Top 50 Web3 Questions And Answers

Web3 is a name given to the third iteration of the Internet. An internet built using a decentralized blockchain on the mutual ledger used by cryptocurrencies like Bitcoin. It is a trustworthy network where people are rewarded for using it. There is no fear of losing data as it is powered by millions of computers running cryptographic software 24/7.

Various ways to invest in Web3 are

1. Invest in Cryptocurrencies (Through Coinbase, Binance)
2. Buy and Sell NFTs (Through OpenSea, Rarible)
3. Invest in Companies listed on stock exchanges (Coinbase, Voyager Digital)
4. Investing your time in Mining, Staking coins, Playing Video Games for in-game coins, etc.

Web3 is important for the following reasons:

Ownership – You own the assets even if the website goes down, e.g., playing a game on Web2 with digital assets vs playing a game on Web3 with NFTs and then selling those NFTs after the site crashes or shuts down.

Identity – You have your own Ethereum address along with an ENS profile. You are the controller of your Web3 identity. An Ethereum address makes you lazy by letting all other websites log in through an Ethereum address.

Easy Payments – Banks are used in Web2. In Web3, there is no need for a bank or a credit card. Anyone can make an account from anywhere worldwide and use ETH for transactions on Web3. No need to trust any third parties.

Web2 is the current Internet period, starting from 2004, when websites became more interactive, allowing users to create their content.

Web2 is when the Internet developed into a more open, accessible, and monetizable platform. People could earn money through Web2. It opened up innumerable job opportunities and changed how we live. But there was a catch. Web2, although accessible, needed to be fairer.

Companies took your data, timetables, habits, likenesses, and even pictures to figure out what to sell to you. Facebook or Meta sold your data to companies for their relevance in customer acquisition.

That’s when Web3 came in demand. Decentralization of the Internet fundamentally means that no one company will keep and use your data. It will be stored on the blockchain, secured by cryptography.

You could be free from trusting agencies, filing complaints, fearing internet blackouts, and even getting cryptocurrency, just for using Web3. Web3 is Turing-complete, meaning anyone can program anything. No need for permissions and no denial of access. No denial of payments as crypto is accepted everywhere, unlike some companies that prefer online banking.

Here is a roadmap toward becoming a Web3 Developer:

1. Learning about the basics of Computer Science (Attending CS50 and online courses)

2. Experiencing Web Development in Web2 (JavaScript, PHP, HTML)

3. Learning about Blockchain Technology (How it works and why it exists)

4. Knowledge of how Smart Contracts and Solidity work (Solidity, Rust, Vyper)

5. Learning about Ether.js and Web3.js (Libraries used in Web3 Development)

6. Contributing and collaborating in communities (Reddit, Git, Github, Podcasts, Hackathons)

7. Implementing your knowledge through Video Games and Dapps (CryptoZombies and Dapp development)

Read In Detail: Web3 Developer Roadmap

There are many ways to get into the Web3 sphere.

1. Learn about Web3 through free courses on YouTube.

2. Decide what field you would like to pursue (Development, Crypto trading, NFT artist and trader)

3. Creating accounts on DApps and interact with the Web3 world via NFTs, Coins, Games, Metaverses, Social media platforms, and everything Web3

4. Build DApp clones of Web2 applications (Web3 Spotify, Web3 Facebook, Web3 Amazon Marketplace)

5. Create a white label and ERC-721 NFT, Build intelligent contracts, and join DAOs.

Web3. js is a library collection that allows you to interact with a local or remote Ethereum node using HTTP, IPC, or WebSocket.

Web3.js allows you to develop websites or clients that interact with the blockchain.

The Web3.py library provides a programming language-specific client interface used to interact with data already in the Ethereum blockchain.

With the Web3.py library, we can create or execute new transactions on the blockchain, read data from it, store it, and use it for any specific use case we intend.

In short, the answer is Yes. As of now, the developments in the world of Web3 have proved how successful Web3 will be in the future. Most importantly, the assurance of decentralization, data privacy, and control over our digital identities can also serve as crucial advantages for internet users.

Web2 is already distrusted by millions of users, with people starting to delete their Facebook accounts and refusing to use Twitter. Web3 will replace such websites and give the future a better and more secure way of using the Internet.

Contrary to some critics, VCs don’t own Web3. The people on the internet owns Web3. It is the Internet of the people. Although some venture capitalists and corporates own a majority stake in some DApps, they don’t necessarily own the whole Web.

Web3 is decentralized, meaning no one party or group can make decisions or decide who uses it. As compared to Web2, Web3 is much more equally divided among investors.

A program that a user would use to interact directly with the blockchain without needing to know implementation details (as a developer might).

Examples would include Status, MetaMask, or MyCrypto.

In Web3, your data is stored in your crypto wallet. You’ll engage with apps and communities on Web3 through your wallet and take your data with you when you log off.

Theoretically, since you own this data, you’ll also be able to decide if you want to monetize it.

Here are the multiple use cases for Web3:

1. DAOs (Decentralized Autonomous Organizations)
2. Defi (Decentralized Finance)
3. Video Games (CryptoZombies, Axie Infinity, Sandbox)
4. Metaverse (Facebook’s Meta, Decentraland, Cryptovoxels)
5. Creator Economy (Coins, NFTs, Content on DApps)

Here are some examples of Web3:

1. Everledger
2. Storj
3. Brave Browser
4. Decentraland
5. Steemit
6. Ethlance
7. DTube

Here is a list of companies that are either invested or using Web3:

1. Helium Systems, Inc.
2. Coinbase Global, Inc.
3. Polygon Technology.
4. ConsenSys.
5. CoinSwitch Kuber.
6. Alchemy Insights, Inc.
7. Web3 Foundation.

Web 3.0 would redefine the new Internet generation, governed by specific standards, rules, and guidelines for all internet users.

The impact of Web3 would not be restricted only to specific applications as it would define the entire Internet. Web 3.0 will allow individuals to own and control their data and get reimbursed for their online time.

Here is a list of the best Programming Languages for Web3.

1. Solidity
2. Java
3. JavaScript
4. HTML
5. Python
6. Rust
7. Vyper

Blockchain is a decentralized, distributed digital ledger that records transactions on multiple computers. It uses cryptography to secure and verify the integrity of the recorded transactions.

Blockchain technology is used in various industries such as finance, supply chain, and healthcare to provide a secure and transparent way of storing and exchanging data and information.

Web3 and crypto are two different things. Web3 is a term used to refer to the third generation of the World Wide Web, which is focused on the development of a more decentralized, open, and inclusive web that is driven by the use of blockchain technology and other emerging technologies.

Crypto, on the other hand, is short for “cryptocurrency,” which is a type of digital or virtual currency that uses cryptography for security and is decentralized in nature. Cryptocurrencies are often used as a medium of exchange and can be traded on online exchanges or used to purchase goods and services.

Web3 companies make money by providing services to users for free and making money off the data they collect from those users. This is a massive shift from how traditional internet companies like Google and Facebook make money, as they charge you for their service and then make money off your data.

Web 3.0 will solve these issues, return content rights to authors and build a new digital economy. Web 3.0, at its core, embraces automation, artificial intelligence, machine learning, and blockchain technology, which are reputable for transparency, security, and immutable.

Here are the steps toward creating your Web3 website:

Purchase an NFT Domain (One can buy domains with .zil, .crypto, .coin, .wallet, .bitcoin, .x, .888, .nft, and .dao extensions. The fee will depend on the domain name, length, extension, and other factors. Longer domain names cost cheaper in general)

Mint the Domain for Free (Now that you have bought the domain, it’s time to mint it. Some websites let you mint the domain on the Polygon network for free without any charge or gas fee)

Build Your Web3 Website (Once minted, you can now build your decentralized Web3 website. You have three options- use a preset template to create a website, upload website files to IPFS, or redirect to an existing website)

How to View Your Web 3.0 Website ( To view your .crypto or .nft domains on the blockchain, you either need to use an extension or configure your browser by changing to a custom DNS provider)

You can use this for reference.

Here are the steps toward building a business on Web3:

Build a community (Whether you are building solutions for enterprise-level customers or a new B2C community or platform, such as an NFT project, Web3 startups always need a community)
Drive growth with marketing (Marketing is essential when building Web3 startups.

You can’t build a community without it; if you don’t do that, you can’t progress. Unless you have a purely B2B offering (and even then, some marketing is still essential), you need the support of a committed and engaged community)

Raise funding (As with any startup, one of the crucial steps to launching a Web3 startup is raising funding. It used to be the case back in 2018 when that was only possible through an Initial Coin Offering (ICO). However, the investment landscape has shifted quite dramatically)

Ensure long-term viability (The final step, once you’ve overcome these hurdles, is to make sure your startup can grow, scale, and be viable in the long term. It’s the biggest challenge every founder faces. Long-term viability means generating revenue so that your startup is no longer reliant on funding, investors, or ICOs)

Yes as well as no. No normal person can hack it. But To hack web3 platforms, hackers need to do this.

Since blockchain processes are distributed across a vast network, hackers must break into at least 51 percent of the computers on the system to infiltrate them. These 51 percent attacks are rare because they carry massive logistics, hardware, and cost requirements.

Here are some Web 3.0 Tools:

1. Chainstack
2. Etherspot
3. Metamask.
4. Solidity
5. WatchData

No, Web3 Is not built on Ethereum. Web3.0 is just like the World Wide Web but is based on Blockchain Technology which is meant for decentralization, where nobody controls what you see, and your data and privacy are preserved.

Here are the skills required in Web3 Jobs and Internships:

1. Web3 SDKs/dApps (The Web3 SDKs, or libraries, are essential for building any dApp)
2. Knowledge about Cryptocurrency Wallets and Nodes
4. Knowledge about Smart Contracts
5. Blockchain Development
6. Solidity Development
7. Smart Contract Development
8. Rust Development

The average Web3 developer salary is $100k – $150k per year. The salary depends on the technology, programming language, years of experience, location, and seniority.

Here are some of the best Web3 Projects, expected to grow 10X in 2023:

1. Battle Infinity (IBAT)
2. TamaDoge
3. Lucky Block (LBLOCK)
4. Defi Coin (DEFC)
5. Cosmos (ATOM)
6. Decentraland (MANA)

You can create smart contracts, test them, and build front-end web apps with Web3. Js, React. Js and Bootstrap are all inside.

You can build Cryptocurrencies and trade them, airdrop them, or use them in the video games you make.

You can create NFTs and sell them on NFT marketplaces.

You can build DApps using various Web3 tools and start a business.

Here are the steps toward making a Web3 game:

Free Assets Overview – There are many free assets used within game dev. As such, we want to show you where you can get them yourself.

Initial Moralis Setup – To obtain your credentials to login into Web3 and utilize the power of Moralis, you need to create a Moralis dapp. Then you need to copy your server URL and application ID into Unity.

Loot System Setup – This is where you’ll learn how to drop game items and runes (experience points).

Smart Contracts – You will learn how to deploy smart contracts using Hardhat. You will use one of the ERC-20 contracts to represent the experience points and an ERC-721 contract to represent in-game items.

Minting Items and Runes – This is where you’ll learn how to implement ERC-20 and ERC-721 token standards into your Web3 role-playing game.

Retrieving On-Chain Data – Finally, you’ll learn how to get the on-chain information about the minted tokens using the Moralis dashboard.

Detailed tutorial on this is here.

Web1 was a period of the Internet from 1991 to 2004. when all you could do online was read information, and websites were read-only.

With the emergence of both read and write websites starting in 2004, Web2 altered the game. A person might write and edit the content on the Internet in addition to reading it. It encouraged the use of forums, video games, social networking, and nearly every other aspect of modern internet usage.

We can accomplish everything Web1 and Web2 did with Web3 but in a far more secure setting. The three R’s of Web 3.0 are reading, writing, and ownership. Through NFTs, tokens, etc., builders and creators can control a portion of their community.

While still a hazy concept, Web3, has been hailed by proponents as a decentralized version of the Internet based on blockchain, the technology behind many major cryptocurrencies and non-fungible tokens, or NFTs.

Many entrepreneurs worldwide are trying to design and build the technologies and protocols that would support Web3.

Elon Musk thinks Web3 is more of a “marketing buzzword” than a reality. At the same time, Jack Dorsey argues that Web3 will ultimately become owned by venture capitalists.

Both are fantastic scripting languages. But JavaScript is definitely the way to go when dealing with web technologies.

The Risks of Web3 are

1. Smart contract logic hacks
2. Cryptojacking
3. Rug pulls
4. Ice phishing
5. Information Authenticity
6. Manipulation of Data
7. Availability of Data
8. Confidentiality Issue
9. Monetary Losses

Your Web3 crypto wallet is where your data is kept. On Web3, you’ll interact with apps and communities through your wallet, and when you log off, you’ll take your data with you. Since you are the data owner, you may choose to monetize it.

1. Sapien
2. Everledger
3. Storj
4. Ethlance
5. Brave
6. Lbry
7. Livepeer
8. Beaker Browser

1. Earn Money On Web3 by AirDrops (So the first way is through what is known as Airdrops)
2. Play to Earn Model (The following way you can make a profit with Web3)
3. Earn From Your Data
4. Create Personalized Currency
5. Benefit Yourself From Decentralized Credit
6. Buy and Sell NFTs

The Web3 market is expanding rapidly. There has never been a better time to study Web3 development, with so many immersive, user-friendly, and fascinating decentralized applications (Dapps) becoming available. In the digital age, being a web developer can lead to various job and company options.

Here is a list of the best companies you can work for in the Web3 ecosystem along with the approx. salaries:

Binance ($80K)
Crypto.Com ($83K)
Coinbase ($100K)
Ripple ($102K)
Polygon $(91K)
Block Fi ($104K)
Chainalysis ($98K)
OKCoin ($80K)

Scalability – transactions are slower on Web3 because they’re decentralized. Changes to state, like a payment, must be processed by a miner and propagated throughout the network.

UX – interacting with Web3 applications can require extra steps, software, and education. This can be a hurdle to adoption.

Accessibility – the lack of integration in modern web browsers makes Web3 less accessible to most users.

Cost – most successful Dapps put tiny portions of their code on the blockchain as it’s expensive.

A decentralized app, commonly referred to as a dApp, runs on a peer-to-peer computer network or a blockchain. Instead of relying on a centralized authority, it allows users to deal with one another directly.

1. BM (NYSE: IBM)
2. Fastly (NYSE: FSLY)
3. Apple (AAPL)
4. Unity Software (U)
5. Block (NYSE: SQ)
6. TE Connectivity (NYSE: TEL)

Many cryptocurrency protocols and Web3 projects are distributed – but not all are decentralized. Here are some of the centralized groups on Web3.

1. Solana (SOL)
2. NEAR Protocol (NEAR)
3. Algorand (ALGO)
4. MakerDAO (MKR)
5. Internet Computer (ICP)

Web 3.0 cryptocurrencies are decentralized projects that use smart contracts and automate transactions over the Internet, for, eg. Helium, Chainlink, Filecoin (FIL), Audius, Flux (FLUX), Theta (THETA), ZCash (ZEC), Livepeer, etc.

The modern blockchain ecosystem depends heavily on Web3 contracts, commonly referred to as smart contracts. They allow users to communicate online using the blockchain and numerous Web3 dapps.

They also establish the parameters for decentralized transactions without requiring centralized third-party authority verification.

Defining features of Web 3.0 include decentralization, trustlessness, and permissionlessness; artificial intelligence (AI) and machine learning; and connectivity and ubiquity.

The reason is that Solidity, along with JavaScript, is used more frequently in Web3 development. If you’re trying to make a decision, then starting with Solidity and JavaScript should be your first option. It will offer you the most significant opportunities and provide you with a greater variety of chains you can work with.