Web3

What is web3

Web3 refers to the third generation of the internet, which is envisioned to be a decentralized and user-centric version of the web. The utilization of several cutting-edge technologies, including blockchain, AI, big data, and machine learning, enables users to build intelligent applications and websites. Web3 makes it simple, rapid, and effective for users to conduct information searches on the Internet; even lengthy queries are completed swiftly. Instead of a centralized web server and data storage, a decentralized blockchain platform that is managed by an anonymous web node will be used, allowing for the development of applications.

Key features of web3

#1 Ownership

In a previously unheard-of method, Web3 offers you control of your digital assets. Additionally, Web3 supports direct ownership via non-fungible tokens (NFTs).

#2 Censorship resistance

The absence of censorship resistance means that nobody can stop anyone from using a particular platform or network

#3 Decentralized autonomous organizations (DAOs)

DAOs enable decentralized platform ownership coordination and future platform decision-making.

Key components and technologies associated with Web3 include:

BLOCKCHAIN
Distributed ledger technology that provides a transparent and tamper-resistant record of transactions and data.

CRYPTOCURRENCIES
Digital currencies, such as Bitcoin and Ethereum, that enable secure and decentralized value transfer within Web3 applications.

SMART CONTRACTS
Self-executing contracts that automatically enforce predefined rules and conditions, enabling trustless and automated interactions.

DECENTRALIZED IDENTITY (DID)
Systems and protocols that enable users to have control over their digital identities, reducing reliance on centralized identity providers.

INTEROPERABILITY
Standards and protocols that facilitate seamless communication and interaction between different blockchain networks and dApps

DECENTRALIZED STORAGE
Distributed storage systems that allow data to be stored across multiple nodes in a peer-to-peer manner, enhancing data availability and resilience.

GOVERNANCE MODELS
Mechanisms for decentralized decision-making and consensus-building within Web3 communities, ensuring collective ownership and participation.

Benefits of web3

Decentralized infrastructure
Reduces security risks and phishing/data theft. Data is not stored in a single central location, but is distributed among network participants.
Automation through smart contracts
Reduces costs, saves time, eliminates delays.
Transparency
Allows participants to verify transactions and data, increasing trust levels.
Innovative business models and applications
Offers a new customer experience

Which industries can benefit from web3?

FINANCIAL SERVICES
Blockchain-based payment solutions, credit and insurance services, investment platforms and other financial services are expected to be widely used. It will allow people to make financial transactions, withdraw money and borrow money directly and securely, without the need for traditional financial institutions.

HEALTHCARE
Blockchain technology enables tracking of illness and stores health data based on identifiers, so patients' personal data remains secure. Blockchain-based solutions enable the consolidation of healthcare data, the analysis of large data sets and the use of smart

ART AND CULTURE
Storage, protection, and transactions of works of art in digital content. Creative industries such as art, music and film can better protect their creations and royalties thanks to web3 technology

LOGISTICS AND DELIVERY
Enabling tracking and tracing through blockchain-based systems.

PRIVACY
Users can share their personal data only with authorized parties, giving them greater freedom and security.

SMART CITIES
Web3 technology enables the development of smart cities that integrate blockchain technology and IoT (Internet of Things) devices to make urban infrastructure more efficient and improve the quality of life for citizens.

Use cases/references

- Decentralized loyalty platform based on Web3

This application owns a store of games & challenges associated with the business brand, helping users both accumulate bonus points & gain better brand recognition.

Benefits:

branding value
user retention
relevant user data & user trends
develop business by selling NFTs
increase user loyalty to business/ brand

Technology used: NodeJs, ReactJS, PostgreSQL, Solidity (Smartcontract), AWS

Use cases/references

- Web3-based carbon tracking

Web3-based carbon tracking technology relies on smart contracts for data validation and enables efficient trading of tokenized carbon credits, promoting accuracy and accountability.

Benefits:

data validation & verification
transparent monitoring & reporting
smart contracts triggering alerts or enforcing penalties and incentives based on emissions data
promoting sustainability

Why choose Mortoff?

Mortoff has been working with medium-sized and large enterprises on a global level since 2002. The experience gained during the past decades, as well as the support we received from our excellent, highly skilled, and competent team of professionals made it possible for us to achieve that the name Mortoff is recognized not only in the domestic market but abroad as well.

As an agile and innovative company we are constantly looking for new innovative technologies. Mortoff has a team located in Vietnam focusing on web3 projects.

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