8 Rising Web3 Companies and Startups to Get Inspired By
Web3 (sometimes called Web 3.0) promises to revolutionize how we interact with the internet via AI-driven services, virtual realities, and decentralized applications built on top of blockchain technology. In theory, a decentralized web will enable users to interact with the internet more securely and efficiently, allowing them greater autonomy and control over their own data. By leveraging blockchain technology, Web3 will enable users to securely store their data on distributed ledgers and create smart contracts that can be used to automate transactions without the need for intermediaries such as governments or centralized banks.
Web3 will also enable more immersive online experiences, ushering in virtual worlds and augmented reality applications that can be accessed from anywhere. This is frequently called the metaverse — an interconnected network of simulated environments where people can interact with each other virtually. Web3 technologies such as distributed ledgers, artificial intelligence, and machine learning will provide the foundation for these virtual worlds to exist.
Web3 vs. Blockchain: How Are They Related?
The rise of blockchain technology has been instrumental in driving Web3's development, allowing for trustless interactions between users without any need for reliance on centralized intermediaries (like banks or governments) for authentication.
Additionally, distributed ledger (blockchain) technology allows developers to create decentralized applications (dApps) that are not controlled by a single authority (like a company) but instead run on decentralized peer-to-peer networks controlled entirely by the dApp’s users. In this manner, dApps essentially promise to democratize online user data — no one, not even the app’s creator, has sole control over a dApp and no one has the power to erase data from a dApp.
The decentralized nature of blockchains and dApps makes them highly transparent and practically immune to censorship, but also raises valid concerns about privacy in some scenarios. While blockchain interactions are anonymous, the fact that they’re publicly recorded means it’s still possible to trace them back to individuals. Coupled with the fact that data cannot be deleted from distributed ledgers by design, it's easy to see where decentralization could potentially go awry.
The Future of Web3
Web3 is currently the “wild west” of the internet — a promising but largely unexplored frontier that’s rife with hype and speculation. No one knows exactly what’s in store, but signs point to a variety of exciting applications across a wide range of industries. However, it will also be necessary to proceed responsibly to avoid any unintended repercussions of decentralization (such as privacy issues). Here are eight examples of companies and startups that are leading the charge when it comes to leveraging Web3 technologies in positive, innovative ways:
1. Bware Labs
Bware Labs is a multichain API platform that offers a Web3 infrastructure and development ecosystem using third-party node providers. The platform allows users to create blockchain endpoints for any of the supported blockchains, including Binance Smart Chain, Avalanche, Moonbeam, Astar, Moonriver, Shiden, Polygon, Fantom, Polkadot, and Elrond. This allows for a more efficient method of delivering requests to blockchain networks by eliminating the need for centralized node operators, thus making blockchain interactions such as crypto transactions much more accessible.
Bware Labs will charge its users a subscription fee and pay its third-party node providers in shares of subscription revenue. In addition, node providers can choose to stake BWR tokens to increase their rewards. To ensure the reliability of these third-party node providers, Bware plans to enforce a proprietary integrity protocol that holds node providers to stringent requirements.
GeeIQ is a startup that helps brands plan and activate metaverse strategies. GeeIQ’s solutions are divided into two interrelated services: metaverse strategy consulting and access to a Web3 data analytics platform.
GeeIQ’s analytics platform focuses on delivering gaming and esports industry insights to users, equipping them with the knowledge to successfully plan their entrances into metaverse marketing. On the other hand, the startup’s consultancy service provides brands with expert-backed strategy planning to help them make the best possible use of the data they derive from the platform.
KLOOV is a Web3 music NFT platform built on the Ethereum blockchain. Using KLOOV, artists can offer digital experiences and NFTs, which the platform’s members can purchase, collect, and/or participate in as a show of support for their favorite artists. NFTs (non-fungible tokens) are like digital deeds verifying exclusive ownership of a piece of digital property such as a song or other digital artwork.
Artists can use KLOOV to create their own Kloovs, which resemble digital clubs where fans can congregate and share experiences based around artists’ music. When you join a Kloov, you become one of that artist’s backers and receive access to exclusive rewards like interactive live streams or digital assets (NFTs). While KLOOV is still in beta, it’s already making strides toward improving equity in the music industry by giving musical artists greater power over the monetization and ownership of their creations.
Unova is a new kind of blockchain network that leverages Web3 multi-layer architecture, smart contracts, dApps, and self-hosted nodes to improve users’ control over their own data. It offers a decentralized data distribution infrastructure that companies and individuals can use to trade information, value, and work on a global scale without the need for any centralized authority. Unova’s objective is “to transform production supply chains today, and the world’s supply chain network tomorrow.”
Unova’s multi-node blockchain network addresses two major flaws associated with typical blockchain networks: the limited speed at which transactions can be completed and data can be distributed, and the lack of privacy. Unova’s multi-node approach is capable of distributing data among stakeholders much more quickly and is designed to protect organizations’ proprietary information.
ZenGo is a consumer-focused multi-party computation (MPC) crypto wallet that seeks to improve upon the security and recoverability of standard crypto wallets. As an MPC-powered wallet, ZenGo addresses vulnerabilities that could potentially compromise private keys and makes it easier for users to recover their accounts in the event of a phishing attack or other security issue.
ZenGo also supports the Ethereum blockchain’s WalletConnect Protocol. By eliminating the need for seed phrases or private keys entirely, ZenGo has managed to create one of the most secure Web3 crypto wallet experiences so far. For example, if a user misplaces the device that stores their ZenGo wallet, they can recover the wallet seamlessly using multi-factor biometric recovery options. Ultimately, ZenGo is committed to delivering a safer, more user-friendly Web3 experience in an effort to make Web3 more approachable for the average user.
AlphaWallet is an open-source crypto wallet that uses a layer of off-chain solutions to improve the privacy, scalability, and usability of crypto transactions. It’s also a self-custodial wallet, which means that the private key that grants access to the wallet is the sole responsibility of the wallet owner — there is no third-party with access to the key, and thus the key cannot be recovered if lost. Self-custodial wallets offer better security than custodial wallets, but they are typically less user-friendly for blockchain beginners.
AlphaWallet also reduces the amount of public chain resources dApps consume by using a layer of off-chain solutions for optimization. It’s also entirely open-source, meaning anyone can view and contribute to the wallet’s code, thus making its evolution a community-driven effort; the more people searching for and correcting vulnerabilities in the application’s code, the more secure it becomes.
Portal is a Web3 wallet infrastructure startup and dApp store that provides developers with everything they need to create Web3-enabled apps. Portal partners can use the startup’s infrastructure to connect to dApps and protocols and access an embedded wallet without the need for a seed phrase thanks to Portal’s use of multi-party computation.
Portal’s purpose is to lower the barriers that are currently preventing the emerging Web3 ecosystem from becoming more widely adopted. The Portal wallet infrastructure is designed to introduce more new users to the next iteration of the internet by making it easier for them to become acquainted with Web3 applications.
8. Impossible Cloud
Impossible Cloud is a decentralized cloud services platform geared toward the needs of B2B organizations. The platform provides traditional and Web3 organizations alike with access to a global network of enterprise-grade storage hubs, offering nearly unlimited storage capacity and exceptional durability due to the lack of any single point of failure. Impossible cloud is one of the Web3 companies working to combat the misconception that Web3 is inherently associated with cryptocurrency (it’s not — crypto is just one aspect of Web 3.0, just like social media is only one aspect of the current Web 2.0).
Unlike many of the other companies on this list, Impossible Cloud has no association with crypto whatsoever. Instead, it leverages blockchain technology to enable a decentralized cloud storage network that’s far more reliable than traditional cloud services platforms. As a Web3 platform, Impossible Cloud is based on a node network that supplies the required computing power, and ownership of the platform is shared in part among these nodes.
Build A Better Web3 Startup With Advice From a Mentor
Web3 is a new and exciting frontier — but that doesn’t mean you have to explore it alone. Getting advice from a mentor is a great way to help your Web3 startup find its place in this fast-growing market. Check out our list of Web3 mentors to find an expert in the Web3 or crypto space who’s a perfect fit for your needs.