Web3 Infrastructure and their effects on today's cloud-based services
Web3 is the name given to the decentralized web where applications, services and infrastructure are all hosted decentrally. Some of the protocols that drive the web3 are IPFS and Smart Contract platforms and networks such as Ethereum. The infrastructure side will definitely see significant amount of decentralization at every layer.
For example, financial services are already being decentralized through services such as Celsius.io, nexo.io, compound.finance, etc. Ethereum based smart contracts already operate these markets in ways that were not possible. For example, savings interest rates on crypto holdings (even stable coins) in these markets are way higher than what banks can afford.
Another interesting area where this is happening is on the infrastructure side - both hardware, computing power, and on software services and support. the protocol that is seeing a resurgence in applications is that of ipFS. It may be a decade away as yet, but using cryptographic means, it might be possible in the near future to get significantly large storage at a fraction of the cost that it would otherwise. Many crypto-platforms such as Filecoin and already releasing their early prototypes onto the market. Similarly, firms such as infura.io support Ethereum smartcontracts with IPFS protocols enabling infrastructure support for a lot of backend software such as for decentralized exchanges for creating financial products, testing them, etc... Sia - is another platform that resembles FileCoin.
There are more than 3 million smart contracts on ethereum alone, and many more on other platforms such as EoS, Tron and a host of other applications. These applications are on their way to decentralize everything from insurance, to banking , to holding assets. With the ZeroX protocol it is possible to exchange any type of securitized asset and exchange it for anything else in the world.
The web3 - as we are seeing it, will be a tectonic shift in the overall internet industry, that will see a new set of business models that will transform the way we work and live, with a lot more decentralization in the wealth and power created and shared.
Posted from my blog with SteemPress : https://www.cryptonewtech.com/2020/01/18/web3-infrastructure-and-their-effects-on-todays-cloud-based-services/