What kind of project you think should be create on web3 first time? Thanks
When considering building with confidentiality, there are many web3 applications that are well-suited for Sapphire.. Here are just a few areas that have a strong need for privacy and confidentiality:
DeFi: Adding confidentiality to DeFi enables novel features that have been requested in the Web3 community for a long time. For example with a DEX on Sapphire, it’s possible to keep certain aspects of transactions private. You could conceal the slippage parameters set and make an MEV-resistant DEX since there would be no way for sandwich attacks to take place.
Gaming: There is a lot of value to be added to the Web3 gaming sector by incorporating confidentiality, as most popular Web2 games often have some private components. Due to the transparency that exist with current blockchain networks, it is impossible to have these confidential features on-chain. To maintain transparency, and keep secrecy in gaming and games of chance, a lot of the game has to move to off-chain environments. This has trade-offs as once the confidential aspects are moved to off-chain environments, they lose the high integrity that blockchain offers. With Sapphire, Web3 games will not have to make these trade-offs as the data can be stored privately on-chain.
NFTs: Sapphire’s confidentiality features could help by enabling more sophisticated auction mechanisms to be deployed. This would make for a much less chaotic and more fair minting and auction mechanism for NFT sales. Oasis also offers Confidential NFTs on Sapphire, where NFTs can also ascribe ownership of data which only they have access to. These NFTs provide added functionality and use cases for NFTs towards a Web3 world.
DID: Decentralized identity can revolutionize the Web3 space as people’s identities can be used across the internet without fear of an invasion of their privacy.
Social: Social applications can benefit massively from Web3, but we have yet to see meaningful adoption. A lot of this is due to issues with building a truly decentralized Web3 social platform. Sapphire’s confidentiality can solve some of those problems. For example on current blockchain networks, users can not choose who can and cannot see their profile or content. With Sapphire and confidential smart contracts, it becomes possible as these smart contracts can keep certain aspects hidden depending on set parameters.