If you’ve been active in the blockchain space recently, you may have noticed some of the top Web3 startups that are shaping the face of the internet as we know it. Some Web3 projects are disruptive. However, others aim to bridge the divide between the old version of the internet and the new. Also, several top Web3 startups are working with regulators to facilitate compliant blockchain adoption by institutions and governments.
In this article, we’re going to explore some of the top Web3 startups operating in 2022. We’ll discuss the various elements of Web3 and provide a cross-section of the most cutting-edge blockchain technologies and services. Plus, we’re going to explore some of the most exciting Web3 projects to provide inspiration for your next Web3 build!
What is Web3?
To truly appreciate the value propositions of Web3, it’s worth taking a look at Web1 and Web2. The term “Web1” refers to the first iteration of the internet. Web1 mainly consisted of static images and text with little to no interactivity. Also, only a small handful of specialists were able to create content with Web1.
The term “Web2” refers to the second generation of the internet that most of us recognize today. Web2 features a variety of interactive websites that are primarily straightforward to build. Also, anyone can be a content creator in Web2. However, a small handful of powerful tech companies are in charge of the majority of websites that dominate the Web2 space. These companies tend to prioritize shareholder profits over data security and user privacy. As a result, most of the Web2 applications we use on a daily basis harvest our data to try to sell us products and services.
Web3 (the decentralized web, web 3.0) is the next generation of the internet built using blockchain technology. It uses cryptocurrencies to create digital economies that put users and creators in control of the applications they use and create. Furthermore, Web3 uses decentralized technologies to develop privacy-preserving alternatives to popular Web2 applications. This includes art, gaming, social media, the metaverse, and finance. Also, Web3 uses decentralized governance structures that encourage projects to consider the will of the people who use their applications.
Thanks to recent innovations in the Web3 space, blockchain and cryptocurrencies are seeing an uptick in adoption and utility. Also, Web3 projects are using blockchain technology to blur the lines between the old version of the internet and the new iteration. Moreover, Web3 uses cryptocurrencies to enable users and creators to become shareholders of the technologies they’re passionate about.
Top Web3 Startups
Now it’s time to take a look at some of the top Web3 protocols in 2022. In no particular order, these projects provide a cross-section of the Web3 landscape and showcase some of the innovations that are shaping the blockchain industry and promoting the mass adoption of decentralized technologies. If you’re looking for inspiration for your next Web3 project, the following top Web3 startups are among the most cutting-edge in the industry.
Ethereum Name Service (ENS)
Ethereum Name Service (ENS) is a decentralized, extensible naming system operating on Ethereum. ENS works like a decentralized version of the domain name service (DNS) used in Web2. However, the underlying architecture is drastically different. ENS maps human-readable names (e.g., “yourname.eth”) and subdomains (e.g., “pay.yourname.eth”) to Ethereum wallet addresses, metadata, and content hashes. This creates an aesthetically pleasing, easy-to-read, and personalized alternative to long character wallet addresses. Also, ENS gives users autonomy and ownership of every domain and subdomain they use. Plus, it enables users to import internet domain name service (DNS) names and use them as part of ENS.
Furthermore, ENS is governed by two entities. First, the ENS decentralized autonomous organization (DAO) allows holders of the native ENS governance token to shape the future of the platform by voting on proposals to make changes to the protocol. Second, the ENS Foundation is a non-profit organization situated in the Cayman Islands. It provides ENS legal representation, facilitates interaction with other legal entities, and supports the growth of the ENS ecosystem.
Ethereum domain names consist of two key components. First, the ENS registry is a smart contract that lists every ENS domain name. Second, participants known as “resolvers” are responsible for carrying out the computational calculations necessary for mathematically translating human-readable ENS names into long character addresses.
Also, ENS domain names are stored on-chain in the form of ERC-721 non-fungible tokens (NFTs). Using ENS requires an Ethereum-compatible Web3 wallet such as MetaMask. Check out the Master DeFi in 2022 course at Moralis Academy to learn how to interact with protocols on Ethereum safely. Also, this course teaches students how to use some of the top decentralized finance (DeFi) protocols, including Uniswap, MakerDAO, and Curve Finance!
ConsenSys is one of the most prominent software companies and infrastructure providers for Ethereum developers. The firm is responsible for developing next-gen Ethereum toolings such as Codefi, Diligence, Infura, MetaMask, Quorum, and Truffle Suite. Accordingly, many consider Consensys to be one of the top Web3 startups of all time. In addition, ConsenSys is helping to cultivate the Web3 community and plays an essential role in providing blockchain solutions for businesses, individuals, central banks, and institutions.
Furthermore, ConsenSys has developed some of the key infrastructures that make up the Ethereum network. The firm also offers an incubation service that provides security and compliance services to more than 50 projects. Plus, ConsenSys works with regulators to ensure that Web3 compliance procedures are thoroughly considered, creating a sustainable site for Web3 development.
Moreover, ConsenSys has been pivotal in the enterprise and institutional adoption of blockchain and Web3. As a founding member of the global standards organization Enterprise Ethereum Alliance (EEA), ConsenSys is at the forefront of blockchain regulation. Accordingly, the firm is helping the legacy financial ecosystem integrate Web3 technologies and provide blockchain services to customers across the world.
Web3Auth is a “pluggable auth infrastructure for Web3 wallets and applications”. It removes much of the friction associated with onboarding new users to blockchain and crypto by enabling them to log in to their favorite applications using, for example, their email instead of a crypto wallet address. Also, Web3Auth supports all social logins for both web and mobile and enables users to log in to applications without a password.
Features include Web2 logins, non-custodial public key infrastructure, and white-label customization. Also, clients can plug into existing user bases without migrations. Plus, the platform supports EVM-compatible chains and Solana. Users can integrate Web3Auth into a range of Web2 and Web3 apps using just a few lines of code and the Web3Auth software development kit (SDK). Accordingly, Web3Auth is blurring the lines between traditional websites and Web3 technologies.
Hivemapper is an open-source, blockchain-based digital mapping network built on Solana. It takes inspiration from the Helium decentralized wireless data network and acts as a decentralized Google Maps alternative. The Hivemapper network uses a series of custom-built dashcams to provide map coverage and upload data onto a decentralized global map.
Network participants are rewarded in the native HONEY token for their contributions. Also, Hivemapper’s Mapping Network Foundation is responsible for overseeing protocol governance. HONEY token holders will be able to vote on proposals to make changes to the network and decide the future direction of the project.
At the time of writing, Hivemapper operates in nine metropolitan geographies, including London, Los Angeles, and Singapore. Furthermore, the Hivemapper network uses Helium’s network of 70,000 nodes to facilitate vehicle authentication. Network participants are penalized for uploading low-quality or incomplete content. As such, the Hivemapper network has built-in financial incentives to ensure that the global map is of the highest possible quality.
Moralis is a backend management service that provides convenient solutions for creating exciting cross-chain decentralized applications (dapps). Also, Moralis makes it easy for developers to build and integrate Web3 features into a broad range of applications, thanks to the next-generation Moralis SDK. Moralis dapps are future-proof by default. Plus, the Moralis product range caters to all levels of experience.
Whether you’re creating your first dapp or integrating Web3 features into a traditional website, Moralis boasts a variety of tools to help developers build, maintain, and improve dapps with minimal fuss. Using just a few lines of code, developers can easily implement Moralis features and create beautiful applications with minimal effort. Furthermore, because Moralis does most of the backend legwork, developers have more time to focus on creating sleek frontends.
If you’re a developer and want to learn how to create Web3 apps for free, check out Moralis Projects. Here, we show you how to create a variety of applications, including a decentralized Twitter clone, a Web3 Angry Birds game, a metaverse game, a blockchain-based Netflix, and a Web3 Airbnb! In addition, you can learn how to create a play-to-earn crypto game and integrate various Web3 features into your website.
The Graph is a middle-layer query protocol that promotes the development of cross-chain dapps that cannot be monopolized. It facilitates the secure communication of smart contract data between blockchains and dapps with an intuitive user interface. Accordingly, The Graph saves developers a great deal of time and energy by providing a range of reliable data feeds for Web3 applications.
Furthermore, The Graph is responsible for creating the first decentralized indexes for blockchain developers, known as subgraphs. Subgraphs enable developers to organize smart contract data efficiently. As a result, developers have more time to concentrate on creating frontends.
There are three key components to The Graph. First, “indexers” operate nodes and process index queries. Indexers are required to stake the GRT token, which they can lose if they attempt to defraud the network. Also, indexers receive staking rewards for their contributions. Second, “curators” evaluate the quality of subgraphs and earn a portion of query fees by locking up GRT tokens.
Third, “delegators” delegate indexers by staking GRT tokens. In return, they also receive a portion of query fees. The native GRT token is an Ethereum ERC-20 token that facilitates the allocation of resources throughout the network. It serves as an incentive for network participants to continuously improve application programming interfaces (APIs).
How to Get Into Web3 Development
Top Web3 Startups – Summary
If you’re thinking about building your own Web3 business, taking inspiration from the top Web3 startups could give you an indication of where the industry is heading. Also, Moralis provides state-of-the-art tooling to help you get your project into production fast. Furthermore, if your company is considering including blockchain education in its corporate training, Moralis Academy provides world-class Web3 courses for teams and businesses sector-wide.
Also, don’t forget to follow us on Twitter @MoralisAcademy! We’d love to hear your thoughts about the top Web3 startups. Tell us if you think we’ve missed any, or tell us about your favorite Web3 startup! Plus, check out our “Why to Learn Web3 Development” and “Polkadot vs Cardano” articles to further expand your Web3 knowledge!