Ethereum, devs’ favorite blockchain, is low-key the face of decentralized internet and web3

Ethereum, the dominant blockchain on the web app development stage and breeder of the second-best cryptocurrency after Bitcoin, is quietly but surely changing what we understand through the “internet” and its use cases. To better understand its predominant role in the progress from web2 to web3, it’s enough to look at what it succeeded in accomplishing and where it’s headed.
Despite being launched seven years after Bitcoin, Ethereum has grown to command a market capitalization exceeding $400 billion at the time of writing, with one of the largest and most active user bases in cryptocurrency. The Ethereum price in USD is among the most closely monitored metrics in the crypto world, reflecting the rising adoption of Ethereum alongside Bitcoin. By eliminating intermediaries in transactions and maximizing returns for participants, Ethereum has addressed the inefficiencies of traditional payment systems, paving the way for decentralized financial freedom.
Ethereum enables a world where advocates of financial freedom can engage in a wide range of activities—from purchasing goods and playing games to conducting business deals and making decisions—without interference. So, whether you’re a tech buff, entrepreneur, or impatient to see where Ethereum is going, this blog is for you. Join us as we explore how Ethereum advances Web3 technology and transforms the internet into a truly decentralized ecosystem, benefiting all users—even those yet to realize its potential.

What should we understand through “web3”?
There are boundless explanations and definitions of Web3, also known as Web 3.0. The abundance goes to the point where gaining a clear understanding of the concept can be overwhelming. The continuous chatter and noise around the matter often prompt experts to offer lengthy explanations, typically drawing comparisons between the well-known Web 2.0 and the emerging Web 3.0.
At its heart, the most significant and in the highest demand feature of Web3 is the shift of power and control from large, centralized corporations to individual users. Ethereum, a decentralized blockchain and network, mirrors this transformation. In Ethereum’s ecosystem, there’s no need for a third party or go-between to set up contract terms and mediate transactions. This eliminates the middleman’s role, making them obsolete and ensuring that users regain full control over their digital assets and interactions.
Other distinctions that help us envision the future of the internet via systems like Ethereum are:
- Web3 enables high transparency in operations and open-source protocols, whereas Web2 restricts users’ transparency and is powered by opaque algorithms;
- While content ownership resides in the hands of the giant corporations in Web2, Web3 endows users with content ownership, being decentralized;
- Innovation and development within Web2 occur sluggishly, while Web3 is known to expedite progress.
How is Ethereum bringing web3’s principles to fruition?
While many may associate Ethereum with Bitcoin through their mutual currency features and, consequently, label the former as a mere cryptocurrency, the truth couldn’t be further from this. Blockchain gives way to numerous innovative solutions, like decentralized apps (dApps) and smart contracts.
Decentralized apps
dApps represent a rising movement of apps that need Ethereum to create new business models and make older ones redundant. They enable devs to develop these unique programs on top of the Ethereum network without needing their projects to be greenlighted by a bank, broker, governmental body, and other rule-makers.
As you may see if you dig deeper into this area, some of the most popular dApps on Ethereum include Uniswap V3, MetaWin, 0x Protocol, and MetaMask, to name a few. Conversely, when it comes to web3 apps, one of the most renowned apps is Decentraland, the entirely decentralized Ethereum-based metaverse enabling users to develop and cash in on emotes and wearables, build interactive experiences, and create and partake in festivals, art exhibitions, parties, and so on. Decentraland is being followed by the likes of Secretum, Everledger, Sapien, DTube, and Sola, among others.
Smart contracts
Leaving the multi-purpose nature of dApps behind, Ethereum has given way to smart contracts, also known as digital contracts that execute automatically right after a pre-established set of conditions is met by the parties involved. These digital agreements lean on code to make the most of blockchain technology, including safety, transparency, and efficiency, resulting in innovative programs where transactions get tracked and never corrupted.
This computer program, also known as transaction protocol, can substitute regulatory demands and retail operations, so it doesn’t just ensure that both parties looking to close a deal keep a promise. Assuming you want to automate transactions and agreements, smart contracts are a great departure point, helping streamline operations and boost your project’s efficiency.
How is Ethereum doing all these?
Ethereum, akin to a colossal, decentralized computing set that executes programs known as smart contracts, is pretty straightforward. For instance, imagine you were to list your real estate property for sale. Then, you can develop an Ethereum-ran smart contract with the terms and conditions of the sale, reducing the headache usually involved in negotiations or collaborations with real estate agents and online platforms. When visitors agree with the terms you established and want your offering, they can send the payment to your address through the smart contract. The buyer receives the final documents once the program registers the payment and ensures compliance with the conditions. Similarly, rentals work perfectly via such programs. If you rent out your dwelling, and a buyer sends the money after complying with the obligations, the digital keys will be sent their way. The contract sends you the money as the landlord.
Interestingly, the contract can activate a predetermined resolution plan if conflicts arise.
Ethereum stands out in the sea of blockchains.
Ethereum offers developers unmet opportunities to create out-of-this-world things. These possibilities include decentralized finance, decentralized governance, non-fungible tokens, supply chain management, digital luxury, and more.
It’s essential to differentiate Ethereum from Bitcoin, as the latter is mainly used as a store of value and digital currency without boasting the many utilities that its counterpart does. As you can see, there’s no shortage of answers Ethereum gives to current, business-world issues.