Web 3 is the next evolution of the internet, which promises to provide a more decentralized, secure, and transparent online experience.
As we move into 2023, there are a few trends that everyone in the industry should be keeping an eye on. In this article, we'll explore the top three trends in Web 3 to watch out for in 2023.
I. Decentralized Social Media
The first big trend in Web 3 is decentralized social media. With many problems with social media, such as censorship and misinformation, a decentralized social media platform would allow users to have control over their data and content while also providing more transparency and better free speech.
However, there are also some disadvantages to decentralized social media, such as difficulty in attracting users in the beginning, privacy concerns, and unpolished UI.
How does it work? The protocol is a smart contract on the blockchain that stores user data and content. The front end can be built from the same social media protocol API, which allows users to moderate context and offers less permission since it's a smart contract.
Some examples of decentralized social media platforms include the Lens Protocol, which is a low-level protocol for building other social media applications, Forecaster, which is like a decentralized Twitter, and Mirror, which is a decentralized blogging platform.
II. Smart Contract Security
The second trend is smart contract security. In Web 3, a lot of money is being manipulated, especially in DeFi. If there is a hack, there will be a lot of damage. Thus, it's essential to have a safe smart contract.
Smart contract security is one of the biggest opportunities in Web 3, and salaries for smart contract security engineers are high.
How can you leverage this trend? One way is to work as a protocol engineer for a DeFi protocol or a smart contract auditing company.
Another way is to participate in bug bounty programs, which allow you to test the security of smart contracts and get paid for any vulnerabilities found.
III. Zero-Knowledge Proofs
The third trend is zero-knowledge proof, a new cryptographic proof that proves that someone knows some information without revealing what that information is. Originally introduced to solve privacy issues on the blockchain, zero-knowledge proofs can also be applied to solve scalability problems.
Layer 2 scaling solutions, which are secondary blockchain layers that make Ethereum more scalable, use zero-knowledge proofs.
How are zero-knowledge proofs used in practice? The first generation of zero-knowledge chains was application-specific, but the second generation has expanded to support multiple use cases.
Some examples of zero-knowledge-proof projects include the Tornado Cash and Aztec Protocol.
Conclusion
As we move into 2023, these are the top three trends to watch out for in Web 3: decentralized social media, smart contract security, and zero-knowledge proofs.
By understanding these trends, you can leverage them to create new opportunities and build a more decentralized, secure, and transparent internet for the future.