In the ever-evolving landscape of the global economy, a seismic shift is underway. The world of finance, a sector that has long been governed by traditional institutions and age-old practices, stands on the precipice of a groundbreaking transformation.

This revolution is being propelled by the advent of two remarkable technological innovations – blockchain technology and Web3.

This article delves into the transformative potential of blockchain technology and Web3, exploring how they could reshape the world of finance as we know it.

Understanding Blockchain

Blockchain is a digital technology that functions like an online notebook, securely and transparently documenting all transactions. Instead of being controlled by a single entity or organization, this digital notebook is distributed across a network of computers globally.

Every transaction is documented in a ‘block’, and each new block is connected to the previous one, forming a chain of blocks – giving us the term ‘blockchain’. Once a transaction is documented in a block and added to the chain, it’s permanent and can’t be changed.

This system guarantees that all transactions are transparent and secure, minimizing the risk of fraud and enhancing trust. It’s akin to a shared, unalterable online diary that maintains a record of transactions.

Deciphering Web3

Web 3, or Web 3.0, represents the future of the internet, integrating elements such as decentralization, blockchain technologies, and token-based economics. It’s designed to establish an online platform where users have control over their own data.

Contrary to the existing internet model (Web2), where user data is owned and controlled by large corporations, Web3 advocates for data privacy and user autonomy. It’s seen as an evolution of the internet that doesn’t require users to surrender personal information to companies like Facebook and Google to use their services. The web would be powered by blockchain technology and artificial intelligence, with all information being published on the public ledger of the blockchain.

In simpler terms, Web3 is envisioned as an upgraded version of the internet where users have more control and everything is more decentralized.

The Impact of Blockchain and Web3

Together, these two groundbreaking innovations are poised to redefine our interaction with financial systems. They promise to democratize finance by making it more accessible, transparent, and user-centric. This transformation could potentially disrupt existing financial structures and usher in a new era of decentralized finance.

Blockchain and Web3 are set to transform finance in unprecedented ways:

1. Decentralized Finance (DeFi): DeFi applications built on blockchain aim to recreate traditional financial systems like loans, insurance, and trading in a decentralized manner, eliminating intermediaries.
2. Tokenization: Blockchain allows for tokenization of assets – representing real-world assets like real estate or art as digital tokens on the blockchain. This brings liquidity to traditionally illiquid markets.
3. Transparency and Security: With blockchain’s immutable ledger, all transactions are transparent and secure, reducing fraud and enhancing trust.
4. Financial Inclusion: Blockchain and Web3 can provide financial services to unbanked populations by removing barriers like the need for a traditional bank account.

Have you Heard about WLTHX token?

Wealth Exchange is a pioneering platform that utilizes Web3 and blockchain technologies to tackle the worldwide problem of financial exclusion. Its goal is to integrate 4 billion individuals, who currently lack access to crucial banking and financial services, into the mainstream financial ecosystem.

Wealth Exchange, also known as WeaLTH eXchange (WLTHX), is a token-based initiative with the goal of promoting financial inclusion. It aims to bring the under-banked and unbanked population in emerging economies into the mainstream financial fold. The initiative is centered around the utility token WLTHX and is powered by Ananda, a crypto exchange and tokenization ecosystem that focuses on rewards.

The WLTHX token is instrumental in boosting exchange and tokenization utility through financial education tools driven by Artificial Intelligence (AI) and custom trading strategies powered by machine learning. It also aids in expanding utility through collaborations with various businesses (B2B).

The trading platform acts as a channel for the orderly trading and liquidity of tokens from our Tokenization-as-a-Service (TaaS) ecosystem. It caters to projects focused on loyalty and utility, as well as tokens from other selected projects.

As a holder of the WLTHX token, you can enjoy several benefits stemming from strict governance protocols. These include scheduled token burns, collateralization using a portion of ICO proceeds on exchange fees, priority token allocation in tokenization projects, and exclusive discounts with current and future B2B partners across a variety of sectors.

Why Consider Investing in WLTHX?

Investing in the WLTHX token could offer several advantages:

Broad Applications: The WLTHX token finds use in a variety of sectors including gaming, hospitality, sports, and more. This wide applicability could potentially enhance the token’s utility and demand.

Privileged Access: Token holders can enjoy priority access to games, fan tokens, exclusive industry events, and even cutting-edge Web3 research reports and trading alerts. This privileged access could enhance the value of your investment.

Rewards and Discounts: WLTHX token holders can avail of rewards and discounts at partner venues, leading to tangible benefits.

Future Potential: The prospective applications of the WLTHX token include access to crypto-based ETFs and Index funds, tokenization of soft assets, and Shariat Law-compliant products. These future uses could further boost the value of the token.

Community Engagement: The token aims to promote community growth and user engagement, potentially leading to a thriving ecosystem around the token.

Be a part of this revolution

The fusion of blockchain technology and Web3 is set to usher in a new era in finance – one that is decentralized, transparent, secure, and inclusive. As we stand on the cusp of this transformation, it’s clear that these technologies will form the backbone of the future financial world.

WLTHX is poised to bring about a revolution in the financial industry with its wide range of applications and opportunities. If you’re seeking a genuine token for investment, WLTHX could be an ideal choice. We recommend going through our complete website and whitepaper before making any investment decision. Don’t forget to consider WLTHX tokens for your investment portfolio!

The blockchain ecosystem is a dynamic environment, and so are its best development practices. The development landscape for decentralized applications (Dapps) continues to evolve rapidly, with new tools, frameworks, and standards being introduced frequently.

As blockchain developers solve common problems more efficiently, new best practices emerge. This blog post will examine some of the most important best practices for Dapp development and Web3 technologies. Reading about these principles could speed up your Web3 dApp development or help you identify new opportunities in abandoned projects.

Know your Environment

Understanding how different technologies interact is essential for effective Dapp development. You must comprehend the ERC-20 standard and the functionality of the Metamask browser extension for Ethereum. You must be able to write an Ethereum smart contract, integrate a front-end application with the contract, and deploy the project to IPFS or Swarm. Understanding gas fees and the consequences of not paying them can save you time and effort.

There is no need to reinvent the wheel if it has already been created. When constructing your decentralized application, you may need to use or write your implementations of the most popular protocols, such as HTTP, JSON, and IOTA. Understanding the implementation of these protocols will assist you in identifying the best implementation practices.

Don’t Reinvent the Wheel

The blockchain ecosystem is a fantastic place to discover code that can be reused, such as open-source smart contracts and libraries. As the decentralized web is a relatively new technology, many programmers are still writing new code. This indicates an abundance of existing code available for your use.

Even if you must write new code, you can look to the best practices of other decentralized app developers in your space for inspiration. The DappHub network, for instance, hosts open-source code for numerous decentralized applications. Multiple code repositories exist for open-source apps on platforms such as Github.

Use Events, Not Requests

To decouple front-end and back-end applications, you can communicate with the smart contract using events instead of requests. You can publish an event when significant changes occur, such as a smart contract receiving a transaction or a user manually modifying settings. Then, you can subscribe to these events in the front-end application and change the interface accordingly.

And because communication between the front end and the smart contract is accomplished via events, you can later implement a completely different interface or select another technology stack. This is especially useful when designing a wallet for your decentralized application. There are numerous ways to implement a wallet, but using events rather than requests will help you achieve separation of concerns and make your purse extendable.

Keep it Simple

You should focus on creating a simple solution from the outset. It is unnecessary to over-engineer a decentralized application, particularly if it is a proof-of-concept. Dapp development is different from Web3 development. For instance, you do not need a database to store data, and most Dapp users will not notice if you cannot edit or delete existing records. You can create a fully-featured user interface without making it. A simple user interface that assists prospective users in comprehending your product and interacting with your smart contract may suffice.

Ethereum is not Evil (at least for now)

As previously mentioned, decentralization has both advantages and disadvantages. To create a decentralized application, you must make some sacrifices. You cannot always control, for instance, the data stored on a blockchain. Understanding that you cannot delete or alter the data is essential. This implies that you must design your application with care.

You can only sometimes rely on the information you receive. Some decentralized applications are susceptible to manipulation by their developers; therefore, you must be able to recognize and disregard false information. Keep in mind that blockchain technology is still in its infancy. Some unresolved issues are scalability, low adoption rates, and low transaction fees. You should expect decentralized applications to possess a different level of trust and dependability than centralized platforms.

Solidity is a Language for Humans — Don’t Forget It

Writing an intelligent contract from scratch is difficult and costly. Most Dapp developers will simply copy and paste a smart contract written by someone else before attempting to modify it to their specifications. However, if you wish to create a fully autonomous application, you will eventually need to write your smart contract.

This necessitates proficiency in Solidity, the most popular programming language for smart contracts. Numerous blog posts and books can teach you how to write Solidity code. This implies that you should wait to attempt to create a highly complex application.

Build with Solidity and Typescript Together

Various tools and frameworks are available to help you develop a decentralized application. You can select and integrate the most appropriate technology stack for your project. This indicates that Typescript, the most popular typed superset of JavaScript, can be used to write front-end code.

When developing decentralized applications, Typescript offers numerous benefits: Using Typescript, for instance, it is simple to build a wallet or wallet manager. There is no need to develop your implementation of the standard protocols for communication between the front end and the smart contract. In addition, there are Typescript libraries that provide a high-level interface for working with specific decentralized applications, such as the Augur decentralized oracle and the Oracles Network. This means that multiple decentralized applications can be accessed through a single interface.

Conclusion

The blockchain ecosystem is a dynamic environment, and so are its best development practices. The Web3 development landscape for decentralized applications (Dapps) continues to evolve rapidly, with new tools, frameworks, and standards being introduced frequently.

As blockchain developers solve common problems more efficiently, new best practices emerge. The key to success in this new world is staying current with industry news and trends. Understanding your surroundings and other developers’ actions is essential for effective web3 Dapp development. Remember to keep things straightforward, and Ethereum is not evil. Finally, construct with Solidity and Typescript.

Every member of Generation Z is a part of the internet revolution that the game industry is bringing about.

According to DappRadar, the first quarter of 2022 saw a total of 2.5$ Billion raised through blockchain games. With this pace, it’s expected that revenue counts would rise by 150% over the same period last year. After the Pandemic Era, when people were stranded with their lives, and, most significantly, during that time, the gaming industry witnessed a phenomenal surge in its prospective gamers.

The recent introduction of Web3 and its marvels, such as Blockchain, has boosted the number of players since talent and revenue go hand in hand. A documented set of rules dictated by the game’s author is not permitted while using Web3.

A voting mechanism designed specifically for players adds several rules and features to the user-driven Web3 games. Numerous cutting-edge video games, like Fortnite, have given its players access to ground-breaking features like virtual concerts.

The Web3 gaming revolution has started now that players may speak with one another.

Upgrade to Web3 Gaming from Web2

For a long time, Web2 predominated over the bulk of well-known games. The restrictions these Web2 games’ creators established before their release were followed when playing them. The plot of Web2 games was always predetermined and included in the games. When players finished all the levels, the game would signify nothing but a recollection of a wonderful event.

The transition to Web3 has given players a new reformation that allows them control over how the game is played. In essence, games like Battle Royale never come to a conclusion. To keep the game fresh after launch, the developers and gaming community continue to upgrade it by introducing new features on a weekly basis.

The Web3 platform is where games will be played in the future, and it is inevitable that Web2 gaming will be phased out in favor of 3D gaming. The power of virtual reality in the gaming industry has been unlocked by the third generation of the web. Players are able to effortlessly immerse themselves in a three-dimensional environment that is essentially just a dream world thanks to equipment such as the virtual reality headset. The user will have an experience that is more than simply playing the game; instead, they will have the impression 

What Does Web3 Have To Offer The Contemporary Gaming Industry?

Let’s look at the seamless services that Web3 provides in the points below to better comprehend it:

Decentralization

Without a doubt, decentralization is the key component of Web3. Decentralization is free from intervention from outside parties, as the word itself implies. Financial institutions are prohibited from interfering with or claiming a cut of any payments made in Web3 spaces. The only people who may access this transaction are the payer and the recipient.

Accessibility and quickness

The games that are played on Web3 have the quickest loading times, in contrast to the games that were played on Web2, which were incredibly slow and had a lot of malware and hackers. Users that have access to a wider range of accessibility options may reap the benefits of increased speed in ways that web2 gamers were unable to. New ground is being broken in the gaming industry with innovations such as in-game purchases that require proof of ownership and brand-new features such as chat.

Unconsolidated Nature

Because it is dispersed over multiple servers, Web3 is easily available to players. In the world of Web3, there are a lot of different possibilities. Players cast their votes in an anonymous poll to decide whether a 

The potential of AR/VR

Virtual reality is the only technology that can truly immerse players in the game, making it the genuine thing. With virtual reality, the gaming experience extends to skyscrapers as the player feels immersed in the action.

Experiences that Put Users First

The games that are featured on Web 3 are entirely determined by the preferences of the users that access the platform. Users have a great deal of agency in Web3 games due to the fact that they are able to trade non-fungible token representations of their characters on NFT marketplaces.

Learning About Blockchain vs. Web3 In Gaming

Many people continue to have the wrong idea about how Blockchain and web3 games function, even when the two technologies are brought up in the same conversation. The distributed ledger technology known as Blockchain is what drives the Web3 area. They are connected in some way and constitute opposite sides of the same coin. The data for Web3, which is based on a distributed ledger known as a blockchain, is stored on peer-to-peer networks.

Wallets, smart contracts, and various cryptocurrencies are some of the components that make up the technology stack that powers a blockchain-based game, which is powered by the Blockchain. The metaverse that is included in Web3 is easily its most exciting and unique feature. It leverages the power of artificial intelligence, cutting-edge Blockchain technology, and a virtual environment to achieve its goals.

Indian NFT Gaming and Blockchain-Based P2E Market Size

The term “NFTs” is currently popular in the gaming business, and it refers to how modern games depict transactions for millions of dollars. NFTs are not simply simple trading tokens that can be exchanged for cash; they are also in-game assets like character skins, weapons, and whole characters.

Play-to-earn chances based on blockchain technology were pioneered in India.

With approximately 30% of players currently participating in Blockchain-based P2E games and 11% still desiring to, NFT-based games have seen a remarkable uptake in India.

Technologies Used In Web3 Gaming

Ethereum-based ecosystem

The blockchain ecosystem, which underpins Web3 in its entirety, offers a number of advantages, including a distributed ledger, frictionless transactions, and greater security and transparency. Blockchain allows players to experience a variety of gaming models. Simultaneously, the developer may make use of a variety of subscription models, which will unquestionably raise the gross revenue available to game producers. Gaming as a craft and a pastime may be combined with revenue by playing for money.

Useful contracts

The smart contracts that effectively power the whole game or Dapp are regularly inspected by the developers in order to quickly fix any small problems before a smart contract defect affects the currency values. Additionally, while the transaction is taking place, the smart contract serves as a barrier to protect the user’s confidential information.

Online wallets

“Tokens” are digital items that are used in Web3 games. The player must purchase them with fiat or cryptocurrency, and they may then trade their winning tokens for fiat money via online wallets. In a Web3-based game, every player often receives a digital wallet.

Why Invest In Web-3 Games?

When thinking about the present generation, web3 games offer a significant amount of untapped market potential. Not simply having fun but also making money is the objective of today’s gamers who are members of Generation Z. Eight hours a week are devoted to gaming for the majority of Gen Z and Millennials (80%).

On a daily basis, Gen Z spends an average of 7 hours and 20 minutes playing web3 games. This is significantly more time than they spend watching television or listening to music. Because our younger population participates in fewer physically active pursuits, the average attention span that is measured in humans is rapidly shrinking.

According to “The Attention Economy,” the average length of one’s attention span has decreased by 15 seconds in recent years. Never again, what really matters is the fact that this degree of concentration is far preferable to play games, which are often a waste of both time and money.

If we examine this problem from the point of view of an investor, we will see that the potential to more than double ROIs in the existing Web3 game business is significant. An audience that has grown up with technology has a natural interest in technologies of the future, such as AI and VR. In addition, enabling players to buy skins within today’s online games is a transaction that will bring investors tens of millions of dollars.

The conclusion

Let’s use Axie Infinity as an example to illustrate this article’s conclusion. The play-to-earn gaming paradigm is now used by this game, which is the most talked about one in the web3 arena. In this, users compete in battles between little creatures called Axies for the chance to win tokens. These tokens are not your typical tokens; instead, they let users use exchange wallets to make actual cash. Users may also breed or sell their Axies to create characters with a variety of fighting-related abilities.

This game boosts revenue along with talent, and that is the only factor in its enormous appeal up to this point.

The video games of the future, web3 games, claim to provide players with the finest experience imaginable. Why not give it a try if you are still unsure?

Over the last several decades, technological development has completely altered the gaming industry. Another major technological breakthrough in gaming is on the horizon. The transition from free-to-play to play-to-earn will drastically change the gaming industry as we know it.

Legacy Gaming Ecosystem: A Quick Peek

In 2021, the gaming industry made nearly $160 billion. As things stand in the gaming industry, players only invest time and money into the hobby after seeing a few financial returns. Players spend much time and money on the game by purchasing various virtual goods and advancing their characters to like zillionth high levels.

Still, they are never given a chance to profit directly from their acquired abilities or property. They have already invested time and money into the game, and if they continue playing it, they will be able to recoup those costs. The players put a lot of time and money into the games, but they need to gain ownership over the content they create.

The potential for Web 3.0 to revolutionize the gaming industry is immense. With the advent of Web 3.0, gamers can monetize their hobby. In the modern epoch of gaming, if a player spends real money on an asset, they will acquire a legal title. In addition, they can trade it with other players inside and outside of the game.

What exactly is Web3?

A key concept is decentralization. Our online activities and data will be hosted on blockchain-based networks rather than corporate servers in the Web3 world, which means we can expect more decentralized control than in the current Internet.

Web3 comes after Web1 and Web2, as the names imply. Let’s examine the defining characteristics of each stage of evolution:

Web1: The first version of the Internet, built with freely available software and protocols. It paved the way for the development of Google and Amazon, two of the most successful internet corporations ever.

Web2: Websites, applications, and protocols that place greater emphasis on user-generated content, such as blogs, wikis, and social networks. It utilized some of the same Web1 technologies but added the capacity for social interaction and original content generation.

Web3: The third generation of the World Wide Web (Web3) emphasizes autonomy, a radical decentralization of the Internet, and a value-exchange model rather than the simple exchange of information.

There is no need for a centralized authority to act as a gatekeeper when using a single sign-on to access the Web3 universe; anyone can do so anonymously. In other words, users can verify their ownership using a public, transparent blockchain without revealing personal information to carry out certain tasks, such as making a transaction.

What Role Does Web3 Play in Altering the Gaming Market?

Web3 has greatly impacted the online gaming industry by facilitating user-driven expansion. In the past, all decisions and their economic effects were made at a central location, which was removed from the actual users or players. Players will feel more invested in the game because they have a voice in Web3 game development.

Web3 gaming will improve online gaming in several ways, including credibility, openness, and business models. Businesses built on the blockchain hope to increase citizen participation in policymaking. As more information is stored on the chain and smart contracts are made public, gamers will gain confidence in the systems. In addition, traditional gaming organizations were constrained in their adaptability by the need to introduce a wide variety of cash-in/cash-out options. The global reach of gaming platforms can be expanded by eliminating the need for fiat currency in favor of crypto coins.

Importance of Understanding the Purpose of Web3 Games

Play-to-Earn

As a result of advancements in blockchain technology, the Play-2-Earn model is now feasible. Outside of esports, gamers have no opportunities to monetize their talents.

Interoperability

Gaming ecosystems have typically been siloed, with no cross-over between titles. Generally, you can’t just take the stuff from one game and use it in another. Users can switch between games in the blockchain ecosystem because different projects will enhance one another with portability features. They can take virtual items (NFTs) with them from game to game, such as skins, avatars, or weapons.

Interest and Ecosystems

When compared to their Web2 counterparts, games that implemented NFTs saw much higher levels of player retention, growth, and revenues. Multiple new projects have been released that feature clever Play-and-Earn mechanics recently. In addition to game developers, a thriving industry has sprung up around Play-to-Earn, including gaming communities, decentralized autonomous organizations (DAOs), tools for these communities, game discovery platforms, custody, trading infrastructure, and analytics.

Asset Ownership and Scarcity

Nowadays, more than half of all gaming revenue comes from in-game microtransactions for ancillary features included in the main game. Players can buy an unlimited supply of these virtual items from the game’s developers via In-App Purchases (IAPs). Players in Web 2.0 games can pay for virtual items, but they don’t belong to them.

Owning virtual items in a game and having them be scarce are two features made possible by blockchain technology. In Web 3.0, the sale of an asset will transfer ownership to the buyer, and the asset’s life cycle will be limited. If a player invests real money in an investment, the technology will associate that asset with the player rather than the game. It’s only fair that players can trade or sell their rare digital assets to other players both inside and outside of the game.

Security

Another feature that sets Web3 gaming apart is its decentralized nature, a hallmark of any solution based on blockchain technology. No single point of failure exists, unlike centralized servers in conventional games.

Cross-Ecosystem Transactions 

In contrast to traditional gaming, where all transactions occur within a single ecosystem, this method makes it possible to capture value from multiple ecosystems. Interaction with other ecosystems/games opens up a new revenue stream in the form of on-chain royalties made possible by blockchain technology.

How Creators or Game Developers Can Get Started with Web3 Gaming

Understanding the defining features of Web3 gaming and how they will affect your game is essential for any aspiring Web3 marketplace development firm. Some examples include ownership verification, immutability, decentralization, and security. When applied to game ecosystems, these concepts can be further distilled to instances like digital asset ownership and chain of custody, immutable recordings of gameplay, or completely open game development.

The underlying economics of play-to-win games should be considered. If more players are taking money out of a game’s economy than are putting it in, it cannot survive as an ecosystem. Angel investors, VC firms, and strategic investors have typically provided the bulk of the funding for the video game industry. On the other hand, Web3’s decentralized design has opened up many previously unavailable avenues for securing financing.

Why Gamers Are Turning Towards Web3

There have been a lot of international sponsorship and deals in esports and crypto over the past year. In 2017, FTX and the esports powerhouse Team SoloMid announced a ten-year, $210 million sponsorship and naming rights agreement (TSM).

The experts say that the reason for the partnership and investment between esports and crypto is that gamers are early adopters of crypto. Since esports fans can be found worldwide, there is a strong motivation to integrate cryptocurrency into the industry.

Corporations are teaming up with developers of upcoming Web3 games to reach Web3 gamers by hosting special tournaments. 

Final Words

Web3 games are revolutionary because they incorporate blockchain and metaverse technology. Through decentralizing platform ownership and management, it has democratized the gaming industry. Web3 gaming, by utilizing progressive systems like blockchain, DAO, and the metaverse, is also helping the gaming industry financially.

There is still a lot to learn about this area, and we’re still in the beginning stages of exploration. Because major developers like Ubisoft and Zynga are starting to experiment with web3 games, the industry can anticipate a meteoric rise in popularity once AAA-quality games become available.