Web 3.0 is a new era in the use of the Internet, adapted to the growing technology of blockchain. In this article, we will talk about Web 3.0 tools and frameworks and the benefits for e-commerce.

What is Web 3.0?

Web 3.0 or Web3 is the term used to describe the third generation of the World Wide Web, which aims to create a completely decentralized network. The new model is built on blockchain technology and gives users greater control over their data, and also creates more opportunities for peer-to-peer (“peer-to-peer”) interaction.

Web3 vs. Web2

Web3 is often referred to as a decentralized web, while Web2 is a centralized web. Thus, Web3 is a new stage in the evolution of the Web2 architecture, but with some significant differences. Let's name the most significant differences between them:

• Data Ownership and Decentralization: In Web2, data is usually owned by an organization such as Google, Facebook, etc. On the other hand, Web3 gives users complete ownership and control over their data.

• Compatibility: Web3 is designed to be more compatible than Web2. This ensures that different blockchain-based solutions can seamlessly interact with each other and exchange data.

• Security: Web3 aims to provide a higher level of security than traditional Web2 by using smart contract technology.

A Web3 domain is a domain name on the Web3 network that is used to access decentralized applications (DApps) and resources running on the blockchain. Unlike traditional Web3 domain names, domains are powered by blockchain technology and allow users to control their data and interact directly with applications, providing a secure and private online experience. An example of a Web3 domain is the ENS (Ethereum Name Service) system, which allows you to register domain names on the Ethereum blockchain and associate them with wallet addresses and smart contracts.

Benefits of Web3 for E-Commerce

This technology has many benefits for online entrepreneurs. Let's list some of them.

Decentralized e-commerce and reduced dependence on intermediaries

Using Web3 development companies can work without intermediaries such as banks, payment processors and escrow services, thereby reducing fees and increasing profits. It also allows organizations to operate in countries with strict regulation or limited access to traditional financial systems.

Transparency and enhanced security

Web3 ensures transparency and cryptographic security of transactions. Increased security helps protect buyers and sellers from fraud, data manipulation, and unauthorized access. This is important for companies that need to comply with regulatory requirements or for those who value maximum business transparency.

Fast transactions

Transactions with Web3 technology are completed faster than traditional payment transactions, allowing businesses to process orders faster and more efficiently.

Advanced user control

With decentralized platforms, users can decide how to share personal data and only grant permission to use it when necessary. This reduces the risk of data leakage.

Universal accessibility

Web3 removes geographic barriers, making resources available to anyone with Internet access. This opens up new markets and opportunities for both buyers and sellers around the world. Furthermore, cross-border transactions can be supported by decentralized networks without the use of conventional currency exchanges.

Incentive reward

eCom platforms are increasingly using tokenization to reward users. Users can earn tokens for various activities, such as writing reviews, participating in the development of the platform, or attracting new users. Tokenization helps create a more active community and reward active participants.

Control over the origin and authenticity of goods

Blockchain technology allows transactions and product movements to be recorded on the network. Each transaction leaves a trace in the chain of transactions, guaranteeing the authenticity of the product and its original origin.

Less censorship and control

Decentralized e-commerce platforms are less susceptible to censorship and shutdowns because they are distributed across multiple nodes on the network. This stability makes it difficult for any central authority to manipulate the platform.

Decentralized payment gateways

Decentralized payment gateways allow peer-to-peer transactions without the need for intermediaries or central authorities. Such payment gateways use blockchain technology to ensure security and transparency.

Traditional payment systems often involve currency conversion and high fees, while decentralized gateways provide direct transfers of various cryptocurrencies without intermediaries.

How to connect decentralized payment gateways? Just follow our cheat sheet!

Do your research: The market is filled with several decentralized payment gateway options. Choose those that meet your business requirements such as transaction fees, Web3 supported cryptocurrencies, user experience, security features, etc.

Integrate your chosen payment gateway into your website or platform: Gateway integration involves implementing the required APIs or plugins provided by the payment gateway provider.

Set up your payment options: The next step is to configure your payment options. This includes setting up supported cryptocurrencies, transaction fees, payment confirmation requirements, and other relevant settings.

Provide multiple payment options: While decentralized payment gateways are gaining popularity, it is important to offer multiple payment options to cater to different customer preferences. Along with decentralized options, entrepreneurs should also use traditional payment gateways such as credit cards, PayPal , or other popular online payment methods.

Test and optimize transaction flow: It is critical to thoroughly test your payment design to ensure a smooth experience for your customers. Conduct regular testing and optimization to identify and eliminate any bottlenecks in the payment process.

Smart contracts

A smart contract (from the English smart contract) is a computer program that ensures the fulfillment of obligations in transactions. The parties to the contract write down the terms and conditions and put digital signatures, and the smart contract independently determines when to complete the transaction and issue money or other assets or impose a fine on the participants and block access to the assets.

Developing a smart contract can be challenging for those new to programming or blockchain. Smart contracts require a deep understanding of programming languages, especially Solidity for Ethereum-based contracts. In addition, Web3 developers must have a good understanding of the blockchain concept, security issues, and the platform itself on which the smart contract will be deployed. Rigorous testing, auditing and adherence to best practices are required to minimize risks.

P2P trading

The concept of peer-to-peer interaction allows buyers and sellers to interact directly without intermediaries. One of the popular blockchain solutions for implementing P2P trading functions is Ethereum.Ethereum offers a stable foundation for decentralized apps (dApps) and smart contracts.

Decentralized storage

Decentralized storage allows data to be stored across multiple computers or nodes using blockchain technology and peer-to-peer networks instead of relying on a centralized server. In the context of a web3 store, decentralized storage can provide increased security, reliability, and privacy.

One popular decentralized storage solution is the Interplanetary File System (IPFS). IPFS is a communication protocol for creating a distributed file system. Unlike the common HTTP protocol, data is accessed not by the location of the site, but directly by the address of its content (file, document, image, folder), each file is assigned a unique hash, which makes it easy to retrieve data regardless of where it is located in networks.

NFT integration

We all know that NFTs are gaining popularity in the digital world. Their integration with online stores and marketplaces opens up enormous opportunities in the online market. Web3 NFTs allow you to own unique digital assets on the blockchain. We talked more about creating NFT stores in our recent article .

Blockchain-based identification

In a traditional online store, users create accounts with email addresses and passwords. However, with blockchain-based identity, users can create and manage their accounts using cryptographic keys stored on the blockchain network. This improves online security and privacy and reduces data duplication across different websites.

Web3 Tools and Frameworks

Software libraries, tools, and frameworks are all Web3 development tools designed to facilitate the development of decentralized applications (DApps) or the decentralized web. They provide the necessary functionality and abstractions to interact with blockchain networks, manage user identities, handle smart contracts, and perform other tasks associated with Web3 development. Here are a few popular Web3 tools and frameworks:

Ethereum

a decentralized blockchain-based platform for DApps and smart contract creation.

 It has its own set of tools and frameworks, including Solidity (a programming language for smart contracts), Remix (an integrated development environment), Truffle (a development environment), and Web3.js (a JavaScript library for integration with Ethereum).

IPFS

Interplanetary file system, this is how this abbreviation is translated from English. IPFS is one of the Web3 protocols that provides distributed storage and access to files and data. With it, developers can create decentralized applications by storing and serving content directly from distributed networks.

Embark

A development environment specifically designed for Ethereum DApps. It allows you to develop, deploy and test smart contracts and DApps. Embark also integrates with IPFS and includes a web server for development and deployment purposes.

OpenZeppelin

OpenZeppelin is an open source platform for creating secure and smart contracts on Ethereum. It includes community-validated smart contract components that help developers create secure smart contracts and build DApps more efficiently.

Polkadot

Polkadot.js is a set of libraries and tools for creating a Web3 application on the Polkadot network. It provides JavaScript APIs and user interface components for interacting with Polkadot-based blockchains, account management, and smart contract processing.

Truffle Suite

The Truffle Suite ecosystem is an integrated development environment for Ethereum. In addition to the environment itself, this includes a personal blockchain for testing and a set of front-end libraries for creating Ethereum DApps with React.

Web3.js

Web3.js is a JavaScript library that provides an interface for interacting with Ethereum and other compatible blockchains. This enables developers to work with smart contracts, manage user IDs, and integrate DApps with the Web3 blockchain.

Hardhat

Development environment and framework for creating and testing smart contracts on Ethereum. Hardhat provides a custom build pipeline, automated testing, and task automation.

We've listed just a few examples of the many tools and frameworks available for Web3 development. The choice of tools depends on your specific requirements, the underlying blockchain platform, and your preferred programming language.

How to Create a Web3 E-Commerce Platform in 10 Steps

Step 1: Define development objectives and goals

Be clear about what you want to achieve with your Web3-based online trading site. Determine your target audience and any unique features you want to include.

Step 2: Select a blockchain platform

Choose the right blockchain platform to suit your project's requirements. Ethereum is a popular choice due to its smart contract functionality, large developer community, and extensive infrastructure. Consider other options such as Polkadot or Hardhat.

Step 3: Design the site architecture

Describe your platform architecture . Define components such as front-end, back-end logic, storage, payment systems, and blockchain integration. Consider scalability, security, and user experience when designing.

Step 4: Develop Smart Contracts

Create smart contracts that control the logic of your e-commerce platform. Use Solidity or other programming languages ​​compatible with your chosen blockchain platform to manage orders and calculate payments.

Step 5: Design the Application Interface

Develop an intuitive and user-friendly interface for your eCom project. Use frameworks such as React, Angular or Vue.js to create a responsive website where users can browse and buy products.

Step 6: Integrate Blockchain Features

Connect your site to smart contracts deployed on the blockchain. Use web3.js or other development libraries to interact with the blockchain. This will allow platform users to create orders, track deliveries and make secure payments.

Step 7: Provide decentralized data storage

Consider using decentralized storage protocols such as IPFS to securely store product images, descriptions, and other relevant data. This guarantees failure tolerance and data availability.

Step 8: Secure Payments

Integrate Web3 cryptocurrency wallets and payment gateways that support Web3 interoperability. MetaMask, WalletConnect and other popular wallets allow users to make payments to one of the supported cryptocurrencies directly from their account.

Step 9: Add Marketplace Features

Enable basic online trading features such as product search, filtering, reviews, ratings and order tracking. Implement seller ratings to increase trust and encourage user reviews.

Step 10: Test and launch the site

Thoroughly test your eCommerce platform to ensure its functionality, security, and seamless user experience. After testing, you can begin deploying the site and receiving your first visitors.

It is worth noting that creating an e-commerce platform using Web3 technology is a complex task. Be prepared for ongoing development, support and updates to keep up with evolving technologies and user demands.

Dive into the future of e-commerce! Web3 unlocks decentralized dreams - transparent, secure, global shopping. Explore now!