Accelerate your project with Web3.

At HyperWorks, we strive to empower our clients and their users through the advent of Web3 technologies.

Through our work, we believe the simple will always displace the complex, and the most powerful force in the universe isn't technology - it's imagination.

The Rise of Web3

Web3 represents the next phase of the Internet. At the beginning, Web1 involved individuals navigating to static websites, and Web2 was an era of centralization in which ecommerce and social media proliferated. Now, Web3 is breaking the wheel and promises to deliver decentralized solutions built upon blockchain technologies, putting users at the heart of everything.

Currently, technologies like Ethereum are leading the way in Web3 innovation, supporting exciting new experiences such as the Metaverse. As the mainstream begins to embrace Web3 technologies at an increasing pace, companies endeavor to adopt emerging standards in order to remain competitive and relevant.

The HyperWorks Approach

At HyperWorks, we understand that many companies are left wondering "what is Web3?" and they are not alone - it can be hard to grasp what all the hype is about. We seek to create value for our clients by solving the problems that arise through the velocity of Web3 innovation.

From Smart Contract development to Layer 2 solutions, HyperWorks is here to cut through the noise and help our clients understand how they can benefit from the Web3 revolution and lead the way in their industry.

With HyperWorks as your catalyst, let's push the boundaries of technology, together.

Web3 Explained

What is Web3?
The term Web3 refers to a vision of the third generation of computing, which anticipates that technologies like the blockchain will decentralize the internet and disintermediate Web2 companies like Facebook, Amazon and Apple, to enable the online exchange of value, and allow users to own their data.

Web3 is designed to benefit all participants using a peer-to-peer (P2P) model for websites, applications, and the internet as a whole. It will focus in many ways on producing a machine-readable data-driven semantic web. Many believe blockchain and crypto are central to the realization of the open, public, censorship-resistant, borderless, free internet: Web3.

Source: Gemini Cryptopedia
What is a blockchain?
A blockchain is a public ledger of transactions that is maintained and verified by a decentralized, peer-to-peer network of computers that adhere to a consensus mechanism to confirm data. Each computer in a blockchain network maintains its own copy of the shared record, making it nearly impossible for a single computer to alter any past transactions or for malicious actors to overwhelm the network. Sufficiently decentralized blockchains do not rely on centralized authorities or intermediaries to transact globally, securely, verifiably, and quickly, making technology like cryptocurrencies possible.

Source: Gemini Cryptopedia
What is Decentralization?
Decentralization is in many ways the central and defining characteristic of blockchain technology. Applying decentralized processes and tech can reduce or even eliminate the role of intermediaries across industries and use cases. For example, by removing banking institutions from financial instruments, decentralized finance (DeFi) platforms can distribute profits and governance to users and the wider community rather than a centralized intermediary. On an even more foundational level, decentralized networks crowdsource consensus, making it much harder for any one entity to control or censor the data that transacts through that network.

Source: Gemini Cryptopedia
What is Ethereum?
Ethereum launched in 2015 as a decentralized, blockchain-based global supercomputer to serve as the foundation for an ecosystem of interoperable, decentralized applications (dApps) powered by token economies and automated smart contracts. Assets and applications designed on Ethereum are built with self-executing smart contracts that remove the need for a central authority or intermediary.

The network is fueled by its native cryptocurrency ether (ETH), which is used to pay transaction fees on the network. Open-source, programmable, private, and censorship resistant, Ethereum forms the backbone of a decentralized internet, which has already spawned significant innovation like Initial Coin Offerings (ICOs), stablecoins, and decentralized finance (DeFi) applications.

Ethereum 2.0 refers to a significant set of updates to the Ethereum blockchain intended to vastly improve its scalability and broader utility. The multi-phased package of upgrades is officially called Serenity. It features a switch from a Proof-of-Work (PoW) consensus algorithm that relies on computational mining to a Proof-of-Stake (PoS) consensus algorithm that relies on validator staking to keep the network in motion. In utilizing Proof of Stake and implementing the innovation of partitioned shard chains, Ethereum 2.0 is expected to be much more efficient than its prior iteration, achieving the transactional scale required to be the global supercomputer.

Source: Gemini Cryptopedia
What are NFTs?
A non-fungible token (NFT) is a specialized type of cryptographic token that represents a unique digital asset that cannot be exchanged for another type of digital asset. This characteristic is in contrast to cryptocurrencies and blockchain utility tokens (like Bitcoin and Ethereum) that are fungible in nature. NFTs are created via smart contract technologies and are classified within the ERC-721 token standard.

Source: Gemini Cryptopedia
What are Smart Contracts?
A smart contract is a self-executing code or protocol that carries out a set of instructions that is verified on the blockchain. These contracts are trustless, autonomous, decentralized, and transparent; they are irreversible and unmodifiable once deployed. While they have several use cases, some of the most popular are various financial contracts (loans, derivatives, trading). They can also be used for legal contracts, identity management, and numerous other use cases. Popular in decentralized finance (DeFi), smart contracts can be bundled into decentralized applications (dApps) to execute more complex functions.

Source: Gemini Cryptopedia
What is the Metaverse?
The Metaverse is simply an alternate version of reality that exists digitally. Much like physical reality, people interact in the Metaverse to work, play, do business, and socialize with other people and elements.

In practice, there are multiple existing Metaverses today, such as Decentraland, and they can be referred to with different names and terms. The concept derives from “meta” which means “beyond” and “universe” which refers to all existing matter and space. So the term, “metaverse”, so to speak, goes beyond all that is visible and known to exist.

In the blockchain industry, many projects working in other emerging technologies, like artificial intelligence, and expanded reality, like VR and AR, create versions of their own digital realities. This is where the term Metaverse is often used to describe an ecosystem where users of the platform can find every single element, creation, experience, and interaction in a shared, and most importantly, persistent space.

Source: CoinMarketCap Alexandria
What is DeFi?
Decentralized finance (DeFi) is a major growth sector in blockchain that offers peer-to-peer financial services and technologies built on Ethereum. DeFi exchanges, loans, investments, and tokens are significantly more transparent, permissionless, trustless, and interoperable than traditional financial services, and trend towards decentralized governance and organizational methods that foster equitable stakeholder ownership. Platform composability in DeFi has resulted in unlocking value through interoperability with innovations like yield farming and liquidity tokens.

Source: Gemini Cryptopedia
What is a DAO?
A decentralized autonomous organization (DAO) is a blockchain-based organization that is democratically managed by members through self-enforcing open source code and typically formalized by smart contracts. DAOs lack centralized management structures. All decisions are voted upon by network stakeholders. DAOs often utilize a native utility token to incentivize network participation, and allocate proportional voting power to stakeholders based on the size of their stake. As DAOs are built on top blockchains - often Ethereum - their transactions are executed transparently on the underlying blockchain.

Source: Gemini Cryptopedia

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