Web 3.0, otherwise known as Web 3 or the Decentralized web, refers to a vision of the internet that aims to reshape our interactactions, communication, and online transactions. By switching from the traditional centralized form of the web to a decentralized, peer-to-peer network, it symbolizes a paradigm change.

Some Peculiarities of Web 3

Smart Contracts: Web 3 harnesses smart contracts, which are self-executing contracts with predefined rules and conditions. These contracts automatically execute when the specified conditions are met, enabling trustless and transparent interactions without the need for intermediaries.

Block chain technology: Web 3 mainly utilizes blockchain technology, which offers a decentralized and immutable ledger for storing transactions and data. Blockchain guarantees trust, security, and transparency in the digital world.

Decentralization: Web 3 promotes decentralization by eliminating the need for central authorities or intermediaries to facilitate online interactions.Instead, it enables people and groups to communicate and conduct business with one another directly over peer-to-peer networks.

Interoperability: Web3 strives to provide interoperable standards and protocols, enabling various platforms and applications to interact and communicate with each other without any difficulty. The growth of a dynamic, linked decentralized ecosystem is encouraged by this interoperability.

Cryptogenic security: Advanced cryptographic algorithms are used by Web 3 to secure digital assets, confirm identities, and safeguard data privacy. Digital signatures, public-key cryptography, and encryption are indispensable for protecting online transactions and communications.Users have ownership and control over their digital identities, allowing them to selectively share data and maintain privacy preferences.

Tokenization: Web 3 makes it possible to create and manage digital tokens that stand in for a variety of assets, including money, virtual items, and property rights. Within decentralized ecosystems, tokenization makes it possible for new kinds of value exchange, ownership, and incentive structures.

It’s crucial to remember that even while Web3 is still a concept in development, numerous groups and initiatives are actively working to advance it. These include decentralized infrastructure initiatives (like Yesport) , decentralized storage options, and identity management systems, as well as blockchain platforms like Ethereum, Polkadot, and Cosmos.

Web3 has the potential to revolutionize various industries and applications. It enables decentralized finance (DeFi) platforms that offer financial services without intermediaries, such as lending, borrowing, and trading. It also paves the way for decentralized applications (dApps) that operate on open protocols and are resistant to censorship or shutdown.

RECENT DEVELOPMENT OF YESPORTS IN WEB 3.

YESPORTS is the world’s largest Web 3 eSports engagement platform built on the polygon network. Through clever use of the web 3 infrastructure, Yesports leverages the endless possibilities of an eSports metaverse. Being the leading eSports and gaming industry, it also delivers a wide range of valuable digital products such as NFTs, YESP tokens, Decentralized games(MetaSoccer), Video content, Music and audio, Professional services, downloadable softwares etc.

Yesports harnesses the knowledge and expertise of thought leaders and founders from esports and web3 games through monthly convergence events. Together with gaming partners in web3, Yesports paves the way forward, enabling the expansion of esports and evolving the fan experience into a brand new era.

Having partnered with about six global eSports (namely Talón Esports, Boom eSports, Fact Revolution, Renegades, Team empire and WLGgr), Yesports has successfully received over 500 million eSports fans to Web 3, as well as 3 world renowned eSports stars- Falcon Andilex, NaToSaphix and LukeN.

Pegaxy, Planet IX, ZedRun, Mystic Treasure, My Meta Farm, DexioProtocol, Planet Mojo, Fabwelt Studios, Shatterpoint, Decentral Games, Alaska Gold Rush, Skyweaver, Outlaws Brawl, Gunfire, Mighty Bear Games, and MyMetaSoccer are just a few of the top web3 games that have partnered with Yesports for the first launch.

Sean Zhang, CEO and Co-founder of Talon Esports, one of the teams involved in the platform, commented: “Yesports has given us ready-made tools and a revolutionary framework to bring Web3 functionality to our audience, unlocking unrivaled engagement and direct-to-consumer benefits. NFT membership will help us create new revenue streams while solidifying existing ones and deliver new ways for fans to show their support and loyalty.”

Three membership tiers—Gold, Platinum, and Diamond—are anticipated for the site. Users can buy memberships by making one-time purchases of an NFT that is particular to a given team. Additionally, organizations will be able to adjust the pricing, tier arrangement, and payment method for the membership type.

During the trading competition, which ran from March 21 to May 21 of 2023, Yesports offered $8000 in prizes, including NFT Packs from the partners who took part, USDC, and more. Direct purchases of membership tokens from Yesports are also possible, and they can be traded on external NFT exchanges like OpenSea.

Given how tech-savvy eSports fans are, Yesports strives to keep up with the industry’s rapid development by offering cutting-edge web 3 technology that encourages interaction between fans and their preferred teams.The Yesports Metaverse offers a utility stacked platform that enhances the utility function of NFT Access Cards, opening up a range of eSport related activities for fans.

Utility based NFT Access cards, Export Metaverse and curated in-world marketplace are among the exciting features of the Yesport Web 3 technology. Through engagement and task based interactions, esport fans holding utility NFT Access Cards will be able to gain access to a host of engagement functions including:

VIP expense paid trips, Coaching sessions, Gaming equipment, purchasing merch from team marketplace, Exclusive White list access, plus more TBA(to be announced) projects.

Fans can partake in eSports activities around every corner featuring home stadiums, club houses, private viewing venues, and storefronts; thus gaining greater access in the Metaverse.

CONCLUSION.

Overall, Web3 represents a more decentralized and user-controlled internet, where individuals have greater ownership, privacy, and security over their online activities and interactions.

At its foundational level, Web 3.0 utilizes cryptography, blockchain technology, and decentralized protocols to enable a more open, secure, and user-friendly internet experience. It seeks to address some of the drawbacks and issues related with the current web infrastructure, including data privacy, technical glitches that may arise from security threats/vulnerabilities, and reliance on intermediaries for various online activities. Yesports captures a natural conjunction between eSports and Web 3. With cutting-edge technology, Yesports is committed to provide the best digital products for gamers worldwide.

Image source: thebusinessofesport.com