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What is a Web3 browser and how does it work?

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What is a Web3 browser and how does it work?

A software program called a web service enables computer-to-computer communication over the internet. However, web services are nothing new and typically take the form of an application programming interface (API). The Web is a collection of related hypertext materials that may be accessed online. For example, a user examines web pages that may contain multimedia using a web browser and uses hyperlinks to move between them.

Tim Berners-Lee, who was employed by CERN, The European Organization for Nuclear Research, in Geneva, Switzerland, invented the Web in 1989. Since then, Berners-Lee has actively directed the development of web standards and has pushed for the creation of the Semantic Web, also called Web3

The phrase “Web3” is used to characterize multiple evolutions of web interaction and usage along various paths, including creating a geospatial web, utilizing artificial intelligence tools and making content available through numerous non-browser apps or Web3 browsers. A Web3 browser introduces users to a new world of decentralized apps (DApps) and digital economies. 

This article will discuss Web3 fundamentals, key features of a Web3 browser, how a Web3 browser works and how to use one.

What is a Web3 browser?

Web3 browsers help users interact with decentralized applications built on blockchain technology. Web3 technologies like distributed ledgers, artificial intelligence, Metaverse and others aim to create the next-generation internet, which is accessible to everyone and offers benefits.

Key features of a Web3 browser include:

  • Immutable ecosystem, i.e., trust that people will download the digital product just as the original creator intended. 
  • Enhanced transparency and security, 
  • Quicker browsing performance,
  • Complete user anonymity and confidentiality,
  • Integrating cryptocurrency wallets with multiple blockchains,
  • Complete control over the content due to decentralization.

Furthermore, search engines can find microcontent texts automatically tagged in Web3, calling for converting countless macro Web1 content into microcontent. Because tagging can somewhat eliminate the uncertainty that homonyms and synonyms introduce to the search process, the end result may be a more accurate search.

How does a Web3 browser work?

The world of DApps and digital economies is made available by Web3 internet browsers. By leveraging cryptography and public blockchains, the Web3 browser places control with users, wiping out centralized institutions. Additionally, consumers are rewarded financially for interacting with content or viewing carefully selected adverts on decentralized social media platforms and Web3 browsers.

But, how do Web3 browsers change the online experience? Web3 browsers enable users to use the standard functionality of browsers. They are essentially decentralized applications that allow users to retain ownership of their data and share its revenue. So, is Chrome a Web3 browser? No, Chrome is a Web2 browser like Firefox and Safari. However, users can access Web3 applications with Web2 browsers using a Web3 wallet like MetaMask.

How to use a Web3 browser?

The Web3 wallets can be incorporated into traditional web browsers, providing DApp browser functionality by allowing flexible access to decentralized applications without the assistance of other intermediaries while still maintaining full ownership of their assets. In addition, users can access the Web3 economy without going through any Know Your Customer (KYC) or Anti-Money Laundering (AML) procedures. 

Moreover, crypto assets can be stored and managed effectively using Web3 wallets. However, if one loses their seed phrase, they may lose funds, unlike centralized custodial wallets. So, which Web3 browser would be suitable for your requirements? Let’s learn about various Web3 internet browsers in the sections below.

Opera Web3 browser

Both crypto-curious and blockchain-savvy users may enjoy a seamless, private and secure Web3 experience with Opera Crypto Browser with features such as phishing protection, a secure clipboard, a malicious-address checker and the Wallet Selector, the industry’s first multi-wallet management tool. Ether (ETH), ERC-20 and ERC-721 tokens are supported by the built-in crypto wallet and several blockchains, including Ethereum Virtual Machine (EVM)-compatible chains, Bitcoin and layer-2 solutions. Additionally, Opera has a strong partner network with partners like Solana or Polygon across the crypto ecosystem.

Furthermore, users can quickly access WhatsApp, Telegram, Discord, Twitter and more social apps in the sidebar of the desktop Crypto Browser to stay connected to their communities at all times. In addition, users may access future airdrops, industry updates and event calendars, gas costs, instructional content and others through the integrated Crypto Corner. 

Stay connected with crypto communities using Opera Web3 browser

If you are interested in using the Opera Web3 browser, you must first download the Opera Crypto Browser for Android, Windows, or Mac (iOS coming soon). Then, if you already have a wallet, you can use it or create an Opera wallet to utilize the functionalities mentioned above.

Puma Web3 browser

Ukrainian-Canadian developer Yuriy Dybskiy founded Puma Browser in January 2019. It provides access to Ethereum Name Service (ENS) and Handshake (HNS) domains and InterPlanetaryFileSystem (IPFS), as well as seamless payments for content creators, app and game developers via Coil Content Network and Interledger Protocol. Using the Puma browser, web monetization works as follows:

  • A monthly charge of $5 is paid by Coil Members to access the content created by the users.
  • Interested users set up a digital wallet and make money from their content. Every hour a Coil Member spends viewing users’ content earns them $0.36 from Coil. 
  • While Coil Members enjoy users’ content, Coil streams funds to their wallets.

Brave Web3 browser

Brave is open-source software that offers privacy-preserving features together with a free-to-use business model. It enhances users’ browser super app with cost-free video calls, fully autonomous search, offline playlists and even a personalized news feed. Brave, by default, bans trackers and obscene advertisements on all websites users visit. Moreover, Brave’s brand-new nonfungible token (NFT) gallery feature provides users with a streamlined interface for viewing and managing NFT collections.

Additionally, by watching ads, one can earn passive income in Basic Attention Tokens (BAT). Another notable feature of the Brave Web3 browser is the incorporation of IPFS functionality, which enables built-in decentralized file storage and reduces data concentration by distributing file storage across a worldwide network.

Beaker browser

Beaker browser allows peer-to-peer website hosting, referred to as Hyperdrives, in a private mode. Only those with the link to a Hyperdrive can access the website once it has been created. To create hostless applications, the Beaker browser offers new APIs while still being compatible with the rest of the Web.

Beaker displays the complete site’s structure in a GitHub-like format, in contrast to most browsers showing the page’s source code to the website visitors. Even better, one can host their own fork of the website.

Osiris browser

The first net-neutral browser in the world, Osiris hopes to release people from commercialism, the shackles of censorship and bias that have crept into the internet. Osiris asserts that it is a blockchain-based browser that, by default, bans all commercials and trackers and states baldly that it is self-sustaining without advertising money

With Osiris Armor, users can configure privacy settings and view the number of advertising and scripts that have already been banned. In addition, it offers a multi-wallet called Metawallet that embeds a wallet in the browser and supports several cryptocurrencies to enhance the Web3 experience for blockchain users.

The future of Web3 browsers

Web platforms have long been without the capability of money transfer, resulting in a deluge of internet advertising and dishonest business practices. As the Semantic Web (Web3) promises to arrange the world’s information in a way that Google’s search engine architecture cannot achieve, it enables web monetization opportunities for developers, gamers, and content creators. Web monetization offers an effective, free, native and automatic means of paying creators, funding essential web infrastructure and supporting API calls.

Although Google Chrome is the most used Web2 browser and DApps can be accessed via Web3 wallets, blockchain-friendly web browsers allow users to control their data, funds and assets without intermediaries. Therefore the shift towards decentralized web calls for novel and innovative solutions to enhance the user experience, and Web3 browsers acting as a gateway to DApps are essential to access the digital economy. 

Despite the fact that there are still many unexplored areas of the Semantic Web and a lot of research to be done, it is evident that Web3 technologies are becoming a significant force in the current Web landscape. And it is expected that Web3 browsers (both existing and upcoming ones) will continue to offer distinct services to serve the needs of blockchain users.

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Bitcoin (BTC) Price Slips as US Labor Market Figures Hotter Than Expected

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Bitcoin (BTC) Price Slips as US Labor Market Figures Hotter Than Expected

Bitcoin fell 2% to around $16,800 after the Nov. 2022 U.S. jobs report revealed a strong labor market, despite the Federal Reserve’s six consecutive interest rate hikes in 2022.

Nonfarm payrolls increased by 263,000, beating the Dow Jones estimate of 200,000, while the unemployment rate matched expectations at 3.7%.

Jobs Report Signals Fed Hikes Are Likely to Persist

The gain in nonfarm payrolls came in slightly lower than the revised Oct. 2022 increase of 284,000, while average hourly earnings rose 0.6% compared to estimates of 0.3%.

The U.S. Bureau of Labor Statistics releases the nonfarm payroll and average hourly earnings at 8:30 E.T. on the first Friday of every month as part of the Employment Situation report.

While rising employment rates and wages generally point to a healthy economy, wages that grow too fast, especially in the presence of record levels of inflation, encourage the Fed to continue raising interest rates to ensure that the economy doesn’t run red-hot. 

“To have 263,000 jobs added even after policy rates have been raised by some [375] basis points is no joke,” noted Seema Shah of Principal Asset Management. “The labor market is hot, hot, hot, heaping pressure on the Fed to continue raising policy rates.”

Raising policy or interest rates cools economic expansion, but if done too aggressively, it could significantly curtail employment and pitch the economy into a recession. Recession fears generally create selling pressure on risky assets like cryptos and equities, driving prices into bear territory.

Cryptos ceded gains accrued earlier this week around a lower-than-expected Personal Consumption Expenditure Price Index of 0.2% for Nov. 2022. 

At press time, XRP was down about 2.5%, while DOGE fell 3.78%. Solana also declined by 1.1%. Equities markets also tanked, with the Dow Jones Industrial Average falling 0.9%, the S&P 500 1.2%, and the tech-heavy Nasdaq slid 1.5%. 

Crypto price heatmap
Source: Coin360

Elsewhere, gold is outshining Bitcoin as an inflation hedge and trading back at its price at the beginning of the year, $1,800 per ounce. By comparison, Bitcoin has fallen 63% in the same period.

Jobs Report and Inflation Still Likely to Influence Crypto Prices

The higher-than-expected Nov. 2022 nonfarm payroll number is the lowest jobs gain since April 2021, coming after a revised increase of 284,000 new jobs in Oct. 2022.

Nonfarm payroll increases in 2022
Source: TradingEconomics

The most significant adjusted increases in the nonfarm payroll were noted in the Feb. 2022 and July 2022 jobs report. The Feb. 2022 report revealed that nonfarm payrolls increased by 714,000 in Jan. 2022, prompting the Fed to step in with a 25 basis-point hike in March. 

The following four reports pointed to a cooling down of the labor market, which then picked up again in June 2022, when the Fed introduced its first 75 basis point hike of 2022.

On Nov. 30, Fed chair Jerome Powell noted that less aggressive rate hikes might be a distinct possibility at the next Fed meeting, although most analysts do not expect a drastic fall off from the last four increases of 0.75%. 

They predict that the Fed will increase interest rates by 50 basis points at the next Federal Open Markets Committee meeting in mid-Dec. 2022, taking the federal funds rate above the 4% mark. 

The Fed meeting will likely spark a rally in both cryptos and stocks if analysts’ estimates prove accurate.

For Be[In] Crypto’s latest Bitcoin (BTC) analysis, click here.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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EU Parliament to ‘Vote on Adopting the Regulation on MiCA’ — Expert Says Industry Needs Legal Clarity

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EU Parliament to ‘Vote on Adopting the Regulation on MiCA’ — Expert Says Industry Needs Legal Clarity

In a recent statement, the European Parliament said its members would shortly “vote on adopting the regulation on markets in crypto-assets (MiCA).” According to the parliamentary body’s think tank, the envisaged regulations are expected to provide “legal certainty for crypto-assets not covered by existing EU legislation.” A crypto counselor, Paulius Vaitkevicius, said any regulation of crypto is likely to result in more capital and talent coming into the space.

‘Harmonized Rules’ for Crypto-Assets at EU Level

After months of discussions and negotiations which culminated in the June 30 preliminary agreement, the European Parliament (EP) is now set to “vote on adopting the regulation on markets in crypto-assets (MiCA).” The vote is set to take place during the legislative body’s plenary session. European leaders assert that the adoption of MiCA will lead to the creation of “harmonized rules for crypto-assets at [the] E.U. level.”

According to a Nov. 29 briefing by the parliament’s think tank, the harmonized crypto rules are expected to provide “legal certainty for crypto-assets not covered by existing EU legislation.” In the briefing, the EP also argues that the rules will not only enhance the protection of consumers and investors but will also “promote innovation and use of crypto-assets.”

Through MICA, European authorities also hope “to regulate [the] issuance and trading of crypto-assets as well as the management of the underlying assets.”

While European leaders like European Central Bank president Christine Largade are pushing for tougher regulation — MiCA II — some critics of the proposed legislation argue that the envisaged regulations in their current form may stifle innovation.

Legal Clarity Attracts Mature Players

Commenting on the European Union’s drive to regulate cryptocurrencies, Paulius Vaitkevicius, founder and crypto counselor at the law firm VILP Solutions, said the prevailing “Wild West environment” is not helpful to all parties. He also told Bitcoin.com News that without guidelines or regulatory frameworks “and with a number of situations where industry players collapse, we might end up in a situation where we will have only a handful of investors left in the industry.”

EU Parliament to 'Vote on Adopting the Regulation on MiCA' — Expert Says Industry Needs Legal Clarity

Therefore, to stop this from happening the crypto industry needs legal clarity, which according to Vaitkevicius, “bring[s] in more mature players to the industry from both project and investor sides.” Explaining why he is in favor of regulating the industry, Vaitkevicius said:

From my personal experience, such players have been seeking regulations and clarity already for some time and waiting for the right moment to step in properly. With regulations, we will see these firm steps and as a result additional capital and talent coming to the industry space.

Meanwhile, some crypto opponents have said if appropriate regulatory frameworks were already in place, Sam Bankman-Fried’s shenanigans would have been exposed much earlier. However, when asked about the validity of this argument, Vaitkevicius said the opinion that on paper FTX itself was “one of the most regulated players in the industry” undermines this theory. He added:

“Regulation is a good step forward, but [this] needs to be followed by other elements to be functional in real-life situations and achieve the pursued goals.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets

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Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets

Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets

The authority responsible for crypto oversight in Uzbekistan has determined the order of issuing and circulating digital assets in the country. The main reason behind the move is to establish a mechanism that would allow local companies to attract capital through coins and tokens.

Uzbekistan Government Sets Out to Regulate Digital Asset Investments

The National Agency of Perspective Projects (NAPP), under the President of Uzbekistan, has released a new regulation on the procedures for the issue, registration, and release in circulation of crypto assets in the Central Asian Nation.

The document provides basic legal definitions for crypto assets and makes distinction between the different types. It introduces requirements for crypto issuers, depositaries and custodians and determines their obligations, including those concerning relations with customers.

The authority has also approved rules for the establishment and maintaining of an electronic register of crypto assets and adopted accounting standards for the rights associated with them and those of their holders.

Crypto depositories will be responsible for providing services for the issuance, registration, circulation, and storage of crypto assets. Issuers can use them or other electronic platforms, the NAPP said, pointing out that the nominal value of the coins must be expressed only in the national fiat, the Uzbekistani som.

The agency emphasized that the issuance of unsecured tokens is prohibited. Using words such as “state,” “state-secured,” “state-supported,” “Uzbekistan,” “Uzbek,” “national,” and “som” in the names of the cryptos is banned. The regulator also clarified:

The main purpose of the adoption of this document is to create a new mechanism for business entities to attract investments and develop their activities by issuing and registering the issue of secured tokens.

The NAPP further warned against any unauthorized activities related to the circulation of crypto assets in the country or the use of services by providers that have not obtained a license to offer them. The same applies to firms involved in the mining of cryptocurrency.

Uzbekistan has been taking steps towards the comprehensive regulation of its crypto sector with several decrees signed by President Shavkat Mirziyoyev and resolutions by the National Agency of Perspective Projects. The country recently licensed two companies to provide exchange services.

Do you think Uzbekistanis will benefit from the new regulations adopted by the country’s crypto watchdog? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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