FLUX — How to Get Started in Web3

Web3 was coined in 2014 by Polkadot and Ethereum co-founder Gavin Wood to describe the new digital world being created by blockchain technology. As Ethereum birthed the smart contracts, developers were able to utilize the blockchain to build decentralized applications, known as DApps. This allowed users to gain ownership of the web for the first time.

What to know when building in the Web3 space

There are a few key characteristics and requirements when trying to build a Web3 company. Let’s run through some of them now.

Decentralization

The most important thing to know when building in Web3 is that decentralization is critical. Decentralization means that nobody has complete control of your project, and the ownership is spread across users and shareholders — or token holders as they are commonly referred to.

As Web3 is in its infancy, many builders in the space are still hanging on to traditional centralized entities and are not actual Web3 projects. A vital example is companies that host their projects on centralized hosting providers. Some of the biggest DApps in the space are still clinging to the past and hosting their projects with centralized companies such as Amazon Web Services or Google Cloud.

To be a truly decentralized project, you need complete decentralization throughout. That is why Flux has created the largest decentralized computational network in the world. Flux allows decentralized applications to host their projects across thousands of nodes across the globe.

Flux has 12,900 nodes, providing the computational resources required to host these DApps. The benefit of using a decentralized hosting provider is that your project becomes truly decentralized. It is virtually impossible for anybody, including Flux, to shut down your project or enforce any forms of censorship. This cannot be said for the supposed Web3 projects currently running on centralized providers, as they are at the mercy of the centralized entity itself.

Be Trustless and Permissionless.

These are perhaps the two most challenging points for newcomers to understand when discussing Web3. Our entire economic system has been built around your personal identity and how everybody who participates in society has a personal credit score. The credit score is a critical factor in how people can live their lives, and it can be a significant hurdle for people to financial progress.

However, in Web3, the economic mechanisms do not rely on your personal identity and are instead anonymous. This means that people can take advantage of the economic system without consideration of their financial or personal past.

This is truly revolutionary and will undoubtedly help millions of people worldwide.

We are already seeing so much development in the Web3 financial sector that there is a commonly used term Defi (Decentralized Finance). Defi is built using trustless and permissionless mechanisms as they use the features of blockchain technology to allow everyone to partake in the financial world anonymously.

List of Defi protocols on Flux.

When building your Web3 project, you must incorporate these trustless and permissionless mechanisms as much as possible. However, it’s essential to know that each country has different rules and regulations on these issues, so please ensure you’re legally compliant.

Are you in this for the long run?

As great as Web3 is, some projects and builders are currently better suited to the more traditional Web2 ecosystem. The increased technological requirements to operate Web3 means a much smaller user base than Web2. This means that although it’s the perfect time to innovate in the space, you have to be prepared to operate for the long term before we start to see the Web3 companies at the forefront of the internet.

Get started today!

To learn more about Flux and how we can help you launch the next Web3 DApp, check out runonflux.io and start your journey into the crazy world of Web3.

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