Web3MediaWire Archives - Page 5 of 14

MondayNov 11, 2024 2:30 pm

Analyzing Web3’s Competitive Edge in Transforming the Gaming Landscape

Web3 technology is quickly redefining the gaming world by offering benefits beyond traditional game rewards. With blockchain, tokenization and smart contracts, Web3 gaming has introduced new ways to engage players, reward skills, and provide real ownership of digital achievements. This shift is creating a strong foundation for the future of gaming. Competitive gaming has long been a core part of gaming culture, giving players a sense of accomplishment and satisfaction. Recent studies reveal that regular competitive gaming fulfills key psychological needs, such as autonomy, competence, and social connection while reducing psychological distress. Web3 is set to build on this foundation…

WednesdayNov 06, 2024 10:00 am

Web3 Firms Attract $6 Billion in VC Funding This Year

Venture capital (VC) funding in Web3 projects has gone up in 2024, reaching a total of $6 billion as the crypto markets have made a significant comeback. With over $600 million invested in October alone, VC interest in Web3 innovations remains strong, and analysts are expecting even more investments as the year concludes. Crunchbase’s Web3 Tracker points out a particularly active third quarter during which VCs poured $1.4 billion into Web3 ventures. A lot of this funding has been directed to companies that are working at the intersection of Web3 and artificial intelligence (AI), showing a strong broader interest in…

MondayNov 04, 2024 10:00 am

Web3 Hacks Plummet Significantly, Data Shows

Recent data has revealed that incidents of hacking in the Web3 sector have significantly reduced, reaching their lowest point in three years. According to the Hacken report, a leading blockchain security firm, in conjunction with Extractor, has disclosed that only 28 hacking incidents were reported in Q3 2024, down from 41, which occurred in the previous quarter. The decrease suggests that Web3 projects are becoming better at protecting themselves. The total amount of money stolen by hackers has also decreased. In Q3 2024, hackers took about $464 million, a 10% decline from the last quarter. These declines in the number…

WednesdayOct 30, 2024 10:00 am

Aggregation May Unlock the Unification of Web3

Aggregation could be the breakthrough Web3 needs to work as smoothly as the internet does today. At this time, blockchain networks are stuck in isolated systems, limiting liquidity and making it harder for users to access everything in one place. Much like the early internet networks that couldn’t interconnect until protocols like TCP/IP unified them, Web3 faces similar challenges. Many experts believe aggregation could be the solution. A big issue for Web3 is that it lacks a cross-chain settlement layer, causing each blockchain to function like a separate ecosystem where assets, data, and liquidity are locked away. An aggregation layer…

MondayOct 28, 2024 10:00 am

Web3 at Crossroads as General Purpose and App-Specific Chains Jostle for Dominance

The Web3 space is at an interesting turning point. A big question looms: Will the future be all about app-specific blockchains tailored to particular use cases, or will general-purpose blockchains like Ethereum and Solana continue to dominate? Both approaches are bringing something unique, and whichever way this plays out, could shape the future of Web3. Currently, general-purpose Layer 1 blockchains (think Ethereum or Solana) are the backbone of Web3. These blockchains are designed to handle every transaction on-chain, but the limitations of this model are clear. As these networks get busier, they need help with speed and cost. Layer 2…

WednesdayOct 23, 2024 10:00 am

Economist Warns That Plenty Needs to Be Done to Answer Key Questions About Web3

Economist Paolo Tasca believes we still have a lot to figure out when it comes to Web3, the next big thing on the internet. He emphasizes the need for community members to stay informed so they can ask important questions about new tech proposals, especially in the rapidly changing world of cryptocurrencies and decentralized finance (DeFi). In recent years, the discussions regarding Web3 have undergone substantial changes. In the beginning, conversations were all about basic concepts like how digital money works. Now, the focus has expanded to include more complex matters. Tasca points out that the current focus is on…

TuesdayOct 22, 2024 10:00 am

Bitget Wallet Reaches 40 Million Users as Web3 Expands

Bitget Wallet has just hit a milestone of 40 million users, more than double its user base since March 2024. Almost 6 million people downloaded the app in September alone, making it the second most downloaded cryptocurrency app worldwide, just behind Binance. This shows how much more people are getting into decentralized crypto management. The rise of the popular non-custodial crypto wallet is a sign that many people prefer decentralized exchanges (DEXs) and wallets over centralized exchanges (CEXs). After several CEXs collapsed, users started moving toward DEXs, where they had more control over their assets. Bitget Wallet grew especially fast…

ThursdayOct 17, 2024 10:00 am

Putting Developers at Core of Web3 Could Boost Industry Development

The Web3 ecosystem has certainly evolved, but there’s a surprising twist: the developer community is quite small. There are roughly 22,000 developers in the Web3 space, which is less than 0.1% of the estimated 27 million developers worldwide. To bring “the next billion users” into the blockchain world, we need to focus on attracting and empowering developers. By putting developers at the heart of Web3, we can spark innovation, boost collaboration and get this industry moving forward. Now, let’s highlight an important issue: the number of blockchain developers is steadily dropping. In 2023, we saw a decline of more than…

TuesdayOct 15, 2024 10:00 am

How Web3 Enhances Online Security

One exciting aspect of Web3 is its potential to enhance online security. In a world that is facing data breaches and cyberattacks daily, Web3 offers a new approach that is not just cutting-edge but fundamentally different from the norm. While the centralized structure of today’s internet makes it vulnerable, Web3 brings a decentralized system that significantly boosts resilience to cyber threats. Have you ever heard of a DDoS attack? This occurs when hackers flood a server with so many requests that the system crashes, leaving websites and services unable to be used. An example of this occurred in 2010 when…

ThursdayOct 10, 2024 10:00 am

Web3 Wallets Could Be Preferred Virtual Payment Option for a Billion Users

Digital payments are taking over, and Web3 wallets are soon becoming the preferred payment method for billions of users worldwide. As countries such as Thailand launch billion-dollar digital wallet programs, it's beyond doubt that the future of finance is shifting. But the big question remains: Are Web3 wallets ready for prime time? Currently, these digital wallets are more than just a place to store cryptocurrency. They are essential tools for managing digital assets, including NFTs, participating in decentralized finance (DeFi), and even voting within decentralized autonomous organizations (DAOs). As per industry experts, “Web3 wallets are no longer just about crypto…

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