As the digital landscape evolves, Web3 is becoming increasingly complex, with customers requiring more decentralized bells and whistles to need to chime in rhythm to entice online users to migrate from Web2 to a more secure, private, and user-centric Internet experience.
For startups and even established businesses venturing into the Web3 space, choosing the right service provider is crucial. It requires a holistic understanding of the robust needs and challenges that your business will face as it grows and scales in an ever-changing digital environment.
This Web3 guide provides an introductory toolkit of services to look for in a Web3 service provider, using CYBAVO as a case study.
What are the Core Web3 services I need?
Web3 services encompass a range of solutions designed to facilitate the development, deployment, and management of decentralized applications (dApps) and blockchain networks.
The world of Web3 is constantly iterating and breaking new ground, finding new use cases that free us from the confines and middlemen that have bloated Web2 services and driven up their costs while diluting their efficiency over the years.
It’s important to understand the core Web3 needs that any reputable Web3 provider must meet. At a core level, this is the infrastructure that is required:
Let’s take a closer look at what each web3 service entails.
Service 1: Digital Asset Custody
A Web3 project lives and dies by how well it protects its and its customers’ digital assets. While blockchain technology is trustless in nature, with no need for intermediaries, your customers’ faith in you is not and hinges strongly on your credentials and track record.
Crypto hacks and scams are rife, killing off many world-changing protocols early before they could meet their potential.Any responsible project should only safekeep users’ assets with a trusted and insured custodian or self-custody. The latter comes with its own caveats, and while the proof of keys concept is laudable, it’s a different story when you store millions of dollars of value offline and hope everything works out.
If you self-custody your assets, are you knowledgeable enough and do you have strong layers of security set up? Even a multisig wallet can be exploited as we saw with the $100 million Harmony exploit in 2022 and Stakehound in 2021.
Ask Yourself: Does my Web3 service provider keep our assets in an impenetrable cyber vault like an MPC wallet or is it out there in the wild on a vulnerable cold or hot wallet?
Service 2: Programmable Wallet Infrastructure
Imagine having a magic purse that can hold an infinite number of coins from different realms. That’s what a digital wallet does in the Web3 world. But what’s behind these magical purses? That’s the Programmable Wallets Infrastructure - the unseen machinery that keeps these wallets functioning. For a Web3 startup, this isn’t just infrastructure, it’s the engine that powers their user’s journey through the Web3 universe.
Ask yourself: Is the Web3 wallet for my customers simple, secure, feature-rich, fast and versatile enough?
Service 3: Digital identity management
A core tenet of Web3 is the promise of dumping Web2’s outdated username and password structure. All you essentially need is a phone camera and QR code to scan, and voila! You gain access to decentralized protocols without firing up your possibly compromised centralized password manager (see LastPass hack).
An industry-leading DID platform like Verite solves the complex riddle of digital identity,providing a secure and efficient way to manage digital identities. For Web3 startups, this isn’t just a service, it’s a passport that grants their users access to the Web3 world.
Ask Yourself: Is my digital identity solution portable, compliant with KYC/KYB requirements and does it support off-chain data privacy?
Service 4: Web3 integrations
Disruptive new Web3 protocols are launched every week that simplify and drive down the cost of doing business on the decentralized web. Web3 Integrations are like the universal translators of this universe, allowing these different elements to communicate and work together seamlessly. For Web3 startups, this isn’t just a service, it’s the glue that holds their digital ecosystem together.
Ask Yourself: Does my Web3 service provider enable me to support and onboard the best Web3 protocols out there faster than my competitors?
Service 5: Multi-chain support and interoperability
Building Multi-chain Web3 Wallet Apps: In the Web3 universe, there isn’t just one realm (or blockchain), there are many. Building Multi-chain Web3 Wallet Apps is like crafting a key that can open doors to different realms. For Web3 startups, this isn’t just a service, it’s a tool that unlocks a universe of possibilities for their users.
A year is a lifetime in Web3, with blockchains vying for supremacy as the sector scales and new needs are addressed. Deep multichain support crafts keys to different blockchain realms. For Web3 startups, it’s an unmissable tool unlocking a universe of possibilities.
Ask Yourself: Does my Web3 service provider offer easy and secure multichain support for the networks that my clients are building on and interacting with?
Service 6: Smart contract simplicity
Github Repo to Standardize Contract CLI: Smart contracts are the laws of the Web3 universe. But to interact with these laws, you need a guide. The Github Repo to Standardize Contract CLI is that guide, providing a standardized way to interact with smart contracts. For Web3 startups, this isn’t just a service, it’s a compass that navigates the complex landscape of smart contracts.
The Web3 universe is governed by digital laws that are necessary to establish absolute order and a seamless, immutable flow of events. Smart contracts provide the bedrock of any Web3 project’s offering and there is zero margin for error, as many DeFi and Web3 hack victims have found out too late. They shouldn’t be overly complicated if it can be avoided, as this Circle guide to easy smart contract development explains.
For Web3 startups, it’s a compass navigating the complex landscape of smart contracts, and your Web3 service provider should be an established leader in smart contract security and functionality. You should have a safe and intuitive Github repo CLI to perfect your smart contracts.
Ask Yourself: Does my Web3 service provider make it easy to develop, test and deploy my smart contracts, all in one secure environment?
Each of these 6 Web3 services we covered today represents a piece of the big puzzle that makes up the Web3 universe. They’re not just services, they’re the building blocks that Web3 founders and developers use to construct their digital worlds. By understanding the role of each block, they can create a universe that’s not just functional, but also inspirational to its users and continuously scalable.
Choosing the right Web3 service provider is a crucial step for any startup venturing into the Web3 space.
By understanding the different services available and the considerations to keep in mind when choosing each service, you can make an informed decision that will support the growth and success of your startup.
As the worlds of Web3 continue to evolve, partnering with a reliable and innovative Web3 service provider like CYBAVO will ensure that your company stays ahead of the Web3 curve and deliver a superior user experience that doesn’t keep you awake at night. Leave the guesswork to us, and focus on building and scaling your business as best as possible.
Stay tuned in for our future weekly blog articles in which we will delve deeper into each Web3 service and show you how to use each one to optimal effect in your Web3.0 business.
FAQ: Web3 Services
- Q: What is the purpose of this Web3 guide?
A: The guide provides a toolkit of services to consider when choosing a Web3 service provider, using CYBAVO as a case study.
- Q: What are Web3 services?
A: They are building blocks that facilitate the development, deployment, and management of decentralized applications and blockchain networks.
- Q: What is the role of digital asset custody in Web3 services?
A: It’s about safeguarding a project’s and its customers' digital assets using trustworthy and insured custody methods.
- Q: What is the function of a programmable wallet infrastructure?
A: It’s the behind-the-scenes infrastructure that keeps digital wallets in the Web3 world functioning efficiently.
- Q: What is digital identity management?
A: It’s a secure, efficient system for managing digital identities, replacing the outdated username/password structure of Web2.
- Q: What are Web3 integrations?
A: They are tools that enable different Web3 protocols to communicate and work together seamlessly.
- Q: What is the benefit of multi-chain support and interoperability?
A: It unlocks a universe of possibilities by allowing interaction with various blockchain networks.
- Q: What is the role of smart contract simplicity?
A: It provides an easy-to-navigate landscape for developing, testing, and deploying smart contracts.
- Q: What considerations should I have when choosing a Web3 service provider?
A: Consider aspects like security measures, scalability, customization, regulatory compliance, technical support, and cost.
- Q: Who is CYBAVO?
A: CYBAVO is a global Web3 service provider that helps secure and manage blockchain assets for institutions of all sizes with calibrated Web3 services.
- Q: How can the right Web3 service provider support my startup? A: It can facilitate the development, and management of dApps, and blockchain networks, supporting the growth and success of your startup.
- Q: Why is it important to choose the right Web3 service provider?A: It’s crucial for staying ahead of the Web3 curve and delivering a superior, secure user experience that supports growth and scalability.