition from web2 to web3. Learning concepts like interoperability, intelligent contracts, and decentralization can take web2 developers a while. To rub salt in the wound, a web3 technological stack consists of a laundry list of web3 protocols.
Decentralized networks and blockchain, two examples of Web3 technologies, might be game-changers for the future of the Internet. A comprehensive analysis of Web3 principles may reveal how Web3 technologies might improve privacy, security, and interoperability. Also, Web3 simplifies the process of creating apps that were previously unthinkable. A more in-depth look at the Web3 protocols and their significance in Web3 development follows.
Fundamentals of Web3
A casual observer would mistake the term “web3” for yet another clever way to characterize blockchain technology. However, blockchain is only one of several components or protocols needed to power Web3. Blockchain functions similarly to a database for Web3, much like a conventional Web2 application. Web3, on the other hand, refers to the entire internet ecosystem. Applicants must demonstrate mastery of Web3 fundamentals before moving on to Web3 protocols. An examination of the evolution of the Internet sheds light on the significance of Web3.
- The first iteration of the Internet, or web1, features static websites primarily intended for communicating information. During this phase of the Internet, people could only ‘read’ or consume information from the Internet.
- In the next stage, the world came across Web 2, or the ‘social web,’ characterized by the introduction of social media. Web2 introduced the read-write version of the Internet, which focused on using social media networks, e-commerce, and other commercial websites.
- After Web2, Web3 platforms have been considered the next big step in transforming the Internet and how we use it. Web3 is also known as the semantic web, which extends beyond the traditional read-write functionalities in Web2. Web3 could also allow users to exercise ownership alongside trusting and verifying content.
Role of Web3 Protocols
Typically, protocols are represented as rules or criteria that ensure a network can function. The decentralized network, sometimes called web3, facilitates high-value transactions, such as those involving cryptocurrencies and digital assets. Privacy, security, and practicality are three aspects of web3 protocols that must be carefully considered.
Critical technologies that power the decentralized web include Web3 protocols, which provide interoperability, security, and privacy. Blockchain, decentralized file storage, and peer-to-peer networks are all examples of Web3 protocols that provide decentralized data exchange and communication.
Variants of Web3 Protocols
Decentralized applications (dApps), presentations, blockchain interfaces, and network protocols are all part of the web3 stack. Because the number of web3 protocols is growing exponentially, you must become acquainted with the following types.
API
Application Programming Interfaces, or APIs, are essential for web3 apps. Direct connection to primary networks for data retrieval could be facilitated using application programming interfaces.
Front-end Protocols
It would be remiss to provide a Web3 protocols list overview without mentioning the protocols that make front-end development more accessible. Front-end protocols or frameworks are essential to improving the aesthetics and usability of Web3 applications.
Development Environment
The development environment protocols are crucial when creating and releasing Web3 apps. The development environment provides extensive tools for testing the readiness of a Web3 or decentralized application for deployment.
Identity
The identification protocols round out the set of beginner-friendly web3 protocol resources. Since users’ identities are associated with their wallets on the decentralized web, identification protocols are necessary for creating wallet identities. If a user has an identity protocol, they can use several dApps (decentralized apps) without ever taking their money out of their wallet.
Storage
The possibility of storage decentralization is an important consideration, given that web3 is inherently decentralized. The storage protocols of web3 provide the secure storage of user-sensitive data, information, and transaction details. Smart contracts and NFTs can benefit from decentralized file storage, which could be made practical by storage protocols.
Network Layers
The protocols at the network layer are crucial for preserving Web3 ideals while utilizing blockchain technology. The phrase “layer protocol” comes from the fact that most protocols include two separate but related architectural components, like an execution layer and a consensus layer. For some file types, a dedicated data layer may be necessary.
Different Web3 Protocols and Their Functions
Given the availability of hundreds of protocols, studying Web3 protocols can become extremely difficult. Furthermore, new Web3 protocols introduce ambiguity about their functionality. Each tier of the Web3 technology stack contains a variety of protocols, each of which is described below.
Network Layer
Web3 development is based on the network layer, sometimes known as layer 1 (L1). For decentralized apps, it facilitates the creation of trustless and permissionless settings. The network layer resembles centralized servers and databases from a web2 point of view.
EVM and non-EVM blockchains are typical Web3 platforms on the network layer. Based on their goals, each developer or company looking to build decentralized applications (dApps) on Web3 would have to settle on a specific network layer protocol. Here are a few examples that will help us understand these Web3 protocols.
EVM Blockchains
An EVM blockchain refers to a blockchain network that is compatible with Ethereum. Ethereum Virtual Machine’s dependable storage infrastructure has strangely attracted a lot of web3 developers. To learn web3 programming, you should investigate how EVM-compatible blockchains function.
Enterprise value management (EVM) blockchains are helpful for businesses because they allow users to build, run, and store smart contracts, which simplify and expedite the completion of numerous essential processes. Notable examples of EVM blockchains include Avalanche, Cronos, Polygon, and Ethereum.
Web2 is a platform that supports several programming languages. The Web3 platform, in contrast, provides programmers with specialized resources for creating decentralized applications. Truffle, Brownie, and Hardhat are some notable web3 protocols that help build EVM-compatible blockchains. Brownie offers a variety of Python developer tools for creating, testing, and distributing decentralized apps (dApps).
A Web3 protocol based on JavaScript, Hardhat facilitates developing, testing, debugging, and releasing intelligent contracts. The Truffle ecosystem includes many JavaScript-based tools, such as Ganache and Drizzle. These tools help deploy smart contracts, create local blockchains, and integrate intelligent contracts’ front-end capabilities.
Non-EVM Blockchains
With its lengthy history, EVM has become one of the most popular blockchain development platforms. One disadvantage of EVM is its constraints on scalability and higher transaction costs. As a result, programmers sought out alternatives to EVM in blockchain technology. In terms of throughput and data scalability, non-EVM blockchains outperform EVM blockchains.
Notably, non-EVM blockchains are one of many web3 protocols that offer a compelling alternative to conventional blockchains. Notably, Terra, Flow, and Solana are not EVM-based blockchains. To implement smart contracts, the layer one non-EVM Solana blockchain employs C, Rust, and C. Flow is another well-known layer one non-EVM blockchain that employs Cadence to debug intelligent contracts. The Terra blockchain, on the other hand, deploys web3 stack layer one smart contracts exclusively using Rust.
Blockchain Interaction Layer
In the blockchain interaction layer, or layer 2, users can read and publish data to whatever blockchain they choose.Web3 developers might think picking the suitable layer one blockchain protocol will improve stability. However, layer one blockchain functionality and scalability issues have plagued developers and the Web3 environment, proving the significance of layer two blockchain protocols.
Layer 2 protocols are crucial for preserving Web3’s scalability and decentralization principles. While layer two protocols often provide scalability solutions, these solutions do not significantly affect the security, decentralization, or features of layer one blockchains. Layer 2 Web3 protocols include the well-known optimistic and zero-knowledge rollups.
Presentation Layer
The outline of Web3 protocols’ presentation layer highlights the need to make Web3 apps easily accessible to consumers. Web2 developers may see similarities between Web3 and Web2 in the presentation layer due to the shared usage of the React.js library between the two frameworks for creating and distributing front-end applications.
Additionally, the display layer’s Web3 protocols list includes Web3 native libraries. One thing that sets Web3 native libraries apart from the rest is how they work. Elements such as Web3.js and Ethers.js are examples. Additionally, it would be best to research both libraries extensively to make the appropriate decision.
As far as web3 programming libraries go, Web3.js is among the most famous. The benefits of community aid are just one of many factors it lays out. Some of its downsides are its size and the difficulties in integrating fresh web3 developers. Alternatively, you can look at Ethers.js, which is relatively lightweight and has excellent documentation. The lack of developers is one issue that both Web3.js and Ethers.js face when keeping the library up-to-date.
Decentralized File Storage
The decentralized file storage methods are another significant development in various web3 protocols. Decentralization causes storage problems since it necessitates storing data copies on numerous network nodes. Due to storage constraints, users could face issues while trying to keep more oversized items, such as films and images. Web3 developers can use scalable, decentralized file storage systems when this happens. Examples of web3 decentralized file storage protocols are Filecoin and IPFS.
The Interplanetary File System (IPFS) is a prominent component of Web3 systems that enable decentralized file storage. Its distributed file storage system allows decentralized file sharing and access. For the InterProtocol File System (IPFS) to work, large files must first be compressed before being distributed over a network of nodes. Anyone who knows the file’s unique address might access it on IPFS.
When it comes to web3 protocols, Filecoin is head and shoulders above the competition when it comes to decentralized file storage. Building on IPFS, the intriguing new Filecoin platform lets users rent out storage space in return for cryptocurrency incentives. By streamlining and improving upon existing decentralized storage solutions, Filecoin aspires to bring about a revolutionary change.
Conclusion
The web3 protocols overview described their significance in propelling web3 development. The use cases for Web3, which are still in their early stages of development, are evolving rapidly. Numerous Web3 protocols exist, each with its unique collection of capabilities. By utilizing Web3 protocols, the various requirements of the Web3 technology stack can be more effectively addressed.
For example, the requirement of Web3 protocols for layer one blockchains led to the creation of both EVM and non-EVM blockchains. Protocols such as IPFS also present opportunities to study Web3 storage decentralization characteristics.
