2023 Ushers in Blue Oceans of Web3 Development

2023 everscale web3 development

It’s time to get a head start on Web3 development

Contributed article by Artem Avdeev and Maxim Gerasimenco from Everscale

Last year has seen quite a lot of negative tendencies in crypto markets. Most industry experts portray bleak perspectives, at least for the mid-term. Indeed, several well-known crypto companies have already collapsed while some are on the verge of it. Having said that, a reasonable question is inevitably arising. Namely, what direction should talented developers take in these circumstances? Keep reading, this question will be answered in this article.

Beyond that, there are some solid arguments to reinforce your belief in the potential of decentralized technologies. 

Content

Current market overview where are we now?

Current activity in crypto markets dropped to values not seen as of early 2020. Trading volume on all platforms in December last year amounted to $543 billion compared to $741 billion in September. The main factors that contributed to the decline in trading volumes include the fall in crypto prices due to reduced interest in assets such as NFT and DeFi and the collapse of several high-cap companies (recall FTX)

On the other hand, the situation is exacerbated by some external factors. Primarily, recession risks in Western economies as a result of monetary policy tightening (interest rate hikes) and heightened geopolitical tensions this year.    

These circumstances, in turn, send shock waves across the whole industry. In other words, fewer institutional investors still enter the market; some put their activities on hold, while several completely abandon the industry and withdraw all of their allocations. 

As a consequence, many companies are downsizing their workforce, leaving thousands of developers unemployed. Some devs start developing their own projects, overloading investment houses and blockchain networks with requests for grants and funding. Owing to limited financing, only a few of them succeed in receiving the necessary funding for their projects, while most applications are rejected.

A paradigm shift is needed 

Nowadays, despite market saturation, most blockchain platforms are still launching projects in already popular areas: DeFi, GameFi, or Metaverse. Actually, these sectors of the industry are much more affected by the unfolding crisis. There are few chances to set up successful projects in these highly competitive niches with thousands of already operating services. It makes it the right time to search for the blue oceans.

In view of this, the most promising direction currently emerging is enterprise solutions. However, despite their attractiveness and immense opportunities offered, only several experienced companies with good R&D departments are researching the use of such solutions. That’s mostly due to the inertia of the market triggered by the conviction that crypto prices will be on an upwards trajectory for most of the time. 

Everscale strongly believes that within a few years, close to 100% of payments will be processed with the help of blockchain. The same applies to logistics, healthcare, government services, the Internet of Things, and almost any other sector of the economy with a lot of records and data processing. 

This is due to large and medium-sized businesses actively researching and entering the realm of decentralized technologies. This rapid advancement of blockchain-powered enterprise solutions is a golden niche for developers.

The pros of blockchain for enterprise solutions in a nutshell 

What conditions should blockchains for the enterprise meet?  

It should be clarified that most decentralized solutions for the enterprise fall under the purview of strict government regulations and data protection standards. Decentralized platforms are required to meet a set of both technical and non-technical requirements to be eligible to deliver such services. 

However, most platforms do not qualify due to architectural vulnerabilities and frequent hacks associated with them. After a series of studies, one of the few blockchains that meet all of the criteria required is Everscale.

Functional requirements 

Apart from fulfilling the above-mentioned criteria, Everscale offers two revolutionary features: storage fees and infinite sharding. 

Storage fees

On Everscale, each smart contract pays for its storage on the network (see the details in the documentation). Thus, it makes no sense to limit the speed of recordings on the network. The smart contract pays for its storage for as long as it is needed. When the funds run out, the respective contact gets deleted. Therefore, Everscale can provide recordings on the network at a certain price, eliminating the need for users to compete with each other.

Infinite sharding

Due to the fact that shards on Everscale are added dynamically, the blockchain can process a large number of transactions per second. However, they are not for free and sometimes are finished slower. That is, with the addition of a large number of shards, the time for executing transactions increases while the number of transactions per second is very large. This functionality is still in the process of being implemented. There is the need for normal interaction between workchains.

Combining both of these elements, Everscale gets a blockchain that can process a huge number of transactions per second for a constant price, albeit with a slowdown in load peaks. This architectural construct permits the blockchain to remain operational for decades. At the same time, unlike using rollups, the blockchain will remain decentralized.

By way of illustration, the largest Philippines’ money remittance service, DA5, earlier this year concluded a partnership with Everscale to host its transaction processing on the blockchain. 
Everscale has the unique capability of taking on such a wide user base without the load slowing down the network or driving up transaction costs.

Everscale’s 2023 strategy calls for action in the enterprise sector solutions 

As you may have learned in this article, given the current market conditions, it is necessary to focus on sustainable products that will be demanded in the near future. 

That being the case, Everscale does its utmost to create a wide range of solutions for unicorn companies in the blue ocean (Enterprise, CBDC, Payments), instead of allocating resources to new products in the purple ocean (DeFi, GameFi, Metaverse, etc.). This strategy will allow the platform to withstand present-day difficulties and achieve new highs in the following years. 

Plan your career and business for the long run with market professionals and contribute to the development of the whole industry. 

Disclaimer — This is a sponsored article. DappRadar does not endorse any content or product on this page. DappRadar aims to provide accurate information, but readers should always do their own research before taking action. Articles by DappRadar can not be considered as investment advice.

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