Web 3.0 is considered the next stage in the evolution of the internet, and potentially could be an even bigger paradigm shift than the Web 2.0 era. Web 3.0 is built upon the core concepts of decentralization, openness, and greater user utility in all fields of application: from messaging to gaming, from metaverse/VR applications to trading digital assets.
The potential impact of web 3.0 is unprecedented, considering the size and reach of all the potential niches affected:
- More than 3 billion people worldwide use messaging apps, sending an average of 145 billion messages every day.
- Forecasts show that the metaverse sector will reach a value of up to$1.54 trillion by 2030, a more than tenfold increase over its current value.
- The market capitalisation of crypto assets is now over$2 trillion, from less than $200 billion in late 2019.
- Non-Fungible Tokens (NFTs), digital tokens whose ownership is recorded on the blockchain and which represent a specific work of art, image, or metaverse element, have become increasingly mainstream – with trading volumes rising from $60 million in 2019 to over $23 billion in 2021, an increase of over 45,000%.
While the growth in messaging and trading and crypto ownership has skyrocketed, an increasing number of security and privacy concerns have come to the forefront. A number of messaging applications have become the targets of multiple data hacks, cyber thefts, and privacy violations:
With the accelerating boom and convergence of messaging and crypto ownership, the market is desperately looking for a credible, secure, and…