Web3 is not only Crypto: Bull Market will come and go but Foundational Technologies are here to stay (2024)

The Web3 industry is eagerly waiting for regulations around Crypto and other virtual tokens, however, the web of Web3 has a wider ambit. Cryptocurrencies and Web3 are often used interchangeably, but are they the same?

Cryptocurrencies are digital or virtual tokens that use cryptography for security. Web3 is a vision for a new internet, an internet which is decentralized, open, and secure. They can be used to power Web3 applications, but they are not a requirement. For example, the Ethereum blockchain is a popular platform for developing Web3 applications, but it is also used for many other purposes, such as decentralized finance (DeFi) and non-fungible tokens (NFTs).

The hype surrounding NFTs and AltCoins has died down in recent months, but the foundational technologies that underpin it are here to stay. Blockchain technology is a distributed ledger technology that allows for secure, transparent, and tamper-proof transactions is paving the way for a more decentralized world. It has the potential to revolutionize all major industries and sector, including consumer-based industries like FMCG, or social sector with its usage in voting.

Smart contracts, that are self-executing contracts, stored on a blockchain, used to automate a wide variety of tasks, such as payments, insurance, and voting can significantly reduce human interference in all sectors.

Deposit tokens is one of the recently evolving trends which as introduced blockchain and programmable money in the Banking industry. They are changing how we transact with the world. The largest banks in the world and financial institutions are exploring the viability and functionality of deposit tokens. Programmable money with the use of smart contracts is acting as a solution to many problems in the existing banking framework.

Every technology needs time to pass through the chasm to reach the mass adopters. Meanwhile, regulators are also working towards making it a safer space for consumers to safeguard their interests.

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