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Some blockchains were created to enable cryptocurrencies. Others serve primarily as smart contract platforms, allowing to decentralize digital economy: online platforms, financial flows, collaboration... and of course the nascent Web3 sector.



The number of blockchain use cases is constantly growing, as does its ecosystem.



This is a high level view on what blockchain in practice looks like today. 



<figure class="wp-block-image"><img src="https://web.d.center/wp-content/uploads/2020/10/blockchain-in-practice-l-1024x404.jpg" alt="" class="wp-image-1251"/></figure>



<h2 class="wp-block-heading">Cryptocurrencies </h2>



With <a href="https://d.center/explore/bitcoin" class="ek-link">Bitcoin</a>, the first practical application of the blockchain was currency, or more precisely “P2P electronic cash system”, as described by Satoshi Nakamoto himself. Invented in order to remedy the failing monetary system, the blockchain proved itself to be particularly well suited for such a role, providing an independent, immutable and transparent transaction ledger.&nbsp;



Following Bitcoin, new <a href="https://d.center/explore/cryptocurrencies" class="ek-link">cryptocurrencies</a>-focused blockchains have emerged, trying to ameliorate this or that aspect of the blockchain: transaction throughput like Litecoin, privacy like Monero… 



Some cryptocurrencies have appeared as an extension of a community, like the Doge memecoin.



Other cryptocurrencies, created as tokens (and not native coins), serve as representations of fiat currencies on the blockchain. They are called stablecoins, the biggest ones being USD-pegged Tether and Circle.



<h2 class="wp-block-heading">Smart contract blockchains</h2>



Currency is not the only thing that can profit from the blockchain's decentralization.



Virtually any digital system (hence most of organisation that use them) can benefit from eliminating central authority.



This is achieved through the use of <a href="https://d.center/en/explore/smart-contrats" class="ek-link">smart contracts</a> - autonomous and self-executing programs that run on the blockchain. Smart contracts allow the development of DApps, or decentralized applications, and power the emerging web3 sector.



The first and most popular smart contract platform is Ethereum blockchain, but it has many competitors: Solana, Cosmos, BNB Chain... etc



The difference between a Cryptocurrency blockchain and a Smart contract blockchain is now rather theoretical and can be understood only by questioning the blockchain’s purpose: whether it was conceived to support a currency or to host elaborate smart contracts. Both types of blockchains need a native coin to pay the network nodes for running the protocol, however in cryptocurrencies’ case the native coin is a goal in itself, whereas for smart contract blockchains it is a payment for running smart contracts. 



<h2 class="wp-block-heading">Blockchain use cases</h2>



Almost every traditional economic sector can use blockchain's qualities.



⛓️ Decentralized systems are intrinsically fairer than centralized ones: their transparency and self-executing nature are much better in redistributing value and allowing the users to be true and sole owners of their data. This quality is substantial when it comes to online platforms, be it social media, cloud computing or ride hailing.



⛓️ Blockchain being a transparent and immutable ledger, it is also particularly suitable for data certification purposes.



⛓️ Smart contracts can automate numerous processes, not only increasing the overall cost and time effectiveness, but also providing users with a guarantee that no one can unilaterally change the rules underlying the DApp.&nbsp;This notably enables the new type of trustless collaboration within DAOs, or Decentralized Autonomous Orgnizations.



⛓️ Finally, the blockchain structure allows fast and easy data and values transfer, without any borders or other limitations. This quality is highly appreciated in finance, and many traditional players have already incorporated crypto into their offer: exchange, custody, asset management, asset tokenization... Besides, a crypto-native version of finance, known as the DeFi, is developing very fast.







<h2 class="wp-block-heading">Web3</h2>



Blockchain and cryptoassets can be used both in centralized and decentralized way. 



The exact boundary between the two is not always clear, but usually when the core operations happen on-chain, the value is transparently distributed, and governance decisions are taken by the community, we can speak about <a href="https://d.center/en/explore/web3" class="ek-link">Web3</a>, a new era of the internet where users are in control. 



The most obvious example of web2 using blockchain vs web3 are exchanges: a centralized one like Binance is centrally managed and controls its users' cryptoassets, while a decentralized exchange like Uniswap never gets in the possession of its users' funds and evolves according to its DAO's decisions.



<h2 class="wp-block-heading">Blockchain ecosystem</h2>



Blockchain is a collective endeavor, and it needs an extensive ecosystem to function and to serve its purposes. 



Numerous products and services have therefore been developed: <a href="https://d.center/explore/crypto-wallets" class="ek-link">wallets </a>to interact with the blockchain, <a href="https://d.center/explore/crypto-exchanges" class="ek-link">exchanges</a><a href="https://d.center/explore/crypto-exchanges" class="ek-link"> </a>to buy and sell crypto, <a href="https://d.center/en/explore/oracles" class="ek-link">oracles</a> to interact with the real world and feed information to smart contracts, not to mention the miners who maintain the network, or interoperability protocols connecting different blockchains. 



<h2 class="wp-block-heading"> </h2>

Web3 has become a buzzword recently, often misunderstood, misplaced and misjudged. 



To understand this phenomenon - that we believe has an enormous potential - let’s start with some key definitions.



Blockchain&nbsp;is a shared distributed database run by independent nodes.



To motivate these nodes to maintain the blockchain, it issues a&nbsp;native coin&nbsp;– a&nbsp;cryptocurrency.



Many blockchains allow users to issue their own cryptocurrencies and more broadly – cryptoassets. These are known as&nbsp;tokens, either fungible (like a stablecoin), or non-fungible (an&nbsp;NFT).



For example, $ETH is a native coin of the Ethereum blockchain, while Tether, a company, can issue/burn fungible tokens that it engages to redeem for $1 – the stablecoins. A university can issue diplomas in form of NFT. Anyone can create tokens and assign them the value they wish, but the native coins and their value depend only on the blockchain.



Many traditional services use cryptoassets in one way or another, but a growing sector re-imagines its operations and products by putting the blockchain at their core. This sector is called&nbsp;web3.



Why “web3”? The name reflects the evolution of the Internet:



<figure class="wp-block-image aligncenter size-full"><img src="https://web.d.center/wp-content/uploads/2023/02/web123.png" alt="" class="wp-image-5484"/></figure>



The term was coined in 2014 by Gavin Wood, Ethereum co-founder, who described web3 as a “decentralized online system based on blockchain”.



Crypto investor Packy McCormick has given a more romantic definition, calling web3 “the internet owned by the builders and users, orchestrated with tokens.”



This is how we see these notions related:



<figure class="wp-block-image size-full"><img src="https://web.d.center/wp-content/uploads/2023/02/use-of-crypto-web2-and-web3.jpg" alt="" class="wp-image-5481"/></figure>



The notion of web3 is still very young, and it is often difficult to draw a line between web2 using crypto and web3. What degree of decentralization does a service need to be considered a web3? There’s no clear answer yet.



The understanding evolves together with the industry and its use cases. Let’s look at a couple of examples to get a better idea.



💰 Web2 finance: Kraken, a centralized exchange that keeps users’ crypto and is managed by its board of directors.



💰 Web3 finance: Uniswap, a decentralized exchange that does not keep users’ crypto and is managed by its DAO – a decentralized autonomous organization with tokens that carry voting rights.



👯 Web2 social media: Twitter that has a special avatar shape for verified NFTs.



👯 Web3 social media: Lens protocol that allows users to own their data and connections and to carry them across social platforms.



🎮 Web2 gaming: Ubisoft releasing additional gear for its Tom Clancy game as NFTs.



🎮 Web3 gaming: Axie Infinity, where all characters are upgradeable and tradeable NFTs, a community governance system is underway.



Here’s the above graph with examples, to give you more perspective:



<figure class="wp-block-image size-full"><img src="https://web.d.center/wp-content/uploads/2023/02/use-of-crypto-web2-and-web3-with-examples.jpg" alt="" class="wp-image-5482"/></figure>

<figure class="wp-block-image aligncenter size-full"><img src="https://web.d.center/wp-content/uploads/2023/02/web3-music-s.jpg" alt="" class="wp-image-5488"/></figure>



The way we create and consume music is being disrupted by the blockchain, and more specifically – by the tokens, both fungible and NFT, that can be created on it. The NFTs grant a true ownership of the underlying asset, be it a music track, a concert ticket, or a right to interact with your favourite artist. Fungible tokens contribute to creating a fair environment, where both artists and their fans can get a just reward for their participation.



This is what web3 means in practice, and this is how it progressively helps the music industry to get rid of the gatekeepers, allowing musicians to finance their work, get fairly remunerated for their streams, sell concert tickets more efficiently, and engage with their fans in a myriad of new ways 🎶



<h2>Selling music 💸</h2>



Music NFTs are on the rise, as more and more famous artists are releasing NFT albums and singles. Usually issued as addition to the traditional channels, these NFTs come with collectible artwork and special perks, such as front-row tickets to the artist’s shows.



Music NFTs are becoming an important additional monetization source: in 2021, Kings of Leon’s NFT album hauled in about $2.5 million, DJ 3LAU’s – $11.6 million…



<figure class="wp-block-image aligncenter size-full"><img src="https://web.d.center/wp-content/uploads/2022/12/muse-nft.jpg" alt="" class="wp-image-5195"/></figure>



NFT albums are becoming ever more popular, and record labels try to not miss out.



This August Warner Records UK partnered with music NFT marketplace&nbsp;<a href="https://serenade.co/">Serenade</a>&nbsp;to launch a new music format they called Digital Pressings – an NFT featuring full length audio together with unique artworks and unlockable rewards.



The first band to try this format was none other than the iconic&nbsp;Muse, selling out 1’000 NFTs in just 25 minutes.



Other than Serenade, music NFTs can be created and traded on specialized platforms, such as <a href="https://async.art/">Async</a>, <a href="https://www.sound.xyz/">S</a><a href="https://www.sound.xyz/">ound</a><a href="https://www.sound.xyz/">, </a><a href="https://app.rcrdshp.com/?__cf_chl_tk=2cgq5zElZcA9KDCW_rZ858MaQZfntCy4xGA8ursd9YU-1670839304-0-gaNycGzNCv0">Rcrdshp</a>, <a href="https://web3.smartlabel.media/">Smart Label</a>… as well as generic marketplaces, such as OpenSea or Rarible.



<h2>Investing in music 📈</h2>



NFTs are programmable and can be used to give its owner the right to collect a share of its royalties. This quality is exploited by&nbsp;<a href="https://royal.io/">Royal</a>, a marketplace that allows its users to buy and trade music NFTs and earn a share of the attached royalties alongside the artists, as the music streams on platforms like Spotify or Apple Music.



Royal is a great tool for financing young artists, but it also already features tracks of already famous ones: rapper Logic, Diplo, The Chainsmokers, and 3LAU (the DJ is actualy Royal’s founder).



Other platforms that propose their versions of music investment include&nbsp;<a href="https://info.emanate.live/">Emanate</a>,&nbsp;<a href="https://opulous.org/">Opulous</a>&nbsp;and&nbsp;<a href="https://decent.xyz/">Decent</a>.



<h2>Streaming music 🎧</h2>



<a href="https://audius.co/">Audius</a>, another web3 music platform, ambitions to become a streaming service in its own right.



Audius promises a new type of revenue distribution, where users pay artists directly when streaming their music, ensuring a level of revenue transparency that traditional services like Spotify cannot provide. This system, however, is yet to prove itself: for the moment $AUDIO token is used purely as encouragement and only top 5 artists are actually paid every week.



This summer Audius suffered a hack, with $6 million worth of $AUDIO stolen and platform’s governance dynamic impaired (the attacker succeeded at transferring the entirety of the Audius community pool to their wallet). The hack only added insult to injury, as $AUDIO was falling fast together with the larger the crypto market crash and&nbsp;losing over 90%&nbsp;in the last 12 months.



Despite all this, Audius shows that there’s a real interest in its value proposition: the platform now counts around 250,000 artists (among whom Katy Perry, Jason Derulo and 3LAU) and 7.5 million listeners. It also signed a&nbsp;partnership with TikTok, allowing its creators to directly upload their Audius songs to the social network.



<h2>Selling Tickets 🎫</h2>



Selling concert tickets as NFTs not only streamlines the process, bypassing middlemen, but also&nbsp;help fighting bad players in the secondary ticketing market. Platforms like&nbsp;<a href="https://yh.io/">Yellowheart</a>,&nbsp;can inscribe the rules for ticket sales into the smart contract of an associated NFT, precising the price of a seat, a maximum reseller price…



Selling tickets as NFTs can also help better distribute the revenue. Their smart contracts can be programmed to send an agreed percentage of the price to the artist, promoter, the venue… and do it not only for the initial ticket sale, but for every consecutive resale too.



NFTs are also a great way to organize communities, and <a href="https://festival.afterparty.com/">Afterparty</a> and <a href="https://www.fwb.help/">Friends With Benefits</a> use this property to token-gate IRL community experiences.



<figure class="wp-block-image aligncenter size-full"><img src="https://web.d.center/wp-content/uploads/2022/12/chainsmokers.jpg" alt="" class="wp-image-5197"/></figure>



<h2>Engaging with fans 🤗</h2>



NFTs offer a new type of artist-fan relationship, which can go beyond exclusive merch or meets & greets.



Steve Aoki&nbsp;has created&nbsp;<a href="https://a0k1verse.xyz/">Aok1verse</a>, a whole NFT-gated virtual world with numerous perks, ranging from live chats with the DJ to co-creating a song.



<a href="https://pixelynx.io/">Pixelynx</a>&nbsp;is a platform that explores new ways of music consumption and experiment in bringing gaming, augmented reality and metaverse elements into the music space. Founded by DJs deadmau5 and Richie Hawtin, yesterday Pixelynx was acquired by Animoca Brands, a web3 behemoth.



This is a creator economy, and services like&nbsp;<a href="https://rally.io/">Rally</a>&nbsp;enable any artist to launch their own token-fueled crypto economies to finance their work and engage with fans.&nbsp;<a href="https://www.fancircles.com/">FanCircles</a>&nbsp;allows an easy launch of a customized fan experience app, and web3 publishing platform&nbsp;<a href="https://mirror.xyz/">Mirror</a>&nbsp;helps crowdfund and spread the word.



🎵🎵🎵



The web3 music potential is huge, and new high-profile projects appear regularly:



This spring&nbsp;John Legend’s music NFT platform project raised $7.5 million.



In summer,&nbsp;Napster, the legendary P2P streaming service of the 2000s, shared its plans to launch its own token. Previously acquired by Algorand and Hivemind, it is now poised to explore even more web3 opportunities for artists and fans.



Last week Warner Music Group announced a partnership with Polygon and&nbsp;LGND, an e-commerce builder, to create a music and collectibles platform.



The classic Windows media player&nbsp;Winamp&nbsp;added NFT support…



The music industry is ripe for disruption, and the profusion of web3 projects shows it is already underway 🚀