In the first part of our two-part blog series on Cardano and sustainable Web3 adoption, we answered the fundamental questions of:
- What is Web3?
- What’s the difference between Web1, Web2, and Web3?
In this second part, we will discuss why Cardano is an eco-friendly and environmentally sustainable answer to picking a blockchain platform for Web3 solutions & services such as Cardano NFTs, Cardano DeFi, and other Cardano dApps.
If you’re a blockchain developer or startup project thinking about selecting an L1 or layer-one blockchain to build upon, Cardano presents one of the largest proof-of-stake blockchains with a community of over 3.8 million active ADA wallet addresses and one of the most environmentally-friendly blockchain options.
Why building Web3 solutions on Cardano is sustainable
Cardano is the largest proof-of-stake (PoS) blockchain platform by current market capitalization.
Cardano’s PoS usage is in stark contrast with older cryptocurrencies such as Bitcoin and Ethereum which utilize a different and much more energy-intensive algorithm called proof-of-work (PoW).
By using PoS, Cardano is an environmentally-sustainable blockchain platform that is exponentially more energy-efficient than PoW blockchains.
At its core, Cardano is driven by a research-first approach to offering open economic services to everyone by providing a platform for decentralized applications for finance, identity, creative property, and more.
As of August 2022, Cardano has a growing global community of over 3.5 million, with over 1,040 open-source projects building on Cardano’s platform, and had the most developer activity on GitHub in 2021 among all blockchains according to Santiment.
Thus, decentralized and open-source blockchain platforms such as Cardano provide a technological foundation for Web3 developers to develop socially impactful Web3 applications that can reach a wide user base. Enterprises can also leverage Cardano to transition to a Web3 business world while embracing an ESG-friendly image.
What does the future of Web3 look like?
As the Web3 era has just begun, there are many opinions on what the future holds for Web3.
However, the numbers are telling.
According to LinkedIn, blockchain-related and Web3 jobs had the most job listings in the tech industry in 2021 and the entire market capitalization of the Web3 industry reached an all-time high of $3 trillion in 2021.
The transition to a decentralized Web3 world with communities full of users and traditional brands forming communities on dApps that utilize blockchain technology seems like a natural progression of the Internet age.
Innovative new platforms on Cardano such as Cardano Clan, a free-to-use portal that provides a social networking-like platform by aggregating and curating the latest and best content for Cardano’s global community, help to provide much-needed resources to onboard more Web3 users. It also provides an interactive platform specifically designed for Web3 investment opportunities, and the distribution, consumption, and monetization of Cardano-centric user-generated content with full user control over their data.
For art, music, and collector items, users and brands can create, buy, and sell NFTs of these things on NFT marketplaces that run on top of decentralized blockchains. Users and brands can transact with one another all over the world using blockchain-based cryptocurrencies or stablecoins for micro and macro payments with instant settlement and no banks or intermediaries. These can be conducted through Web3 crypto wallets that are connected to popular Web browsers or mobile devices and provide a seamless user experience for all ages. A Cardano NFT marketplace such as Fibo provides a platform that is an all-in-one destination that connects with an open-source crypto wallet, Yoroi, to transact NFTs.
Web3 crypto wallets that are open-source help users to transact value using crypto or stablecoins, no matter the amount, all over the world in an instant with complete transparency as all transactions are viewable in real-time using a blockchain explorer (similar to an Internet search engine).
For identity, users and enterprises can use decentralized identifiers (DIDs) to privately manage their personal information without having to rely on centralized third-party databases that can mismanage and leak their data. Users can fully control their data while using a decentralized Web3 service running on blockchain to verify their identity when needed.
These are just a few glimpses of a Web3 world that provides benefits for all, with many more decentralized services available as well.
Meet EMURGO at TOKEN2049 Singapore to Discuss Cardano and Web3
Blockchain solutions providers such as EMURGO can help fill the knowledge gap and bring your project or enterprise into the Cardano ecosystem and Web3.
As a founding entity of Cardano, EMURGO possesses the strategic resources to invest, build, and market your Web3 startup or integrate your existing business models into Cardano’s Web3 ecosystem.
EMURGO will also be at the upcoming TOKEN2049 conference in Singapore on September 28-29, 2022 to discuss solving your Cardano and Web3 needs.
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