We have actually witnessed the good, the bad & the ugly in the crypto ecosystem lately. It even leads to a great or high increase in the mass adoption of users of several chains and networks.
The crypto ecosystem has served its purpose to educate people more about its features and world of decentralization giving everyone a chance or an opportunity to own or control their data.
Freedom at its Peak
There are still a lot of benefits to experiencing a crustless, transparent & decentralized network having to do all of these in an anonymous & secure manner.
Recent developments have brought about new networks evolving from their parent network which is the Layer 1 Network to L2, L3, etc.
Accessibility to these networks has a higher level of data privacy & security providing benefits to seamless payments done on all transactions with a better way of incentivizing adopters, creators, or users.
As I said, there are different networks that make up the crypto, blockchain & web3 space. Let’s give a little delve into what comprises the web3 ecosystem👇
Protocol Layers — These are networks that allow users to gain access to L1, and L2 networks and also aid In better bridging & swapping of assets.
Blockchain Infrastructure — This aid in providing interoperability, how well assets can be made available and accessible on several chains or networks. Without the node infrastructure, identity, wallet & key management, this won’t be made possible.
Development Tools — tools like framework, IDEs, No code platforms, Index & Querying platforms, messaging & Analytics platforms, and auditing platforms for a better conduit to smart contracts, curbing of exploitation, etc.
Is web3 truly the future?
Web3 is just starting and there would be more implementations and technology evolving. Mass adoption is one rising factor in the current cryptocurrency world and that will be attained at its highest.
With the Scallop Chain Learn Platform, users stand a chance to be educated on all entities of cryptocurrency and blockchain.
Web3 is becoming attractive to many startups and investors offering wide solutions related to the blockchain.