This article will look at some of the top Web3 projects for smart contract developers to watch in 2022. In addition, we discuss some of Web3’s foundational pillars and the technology that underpins the most prominent blockchain and Web3 projects.
Let’s begin by Implementing an ERC20 token. These tokens will serve as the foundation for many other projects you will create throughout your career.
ERC-20 tokens are blockchain-based assets with value that can be sent and received, similar to bitcoin, Litecoin, and any other cryptocurrency in some ways. The main difference is that ERC-20 tokens are issued on the Ethereum network rather than on their blockchain.
It would be best if you had created an ERC20 token without the assistance of Open Zeppelin or another contract library at least once. Furthermore, as a frontend developer, you should be familiar with fungible tokens as smart contracts and web3 developers.
ERC-777 is an Ethereum network token standard for fungible tokens that is fully compatible with existing decentralized exchanges. In layman’s terms, the ERC-777 tokenization standard refers to Ethereum’s blockchain protocol, which specifies the types of tokens compatible with ETH.
ERC 777 Token provides a function for identifying token receipt and initiating a smart contract immediately after the first transaction.
ERC777 tokens are backward-compatible with ERC20 tokens, but they enable dedicated users of the improved fungible token standard to take advantage of its new features.
ERC 777 allows contracts to respond to both outgoing and incoming tokens in the same transaction, which saves gas and significantly improves usability.
A smart contract developer who can implement ERC777 without using libraries has a solid understanding of the majority of Solidity and standard concepts, making all other projects much simpler.
ERC721 Token (NFT)
A Non-Fungible Token (NFT) identifies something or someone uniquely. This type of Token is ideal for use on platforms that sell collectible items, access keys, lottery tickets, numbered seats for concerts and sporting events, and so on. This unique type of Token has incredible potential. It deserves a proper standard; the ERC-721 was created to address this issue!
Because it is so common in projects these days, the standard is a must-know for any smart contract developer. NFTs also benefit smart contracts and front-end developers by exposing them to IPFS as a decentralized storage medium.
ERC1155 Token (Multi Tokens)
ERC1155 is a token standard that is primarily used for NFTs (non-fungible tokens). With the popularity of NFTs growing and more artists wishing to create NFTs, it is advantageous to have a token standard such as the ERC1155 to regulate these tokens. It can wrap any number of fungible and non-fungible tokens and serve as a uniform interface to the public.
Implementing this standard teaches smart contract developers about Solidity and multi-purpose contracts, which will help them later with more advanced measures like marketplaces and exchanges.
ERC2981(The Royalty Standard)
ERC 2981 is a standardized way for non-fungible tokens (NFTs) to retrieve royalty payment information, allowing for universal support for royalty payments across all NFT marketplaces and ecosystem participants.
Because the standard is primarily a contract that holds data, it doesn’t instruct you much. Even so, it’s so common today that smart contract developers should be aware of how to use it. Frontend developers must understand how to work with it.
DAOs (Decentralized autonomous organizations)
DAO is an abbreviation for the decentralized autonomous organization. It is an open-source blockchain protocol guided by a set of rules created by its elected members that automatically execute specific actions without mediators.
To get a DAO up and running, you’ll need many of the other standards you’ve hopefully implemented up to this point, just like a marketplace. And working with a DAO’s voting features can be a lot of fun for frontend developers
Users can use peer-to-peer (P2P) transactions on Decentralized Cryptocurrency Exchanges. This method depends on automated smart contracts. However, not all decentralized exchanges use the same infrastructure. DEXs such as Uniswap (V2), Tokenlon, 0x Protocol, and Venus are famous examples.
Look into Uniswap or PancakeSwap to get a sense of what you’ll be up against when implementing your decentralized exchange. Each of these platforms is free software, so you can look at their code to figure out how they did it if you get stuck.