A Guide to Bitcoin Web3 with Xverse
Now advanced smart contracts required for Web3 are possible on Bitcoin without making any changes to Bitcoin itself.
What is Web3?
Web3 is a user-owned internet and digital economy built using blockchain technology. The goal of blockchain technology is to allow peer-to-peer utility recorded on an immutable ledger without a centralized authority. Web3, or Web 3.0, is the advancement of the World Wide Web’s iterations from informative static pages to dynamic interaction, and finally permissionless immersion involving artificial intelligence and ubiquitous virtual reality.
We’ve created a snapshot of the internet’s evolution here:
How is Bitcoin Web3 possible?
While very simple smart contracts are possible on Bitcoin, more powerful and expressive smart contracts required for Web3 applications did not exist until the launch of the Stacks blockchain in January 2021. Stacks has since become the largest and fastest-growing Web3 project on Bitcoin, using a unique consensus mechanism called proof of transfer (PoX) which enables Stacks blocks to be secured using existing Bitcoin proof-of-work (PoW). Now advanced smart contracts required for Web3 are possible on Bitcoin without making any changes to Bitcoin itself.
Accessing Bitcoin Web3 with Xverse
To access Web3 on Bitcoin, you’ll need to connect using a Bitcoin wallet that supports Stacks. Xverse wallet offers an in-app browser so you can easily connect to Bitcoin Web3 in four easy steps:
- Download the Xverse app, available for Android and iOS
- Carefully make a note of your secret recovery phrase. You’ll need these to restore your wallet if it gets reset.
- Go to the browser and type the URL of the desired Bitcoin Web3 application (for example, “Gamma.io”).
- Click “connect wallet.”
That’s it! Now you can browse Web3 platforms, login to desired sites, connect your wallet and sign transactions. Read on to discover some of the most popular platforms in Bitcoin Web3.
Mint Art on an NFT Marketplace
Take a look at Bitcoin NFT marketplaces like Byzantion, Gamma, and HeyLayer, to name a few. Using your Xverse wallet, you can access a variety of services on these platforms such as purchasing, selling and minting Bitcoin NFTs ranging from music, to collectibles, to fine arts & photography.
Today some of the most prominent Bitcoin NFT projects include Crashpunks, Megaponts, and one-of-one art pieces by This is Number One in collaboration with Cara Delevigne and Chemical X.
Earn Bitcoin with DeFi Protocols
Are you looking to swap tokens, borrow, lend or earn a Bitcoin yield? Check out decentralized exchanges like Alex or Arkadiko as well as DLC.Link and Zest Protocol. You can connect to these platforms as well as Xverse pool to lock up your STX and earn on average 10% APY in native Bitcoin.
Are you passionate about supporting your city? One of the first projects to launch on Stacks was New York City's and Miami's CityCoins, generating $50 million for their respective city treasuries. Mining CityCoins is performed by forwarding STX tokens into the smart contract in a given Stacks block. Miners are rewarded with new CityCoins tokens while 70% of mining rewards are distributed stackers and 30% are sent (in STX) to a city's custodied reserve wallet. The cities can claim these funds whenever they want, and then use them for philanthropic efforts.
Claim a Bitcoin Decentralized Identity
Imagine a single username that allows you to sign-in across apps, send and receive transactions, and have full control over your data. That’s the power of decentralized identities or “DIDs.” Now rather than using a long wallet address like ‘2EOrpxRdkupgpY5KDENY2hHhybqyaTrVtK’ or scanning QR codes, you can send and receive Bitcoin with a simple username like ‘JohnDoe.btc.’
To secure a .btc DID, use your Xverse in-app browser to access btc.us or handles.ryder.id. Search for the availability of a preferred .btc username or favorite community handle, and connect your wallet address to complete the registration and payment. Your DID will be registered through a smart contract on Stacks, permanently written to the Bitcoin blockchain. DIDs are not controlled by a company—they are truly yours and cannot be removed from your possession until expiry once registered.
Join a Decentralized Autonomous Organization (DAO)
A DAO is a community of people who share a common interest and leverage blockchain smart contracts to form a legal structure. DAO’s have treasuries and can decide how to deploy these funds through voting, weighted based on how many tokens each user holds. For example, a user who holds 2 tokens will have twice the voting power of a user who holds 1 token.
Play Games to Earn Bitcoin
Veterans of the gaming space are flocking to Bitcoin Web3, creating a fun play-to-earn gaming ecosystem. Imagine if Blizzard had shared tokens and NFTs across Starcraft and Diablo–you get Bazooka Tango. They have two finished games, and the CEO previously built Vainglory to 45M users.
The first play-to-earn game on Stacks, Degen Racer is bringing DeFi into the world of NFTs through a simple, yet addicting and fun multi-player game. You can even revolutionize hiring and team learning for your company with gaming platform 1Huddle. The app offers mobile games to take learning to the next level so companies can onboard new employees and run real-time learn-to-earn competitions with NFTs and tokens. Customers include F500 companies like Nike & Walt Disney.
What’s Next for Bitcoin Web3?
This is just the beginning of an entire ecosystem emerging on the Bitcoin blockchain. While we don’t know exactly how the future of Web3 will play out, this is a powerful step in advancing the user-owned internet and revolutionizing the financial systems as we know it. Xverse is your trusted companion in this journey so you can feel confident exploring Web3.
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