Imagine an internet that functioned for the sole purpose of pleasing its users and was not dominated by data collecting giants like Google and Facebook. One that was not being used as a means to harvest our personal data, but rather was built and governed by its users. Now stop imagining, this is Web 3.0.
Web 2.0 was in its way magical, it turned the one-dimensional first version internet into a two-dimensional place to play, work and communicate. Web 3.0 intends to go the next step and turn the internet into a three-dimensional place, where we can “visit” people wherever they are in the world, where we can interact, conduct transactions safely and privately, and where no organization will ever collect our private data or track our activities.
What is Web 3.0?
The difference with Web 3.0 is that it will be based on the blockchain, consisting of a network of different chains that are interoperable, allowing us to deploy smart contracts for smart transactions. The blockchains themselves are built from codes, compiled and authenticated across thousands of decentralized nodes globally, giving no power to any intermediary or middleman, rather run and governed by everyone. All activity is authenticated and automated directly onto the blockchain, which makes transactions or interactions tamper-proof and non-manipulatable.
The real challenge that Web3 faces are adoption by those individuals who do not really comprehend what it is, how it works, and the benefits and are perhaps used to hearing the terms NFT, DeFi and Metaverse but really don’t know what this all means. There will be a need to educate many people on this and the values of the blockchain but as more and more protocols come online and can be used from inside people’s current browsers this will be a step-by-step process. In the meantime, many forward-thinking and often quite revolutionary projects, apps and ecosystems are maturing and being developed, so by the time Web3 sees mass adoption, the industry will be ready and mature enough to cater for its B2B users.
All users will need to have a wallet and a means to purchase cryptocurrency tokens in order to be able to take advantage of the many opportunities they will offer on the blockchain. Many gamers are already realizing the benefits of on-chain gaming, where they can engage in the new play-to-earn model, where they are rewarded for participation, rather than the former models of Pay to Play or Play to Win. Other apps are giving users rewards just for engagement, eg. India’s answer to TikTok, Chingari is rewarding users for both watching short videos and creating them too.
Projects built especially for Web 3.0
Other teams developing purely for Web 3.0 include, SelfKey, an Ethereum based project, builds digital identity systems for users in order to transact over the blockchain, making users ready for Web3 activity. It offers a wallet that enables users full control over their digital identity. It is non-custodial, meaning the user retains full control over their data, documents and digital assets. It allows users to securely store and manage identity docs and digital assets and gives access to various marketplaces to both compare and sign up.
Their other products give access to fintech products and services, bank accounts, residencies, and management of cryptocurrency portfolios of Ethereum-based assets. The project is expected to grow from $90.4 Million USD in 2018 to $2 Billion USD by 2023, at an annual growth rate of 84.5%.
Partisia Blockchain, is a network built for Web 3.0 that has been developed for trust, transparency, and privacy. The Partisia Blockchain Foundation is a non-profit foundation that supports the development of a public blockchain, Partisia Blockchain, with the goal of interoperability and opening it up to a Web3.0 future. According to Partisia, “To us, Partisia means “Distributed Trust”. Our mission is to establish a WEB 3.0 infrastructure with no single point of trust for generic coordination of public and private information to be used by all applications across all platforms.”
Meanwhile, one venture capital fund that is laser-focused on investing in Web 3 projects said, “Web3 has become the latest buzzword for what crypto and blockchain are all about. It’s the next revolution that will enable us to interact with and dramatically change a lot of the applications which we’ve been seeing emerge in the past 10-15 years”.
Original Post: newsbtc.com
Will Ethereum Classic’s Bearish Trend Ever End?
Ethereum Classic (CRYPTO: ETC) is trading higher Monday, moving higher in a crypto market that is trading slightly higher as a whole.
Ethereum Classic has been in a strong downward trend for the last few months and has not yet shown signs it is making a reversal.
Ethereum Classic was up 2.45% at $25.53 at last check.
Ethereum Classic Daily Chart Analysis
Since the break below the $40 support line, Ethereum Classic has been steadily trending down. The strong downward trend can be shown by the …
Original Source: benzinga.com
Why Shopify CEO Tobi Lütke Is Joining the Coinbase Board
Coinbase Global Inc. (NASDAQ: COIN) recently added the CEO of one of the largest e-commerce brands to its board.
Coinbase CEO and co-founder Brian Armstrong said that Lütke is one of the first crypto adopters “through Shopify’s integration with Coinbase …
Source Here: benzinga.com
Bitcoin Bears to Resume Assault? Why BTC Could Crash to $33K
Bitcoin has been trading around its current levels for several days, leading to an apparent shift in sentiment across the crypto market. As BTC’s price trend to the upside after the U.S. Federal Reserve FOMC meeting, there seems to be an increase in optimistic on the crypto market.
Related Reading | TA: Bitcoin Faces Hurdle, Why BTC Could Resume Downtrend
In the short term, our Editorial Director Tony Spilotro has identified a TD Sequential buy signal on the 12-hour chart. As seen below, he highlighted a 13-buy setup with a trend to the downside which has been identified for some market participants as a bear flag.
Source: TonyTrades BTC via Telegram
On this timeframe, larger investors could be “baiting” retail into trading the bear flag. However, the TD Sequential suggest these investors could be entering a trap, as it suggests a short squeeze which could play out as soon as today’s daily close, according to Tony’s analysis.
Data from IntoTheBlock records major resistance level for Bitcoin bulls between $37,500 to $38,500. There are over 822.210 BTC which were purchased by 1.06 million addresses which could be seeking to take profit. A successful break above these levels could push BTC back to the $42,000 price mark.
Source: IntoTheBlock via Ali Martinez (Twitter).
Investment firm QCP Capital supports the short squeeze thesis due to the extend of the current bearish price action. The firm presented two key reasons on why Bitcoin and the crypto market could see a relief in February.
First, the U.S. FED has a “light agenda” for the coming month until 17 March. On this date, the financial institution could announce a decision on interest rates and a change in monetary policy. However, a 25 basis points (bps) seems to be priced in.
This could contribute with a relief in the crypto market, unless the FED decides to implement a more aggressive monetary policy. In any case, March could mark a turning point for Bitcoin and traditional markets, as investors will have their eyes on the FED.
The Long-Term Perspective For Bitcoin, More Downside Likely?
Historically, QCP Capital Noted, February has been a bullish month for Bitcoin which records over 10% in average profits since 2015, with exception of 2020. The bearish price action at the time could have been driven by the COVID-19 pandemic which eventually also contributed with that year’s rally.
However, the firm expects 2022 to be a tough year for the crypto market due to significant macro-economic factors, mainly the actions to be adopted by the U.S. FED. The time at which these changes will be implemented, remain the most important factor and will have an important impact for either bulls or bears. QCP said:
(…) while we think a short-term squeeze higher is likely, we are not overly optimistic for 2022. We remain of the view that crypto prices will remain under pressure and struggle to break the all-time highs this year (…). Any indication of QT (Quantitative Tightnening) starting earlier than expected would be taken very badly by the market.
Related Reading | Go With The FED, Why Bitcoin Could Benefit From Interest Rate Hikes In 2022
As of press time, Bitcoin trades at $37,800 with sideways movement in the past 24 hours.
BTC with some small profits in the daily chart. Source: BTCUSD Tradingview
Original Source: newsbtc.com
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