The underlying technologies that enterprises use to build and deliver their goods and services have undergone profound changes over the past 50 years. The emergence of distributed processing and cloud-based development platforms by the mid-2000s turned technology into a service and allowed enterprises to pay-as-they-go in terms of infrastructure and application development, supported by a growing set of artificial intelligence tools and big data processing abilities that shifted business delivery to platform-based ecosystems driven by powerful network effects and behavioral algorithms. Web3 creates the potential for commercial protocols that can deliver goods and services in a peer-to-peermanner that can be directly accessed by any user via an internet connection. These protocols use smart contracts to enable transactions—self-executing code that is designed to perform a certain task when a predetermined trigger is activated. A smart contract can be used to buy, sell, or issue an asset, to borrow or lend money, play a game, participate in an exclusive community, buy virtual or physical land rights, and more.
To enable this new type of peer-to-peer ecosystem, Web3 takes a unique approach to facilitating transactions. In Web3, payment is made in a native coin, a share of which is awarded to independent verifiers that use consensus mechanisms to validate transactions that get instantly recorded and enacted on a blockchain—a shared ledger that is distributed across all nodes that choose to participate in verification and open to any participant via a blockchain browser. In Web3, participation is recognized as a valuable resource and individuals can both directly buy and earn tokens that provide them an ownership interest in the commercial protocols that they use most frequently, incentivizing them to help govern those networks and vote on matters of strategic and financial importance.
Web3 changes the way we treat data by establishing attribution, authenticity, and value. Web3 is based upon creating a layer of trust across the web by giving people control of their data with privacy.
With the Liveplex API stack, you can now move to web3.0 speedily and efficiently. Whatever your customer journey is, the Liveplex stack is adaptable to your brand needs in creating your presence in the Metaverse powered by the benefits of the blockchain.
Liveplex APIs offer increased transparency and high data security, increasing traction for digital assets (NFTs), payments, and digital experiences using secure smart contracts.