Unpacking the term ‘WEB3’. The future of the internet?
How I got started with Web3
The emergence of cryptocurrencies came with a lot of buzz and charade. At the very first I only thought that cryptocurrencies are limited to only bitcoin, and the world will not witness the emergence of other cryptocurrencies. As time went on, I started to explore and do research on Web3. A simple google search helped got my feet wet to know what Web3 entails and the possibilities that come with it.
The most interesting part of web3 is that it is decentralized (control is given to everyone involved). Unlike web1 and web2 where decision-making and data ownership are controlled by “Big Tech”. Web3 allows its users total control over their data and who to share those data with.
Simply put, web3 makes you the landlord of your own property. Web1 and web2 don’t allow this sort of freedom. Everything you do on the internet is being monitored and your data will be mined and sold to the highest bidder to generate ad revenue. One of web3’s strongest features is –: data protection. In most cases, you do not need to share personal information to be able to use most web3 services.
Integration of Web3 into business
First of all, I will strongly advise that thorough research is done before integrating web3 into your business. Getting really familiar with all the lingo that comes with it, e.g. blockchain, smart contract, wallet address etc.
Having a considerable amount of knowledge about the technology behind web3 will make it possible for businesses to thrive in it.
To put this into perspective, let’s take a look at “UBET Sports”; a decentralized sportsbook that gives freedom and unlimited features to bettors. Unlike the traditional bookies that place limitations on sports bettors, UBET Sports through the usage of blockchain technology made it possible for sports bettors to bet without the fear of being limited or being afraid to win. There are so many great features including no limits to bet sizes, fast and secure transactions, low transaction fees, etc. All of these are made possible on web3.
Integration of web3 into business is enormously unlimited. The current naira crunch happening in Nigeria and the terrible banking systems make you want to appreciate the possibilities of web3 even more. If everyone embraces web3 transactions, honestly, the world will be a better place.
I know a lot of folks out there think when it comes to web3 or cryptocurrencies, there’s high volatility and instabilities. Well, the above narrative holds true for certain cryptocurrencies which are volatile assets, e.g. Bitcoin, Ethereum, Shiba Inu etc. However, we have what is known as a “stablecoin”. Pegged stablecoins are crypto assets that are tied to the US dollar 1:1. No matter what happens to the cryptocurrency market, the stable coins’ peg remains, well “stable”.
The use of stablecoins by UBET Sports has made it possible to carry out transactions seamlessly and also provide a sense of security for their users. This also makes the funding of their bet bank possible, as they can easily convert from fiat to crypto using various DEX or CEX out there. There is no doubt that the use of stablecoins in web3 transactions has successfully bridged the gap between traditional businesses and web3. Again! It can only get better.
Takeaway
Web3 has come a long way and has gone through various challenges and yet it keeps growing and getting better with new innovations. Web3 keeps making millionaires and successful entrepreneurs. The possibilities of web3 are endless. There is no better time to embrace web3 than now.
Website: http://ubetsports.io/
Twitter: https://twitter.com/UBET__Sports
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LinkedIn: https://www.linkedin.com/company/ubetsports/
Disclaimer: The above content is intended for information purposes only and is not intended to be gambling, trading, nor investment advice. Please perform your own analysis before making any betting, trading, or investments based on your own personal circumstances or seek a duly licensed professional for gambling and trading advice. Accordingly, neither UBET nor its partners, directors, shareholders or employees are liable for any damage, expense, or other loss that you may incur out of reliance on the above information.