With all of the back and forth regarding the efficacy of cryptocurrencies, I find myself more and more looking for use cases outside traditional “currency” definitions, i.e. that which is used primarily for transactions, where a unit of account is traded for a product or service.

Doing so often brings me to arenas that while well known to many in the crypto community, are still relatively green space for me. As a markets-based professional, I attempt to be transparent in my crypto journey. While there are many topics that I have a significant degree of comfort with, Web3 is an area where I see opportunities to increase my base of knowledge.

Conceptually, the value proposition for Web3 makes perfect sense to me. Web 1.0 covered the earliest days of the text-based internet, an era of read-only websites that users “surfed” to consume content written by others.

Roughly two decades ago, Web 2.0 emerged, representing an expansion of the “read” era, characterized by users’ ability to contribute their own content, interact with others in real time via social media and garner attention for themselves (both good and bad) via their actions. This is commonly referred to as the “read-write” era, and incorporates a lot of what we do in our day to day lives.

Web3 is meant to add the concept of “ownership” to the first two, where users have control over their data, payments within the network are done on a peer-to-peer basis and data itself is decentralized, rather than being warehoused by a few centralized entities.

But why is this important? Well, speaking for myself, I’ll say this. We’re all the sum of our own experiences, to one extent or the next. And those experiences can often be distilled down into individual data points that can tell what we’ve done in the past, and heavily infer what we may likely do in the future.

Simply by interacting with this very content, you’ve likely revealed something about yourself – to an entity that you’re unaware of and that you may or may not be comfortable with.

Those pieces of information about yourself are extremely valuable to third-party businesses, some of which have built billion-dollar operations with all of our personal data at its foundation. And like an undisciplined fan revealing the ending of a movie, we’re all essentially just giving it away.

In many ways, we’ve exchanged our data as the price of admission to centralized protocols with robust networks. One mental model would be the idea that everything that you use in the physical space is rented, from your house, down to your shoes.

As far as content creation is concerned, that which you create is within your control only to the extent that the centralized entity allows. In these instances you are surrendering personal data and what amounts to intellectual property.

Web3 would conceivably turn that concept on its head, resulting in users having complete ownership and control over their data and content, with digital assets or tokens – see, there’s an angle here for a crypto publication – providing each user with property rights.

Instead of businesses being given unfettered access to your personal habits and preferences, they would conceivably have to compensate you for it.

As an individual, you would personally warehouse your own inventory of data and tokens, which you would bring with you from protocol to protocol, supplying and removing them as you see fit.

In an ideal world, the attractiveness of robust networks that we find in centralized networks would be married with greater ownership of personal data, with the blockchain acting as a trustless and permissionless vehicle to govern peer-to-peer interaction.

And if we can own something that truthfully belongs to us, and decide how and to what extent we want it distributed, I expect that people will find value in that.

So why doesn’t this already have widespread adoption? For starters, I expect that scalability is a real issue. Widespread adoption is needed for Web3 to work effectively.

Moreover, users need to not only believe in the concept of Web3 itself, but also must see value in the tokens that are used as incentive mechanisms.

It stands to reason that inertia will be a huge factor in users transitioning from the current way that they interact on the internet to a Web3 framework. People are comfortable with Web 2.0, even if that comfort level is displayed by seemingly grinning and bearing the loss of privacy and transfer of personal information.

Moral issues, for lack of a better term, will likely present a hurdle as well. It goes without saying that not all content creation is good content creation. The reduction of one’s digital footprint will likely incentivize some to produce content that is illegal and/or deemed harmful. This is not to cast aspersions or make judgements, as much as it is to highlight what I believe would be a reality.

For all of the ills regarding scalability and legality, I believe that time and innovation will be the antidote.

In my opinion, the ability to maintain ownership of one’s personal information, while maintaining the right to monetize it themselves, is something that will grow in favor.

The professional investing community appears to agree as well, with companies like JPMorgan, Goldman Sachs, Disney and Apple exploring the benefits of Web3 or investing capital into the space.

From a market perspective, assets like Chainlink (LINK), Filecoin(FIL) and Audius (AUDIO) represent ways to gain exposure to Web3 development. The same holds true for protocols such as Ledgermail, Presearch (PRE) and DTube (DTUBE), whose Web 2.0 analogs would be email, Google and YouTube.

All told, I believe that Web3 has a long way to go, but remains well on its way to getting there. I have yet to reach the individual who speaks favorably about the extent to which they lack control over the dispersion of their data.

It only makes sense to me that the alternative would be viewed in good terms. But it will take time, patience and innovation before many see it.

source: coindesk

image source: ai

#Web3 #web3isthefuture #web3community #newsbrief #web2

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

RippleX calls on developers to submit grant applications to build on the XRP Ledger— inviting innovative solutions for financial inclusion.

twitter RippleX@RippleXDev

RippleX, a subsidiary of Ripple, has recently revealed that it is now accepting grant applications for developers interested in building on the XRP Ledger (XRPL). This announcement was made via the company's official Twitter account.

The Grant Program, which is currently on its sixth wave, was opened on April 25th and will remain open until June 18th. Developers who wish to participate in this program must submit their applications within this timeframe, with a focus on Web3 financial use case projects.

Benefits of building on the XRP Ledger

RippleX has taken the initiative to raise interest in the XRPL, highlighting its decentralized, open-source, and eco-friendly design for financial use cases.

The ledger already contains a multitude of inherent, native features that are immediately accessible. In addition to the platform's security, reliability, and efficiency, RippleX also emphasized its NFT functionality, which can be used to represent tangible assets.

In the same vein, the XRPL offers a reliable architecture to support the development of financial services. This includes the Automatic Market Maker (AMM) protocol, trust lines, and escrow service.

Furthermore, the XRPL boasts an impressive capacity of 1,500 Transactions Per Second (TPS) throughput, with transactions settling within a time frame of 3-5 seconds.

“It supports large scale use cases, processing 2.1B+ transactions without failure or security breach since 2012. This makes it an excellent choice for developers who want to build with confidence on proven technology.”

The Ledger's Consensus Protocol utilizes a federated validation method that relies on validators to check the latest state of the ledger and verify transactions. To confirm a transaction, at least 80% of the 150 validators must agree on its validity.

This method of consensus varies from Proof-of-Stake and Proof-of-Work, as it requires validators to have a certain level of trust among themselves. However, it boasts benefits such as being more efficient in terms of time and energy consumption.

XRPL calls out for new projects

According to RippleX, they have expressed their interest in funding projects that aim to address financial inequality, improve financial efficiency, and present innovative use cases for XRPL.

Wave 6 funding is targeting various project types, such as financial equity/inclusion, regenerative finance, decentralized finance (lending & borrowing, DEX/AMM interfaces and integrations, asset management), data & indexing, payments, e-commerce, merchant tooling and integration, regulatory compliant real-world assets (RWA) tokenization, decentralized compliance & security, interoperability (token bridging, cross-chain messaging, implementing blockchain interoperability protocol/technology with another blockchain), developer tools, oracles, and insurance.

The application process includes two project reviews, the first of which is in June, followed by the next in July. Those shortlisted for the next stage will have a panel interview in August, with winners being announced in September.

If you are interested in applying, you can do so at xrplgrants.org.

#xrp #ripple #projects #Web3 #web3community

Source: cryptoslate

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Blockchain technology has revolutionized the world of finance and beyond, and Bitcoin and other cryptocurrencies have emerged as key players in this new era. This article will explore the real-world use cases of Bitcoin and other cryptocurrencies, examining their potential to disrupt traditional financial models and create new opportunities for individuals and businesses alike.

One of the most promising use cases for Bitcoin and other cryptocurrencies is in the realm of cross-border transactions. With traditional banking systems, cross-border transactions can be slow, expensive, and prone to error. However, by using Bitcoin or other cryptocurrencies, individuals and businesses can send and receive money across borders quickly, securely, and at a lower cost. This has enormous potential to streamline global commerce and make it more accessible for people around the world.

Another area where Bitcoin and other cryptocurrencies are being used is in the world of online payments. With the rise of e-commerce and other digital transactions, there is a growing need for secure, reliable, and easy-to-use payment methods. Bitcoin and other cryptocurrencies offer a way to make online payments without the need for a middleman, such as a bank or credit card company. This can make transactions faster, more secure, and less expensive, helping to drive the growth of online commerce and making it more accessible to people around the world.

Bitcoin and other cryptocurrencies are also being used to create new opportunities for investment and fundraising. For example, through the use of initial coin offerings (ICOs), companies can raise funds by issuing their own digital tokens, which can then be traded on cryptocurrency exchanges. This has the potential to democratize investment, allowing individuals to participate in funding rounds that were previously only available to accredited investors. Additionally, Bitcoin and other cryptocurrencies have the potential to disrupt traditional crowdfunding models, enabling individuals and organizations to raise funds from a global audience without the need for a central intermediary.

Beyond finance, Bitcoin and other cryptocurrencies are being used in a range of other industries, including healthcare, logistics, media, and sports. For example, blockchain-based systems can be used to securely store and share patient medical records, increasing efficiency and reducing the risk of errors. In the logistics industry, blockchain can be used to track products from the source to the consumer, increasing transparency and reducing the risk of fraud. In media and sports, blockchain-based systems can be used to track ownership of digital assets, such as artwork or sports memorabilia, providing a new level of authenticity and security.

In conclusion, Bitcoin and other cryptocurrencies have enormous potential to disrupt traditional financial models and create new opportunities for individuals and businesses alike. From cross-border transactions to online payments, from investment to crowdfunding, and from healthcare to logistics, the possibilities are endless. As the world continues to embrace blockchain technology and cryptocurrencies, we can expect to see even more innovative use cases emerge, making this an exciting time for the future of finance and beyond.

👊

#web3community #Binance #BTC #bitcoin #cryptocurrency

zkSync Era, one of the Layer 2 scaling solutions for Ethereum, has seen a significant increase in its total lock-up volume (TVL) in recent times. According to L2BEAT, the TVL of zkSync Era has surpassed 240 million US dollars, reflecting a 42.67% increase from the previous period.

L2BEAT

This surge in TVL can be attributed to the growing interest in Layer 2 solutions for Ethereum, which are becoming increasingly popular due to the high gas fees and scalability issues on the Ethereum network. Layer 2 solutions such as zkSync Era provide faster and cheaper transactions by processing them off-chain and only settling the final result on the main Ethereum network.

The increase in TVL is also a positive sign for zkSync Era's adoption and growth, as more users are locking up their assets on the platform. This can lead to a network effect, attracting even more users and increasing the overall liquidity on the platform.

However, it's important to note that TVL is not the only metric to consider when evaluating the success of a platform or protocol. Other factors such as user activity, developer activity, and security should also be considered. Nevertheless, the growth in TVL is a good indication of the increasing adoption of Layer 2 solutions and a positive sign for the future of the Ethereum ecosystem.

#Web3 #zksync #crypto2023 #web3community #crypto

Disclaimer: The information provided in this article should not be considered as trading advice. Crypto Daily Digest assumes no responsibility or liability for any investment decisions made based on the information provided on this page. We strongly advise readers to conduct independent research and seek the advice of a qualified professional before making any investment decisions. The use of the information presented in this article is at the reader's own risk.

The advent of blockchain technology has brought forth a new era of digital innovation and transformation. While the first generation of blockchain, popularized by Bitcoin, primarily focused on creating a decentralized and immutable ledger for financial transactions, the emergence of Web3 Blockchain has expanded the scope to include a wide range of applications and industries. Web3 Blockchain represents the next step in the evolution of blockchain technology, enabling decentralized networks and empowering individuals to take control of their digital lives.

Decentralization and Interoperability:

Web3 Blockchain revolves around the principles of decentralization and interoperability. Unlike traditional centralized systems, where power and control are concentrated in the hands of a few entities, Web3 Blockchain seeks to distribute authority and decision-making across a network of participants. This decentralized architecture eliminates the need for intermediaries, enhances transparency, and reduces the risk of censorship and data breaches. Moreover, Web3 Blockchain allows for seamless interoperability between different blockchain networks, enabling data and value to flow freely across platforms.

Smart Contracts and DApps:

One of the key components of Web3 Blockchain is the use of smart contracts, which are self-executing agreements with predefined rules and conditions. These contracts are stored on the blockchain and automatically execute when the specified conditions are met. Smart contracts have revolutionized various industries by facilitating trustless and efficient transactions without the need for intermediaries. They have paved the way for the development of decentralized applications (DApps), which run on blockchain networks and offer a wide range of functionalities, including finance, gaming, supply chain management, and more.

Tokenization and Digital Assets:

Web3 Blockchain has also popularized the concept of tokenization, which involves representing real-world assets, such as real estate, art, and intellectual property, as digital tokens on the blockchain. Tokenization enables fractional ownership, liquidity, and programmability of assets, unlocking new avenues for investment and democratizing access to traditionally exclusive markets. Additionally, the advent of non-fungible tokens (NFTs) has allowed for the creation and trading of unique digital assets, revolutionizing the art and collectibles industry.

Governance and Community Participation:

Web3 Blockchain emphasizes community governance, empowering participants to have a say in the decision-making processes of a network. Through mechanisms such as decentralized autonomous organizations (DAOs), stakeholders can propose and vote on changes, upgrades, and funding allocation, ensuring a more inclusive and democratic approach. This distributed governance model reduces the influence of centralized authorities and promotes collective decision-making, fostering a sense of ownership and involvement among network participants.

Challenges and Future Outlook:

While Web3 Blockchain holds immense promise, it also faces challenges that need to be addressed. Scalability, energy consumption, and regulatory frameworks are among the key hurdles that need to be overcome for widespread adoption. However, ongoing research and development, coupled with technological advancements, are gradually mitigating these obstacles.

In conclusion, Web3 Blockchain represents a paradigm shift in the way we interact with digital systems. Its decentralized nature, smart contract capabilities, tokenization, and community governance open up a world of possibilities across industries. As Web3 Blockchain continues to evolve and mature, it has the potential to reshape our digital landscape, empowering individuals, fostering innovation, and revolutionizing the way we transact and collaborate online.

#web3community