The interest in Web3 development and blockchain technology has risen and fallen dramatically since 2022.
It seemed like I saw an update every time I opened Twitter in the first half of this year. Either a brand had secured funding, or a project was growing rapidly.
In the second half of this year, things slowed down. The hype waned, and so did the number of projects that, if we are being honest, were not very useful.
This current bear market is leaving only the most ingenious developers, and builders–people working to solve real issues with great solutions.
I spent the majority of my workday analyzing Web3 projects, so I thought it would be a good idea to share with you some great Web3 open-source projects that I think you should check out in 2023.
Why should I care about an open-source project?
If you’re looking for a summary of this article, it is available here.
Open-source software is already proving its value in terms of accessibility, connecting developers, and reducing costs.
This highlights the benefits.
There’s more nuance to the discussion, particularly if you look at its relationship with Web3 or blockchain.
Here are some key points that highlight the overlap between open source and Web3.
Open-source software allows users and developers to collaborate without having to trust each other.
This sounds very familiar.
People can work together without having to express explicit trust. It’s almost like using a public Blockchain.
Web3 and Blockchain tech are centered around the features and benefits. For example, people talk endlessly about how permissionless blockchains are more transparent and censor resistant.
It’s great but there is also a cultural component here.
Web3 was designed to be more collaborative.
It allows people to work together on projects, and achieve common goals, without having to go through lengthy applications and checks.
Collaboration > code
Engineers have been the most valuable assets and driving force in tech companies for a long time.
Many brands have maintained and built their market leadership position based on code.
Within the next few decades, this will most likely change.
Web3 is open-source. The moat created solely by code will shrink as more brands adopt open-source.
The increasing use of AI for complex tasks such as coding will result in a faster cycle of code creation and improvement.
Differentiation is going to be a challenge for brands.
Brands can create a community by developing a mission and a vision that will attract more users.
Many of the top Web3 brands already do this.
Many open-source projects achieve the same thing by allowing everyone to contribute.
Open-source software is affordable for creators
Web3 is a platform that puts a lot of emphasis on the creator.
We want to see creators fairly compensated for the work they do and able to achieve their goals.
Many proprietary software programs are slow to develop and expensive to use.
The cost of open-source software will be lower for everyone involved. This will allow more people to create solutions that address real-world problems.
All this is at a cost that is far less than traditional methods.
You get the idea. I could go on and on about the overlaps between open source and Web3,
Many of their core concepts are similar.
Open Source Social Media
Developers in the social media space have been pushing to democratize the platform (and remove the control of centralized entities).
Let’s start by mentioning the most important open-source project you are probably familiar with.
Mastodon, an open-source and decentralized social media tool, allows users to build their communities as well as share content.
Elon began to flex his muscles when he took over Twitter.
Mastodon was built using ActivityPub. This is a protocol that allows for federated social networks.
It means that anyone can join any Mastodon institution, allowing communication with people all over the globe.
Mastodon can be difficult to use for some users. If you can persist, it’s quite a cool network.
Farcaster is a relatively young social media platform that has been gaining popularity in the Web3 area.
Built on top of IPFS and allows users to store data and content in a distributed network.
Farcaster has a feature called “stacks” that allows users to create custom feeds using multiple sources.
You can now follow users from multiple networks (equivalent to Twitter, Reddit, etc.). All in one place.
Farcaster allows you to create apps that interact with the Farcaster network.
Open Source Crypto Wallets
You’ll be familiar with the wallet if you’ve been using Web3. It’s your passport for all the dApps, projects, and dApps in this space.
Open-source projects are the most popular crypto wallets.
MetaMask, a browser extension wallet, allows users to send and receive Ethereum tokens.
It has been around since 2016 and is the most popular wallet in the industry — mainly due to the ease of syncing with dApps.
You can also use it to buy/swap cryptos and store them.
MetaMask, an open-source wallet project, is probably the first you should use.
Open Source Cryptocurrency Exchanges
Crypto exchanges still hold the most interest for Web3.
Probably because that’s where the money is.
If you’ve ever considered creating your crypto exchange, you can check out a few of these great open-source exchanges and use them as inspiration.
Uniswap, by far, is the most popular decentralized crypto exchange. It is an open-source initiative that allows users to trade Ethereum-based tokens from their wallets.
Uniswap uses an Automatic Market Maker to facilitate trades.
It is incredibly efficient and secure because users do not need to rely upon order books or central entities to execute trades.
HollaEx, an open-source cryptocurrency trading platform, is also unique. HollaEx is unique in that it lets users create their decentralized cryptocurrency exchanges.
It is built on the HollaEx Kit which is a set of tools and services that are designed to make establishing a crypto exchange easy.
A few of the services that HollaEx offers are multi-currency, order matching, liquidity management, and others.
The exchange also accepts both fiat and cryptocurrency payments, which makes it quite versatile.
Open Source Decentralized Storage
AWS is currently dominating the digital storage market.
Several brands now offer decentralized storage. This is often cheaper and faster. Here are some things to keep in mind:
Storj, an open-source platform for decentralized storage, allows users to access and store data on a distributed network in a safe environment.
The data is protected by using cryptography and blockchain technology.
The platform runs on its own cryptocurrency STORJ. This is used to purchase storage space in the network. Storj has a market where users can purchase or sell storage.
Storj has several features, including end-to-end encrypted files, sharding files (splitting them into smaller pieces), and redundancy.
Web3 is Built on Collaboration
Many Web3 projects are based on collaboration and community. These are only a few of the many solutions that people have built. You can help and get involved.
You have a wide range of choices, whether you want an NFT collection that has real-world use cases or communities, or if you prefer more technical options related to Metaverse. You have a lot of choices; the hardest part is to narrow down your choice.
Decent Reviews has a growing list of Web3 brands and projects.
If you’d like another article similar to this one, please let me know and I will put together another.